Thursday 14th July 2011

The Super Rich Buy Hyundais, Says, Er, Hyundai

Amex Black Cardholders in US buy as many Hyundais as Bentleys

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Would you buy this over a Bentley??

It sounds ridiculous, we know, but it is apparently true: 6 per cent of American Express Centurion Card holders (that's the more-or-less unlimited credit card belonging to the likes of Simon Cowell, Kanye West and Denzel Washington) own a Hyundai. The same proportion as own a Bentley or an Audi.

It seems difficult to believe, given that the Hyundai brand in the UK only relatively recently began crawling out of the 'rubbish but very cheap' segment of the new car market, but according to US Hyundai boss John Krafcik it is no word of a lie.

Admittedly Hyundai does have a couple more high-end offerings than we get over in Blighty, namely the Equus luxury saloon, and Genesis saloon and coupe (whose latest R-Spec version offers a 429hp V8, an 8-speed ZF automatic transmission, and 0-60mph in 5.1secs), which could go some way ot explaining things.

There's also the fact that, among Black Card holders (average wealth $16.3m), Acura (7%), Ferrari (8%), Lexus (11%), Porsche (15%), Mercedes-Benz (21%) and BMW (22%) are all more popular motors. Even so...Hyundai as popular as a Bentley? Never thought we'd see the like, etc...

Don't believe us? Go and have a look in the Wall Street Journal, where we spotted the story (and that's a Murdoch paper, so it must be true...).

[nickfrog]

Never understood why the "super rich" needed a credit card ? Surely, if you're wealthy you cash flow whould not be an issue.

[louismchuge]

it'll get paid instantaneously, it's just simpler than cash or a conventional bank card

[Ruddmeister]

Well Duh! the staff have to drive something to the supermarket to get the groceries hence the Hyundai purchase

[loveice]

louismchuge said:

it'll get paid instantaneously, it's just simpler than cash or a conventional bank card

How is a credit card simpler than a debit card?

[loveice]

Ruddmeister said:

Well Duh! the staff have to drive something to the supermarket to get the groceries hence the Hyundai purchase

still doesn't make sense. The Hyundai pictured above is more expensive than a 5 Series or a mid-size premium brand SUV. Why would anyone choose it to go to shopping over let's say an 5 Series/A6 estate/saloon or a Disco4?

[JensenA]

Back to Cars for a bit......Forget it about the name (Hyundai). A car that has a 429hp V8, anand a 8-speed ZF automatic transmission, and does 0-60mph in 5.1secs, sounds a pretty good car to me.
Dismissing it because it's an Hyundai, is like dismissing the Bentley because it's a Volkswagen.

[Jonboy_t]

loveice said:

How is a credit card simpler than a debit card?

Prestige probably has as much to do with it as anything else.

[Dracoro]

nickfrog said:

Never understood why the "super rich" needed a credit card ? Surely, if you're wealthy you cash flow whould not be an issue.

Isolates payments, most CC have some protection (debit cards often do no), ensures your actual bank account is "safe".

Put it this way, if you're buying online or from an unknown or restaurant etc., would you use a CC or DC? Me, a CC everytime. The less people that have "access" (dodgy or otherwise) to my bank account, the better.

In other words, credit cards are not soley for those that have "cash flow" issues. It's a safer, more protected way to purchase stuff.

Also, if you pay on time, you pay no interest. So it's "free" money in that the same money can accrue interest in a normal account. Say have £2k in your bank account every month earning 2% p/a and "borrow" £2k on your CC and pay it off ontime and, over the year that's an extra £40. OK, not a great deal but if you are much wealthier and have £50k in the account, that's £1000 a year for doing nothing! Every little helps etc.

I'm sure there are plenty of other reasons too.

Edited by Dracoro on Thursday 14th July 10:31

[ChiChoAndy]

loveice said:

Ruddmeister said:

Well Duh! the staff have to drive something to the supermarket to get the groceries hence the Hyundai purchase

still doesn't make sense. The Hyundai pictured above is more expensive than a 5 Series or a mid-size premium brand SUV. Why would anyone choose it to go to shopping over let's say an 5 Series/A6 estate/saloon or a Disco4?

43,000 dollars for the V8 and that comes with everything. There are no extra options as far as I know.What equivalent V8 440 BHP car would you rather have?

[Garlick]

I think it looks half decent

[Mr Gear]

"I think I'll get the servant a new car.

What's the cheapest thing we can get away with?"

[ChiChoAndy]

Actually, the pricing is a bit more... http://www.hyundaiusa.com/genesis/

46k for the top spec 5.0 spec R...

[The Wookie]

Probably for their housekeeper...

Plus IIRC with Centurion you get a load of other crap too like full Rental Car insurance for family if you pay using it, concierge for booking restaurants and events (usually places that are 'fully booked' if you phone up), and some other stuff

[CommanderJameson]

It's certainly no worse than anything of the same size from BMw, Audi or Mercedes.

[MattDell]

nickfrog said:

Never understood why the "super rich" needed a credit card ? Surely, if you're wealthy you cash flow whould not be an issue.

It's a charge card, not a credit card. You have to pay it off monthly.

The reason they have it is all the perks you get for having one. The Black Card is invite-only as far as I'm aware.

[Denorth]

nickfrog said:

Never understood why the "super rich" needed a credit card ? Surely, if you're wealthy you cash flow whould not be an issue.

thre is quite a lot of perks when one has such kind of card

http://en.wikipedia.org/wiki/Centurion_Card

[J4CKO]

looks very nice, perhaps some rich people want to just move round in comfort and not attract too much attention ?

Credit cards are kind of retail bling, if you have the right ones it tends to act as a signal to staff who were perhaps ambivalent or merely attentive to go all obsequious and fawning perhaps, also, if you are spending thousands on Rodeo drive or whatever do you really want to be carrying wads of grimy dollars, even 100's, if you carry enough pile up prety quick into a big roll, very vulgar and if they get stolen you cant cancel them and you may happen upon that special purchase that would require a briefcase full, happens to me all the time

[caymanred]

Jonboy_t said:

loveice said:

How is a credit card simpler than a debit card?

Prestige probably has as much to do with it as anything else.

amex black card comes with quite a few benefits...access to harder to access areas...bookings etc etc

[caymanred]

Denorth said:

nickfrog said:

Never understood why the "super rich" needed a credit card ? Surely, if you're wealthy you cash flow whould not be an issue.

thre is quite a lot of perks when one has such kind of card

http://en.wikipedia.org/wiki/Centurion_Card

ah beat me too it

[timewatch]

I've just got my American Express Centurion Card through the door this very minute.

Oh wait! yes..... on no I feel a terrible urge to click "buy it now" on the Hyundai site...oh sh!t just bought one....


Yawn... that was some nightmare!!!!

TW>>>