Consumers' demand for automobiles is holding up well despite the plunging stock market, economists say, but high-end demand for luxury cars is running out of gas, according to a Wall Street Journal story by Sholnn Freeman.

Economists acknowledge a connection between the performance of the stock market and the willingness of consumers to buy big-ticket items

such as cars. Consumer confidence also matters, they say. But fortunately for auto demand, other important economic factors are overruling equities.

"I haven't seen much of an impact on auto demand," said Richard DeKaser, chief economist of Cleveland's National City Corp. "Sales have moved up despite the fact that we are in the fourth month of a pretty serious stock market collapse."

Diane Swonk, chief economist of Chicago's Bank One Corp., said car demand has been remarkably resilient. "The negativity doesn't mean much unless it's hitting the pocketbook," she said.

For the majority of consumers, steady employment and income gains in recent years -- as well as low inflation and historic levels of car discounting -- have overran the damage from recent portfolio losses, according to the Journal. Economists say rising home equity and big chunks of money unlocked by mortgage refinancing is a particularly strong force backing auto demand.