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I like Clark Howard, but as anecdotal evidence and talking with friends from different states as well --- people buy BMW X5s when their income is not even 200k. Not to mention, where I live a nice Chevy Tahoe LTZ with big rims is over 50k. I know these people are barely reaching the 150k income level, maybe even lower.
With long-term loans, you can buy any car you want.
I like Clark Howard, but as anecdotal evidence and talking with friends from different states as well --- people buy BMW X5s when their income is not even 200k. Not to mention, where I live a nice Chevy Tahoe LTZ with big rims is over 50k. I know these people are barely reaching the 150k income level, maybe even lower.
With long-term loans, you can buy any car you want.
That's kind of the point. Wealthier people are not driving those.
That's kind of the point. Wealthier people are not driving those.
While people certainly stretch to buy vehicles they can't afford this is the exception and not the rule. I have access to demographic data for who purchases every vehicle in the market. The profile of the typical X5 buyer greatly differs from a Civic buyer.
It's a really silly list. It can be very distorted. There are some very very wealthy zip codes in NYC metro area...half of those cars would rarely be seen. I would rarely see a F150 in an area like Greenwich, CT....as an example.
It's a really silly list. It can be very distorted. There are some very very wealthy zip codes in NYC metro area...half of those cars would rarely be seen. I would rarely see a F150 in an area like Greenwich, CT....as an example.
Yes. And income does not equate to wealth.
I wonder if the Honda Civic (aside from being popular in general) isn't on the list for folks that live in urban centers and like the smaller maneuverability of the car and don't spend a lot of time in it to begin with.
Surprised to see such humble cars as the Civic at this level of income or do you expect this as wealthier folks tend to prioritize making their money work for them rather than spend it?
Quote:
Originally Posted by MoNative34
They understand the concept of depreciation, so they don't put a large percentage of their income toward vehicles.
Yep. Blowing money on a new high end luxury vehicle is like buying $50,000 worth of radio shack stock.
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