When we see someone rich, we instinctively think that they would be driving cars like Mercedes, BMW, or Range Rover, to name a few luxury car brands. There was a time when cars were only being made for the rich few, who could afford them and hence, owning a car used to be considered a symbol of wealth.
Fortunately, as society progressed, cars became a necessity. Of course, even now, the rich few, as expected, own the most expensive ones. However, according to recent studies and contrary to popular belief, this fact has slowly begun to change as well.
As per a study conducted by Experian Automotive, 61% of the people who earn more than $200,000 a year, i.e. people who are considered wealthy, do not own any luxury cars. In fact, the vehicles they own are from companies we all head to for our own car purchasing needs, like Toyota, Ford or Honda.
There was a time when cars were only being made for the rich few, who could afford them and hence, owning a car used to be considered a symbol of wealth
The Rich are Spending Wisely
These wealthy people are setting the perfect example of no extravagant spending. Having more money does not necessarily mean you spend it all on luxury, although that is what is generally believed. Instead, they opt for more practical options and focus more on earning and saving more for their future.
While people with money can easily retire and sit back for the rest of their lives, moving around in the most luxurious cars available in the market, instead they maintain their work ethic, all the while spending wisely. A Honda Accord might actually be quite a thrifty choice for someone who can easily afford a Ferrari, Lamborghini, or a BMW series 5, yet the value of money is still instilled deeply in most of these rich elite.
61% of the people who earn more than $200,000 a year, i.e. people who are considered wealthy, do not own any luxury cars
The Cars of Choice by the Top 39%
Of course, the scale of their spending differs widely from the rest of us, and it’s entirely possible that buying a BMW for them is equivalent to us buying a Ford. However, it’s still interesting to see what kind of cars our rich elite like to move around in these days, so let’s check them out below.
Mercedes- E Class
The first four spots are dominated by the 39% luxury spenders. At the top of the list is obviously the Mercedes E class: a symbol of luxurious comfort, this car is the top choice by rich people around the world.
The second most popular amongst the rich is the BMW Series 3 and 5, which differed according to personal preferences of their owners. Priced at approximately $35,800, it is indeed a great car especially for those who like to make it known that they belong to the elite class.
Next up is Mercedes yet again, this time with its C Class line. The brand Mercedes obviously has a distinct brand worth, and any association with it is deemed respectable by people of all classes.
The C-class series is priced roughly around $37,000, which is a bit more expensive than the BMW however is a bargain considering you are getting your hands on a Mercedes.
Mercedes: a symbol of luxurious comfort, this car brand is a top choice by rich people around the world.
Lexus RX 30
The next favorite of the affluent community is the Lexus RX 30 by Toyota. It’s chic, stylish and gorgeous, there is no doubt about that. At approximately $39,000, although it is quite expensive, it has been noted to justify the elite class taste and hence its hefty price tag.
Rest of the 62%
While those uncompromising on their requirements for a luxury vehicle don’t seem to choose anything else other than a BMW, a Mercedes, or a Lexus, the majority settles for less expensive brands which offer more or less the same functional benefits.
The Toyota Prius is a fairly common car yet preferred by the wealthy for its functional appeal. Priced at around $30,000, the Toyota Prius is practical and has become an elite favorite due to its eco-friendly engine, which has helped the brand carve a niche for itself among the rich.
With a lucrative and attractive price of nearly $26,000, this German automobile has made its way in the top ten most popular cars preferred by the rich, which indeed speaks volumes about the quality of the product.
Honda CR V
This compact beauty has crawled its way up in the popularity list of the richest and has become one of the most sought after cars in the market. With its reliable compact exterior and lavishly comfortable interior, combined with exciting functional specifications, the CR V is priced at almost $29,000 and is obviously a hit.