This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

What Cars Do Rich People Buy?

BOSTON ( TheStreet) -- Call it Drivestyles of the Rich and Famous.

Car-shopping site Edmunds.com recently analyzed buying patterns in the nation's costliest ZIP codes and found America's richest consumers like Jeeps, Mercedes-Benzes and Teslas more than Rolls-Royces or Lamborghinis.

"They're not buying exotic cars, they're not buying Ferraris, they're not buying the most-expensive cars available," Edmunds Senior Analyst Jessica Caldwell says. "They're buying cars that fit their needs rather than just showing off their wealth."

Caldwell, who compiled Edmunds' list by looking at all new-car registrations filed between Jan. 1 and Aug. 31, said America's ultra-rich seem to favor cars that match the areas they live in.

For instance, Californians who live in Silicon Valley's poshest enclaves like the cutting-edge Tesla (TSLA) Model S electric car. But buyers in Manhattan's ritziest neighborhoods prefer Jeep and Mercedes sport utility vehicles that Caldwell theorizes can handle New York City potholes with ease.

"Rich drivers seem to like cars that are cool but practical for the region that they live in," she says. "They don't always seem to go for the top brand, or even for the most-expensive model within a brand like Mercedes."

Click below to check out which cars drivers in America's five costliest ZIP codes have been buying the most this year.

Edmunds generated the list by looking at Polk car-registration data covering communities at the top of Forbes magazine's latest annual America's Most Expensive ZIP Codes rankings. Car prices refer to manufacturer's suggested retail prices for each vehicle's base 2014 version.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%
YHOO $44.45 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs