Even the wealthiest drivers are parking Prius hybrids in their garages.
“The rich are different from you and I,” or so F. Scott Fitzgerald reportedly told Ernest Hemmingway. If you don’t believe it, just check out what people are driving in some of America’s wealthiest neighborhoods.
That’s what the folks at TrueCar set out to discover when they programmed their database to spit out details on what is being purchased by the residents of the most affluent zipcodes in the country.
As one might expect the top 10 vehicles in those neighborhoods include a number of Lexus, Mercedes-Benz and BMW offerings – though not, perhaps, the models you might expect. Absent is the Mercedes S-Class, for example, with those affluent motorists opting instead for the top-ranked E-Class and the C-Class. Among BMW offerings were the 3-Series and X5 – but not the 7-Series. Lexus? Likely no surprise considering the RX is the best-seller in the luxury crossover category but absent was the LS.
In fact, all but two of the models on the top 10 list start at less than $50,000, noted TrueCar senior analyst Kristen Andersson. “The data demonstrate that wealthy consumers of today make value a top priority as half the vehicles purchased are from mainstream brands including Honda, Toyota, and Volkswagen,” she noted.
Vehicles one might expect to see in the garages of the 1-percenters included the sixth-ranked Volkswagen Jetta, the Honda CR-V in seventh, the eight-ranked Honda Accord and the Toyota Camry which grabbed ninth.
Arguably less surprising was the inclusion of the Toyota Prius on the list, in fifth place. The hybrid – which accounts for about half of all gas-electric sales in the U.S. – has long been a status symbol among those who want to declare their personal commitment to the environment, whatever the size of their bank account.
“For affluent buyers who live in places where environmental concerns reign supreme, the Toyota Prius is the ultimate status symbol in eco-luxury,” suggested Andersson.
The lack of flagship luxury products like a Bentley, S-Class or LS underscores a shift in the U.S. luxury market.
“This is a really important segment,” noted Lexus General Manager Mark Templin, referring to the premium-luxury class that includes the LS, “but over time we’re seeing this segment decrease.” When the outgoing version of the Lexus flagship was introduced, six years ago, sales routinely topped 2,000 a month. And models like the S-Class and 7-Series posted similar numbers. “Now, nobody’s doing that,” Templin told TheDetroitBureau.com, adding that he’ll be pleased if sales of the all-new 2013 Lexus LS line can reach the 1,000 monthly mark.
But the rich aren’t walking away from premium products entirely. In fact, Bentley expects to have its best year since the global economic downturn began nearly five years ago and could exceed its previous peak of 10,000 sales worldwide. Even so, that wasn’t enough to land it among the Top 10. Perhaps rich drivers aren’t as different, after all?