What Cars Do Millionaires Drive

Warren buffet, another billionaire and considered the greatest investor in the world, drives a cadillac xts, valued at $45,000. There might be an assumption that millionaires would always opt for luxury cars, but the experian survey which looked into the motoring habits of wealthy drivers found that 61% of people who earn more than $250,000 per year drive toyotas, fords, and hondas, like the honda accord sedan, which has a starting price of just $24,000.

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In fact, 55% of millionaires owned a car older than 2 years old.

What cars do millionaires drive. My wife drives a four year old honda accord. Why do people who are not wealthy drive luxury makes of cars? As of this article, leno owns 150 cars which, alongside his motorcycle collection, are valued at over $52 million.

Financial guru dave ramsey explains in easy to grasp terms why many millionaires drive cars that are not very flashy. What cars do billionaires drive? Stanley argues that a very specific type of millionaire purchases these cars (the mercedes millionaire):

When looking at the list of cars most millionaires drive, only three in the top 10 are considered a luxury brand. Other mainstream vehicles favored by the wealthy include the jeep grand cherokee, the jeep wrangler, the honda civic and the honda pilot—the most expensive model. Now, if you ask about billionaires, i know three of those.

I drive a five year old honda accord coupe and a 67 year old chevy pickup. For some, it’s about acting rich ahead of the game. The millionaire next door famously states that “only a minority of [millionaires] drive the current model year automobile.”.

Those frugal millionaires are more likely to drive the vehicles that us common folk buy the most: In the book, the millionaire next door, the authors thomas stanley and william danko have an entire chapter titled “you aren’t what you drive.”. According to a study done by researchers at experian automotive (and published on forbes), 61% of wealthy people actually drive hondas and toyotas and fords, just like all the rest of us.

At a glance, it may be hard to understand why they’d choose to drive a used car, or to buy a new car and then hang. In fact, if you go higher up in the income ladder, there are billionaires like warren buffet, who drives a 2014 cadillac xts, which retailed for about $23,000 when it was new. They noted that only 23.5% of millionaires owned a car from the current model year.

Microsoft executive steve ballmer chooses to drive the hybrid fusion over many of the world's more luxurious offerings. Most of the millionaires surveyed said they never spent more than $65,000 on an automobile. They didn’t become millionaires by going into massive amounts of debt just to impress other people.

As we can see, millionaires are quite pragmatic when it comes to choosing car, and why not? One of them buys a new mercedes benz s600 every two years. Drive a used honda accord or toyota camry.

Half of doctors aren't even millionaires. Why millionaires drive old cars. So what do rich people drive?

Millionaires earn, save, and invest early in life. The company began by identifying those zip codes based on data from the internal revenue service. Although most people who drive mercedes are not millionaires, stanley’s research also shows that millionaires driving mercedes are actually quite rich.

It points out that most wealthy people aren’t throwing away money on vehicles. Billionaires like facebook ceo mark zuckerberg and alphabet ceo larry page can afford to drive any car they want. Our take on his observation.

For millionaires who have cars as their passion, things can really start to get out of control. Those driven by a nearly uncontrollable desire to succeed. Top vehicles owned by the rich.

In the millionaire next door, stanley and danko had an entire chapter entitled “you aren't what you drive”.

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