3 Luxury Car Brands the Wealthy Might Skip Buying in 2024

Several trusted luxury car brands have dealt with a high number of recalls throughout 2024. Mercedes-Benz, Genesis and more automakers have been hit with widespread recalls that have affected thousands of units — and the news could potentially rattle the nerves of wealthy buyers.

GOBankingRates looked at three luxury car brands that have experienced some of the largest number of recalls this year and the reasons behind the recalls. We also spoke to Carl Anthony, managing editor of Automoblog , about the impact these recalls may have (or not) on wealthy shoppers looking to buy luxury vehicles .

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Mercedes-Benz

In March 2024, Car and Driver reported more than 116,000 Mercedes-Benz vehicles had been issued a recall over a 48-volt ground connection. Located under the passenger seat, if this wiring came loose or was left unattended it could lead to a fire.

Luxury Mercedes-Benz vehicles that were impacted included GLE and GLS SUVs between model years 2021 to 2024.

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Genesis

Genesis, the luxury vehicle brand of Hyundai, recalled more than 31,000 GV70 and GV80 SUVs between model years 2022 and 2023 this year due to an issue concerning a faulty fuel pump impeller.

According to Consumer Reports , should the pump fail, gas would not be able to reach the car’s engine. This could lead to the vehicle stalling and result in a crash.

Lexus

This summer, Toyota recalled 11,000 Lexus vehicles due to head restraint issues.

According to USA Today , a design defect made it possible for driver and front passenger seat head restraints to be removed without pressing the release button. If the head restraint was removed and not properly replaced, drivers and passengers alike could experience increased injury risks.

Will (or Won’t) Wealthy Buyers Shop These Luxury Car Brands This Year?

The aforementioned three luxury car brands are just a few luxury automakers negatively impacted by recalls in 2024. Other brands include Porsche, Lamborghini and BMW that recalled various vehicles concerning issues that could lead to increased car crash and electrical fire risks.

Does this mean wealthy buyers are putting a pin in their luxury vehicle shopping plans? Odds are good most will practice a ‘wait and see’ mentality until reassured otherwise. Anthony said the news is likely to jar the wealthy, especially since these luxury automakers have sterling reputations for their elevated levels of quality and reliability.

“Those with more disposable income might be in less of a hurry to purchase a vehicle, prompting them to wait and see what happens if they envision a luxury manufacturer continually recalling components on a car they are interested in,” he said.

This article originally appeared on GOBankingRates.com : 3 Luxury Car Brands the Wealthy Might Skip Buying in 2024