Volvo is one of the most popular car brands bought worldwide. Its cars are safe, stylish, and efficient, but very expensive. So, what is the average income of a Volvo owner?
The average income of a Volvo owner is between $6000 to $8000 a month. Studies show that income plays a significant role in what type of vehicle model and year buyers opt for. Income is also a determiner of how payments are made. Some payments are made by installment, while others pay at once.
Volvo owners make good money
One might wonder how people would still patronize a brand that is not only expensive, but its repairs also hit the pocket really hard. The truth is, it typically takes someone who is doing well financially to put up with Volvo products. And yes, most Volvo owners make a decent average income in order not just to buy, but to also to maintain the car.
They make a decent income because the majority of them have good businesses or a profession that pays well. Of course, this doesn’t mean that all Volvo ownders are involved in one kind of business.
The discrepancy in the average income of Volvo owners is because Volvo buyers have different occupations. Volvo owners’ occupations include: business owners, officials, managers, sales executives, sales representatives, professional engineers and scientists. Others include doctors, dentists, lawyers, teachers, skilled laborers, clerics, armed forces, and a small number of unskilled laborers.
You might also wonder about the income BMW owners have.
How income determines which Volvo model you choose
Even if Volvo earners make a decent income, income is not uniform, and as such, car choices won’t be the same either. Like every other car manufacturer, Volvo has multiple car options, including the model and year.
There is a popular saying that goes, “cut your coat according to your size.” That saying was probably born out of desire and choice. Everyone might want a certain thing, but not everyone can afford it. And that is why Volvo has different cars to suit different levels of income.
As a Volvo buyer, you should simply pick a model that you can afford, both the purchase price and keeping up with its maintenance. Someone with an average income of $6000 will probably not be able to afford what an $8000 earner could. Even Volvo knows affordability is not uniform.
How Volvo payments are made
While it is true Volvo owners usually earn a reasonable income, cars are not their only responsibility. There are other bills to pay, including electricity, gas, rent, tax, and education bills. And, of course, their income needs to cover all these bills.
Some owners pay for their car in full at the time of purchase, while financing companies finance other buyers (especially those with lower income). After which, an agreement is signed by the owner and the financing company on how to pay back the car loan. In most cases, a certain amount is deducted from the owner per month until payment is completed.
Most times, the payments are flexible and can be done according to your terms, as long as it’s in line with the financing company’s policy. This way, one can comfortably own and maintain a Volvo while also taking care of other bills.
What influences Volvo purchases
While a person’s budget is a primary factor that influences their choice of a car, others things play significant roles. When someone opts for a particular model, they do so because they have specific reasons to own that car. So, what are these reasons?
When purchasing a car, some people look at space. Others look at how they can have fun while driving. Other reasons could be smoothness and quietness of ride, the sleekness of vehicle, or even repair fees. A driver with a family would need a spacious car like the Volvo XC90, for example. It doesn’t promise space alone, but comfort as well.
Someone who cares about style and power may consider the Volvo S80. The Volvo C30 is an excellent choice for those concerned about the availability of repair parts. The C30 utilizes the same components, the Ford Focus and Mazda speed 3 use. So, it is pretty easy to get aftermarket parts.
FAQs
Who is Volvo’s target audience?
Volvo’s target audience are professionals and families who love luxury and are also concerned about safety. The majority of their audience are well-to-do elite and average-income earners. This is what Volvo keeps in mind when producing their cars, as this group is the reason Volvo is still in the market.
Who buys Volvo more? Men or women?
Research shows that most Volvo owners are males, usually within the ages of 34 – 44. That is not to say others below or above that age do not also own Volvos. Volvo is not limited to a particular gender. Anyone who can afford it can own a Volvo.
What is the average cost of a Volvo?
The average cost of a Volvo depends on whether you’re going for a new or old Volvo. A brand-new Volvo, depending on the model, is sold from $42,000 to $106,000. While a used Volvo is sold from $500 to $40,000 or even more, depending on the year.
Are Volvos financed or paid in full?
Some Volvos are financed by financing companies like Volvo car financing service, while others are paid in full at the point of purchase. However, the majority of Volvos owners make full payments for their cars. This is true because the majority of people that buy a Volvo are well-to-do elites.
Which model do Volvo owners buy most?
The most popular Volvo model is the XC60. It has been on top of the tier for Volvo’s most sold car since 2009. And as of 2020, Volvo had recorded about 1.68 million units sold. It is therefore tagged as Volvo’s best-selling car.
The XC60 has had many safety features and an intelligent infotainment system. But the recent XC60 is more intelligent than ever. It features an automatic braking system that helps detect other road users to avoid a collision. An autopilot assist also helps a driver keep the car steady on the road.
The exterior upgrade is mouth-watering as it features a new grille, new front bumpers, unique exterior colors, and even wheel options. The interiors are made with quality leathers and upholstery, and there are possibilities of personalizing the interior design.