Beauty is in the eye of the beholder, and this applies to both people and cars. Everyone has their idea of a perfect vehicle – a ride with a perfect balance of aesthetics, performance, and status symbol.
So what do most Americans consider as the ideal car? And what are they willing to give up to get these rides?
America’s Dream Cars
The top dream cars vary from state to state, but research shows that most vie for a chance to own the Tesla Model S.
Autowise, an online automotive and motorcycle magazine, used geotagged Twitter data to gain insight into America’s dream cars. For three months, researchers monitored mentions of dream car along with the make and model mentioned with those terms.
Tesla Model S
The Tesla Model S ranked first in most states. According to the Autowise study, it’s the top dream car for 20 states, including New York, Rhode Island, California, Florida, and Arizona.
The result, however, comes as no surprise. Supreme performance, a high-tech minimalist cabin, and sleek looks easily propel the model to the top spot. In fact, in 2019, the Model S was named the “Ultimate Car of the Year” by Motor Trend, beating popular contenders from Cadillac and Toyota. Motor Trend hails it as the best car ever produced in 70 years.
Other Popular Dream Cars
The Autowise list includes:
- Ford Mustang. This is the favorite vehicle in 13 states, including Georgia, Michigan, and Pennsylvania.
- Range Rover. The best car in 6 states, including Alaska, Maine, and Wyoming.
- Jeep Wrangler. The ideal car in 4 states, including Alabama and Tennesee.
- Chevrolet Corvette. Tied with Jeep Wrangler as the ideal car in 4 states, including Indiana and Ohio.
- Chevrolet Camaro. The favorite in 3 states, including North Carolina and Texas.
The Cost of Owning a Dream Car
Dream cars come with a steep price, with price tags that get steeper by the day.
Tesla price increases are an outlier, even among luxury carmakers. Business Insider observes a sharp upward trend in Tesla prices, unlike the consistent and predictable price increase of its peers. This is because Tesla changes its prices whenever it sees fit.
For instance, the coveted Model S costs $15,000 more in 2021 compared to its 2020 prices. Tesla also raised the prices of some Model 3 and Model Y vehicles by $1,000.
Customization and Maintenance
Aspiring dream car owners also need to think about the maintenance costs of owning a luxury vehicle. In most cases, these cars require specialized tools and services. The prices of paint jobs, check engine services, or window tinting, for instance, are higher than the same services for non-luxury cars.
The coveted Tesla Model S is no exception. According to Business Insider:
- Installing a white or off-white interior will set you back about $2,500
- A paint color other than white will cost you anywhere between $1,500 and $2,500
- The 21-inch wheels will run you $4,500
What Are People Willing to Forego to Own It?
Owning and keeping a dream car will require some financial compromises. The Zebra, a leading independent insurance comparison site, studied the money habits of 2,000 Americans and what they would give up to have their dream cars.
Because of the steep prices, 44% of people believe they won’t be able to purchase their dream car. But there is a lucky 32% who already own their dream car, while 24% believe they’ll get theirs in the future.
So what are the hopefuls willing to give up to attain the car of their dreams?
- About 41% of Americans are willing to give up alcohol just to get a luxury vehicle. It’s a hypothetical bargain, but it makes practical sense. The average household spends $565 a year on alcoholic beverages. This amount could go to car payments.
You can also add drunk shopping to the equation because, admittedly, people make better money decisions when they are sober. The average shopper spent $423.73 on drunk purchases in 2021.
- Social Media. Surveys consistently show the benefits of quitting social media altogether. Those who are outside the digital space report better mood, better sleep, and greater productivity. There’s a money factor, too. In 2019, about 49% of people ages 23 to 38 report that social media influence them to overspend – money that could go to dream car payments.
- The Motley Fool reports that a third of Americans spend more on coffee than investing, but this isn’t a surprise. Coffee is a staple, used by employees to power through the day. But for 30% of the population, they can power through life without coffee if it means they can drive their dream car.
Hypothetical bargains aside, there are many ways to save up for a dream car. But owners have to be savvy about the purchase and acknowledge that the expenses and responsibilities of owning a luxury vehicle go beyond the price tag.
