swiftcover.com, the online insurer, today reveals its 2007 'Rich Car List', a ranking of the cars that high income earners are more likely, and less likely, to be driving than the national average. This list, launched last year, has been developed from an analysis of over 2.7 million recent* swiftcover.com quotes.
Brands that were traditionally scorned by car-enthusiasts, such as the Skoda - generally considered an unstylish motor - and Japanese cars, such as the Lexus, Honda and Toyota, have increasingly become more popular among the wealthy, and remain a strong challenger to more traditional cars such as MGs and Volvos. The Lexus has taken fourth place in this year's list, with the Honda coming in 12th, the Toyota 16th and the Skoda at 18th place. This compares to the MG which is in 20th place and the Volvo which has moved down 11 places to 23rd.
Britain's high earners (earning £43,300 and above) still prefer Porsches, with the elitist car make hitting the top spot as the 'most likely' for them high to drive, for the second year running. And big wallets do mean big spenders as, true to form, Jaguars and Mercedes take up second and third place respectively.
Top 10 'most likely' | Top 10 'least likely' |
2007 | 2006 | 2007 | 2006 |
| Car make |
| Car make |
| Car make |
| Car make |
1. | Porsche | 1. | Porsche | 1. | Proton | 1. | Proton |
2. | Jaguar | 2. | Mercedes | 2. | Daewoo | 2. | Lada |
3. | Mercedes | 3. | Jaguar | 3. | Mini | 3. | Rover |
4. | Lexus | 4. | Jeep | 4. | Rover | 4. | Daewoo |
5. | Saab | 5. | Lotus | 5. | Vauxhall | 5. | Vauxhall |
6. | Audi | 6. | Mini | 6. | Kia | 6. | Hyundai |
7. | Jeep | 7. | Saab | 7. | Fiat | 7. | Kia |
8. | BMW | 8. | Audi | 8. | Suzuki | 8. | Ford |
9. | Smart | 9. | Lexus | 9. | Nissan | 9. | Fiat |
10. | Alfa Romeo | 10. | BMW | 10. | Citroen | 10. | Daihatsu |
NB: Please see Notes to Editors for full results
Craig Staniland, Underwriting Director of swiftcover.com comments: “The car you drive is very much a status symbol and, traditionally, is a clear indication of the money you earned. However, our analysis shows that over time, smaller and greener cars are becoming popular with higher income earners, as more of us are recognising the importance of conserving cash and helping to protect the environment.”
Climate change hype is starting to take effect, as the Smart car, which is renowned for being more environmentally friendly and economical with space on the roads has broken the 'top ten' barrier, making ninth place in the list
Craig Staniland continues: “It is very interesting to see some of the stereotypes being challenged – it seems we can no longer easily guess what a car driver might earn. What matters most, whether you drive a bank-busting sports car or a cheap run-around, is you must insure your car adequately against theft and damage.”
The swiftcover.com analysis also reveals:
- German cars are gradually wiping the popularity board, as the Porsche, Mercedes, Audis and BMWs have all made the top ten in the 'Rich Car List'. Volkswagens are also creeping up the list, moving up from 14th place to just miss out on the top ten at 11th place this year.
- As far as the gas guzzlers go, Jeeps have again overtaken Land Rovers as the richer driver's 4x4 vehicle of choice
- The Mini adventure may be over, as its popularity seems to have dwindled. In the 2007 'Rich Car List' the Mini has dropped to the third 'least likely' for the rich to drive, less popular even than Kias, Fiats and Nissans, compared to being the sixth 'most likely' to drive last year.
www.swiftcover.com
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Notes to editors
*The Rich Person's Car Index - representing the 'most likely to own'. The research was undertaken by analysing over 2.7 million www.swiftcover.com quotes from January to May 2007, and forming an index based against the national average for each income group.
Purple representing above average likelihood to own
Green representing of average likelihood to own
Blue representing below average likelihood to own
1. Porsche
2. Jaguar
3. Mercedes
4. Lexus
5. Saab
6. Audi
7. Jeep
8. BMW
9. Smart
10. Alfa Romeo
11. Volkswagen
12. Honda
13. Mazda
14. Land Rover
15. Subaru
16. Toyota
17. Seat
18. Skoda
19. Mitsubishi
20. MG
21. Peugeot
22. Renault
23. Volvo
24. Daihatsu
25. Ford
26. Hyundai
27. Citroen
28. Nissan
29. Suzuki
30. Fiat
31. Kia
32. Vauxhall
33. Rover
34. Mini
35. Daewoo
36. Proton
Income brackets are as follows:
High income £43,300 and above
Mid-high income £34,500
Middle income £27,400
Low-mid income£19,700
Low income £13,500 and below
About swiftcover.com
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