Although level of education and career success are distinguishing features of the upper middle class in the U.S., we typically define higher-status members of the middle class by income. As USA Today reported, the average upper-middle-class income was roughly between $80,000 and $100,000, according to the Social Security Administration’s 2022 wage data.
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It goes without saying that the amount spent on a used car depends on individual preferences, financial priorities and the specific features (and condition) of the vehicle being considered. Even if you fall within the top 15% to 20% of middle class earners, you might have a very difficult time affording a car in the current market.
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Expert: Car Ownership Remains Out of Reach For Many Americans
Speaking to GOBankingRates in the fall of 2023, Kevin Filan, former leader at Ford and Cox Automotive and current SVP of marketing at Open Lending, talked about how difficult it is to afford a car in the U.S.
“Vehicle affordability continues to be one of the largest barriers to car ownership as Americans making the national median income need to save for 42.1 weeks to purchase an average new car, according to Cox Automotive,” said Filan. The current situation “unfortunately puts car ownership out of reach for many deserving buyers.”
Still, upper-middle-class individuals generally have higher purchasing power than average, allowing them to spend more than the $27,058 the average buyer paid for a used car between April and July, 2023, per GOBankingRates.
Here are six of the best used cars available to those considered upper middle class in the U.S.
2022 Toyota Sequoia
For all we hear about Toyotas, the Sequoia seems to stay out of the spotlight. iSeeCars ranks used Sequoias high. The 2022 model costs around $50,000 and is the best off-road 7-seater SUV, the second-best off-road 3-row SUV and second-most reliable 3-row SUV, according to the site.
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2016-2020 Mercedes-Benz GLC
Toyotas are renowned for their reliability, but for around $55,000, you can up the luxury quotient and splurge on a Mercedes-Benz GLC that’s only a year old. However, if you want to save money, look for a 2016-2020 model, which can be had for as little as $12,950 (2016) and as much as $54,050 (2020), per Consumer Reports.
2020 Tesla Model 3
Depending on if Tesla has slashed prices, you might be able to swing a good deal on a new model. However, they are still expensive. The same can’t be said about used Tesla 3s, which are selling for under $30K. For that price, you might have to settle for the “rear-wheel-drive Standard Range model, rated for 250 miles of range and 0-60 mph acceleration in 5.3 seconds,” per Kelley Blue Book.
2021 Lexus ES 350
According to a quick search on Edmunds, you should be able to afford a 2020-2022 ES 350 for under $40,000 — and for that you’d be getting the best used luxury midsize car, per iSeeCars’ analysis of 12 million vehicles to assess their reliability, resale value and safety. You simply can’t go wrong with a Lexus, new or used.
2019 Chevrolet Corvette
Chevrolet’s signature sports car is ranked No. 1 by U.S. News & World Report as the best used luxury sports car you can buy for $40,000 to $50,000. Used Stingrays are the most affordable. Other ‘Vettes can cost a lot more than that, however, so you’ll have to do some serious searching to find an affordable one. If you do manage to get your hands on one, you’ll be driving an iconic powerhouse.
2021 Honda Accord Hybrid
America’s love affair with the sedan might be dying, but people from all income classes still love their Accords. You might associate upper-class auto choices with luxury brands, but this reliable hybrid is a winner, particularly at a sub-$30,000 Kelley Blue Book price point.
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