Contrary to popular belief preps are NOT the stereotypical Abercrombie & Fitch wearing skanks the media projects.
Preps are traditionally upper class suburban and/or metropolitan whites born with money. The term is usually used towards WASPs. More typically, relating to Northern upper class families, they tend to be be from older families, and will be connected to one another. The term "prep" comes from the word "preparatory" seeing as how these kids usually go to elite and private "prep" schools (Windsor, Milton, etc).
Fashion wise, being preppy does not indicate you are a person of high fashion and teen trends. Prep-wear is traditional, classy, conservative wear that are baseline semi formal. Typical prep designers would be Lacoste, Polo Ralph Lauren, Vera Bradley and J. Crew.
Typical preppy wear would be a buttoned up oxford shirt, khaki shorts, and loafers. A girl would throw in the small pearl earrings and modest headband.h
Preps indulge in activities such as golfing, playing tennis, crew, lacrosse, sailing and going to summer houses.
Summer houses are usually on expensive pieces of land, and are really only used for vacations. Housing spots would include places like The Hamptons, Martha's Vineyard, Nantucket, Cape Cod, and Newport.
So I over heard this one prep ask her friend "Where do you summer".