Porsche is cutting thousands more jobs, a bad sign for the luxury car market and for anyone who believes the economy is still strong.

• Porsche cut about 3,900 jobs last year and announced roughly 5,000 more a month and a half ago.
• Some estimates put the total at a third of the company's entire workforce.
• Deep cuts at a maker of high-end cars point to weak demand from wealthy buyers, not a hot economy.
• The idea that supercars and collector cars only go up in value is being tested as prices soften.

Outlook: More cuts and softer luxury car prices look likely if demand at the top end keeps fading.