Owning a luxury-brand car like a Lexus or BMW used to be a symbol of status among the wealthier, but many brands are beginning to introduce more reasonably priced options in order to keep business going and engage a new generation of upscale drivers. Not only does this increase competition among brands, but it gives more drivers access to new options when they are searching for their next models.

"It puts us in a whole different market that we haven't been in before," Tom Tassie, general manager at Mercedes-Benz of St. Clair Shores in Michigan, told The Detroit News. "You can have younger buyers in Mercedes-Benz that hopefully will become Mercedes-Benz buyers for life."

Mercedes recently debuted its newest model, the CLA 250, which has a starting price of $29,900 that puts it in competition with higher end models offered by non-luxury brands. This is just one of many luxury models that carry a smaller price tag on the market, but drivers may be able to save even more on their next vehicle if they opt to buy used cars.

Pre-owned luxury models will cost less up front, but it is important for shoppers to take the overall costs into consideration. They might want to check with their insurance companies to find out if insuring a luxury model is more expensive. They should also research the maintenance and repair costs associated with certain models, as some parts are far more costly to replace on luxury vehicle than on other models.

Car shoppers in the New York/New Jersey area can find plenty of affordable luxury options at NJ State Auto Auction, which carries a wide selection of makes and models. They can choose from previously owned BMW, Lexus, Mercedes, Audi and other luxury brand vehicles.