But in this modern day are premium cars the status symbol they used to be? Or are other types of cars, for example, electric cars, now becoming a sign of success? We surveyed the nation to find out what cars people with higher incomes drive - and what they deem to be their 'dream cars'.
Of course, everyone is an individual, and whatever we earn, we have our own car preferences and tastes. Sometimes those with more disposable income prefer a more modest vehicle, with financial advisors often taking to social media to remind us that 'Most millionaires don't drive flashy cars'. And our latest study certainly seems to support this attitude, with Ford coming out as one of the most popular brands driven by the UK's top earners.
| Rank | Car Manufacturer | % of High-Income Drivers |
|---|---|---|
| #1 | BMW | 16% |
| #2 | Audi | 15% |
| #3 | Ford | 14% |
| #4 | Mercedes | 12% |
| #5 | Toyota | 8% |
| #6 | Volvo | 8% |
| #7 | Nissan | 7% |
| #8 | Vauxhall | 7% |
| #9 | Volkswagen | 7% |
| #10 | Land Rover | 6% |
BMW: In the premium brand stakes BMW isn't going anywhere. The German outfit has carefully cultivated an image synonymous with power and wealth for over 100 years. Designing cars offering precise engineering, excellent handling and understated but instantly recognisable design has earned BMW the top spot as the car high earners typically drive. Another motivating factor for well-heeled BMW buyers is reassurance that the quality of the cars means they tend to hold their value well and are a great option for those looking to protect their investment over time.
Through a combination of great products and canny marketing, Audi's four-ringed badge has become associated with a truly premium reputation coveted by wealthier drivers. The combination of clean exterior design and interiors with an above-average sense of style and quality has sealed the brand's reputation as a top player, with technical innovation being another important factor. Accordingly, Audi has been pushing hard with new technologies in its cars, transitioning from diesel and through hybrids into its latest generation of e-tron branded pure electric cars. Owners appreciate this aspirational blend of innovation and style as well.
Given its image as a blue-collar, mainstream brand, it's perhaps a surprise to see Ford ranking so highly among wealthy car buyers and the third most popular car brand for those who earn above the average household income. For all its huge size, Ford company is still at heart a family business, and has an incredible legacy appealing to drivers in all income brackets. Whilst no longer pitched as a 'budget' brand, Fords are generally more affordable than Audis and BMWs, but wealthier drivers recognise they provide excellent value. As a second car or even a main car, affluent drivers may resonate with the Ford company's commitment to philanthropy and social responsibility - as well as appreciating the no-nonsense combination of practicality and reliability, along with the fact they don't draw as much unwanted attention as flashier alternatives.
| Rank | Car Manufacturer |
% of high earners who view Auto Trader ads for this brand |
|---|---|---|
| #1 | Ferrari | 32% |
| #2 | Rolls-Royce | 24% |
| #3 | Aston Martin | 21% |
| #4 | Bentley | 20% |
| #5 | Porsche | 19% |
| #6= | Maserati | 18% |
| #6= | McLaren | 18% |
| #8 | Lamborghini | 17% |
| #9 | Lotus | 16% |
| #10 | Jaguar | 9% |
Our survey study shows that the UK's higher earners are the most likely group to drive electric cars, with a quarter (25%) of people in the highest household income bracket (> £75,000) driving a hybrid or electric car. The next most likely income bracket group to drive electric are those with a household income between £55K - £65K.
It could be argued that driving an electric car is fast becoming a symbol of wealth and success, given that our survey study reveals high earners are more likely to drive a Tesla, a brand widely regarded as a high-end and premium manufacturer. However, driving electric isn't all about showing your financial success, as for many drivers it's mainly a way of making a statement about caring for the environment; it's a signal that the driver values and cares for the planet, and is committed to living a more sustainable life. At Auto Trader we're passionate about making a more eco-friendly lifestyle easier, and driving electric doesn't need to be above anyone's budget; leasing electric cars is a brilliant way to minimise your carbon footprint without a big price tag.
Speaking of leasing a car, our survey study shows that households with a higher-than-average income (i.e. above £35K) are more likely to lease their car compared to those with a below-average income. A chunky 44% (nearly half!) of those specifically in the higher income bracket (>£75K) admit that they lease their cars.
When it comes to buying a car instead of leasing, most drivers in the UK drive a second-hand vehicle. But it seems men have a preference to drive new cars. Over a third of men (36%) say that the car they drive was bought new, compared to just 28% of females who say they bought their car new.
What people dream about driving versus what they actually drive can be two very different motors. We asked the nation what their current dream cars are, with Audi and Range Rover winning out overall; the EV results show a preference towards Audi and BMW over Tesla.
| Rank | Car Manufacturer | % Drivers who said it was their 'dream' car brand |
|---|---|---|
| #1 | Audi | 16% |
| #2 | Range Rover | 13% |
| #3 | BMW | 13% |
| #4 | Aston Martin | 13% |
| #5 | Porsche | 13% |
| Rank | Electric Car Model |
% Drivers who said it was their 'dream' car EV |
|---|---|---|
| #1 | Audi Q4 e-tron | 20% |
| #2 | BMW i4 | 18% |
| #3 | Tesla Model 3 | 16% |
| #4 | Tesla Model Y | 15% |
| #5 | MINI Electric | 9% |
Using Censuswide, we surveyed 1,296 UK drivers aged 18+ about what cars they drive, whether they lease or own and their dream car brands and cross-referenced this with income information. Survey results true as of October 2023
*Auto Trader's own data assumes an income bracket based on the demographic profile of the user's post code. For this report's dataset, only users who have viewed at least 10 adverts on Auto Trader in the last 90 days are included. This table shows the percentage of website users whose post code falls into a high-income bracket (£100,000 or above) that have viewed ads for each luxury car brand. E.g. 32% of visitors to Auto Trader whose postcode falls the £100,00+ income bracket have viewed a Ferrari page in the last six weeks. Data correct as of December 2023.
References: Median Household Income (post tax and benefits) is £38,100, (pre-tax and benefits = £35,000. Taken from the Office for National Statistics.