SANTA MONICA, Calif.—A new study reveals that the wealthiest consumers are still practical car buyers—and they like trucks, just like the rest of America.
Edmunds.com examined 2016 new car registration data from Polk and learned that the car-shopping habits of those in households that report earning more than $250,000 annually aren’t all that different from those who make less.
The most popular vehicle among the wealthiest Americans is the Ford F-150, which is consistent with the rest of the new-car buying public, Edmunds.com said. The Honda Accord and CR-V also make the top ten on everyone’s shopping list.
The key differentiator between the wealthiest buyers and the general public is their penchant for trucks and SUVs – nine of the top ten most popular vehicles in the top income bracket are trucks or SUVs, compared to six out of ten for all buyers, Edmunds.com noted. More than 53% of cars registered to the wealthiest Americans are SUVs, compared to just more than 40% of all buyers.
“America’s wealthiest car buyers are all-in on the trend toward bigger vehicles,” says Edmunds.com Executive Director of Industry Analysis Jessica Caldwell. “And they’re not just gravitating toward luxury brands – eight of the ten most popular vehicles among these buyers are non-luxury vehicles. It suggests that affluent buyers are satisfied with the technology, utility and performance that mainstream brands have to offer.”