A number of industries across the country are struggling because of the economy, but one that that seems to be booming is luxury used cars.

Industry analysts say that while the new car market continues to dwindle, the luxury used car market continues to stay strong, according to the Wall Street Journal.

The strong market will get even stronger later this year, according to J.D. Power and Associates’ used-vehicle market analyst Stephan Schroeder, who told the paper that a number of luxury car leases will be turned in this year.

“There’s going to be a great supply of these three and four year old vehicles,” he told the Journal.

But price point isn’t the only factor increasing the sales of luxury used cars. According to Mike Jackson, CEO of AutoNation, the largest U.S. auto retailer and the largest U.S. seller of Mercedes-Benz vehicles, some people don’t think it’s right to buy a new car in these tough economic times.

“[I]t’s more socially acceptable to buy a pre-owned luxury car than to show up in a completely brand new luxury car,” he told the paper. “So they buy a used car.”

It would seem that this is the perfect time to make a purchase of any used car. Dow Jones recently reported that the price of used cars dropped 8 percent in 2008.

Find New York Used Cars with New Jersey State Auto.