One way to become a millionaire is to save rather than spend. And one of the big ticket items that people spend money on is cars.
A car is not an investment. The day it is driven from the dealer’s lot is the day it loses literally thousands of dollars in value.
If you want to get rich, do what rich people do. And rich people generally do not spend a lot of money on cars.
Here’s an article that was originally published in The Wall Street Journal on cars that rich people drive.
8. Toyota Camry – Average price: $24,237
7. Honda Accord – Average price: $23,168
6. Honda CR-V – Average price: $30,197
5. Volkswagen Jetta – Average price: $25,290
4. Toyota Prius – Average price: $29,762
3. Lexus RX – Average price: $38,561
2. Mercedes C-Class – Average price: $34,064
1. BMW 328 – Average price: $35,146
Note that most rich Americans drive affordable cars. The average price of eight of the cars among the top 10 was less than $40,000. 24/7 Wall St. excluded the two most expensive cars because they are considered luxury models, but by the standard of high-end cars, they cost very little.
Two luxury cars were in the top ten models purchased by the wealthy: the Mercedes E-class and the BMW X5. But even these cars were at the low end of the price range for luxury models. Something else rich people do that saves them money on cars: they buy used cars, letting others absorb the rapid depreciation that occurs within the first two years after a new car is purchased.
Sometimes car shopping is so stressful that some clients have asked us to do it for them. We’re always glad to help.