Rich people buying most Priuses, and some stuff on GM

(duplicate)

 

I was thinking the same thing. I couldn't afford a car more expensive then the prius at the moment.

However, 10 years down the road when I am making more money and my prius dies I will be in the market for another hybrid. Which is why i'm hoping there will be a mercedes, lexus ect hybrid that gets 46 mpg and is more luxurious then my prius to get.

if not ill just get a package 7 or so instead of my current 3

(I cant wait for leather)

 

Of all new cars, the Prius is the least expensive family car to own and operate, according to Consumer Reports.

 

This would also hint that the wealthy *are* starting to think
about conservation, even if they could afford to fuel a bling-
laden guzzler. That's promising.
.
_H*

 

Even if your observation is true that the "wealthy" are buying more Prii than the non-wealthy, the observation is purely correlational and one can not determine cause-effect reasons why this may be the case. I suspect that it is the more educated that tend to buy the Prius. More educated folks tend to have better incomes, thus a possible reason for the correlation (if true).

In any case, Lexus does currently make three hybrid vehicles. However, the sales of their hybrid vehicles lags far behind the sales of their non-hybrid counterparts.

For the most part, I think the people who have purchased hybrid vehicles did so not to save money on gas, but for a multitude of other reasons, like owning a vehicle that is more ecologically friendly, reducing dependence on foreign oil, state-of-the-art technology, etc. Now that gas prices are so much higher, I think you will see more people, including the less affluent, purchasing hybrids for the sole reason of saving money on gas.

I'm not disagreeing with your observations, I just think that if you are correct, the reasons behind the phenomenon are complex.

 

We own a 2007 Prii. We are not rich, but we are comfortable in semi-retirement. We live in a community where people value things (Lifestye, the environment et al) more than the status of a Lexus or Benz.

We bought the Prius because A: We could afford it, and B: It was the right thing to do. The ancillary benefit is that we have saved a bunch of money on gas. It has, through no action on our part, become a status symbol. We didn't really need a new car quite yet, but we decided to keep our 12 year old Subaru for ski trips, and to haul what the Prius didn't fit. Yes we are "rich enough" to afford the two cars. I think the truer point is education. I have spent time all over N. America in the last year and you tend to see Prii in places that you think of as educated. (I'm not going to name either end of the spectrum for fear of the response, but think Latte drinking!)

Icarus

 

You nailed it, Rockville1, these issues are very complex but education is a key. I work at the local "Welfare Office," and lack of educational attainment is a big reason why people wind up on our doorstep. We have one of the worst public school systems in the country here and the effects ripple through society for generations. I see lots of SUVs in the client lot (saw a Hummer H2 in front of the building yesterday). Smart decisions? Well, maybe if you have a bunch of kids, but an H2???

The Prius was, hands down, the most expensive car I have ever purchased, but it just seemed like the right car for today for the reasons you state. Even with that, I have one of only two Prii in my upper-middle neighborhood.

Jim

 

thats because lexus "hybrids" get 21-25 mpg

 

what i meant to get across was when i have more money i expect to buy a more expensive car not for any sort of status but for the luxury of it, the smoother ride, and better sound system, more comfortable seats, larger interior etc. I am just hoping that down the road 10 years I can do that with a different car then a prius.

 

Why yes, i am rich on life.

 

You need to look also - in California, the CARPOOL sticker is a big determiner of which car to buy- if it can save you an hour commute a DAY , then people will park their Mercedes and use the Prius for rush hour- unluckily they only allowed 85,000 stickers so the newer cars cannot get them.

Sometimes people are wealthy because they are frugile! Save gas, etc...
(we are not in that boat= wealthy, I mean- but we got our Prius in 2003- we wanted to be good to the environment and save gas, plus we loved the bells and whistles, being techies).

 

I believe that income is one causal factor in purchasing a Prius. Low-income people tend to have their hands tied when it comes to large purchases. It's hard for them to make them, and hard for them to get out of them, thus if they made a bad decision and purchased a vehicle they can't afford the gas for anymore, they can't run out and buy a Prius and take a big loss on their current vehicle.

All those people you see taking huge losses trading in their SUVs or on Leasetrader.com trying to get out of a lease they can no longer afford - those aren't wealthy, educated, informed, and financially savvy. They're stupid, poor, and desperate.

Look at this idiot - he's trying to get out of a $1600/month lease on a Cadillac Escalade, with 24 months remaining on the lease!!! It wasn't someone with high income, good credit, and who was well-educated who signed that lease. As Bugs Bunny would say, "What a maroon!"

2007 Cadillac Escalade Sport Utility 4WD car lease $1,664.24 - Irvine, CA

 

First, rich people buy most new cars. Poor people either don't drive or buy used cars. The Prius is not yet widely available as a used car, so poor people don't have them. I honestly think this accounts for about 95% of the reason that wealthy people own more Prii, assuming that's true.

Second, I'm going to go out on a limb and guess that when less affluent people buy a car, they are less likely to get a Prius. Why? The car is a huge investment in these people's lives, and getting a car represents getting out of their social class. Thus, this category of people often buys a car out of their means or a car that represents money or power. The Prius does not represent either of these things in the minds of most people. In poor neighborhoods -- regardless of race -- I see a lot of brand new, tricked out sportscars and SUVs.

Third, people near oceans are more liberal than people inland. This is certainly true in California, where we are flaming liberals on the coast and straight-out of-the-south conservatives inland. Liberals are concerned with the environment; conservatives are not, generally. Thus, you would expect to see more Prii in locations with more liberals, hence why it seems 1 in 5 cars are a Prius here in San Francisco.

Fourth, I don't think that education level is really at play here. Rich people are more likely to be well educated, but they are also more likely to be conservative. (Even more on income and voting - Paul Krugman - Op-Ed Columnist - New York Times Blog.) While there are obviously some conservatives who are passionate about their Prius, they are a distinct minority.

Finally, I am anything but rich and own a Prius. However, I am just beginning my career and my future is secure, so to me, I didn't mind spending extra to get a car that is kind to the environment. I suspect there are more people out their like me.

 

Another factor IMO:

(1) People with money are usually good at handling money, budgeting, seeing TRUE cost savings etc.
(2) Prius has lowest TCO in it's class.

Add 1 and 2.

I'm not sure I'd say "rich" though. Affluent perhaps ? Say those making $80-100k a year and up ?

Add the "environmentally friendly" cachet, and I think it could help to assuage any guilt the affluent might have on their bigger environmental footprint (since the affluent tend to consume more.)

 

if mercedes made a car like a prius I would not want one. period.
why pay almost double the cost for about the same performance?

since i owned and still own a mercedes, and since i also worked on mercedes i know how quality of mercedes went down the drain.

on lower end mercedes there is about 80 % of parts that are made in countries other than Germany, so new mercedes is not the same as 'old' mercedes were, unless you go towards S class.
on top of that mercedes breaks down lot more often than a decent japanese car.

I sure do not want to buy a car that needs engine wiring harness replaced after 4 years at the tune of $ 1400, nor do i want to replace made in bulgaria FI relay every 3 years.

I won't even go in how much those replacement parts cost.

 

man!

how the F$%K can you sign a lease on a car for $1664 per month?
yeah, you got to be a total moron.
that is almost a mortgage payment on small house/condo in general Irvine area!

i can's say i feel bad for this idiot.

 

The term "rich" is very subjective. Everyone has an opinion about what is rich. For example, do you consider $75,000/year rich? If you are single, then probably, but if you are the sole breadwinner for a family of 6, then no so much. My point being, it's all relative. I don't agree there is a direct correlation between money and car value/car driven. If there was, then how do you explain retired people driving brand new Cadillacs? Or Lincoln Navigators in a poor, urban area?