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Old 11-12-2014, 10:59 PM
 
Location: Miami/NYC
1,209 posts, read 2,411,597 times
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From Miami today

Miami thrives as nation

"“It’s one of the highest per capita income [areas] in the country,” he said, so for someone in the luxury car business “it’s a good place to be.”

i hope it takes into account the amount of people who lease their cars and I dont agree with that statement above. What do u guys say?
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Old 11-12-2014, 11:43 PM
 
Location: Denver and Boston
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lol, the things car dealers say. According to wiki, the Miami MSA is 132 out of 280 Highest-income metropolitan statistical areas in the United States - Wikipedia, the free encyclopedia
Those in the bottom half of the list are almost all much smaller less urban areas. Miami actually has the lowest median houshold income of the 19 MSAs over 2,500,000. But I would not be surprised to learn that Miami has more people in the $250,000/year income range than the average city, because of wealthy retired people making that off of stock investments. And people with second homes in Miami, probably buy their new car in FL to save a few bucks on taxes and whatnot.

Last edited by Robert5; 11-13-2014 at 12:05 AM..
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Old 11-13-2014, 02:16 AM
 
Location: western East Roman Empire
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Quote:
Originally Posted by ace587 View Post
From Miami Today

Miami thrives as nation

"“It’s one of the highest per capita income [areas] in the country,” he said, so for someone in the luxury car business “it’s a good place to be.”

I hope it takes into account the amount of people who lease their cars and I don't agree with that statement above. What do you guys say?
Well, people with massive mortgages are considered homeowners, and I believe that car dealers make more money out of leases and loans than they do selling cars outright for cash. "Leasing", then, is a big part of the "car business", as the quote above says, so how can one not agree?


Averages are just what they are, averages. Luxury car dealers, almost by definition, are not doing business with averages.

Quote:
Originally Posted by Robert5 View Post
But I would not be surprised to learn that Miami has more people in the $250,000/year income range than the average city, because of wealthy retired people making that off of stock investments. And people with second homes in Miami, probably buy their new car in FL to save a few bucks on taxes and whatnot.
As for highest per capita income areas in the country, the dealer is probably referring to specific neighborhoods. On that basis, it is probably a true enough statement as it needs to be for the purposes of the luxury car business.

Anecdotally, Simon Property Group (SPG, look it up) owns the Dadeland Mall, among many others, and several months ago I read a quote by a company officer stating that the Dadeland Mall has among the highest rates of sales per square foot in the entire US.

After certain areas of coastal California and Manhattan, certain areas of Miami are among the most desirable in the US, attracting demand from all over the country and, indeed, all over the world; and not restricted to just Latin America, I see plenty of Asians, for example.
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Old 11-13-2014, 07:39 AM
 
Location: Miami/ Washington DC
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Miami is huge I. The luxury car market. NYC it's too expensive to have a car and little need. LA is also more expensive but it also certainly has a huge luxury car market also its just more spread out.

Other cities like Boston, D.C. And Chicago people don't care about cars as much. Again better transit and its just the culture. LA and Miami are car cities.
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Old 11-13-2014, 07:40 AM
 
Location: Heartland Florida
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Before 1980 Miami was a regular middle class city, but when the drug fueled FIRE economy got going, Miami became luxury car city. Us bio fuel people had a plentiful supply of diesel Mercedes thanks to this cocaine cowboys era. Now we have Fed money printing and a world flush with easy money looking to blow it in Miami. But just like a millionaire athlete, the coming failure of the US debt based economy will change things again. Now subprime loans have inflated the auto market too. As for per capita income, that is meaningless because average incomes are skewed. I believe that the incomes of those who have employment in the Miami area is actually below the national average.
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Old 11-13-2014, 09:49 AM
 
Location: Way up high
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I'm in the car business in Denver. MB of Cutler Bay is the number one dealer in the country and JM Lexus is the number one dealer in the country
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Old 11-13-2014, 10:02 AM
 
Location: western East Roman Empire
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Quote:
Originally Posted by himain View Post
I'm in the car business in Denver. MB of Cutler Bay is the number one dealer in the country and JM Lexus is the number one dealer in the country
According to a dealer at Williamson (GM) near Pinecrest, his dealership is number one in the US in sales of Cadillacs and Buicks. Now, when they say number one, I assume that refers to certain types of calculations, like sales per population density or some such.

But I think we've made the point: luxury car sales have little connection with average incomes over a relatively large area, and that almost by definition: they have more to do with concentrations of wealth/income over a relatively small area.

And that's what we observe in a city like Miami.

Another example: one of Fiat's fastest growing brands is Maserati; the number of global of sales increased 145% from 2012 to 2013, from 6,288 units to 15,400 units, and I see some of them here in Miami.

In fact, worldwide luxury car brands achieved record sales in 2013.

So it's not just Miami.
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Old 11-13-2014, 02:46 PM
 
600 posts, read 750,958 times
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Car sales has little to do with average incomes because people can lease or finance their car purchases.

Miami, in particular, has so many people / fakers that lease / finance more car than they can afford so that they can appear better off than they actually are.
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Old 11-13-2014, 03:46 PM
 
5,187 posts, read 6,914,993 times
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There is definitely wealth in Miami, I believe 4th or 7th on a global scale.


Why Miami's Billionaires Are Sticking Around
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Old 11-13-2014, 04:52 PM
 
2,886 posts, read 5,798,998 times
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Quote:
Originally Posted by tankhead View Post
Car sales has little to do with average incomes because people can lease or finance their car purchases.

Miami, in particular, has so many people / fakers that lease / finance more car than they can afford so that they can appear better off than they actually are.

Quote:
Originally Posted by perry335654 View Post
There is definitely wealth in Miami, I believe 4th or 7th on a global scale.


Why Miami's Billionaires Are Sticking Around
Both statements are true because Miami is full of wealthy people that come from all over the world and Miami also has a bunch of "fakers". The "fakers" are mostly comprised of average working class locals that get influenced by what is around them. They see all of this wealth and want to also look the part. That is why Miami has such a huge market in luxury cars.
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