Most popular cars of the wealthy (luxury, vehicles, SUV, best)
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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?
Making $200k+
Ford F-150
Jeep Grand Cherokee
Honda Pilot
Jeep Wrangler
Honda Civic
400k+
Lexus RX350
Tessa Model S
Honda Civic
500k+
F-150
2 Land Rover Models
BMW X5
Lexus RX350
Honestly the stats are a bit flawed. The F-150 and Civic are two of the best-selling vehicles in the US. When Ford sells 500k F-150's per year it is going to show up across pretty much all demographics.
I work for an automaker forecasting sales. Things like the F-Series and Honda Civic usually rank in the top ten trade-ins for all of our models from a subcompact car all the way to a Large Luxury SUV simply because of the sheer number of them out there.
Some reasons you may have more common, not as expensive cars in the 200K+ is because not everyone in that range may feel independently wealthy if they live in high cost of living areas, or otherwise have a lot of debt expenses. Even $200K/yr can go quickly.
Buying and leasing cars in US is so affordable you can't really measure wealthy based the car models. Now if it was Singapore or some other country in Europe then it would really make a difference. I know multiple people who are not wealthy and they own or have leased cars from all the income segments mentioned above.
I am pretty sure if they do a survey of what poor Americans drive, most of these cars will be on that list too.
Reasons cited in the article. Certainly agree with the feature creep. Even entry level economy cars have luxury features like heated and cooled seats, fancy head units, etc available these days.
Quote:
•Features. Mainstream vehicles have grown more luxurious and offer many of the same technology features.
•Broader range. Many models come in a broader range of versions, with the fanciest ones encroaching, both with features and price, on what has been traditionally luxury territory.
•New wealth. A new breed of high-income earners have come to the car market, many of them a far cry from the stereotypical fat cats of yore. They may work as Silicon Valley software developers and not particularly care about cars as long as it gets them to work, or they might be oilfield workers who struck it rich in America's energy revival and need a dependable pickup.
They understand the concept of depreciation, so they don't put a large percentage of their income toward vehicles.
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