Do you want to guess what is the most purchased vehicle by people earning over $250,000 per year – the richest auto buyers? I’ll give you a hint: It’s the same as those with income below $250,000 per year. If you guessed the Ford F-150, give yourself a gold star. Surprised? Wait until you see the rest of the list.
Sure, wealthy auto buyers are significantly more likely to buy Bentleys, BMWs, Mercedes, Teslas, Aston Martins, Ferraris and Jaguars…because they can. But, they also buy Hondas, Chevrolets, Jeeps, Toyotas and Fords. In fact, according to Edmunds.com, the top 10 exotics account for just 0.7 percent of vehicle purchases by people earning over $250,000 per year.
“There will always be an interest in and market for high-end exotic vehicles,” said Jessica Caldwell, Executive Director of Industry Analysis, Edmunds.com. “But overall, most of the wealthiest Americans look for their vehicles to perform the same kind of functional tasks that everyone else does.”
While the Ford F-Series pickup tops both lists, the Honda Accord and Honda CR-V are also shared in each group’s top 10 bestselling cars for 2016. Other vehicles on the “Above $250,000” list include the Jeep Wrangler, Jeep Grand Cherokee, Ford Explorer, Honda Pilot, and Toyota Highlander. The Lexus RX and BMW X5 are the only two luxury marques to make the Top 10.
What about those of us earning below the $250,000 threshold? The Top 10 includes three Toyotas (Corolla, Camry, RAV4), three Hondas (Civic, Accord, CR-V), two Fords (Escape, F-Series), Chevy Silverado and Ram pickup.
“America’s wealthiest car buyers are all-in on the trend towards bigger vehicles,” Caldwell said. “And they’re not just gravitating toward luxury brands – eight of the 10 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.”