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In 2021, 30 percent of light vehicles sold were priced at $50,000 or more, up from just 6 percent in 2012, according to Cox Automotive data.
Mike Ward, owner and operator of eight luxury- and exotic-brand stores in Denver and Scottsdale, Ariz., said more-affluent households now aspire to own an ultraluxury vehicle rather than just a BMW or an Infiniti.
“The Lexus SUV may be their everyday car, but they still want the new, extra luxury,” Ward said of his customers.
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