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The Ultra Rich Are Still Buying Cars

November’s auto sales figures were abysmal with U.S. vehicle sales dropping 37%. Hardest hit were the American manufacturers with Chrysler leading the way with a 47% drop. General Motors and Ford didn’t do much better either with drops of 41% and 31% respectively.

Even the foreign auto manufacturers are starting to feel the pressure of the failing economy. The ever-popular Toyota saw sales slide 34%. While close competitor Honda fell 32%.

Even the more economical foreign cars saw sales fall dramatically. Hyundai and Kia, makers of cheaper cars which should be more attractive in these tough economic times, saw sales fall by 40% and 37% respectively.

So who is buying cars these days?

Well, it seems as though the ultra-rich have not lost their appetite for buying expensive cars. Ferrari was the only manufacturer to post sales growth in November with 137 new Ferrari’s sold compared to the 133 last year. With prices generally starting above $200,000 these certainly aren’t the types of vehicle the average Joe will ever be able to afford to drive.

So while there are over 1.9 million workers that have lost their jobs this year and millions more that are living in dread that they may lose theirs soon too, rest assured that the wealthy elite of this country are doing their part to try to stimulate the economy. If that means having to buy a new Ferrari, so be it. They are willing to make those sacrifices for the good of the country.

November Car Sales

Filed in: Economics

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