Romney’s Bain Capital made workers at an Illinois plant take down the American flag while training their Chinese replacements.
Cars bought by Chinese students average $52,000 compared to $19,500 for U.S. students, according to research firm CNW. The consultancy opines there’s no wonder that many auto dealerships in and around high-Asian enrollment schools are “hiring Chinese speaking salespeople.”
CNW says that the average price paid by these students for a new car tops $52,000 and leans toward cash purchases at 31.8% – the opposite of non-Chinese students at the same high schools, colleges and universities.
In the latest example of how the US is becoming a third world country, non-Chinese students spend only $19,472 per vehicles, with 4.8% paying cash for a new vehicle and 39.7% paying cash for a used car or truck.
The CNW study – provocative at a minimum – used “exchange student,” student visa and parental work visa documents. The sample included 539,015 Chinese students and a similar demographic profile for the 516,804 non-Chinese students.
CNW reports that slightly half of the Chinese students were in high school, but that did not keep them out of new-car dealerships. The average price paid for their new vehicle was in excess of $42,600. College students’ vehicles had an average cost in excess of $56,800 while graduate students averaged $62,339.
These numbers are well above their non-Chinese counterparts. Among brands selected by graduate students, Mercedes-Benz took 18% of the new-car sales – the largest share in the field. College students also tended toward M-B with 13.5% selecting that brand.
CNW notes that some “parental control” was applied for high school students, with the largest share of sales going to Toyota, Ford and Honda, which may or may not reflect the number of dealerships in existence.
Nearly one-third of new-vehicle owning Chinese students are driving a vehicle that was purchased with cash rather than financed. Consider that only 4.8% of non-Chinese students pay cash. Among those students who acquired a used vehicle, nearly 60% of the Chinese students paid cash compared to 40% of non-Chinese students.
Exec summary via CNW: Foreign exchange and students from certain wealthy or increasingly wealthy families off shore come to the U.S. school system for many reasons. Parental jobs, and specialized educational subjects are unavailable at home or there ae simply better schools in the U.S. Because of family economics, they can acquire goods and services costing far more in their home countries. (Why the fat-cat tenured U.S. academic establishment is allowing this to happened is scandalous – editor.)
Not surprising, this was also true of Japanese students and adults in the 1980s and 1990s when that country was taking over American jobs as the U.S. pain for its defense.
CNW concludes that for new-car sales and especially dealerships in areas with a high-population of Chinese students, this is yet another business opportunity worth accepting.
