Mercedes sold 261,846 new cars in the U.S. last year. BMW sold 248,073. That is a lot of units for a country that is nearly in a recession. And it is a sign that the top 1% — or any other number that represents the wealthy — has unusual purchasing power that continues to sustain product sales at the top of the market.
BMW and Mercedes are not alone, according to AutoData. Sales of Jaguar/Land Rover rose 11.4% to 50,375, and Porsche sold 14.6% more cars and light vehicles in 2011 than in 2010 to hit 29,023. December information is not so readily available for Lexus, Infiniti, Lincoln, Cadillac and Acura, but data through November show that sales of these brands also have been strong.
On the back of an envelope, the monthly payments for many of these cars — most of which cost $50,000 and some of which have sticker prices of more than $100,000 — run from $600 to as high as $1,300. That is much more than many Americans pay in monthly mortgage payments. And payments on most mid-priced cars, which are those that most middle-class Americans drive, are $200 or less.
About one million luxury cars were sold in America last year. Of course, nearly as many were sold in the two years prior. Three million Americans could afford vehicles that are among the most expensive available. That is about the same as the number of mortgages that will be foreclosed on this year.
A number of statistics claim to show the gulf between America’s rich and its poor. Most are numbers from the government. They are impersonal and paint a picture in black and white. Luxury car sales are a little more accessible as a way to measure real wealth. And luxury car sales numbers are big and getting bigger.
Douglas A. McIntyre
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