In doing our analysis, we found that wealthier consumers spend a much smaller percentage of their income on cars than the rest of the population.
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Wilmington, NC (PRWEB) January 23, 2014
Motive Auto Finance, a trusted provider of financial services for car-buyers across the United States, has recently published a series of blog posts that detail the surprising car-buying habits of America's wealthier classes. The posts, written by various members of the team, came after the popularity of a post detailing the recommended percentage of annual income a consumer should spend on a new or used vehicle.
"That post spurred a lot of traffic and social discussion for us," said spokesperson T. Brown. "And we found ourselves asking what percentage of income America's rich spend on their vehicles."
The series began with a post dealing with the vehicle ownership habits of Warren Buffet, titled: "What Kind of Car Does Warren Buffet Drive?" While many consumers would assume that this Midwestern billionaire, the head of Berkshire-Hathaway, drives an exotic such as a Maserati or Ferrari, Mr. Buffet's buying habits are decidedly modest in light of his wealth.
This post was followed up by another titled "What Cars Do the Wealthy Drive?" This piece highlighted the top ten most popular cars among Americans who make in excess of $100,000 per year.
"In doing our analysis," said T. Brown, "we found that wealthier consumers spend a much smaller percentage of their income on cars than the rest of the population. These consumers could certainly spend more, and there are certainly vehicles that cost more, but their buying habits are actually quite modest as a percentage of income. We felt this was a good point to highlight, as we, unlike our competitors, continually encourage modest spending when it comes to buying a car."
About the Company: Motive Auto Finance, based out of Wilmington, NC, is quickly becoming a leading resource for car-buyers across the nation. The company provides a secure online application platform, so clients can get pre-qualify online for financing.