Mexican Luxury Car Sales Fall as SUV Demand Rises

Between January and August 2024, luxury vehicle sales in Mexico declined by 4.7% compared to the same period last year, marking the most significant drop since 2020. According to data from the National Institute of Statistics and Geography (INEGI), a total of 20,102 luxury vehicles were sold during this period.

This downturn represents the largest percentage reduction and volume decline for this segment since 2020, a year when sales were severely impacted by the pandemic due to dealership closures and shifting consumer behavior.

"There is an increasing preference for SUVs, which now offer more comprehensive amenities," said Guillermo Rosales, Executive President, Mexican Association of Automotive Distributors (AMDA).

According to INEGI, the multiple-use vehicle segment, which includes SUVs and crossovers, saw a total of 384,080 units sold from January to August 2024. This figure represents a 16.7% increase compared to the same period in 2023. The shift towards these types of vehicles reflects a broader trend in consumer behavior, moving away from luxury sedans towards more versatile options.