After comparing new and used Audi, Lexus and Mercedes-Benz models, Mr Finkelstein opted for a 2004 Mercedes S-Class 500 sedan with 40,000 miles on the clock. The price tag was one-third that of a new model, and the car came with a three-year, 36,000-mile warranty.

“In my opinion, it was pretty much the same car at a much lower price,” Mr Finkelstein says. He has already taken a shine to a used Mercedes S550 when the warranty on his S500 expires next year.

Luxury car makers increasingly have their eye on people like Mr Finkelstein. As hard economic times take a big bite out of their new-car business, manufacturers and their dealers are looking for ways to woo customers eager to save money without giving up their creature comforts or status symbols. One answer: high-quality second-hand vehicles.