IRVINE, Calif., and GAINESVILLE, Ga. -

In light of an economic recovery that’s still modest, Kelley Blue Book insisted luxury vehicle values have been hit especially hard during the past several months as new- and used-model values have steadily declined.

Seen as consistently underperforming their non-luxury counterparts, KBB calculated that values of used luxury vehicles dropped by 1.7 to 2.5 percent last month, slightly more than the industry average of 1.5 percent.

Compared to this time last year, analysts computed that the average luxury vehicle is approximately 7 to 10 percent more affordable today — well below the industry average affordability level of 5.2 percent.

“Shoppers in the luxury segment typically prefer the latest and greatest models. However, those willing to forgo the bells and whistles can find substantial savings on a used vehicle,” explained Alec Gutierrez, senior market analyst of automotive insights at Kelley Blue Book.

“Consumers considering a used luxury car from the 2009 model year can find vehicles selling at 57 percent of original MSRP, which is far below the industry average retention of 70 percent for 3-year-old vehicles,” Gutierrez continued.

The wholesale side of equation backs up KBB’s claims.

Based on last week’s auction activity, Black Book determined prices for prestige luxury cars continued to adjust downward the most for the fourth consecutive week, dropping a week ago by $135. Among trucks, Black Book added the largest price decliners were luxury SUVs, which slid by $106.

Back in June, Black Book managing editor Ricky Beggs projected luxury-model price movements dealers are seeing today.

“I look at the volumes of vehicles there, and sure, that segment went down in volume over the last couple of years in relation to what the whole industry did,” Beggs emphasized. “But as far as the volume returning into market in a consistent manner, that segment of the industry — especially the non-domestic side of that industry — really didn’t have the fluctuation where leasing just totally stopped.

“The funding for that type car, especially non-domestics, was still there and they continued to lease cars,” he continued. “Sure the volume was down a little bit in relation to the whole industry, but it didn’t’ stop like it did on some of the product lines and some of the manufacturers.

“So, as far as vehicles coming back into the marketplace, I don’t see a real volatility of lack of supply that’s going to help that segment maintain values better than anything else out there going forward throughout the rest of the year,” Beggs added.

Meanwhile, for consumers not willing to buy used, KBB insisted there are plenty of great deals available on new luxury models.

The Kelley Blue Book Fair Purchase Price on new luxury vehicles has been relatively stable in recent months, but is down more than $600 year-over-year, surpassing the market average decline of $450.

With values declining, Kelley Blue Book has seen a bump in interest from KBB.com site visitors.

“There has been a steady increase in luxury vehicle share of Web traffic since May for both new- and used -car shoppers, indicating that although pricing has been relatively soft, interest is increasing,” Gutierrez surmised.

“Buyers have been enticed by some of the solid lease deals currently offered by luxury manufacturers,” he continued. “If you are in the market for a new luxury vehicle, now may be the time to take advantage of the competitive lease offers available today.”