My experience is it is the the top kids who are spending the most money & time on test prep. Elite 4-5 hours a day all summer long test prep is a BIG thing for the 'highly motivated' straight A top students in my area.
Elite students by definition do not need to cram for hours a day on SAT math, which is middle school math for elite students, over the summer after 11th grade. They should be preparing for things like the AMC 12. The SAT verbal is more difficult to prepare for than the SAT math. I don't think reading comprehension can be taught beyond a certain point.
I'll have my children go through books by Kaplan, Princeton Review, or Barron's, in addition to the materials provided by the College Board. Elite colleges want cool extracurriculars too, so there is an opportunity cost to spending hundreds of hours on test prep.
