https://moneywise.com/auto/top-car-brands-for-people-earning-more-than-200k
“The study found that for people with household income of more than $250,000, 61% don’t drive luxury brands. They drive Toyotas, Fords, and Hondas like the rest of us.”
I think this is pretty well known, but yet another study confirms it.
I guess they didn’t know about the pre-covid BMW deals we were getting around here. My first BMW was cheaper than a Fit or a Civic. My second was just a bit more than an Accord, despite being twice the sticker price at $75k, I was getting Accords quoted in the mid-high $400’s. My 540 was $499. Both with $3k DAS.
How many are driven in luxury cars though? 
That’s base line to be considered “RICH”?
I mean it might’ve been rich when Caddyshack was made. There’s people who live paycheck to paycheck on a quarter mil gross or even net.
How can one be so bad when it comes to money?
Student loans for degree in underwater origami, $20/day starbucks habit, shopaholic, high COL area, etc.
It’s honestly not that hard to blow a quarter million bucks a year just living your best life.
It does put one in the top 5%ish of income nationally.
Household income 250k is not top 5%, i think? Maybe 250k individually.
In 2021, the top 1% earned more than twice the income of the top 5% nationwide. While the top 1% earned almost $600,000, you only needed to pull in $240,712 to crack the top 5% of U.S. earners, according to SmartAsset.Jan 24, 2022.
Yeah this is household. So really 2 people making $125K each are in the top 5%.
Those decked out f-150 cost more than an entry level luxury car. No need to even drag the raptor into it.
Silly article.
Luxury is all relative. Cars aren’t important to some people. You also have $80k Suburbans, F-150 Lariats, etc. Looking at the price they paid for a car and how often is probably a better indictor. I’m assuming entry level BMW of MB is considered “luxury” by the article, but a Civic Type R isn’t.
Just cuz that’s where it falls statistically “nationally” doesn’t really show a true picture.
Like the article shows different # for different states.
Top earners DOESNT EQUAL rich.
While I can’t figure out why, the figure of $250k/5% seems off. Maybe there are a lot more single-person households than I would have thought. In East and West Coast metro areas, that seems very mainstream. For a family with kids, $250k calls for careful budgeting and spending.
This breakdown is based of income reported on tax returns so it doesn’t really show a true picture of “wealth”.
If you look at it from the “earnings” perspective vs “wealth” perspective, the article makes much more sense & not really out of the box analysis,
Making $250k & after taking out taxes, insurance, mortgages & re taxes, retirement etc. You just don’t have enough to buy a “Luxury” car.
$250k is barely enough for a family of 4 to get by in NoVA, Montgomery County, Howard County, etc. Average single family house in Fairfax County is nearly $1 million. It’s over that in Arlington, Falls Church, and Alexandria.
Bottom line is people making $250k here can’t afford luxury cars.
Maybe just need a change in title to remove “rich”
In Manhattan that’s middle income.
Just enough for a shoebox where you don’t have to share a bathroom with others on the same floor.
Not really. This is census data for NYC.
