Yep. Inflation.I can remember back around 1990, walking out of the Honda dealership shaking my head because the cost of a new cruiser was $5000.
The best measure of how overpriced something would be is to measure Gross Profit (assuming the company is public). Honda's is 20%. HD is 38%. to put that in perspective one pays a 20% premium to ride HD.
To put it another way, they could cut the price 8k-10k on a 25k bike and still make a profit.
I suppose the utility of the HD might be higher, but that is highly subjective and would vary rider by rider. One thing is clear - the millenials see no where near the utility of riding a harley that we older farts did (as a group). HD is in deep sh*t. they will not be able to sustain that profit margin for long and demand for their product will continue to plummet unless they can pull together a pabst coup and become cool.
bottom line - harley is going to be a shell of its former self as its prime market dies and no one finds enough appeal to pay a 20% premium for their product anymore.