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TrueCar.com Identifies Top 10 Vehicles in Wealthiest Zip Codes

August 7, 2012

SANTA MONICA, Calif. — Wealth doesn’t always translate to owning a luxury vehicle, according to a recent TrueCar.com study that reviewed the top vehicles purchased in the wealthiest zip codes.

The vehicle information site examined the car buying preferences of residents in the 10 wealthiest ZIP codes in the United States, as determined by the Internal Revenue Service, to determine the 10 most popular vehicles sold in America's wealthiest neighborhoods.

Among the Top 10 most popular vehicles in America's wealthiest neighborhoods, half are non-luxury vehicles. And in a demographic where a car budget doesn't seem to be much of a concern, all vehicles are priced at less than $50,000 — with the exception of the Mercedes-Benz E-Class and the BMW X5.

The Toyota Prius was the most popular vehicle in Ross and Century City, Calif., while the Top 5 vehicles purchased in Downtown Chicago did not include a luxury make. In Manhattan, N.Y., identified as the wealthiest city, the Mercedes-Benz e-Class is the most popular vehicle purchased, but the Honda CR-V also made the ZIP codes’ Top 5 list.

The study also found that SUVs are popular in Greenwich, Conn., as they make up four out of the Top 5 vehicle purchased. The Toyota Sienna and Honda Odyssey were the only two minivans to make the top five purchased by residents in Medina, Wash.

“Luxury brands like BMW, Mercedes-Benz, and Lexus are the top choice for the well-off, but with wealth often comes freedom of choice,” said Kristen Andersson, senior analyst at TrueCar.com. “The data demonstrates that wealthy consumers of today make value a top priority as half the vehicles purchased are from mainstream brands including Honda, Toyota and Volkswagen. For affluent buyers who live in places where environmental concerns reign supreme, the Toyota Prius is the ultimate status symbol in eco-luxury.”

 

Most Popular Cars Sold in America's Wealthiest Zip Codes

Rank

Make/Model

Segment

MSRP*

Market Average**

% Discount from MSRP†

1

Mercedes-Benz E-Class

Luxury Car

$51,365

$48,068

6.4%

2

BMW 328

Luxury Car

$35,795

$34,461

3.7%

3

Mercedes-Benz C-Class

Luxury Car

$36,095

$34,144

5.4%

4

Lexus RX

Luxury SUV

$39,950

$37,628

5.8%

5

Toyota Prius

Small Car

$30,565

$29,525

3.4%

6

Volkswagen Jetta

Small Car

$26,085

$24,978

4.2%

7

Honda CR-V

Midsize SUV

$29,575

$28,875

2.4%

8

Honda Accord

Midsize Car

$23,070

$21,210

8.1%

9

Toyota Camry

Midsize Car

$25,535

$23,871

6.5%

10

BMW X5

Luxury SUV

$58,595

$54,995

6.1%

Wealthiest Zips data based on IRS Tax table, filtered for zip codes with a thousand returns or more. If the particular zip code didn’t have a large enough sample size, it was expanded to include surrounding zip codes. Zip codes are in the file that are associated to the location. *MSRP is based on the most popular trim. **Market Average is estimated based on the national average of recent vehicle transactions, including destination and delivery charges after incentives that are subject to change, but does not include tax, title, licensing, documentation or processing fees, other state and governmental charges and/or fees, or any other charges or fees allowed by law. †Percent Discount is rounded to the nearest tenth.

 

 

 

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