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When I walk out to my car during my lunch break, I often survey all the cars in the parking lot. There is always a mix of what I consider commuter cars (Civics, Corollas, and Priuses) and then luxury cars like Tesla, Mercedes and Lexus. I have to admit, there are times that I wonder how some of these people can afford these luxury cars. Sometimes I even experience a twinge of jealousy. Thankfully that emotion quickly passes when I think about reaching FIRE in a few years.
Jeep Car Show
The best part of this parking lot is there is essentially a Jeep Wrangler row. For whatever reason, each of these Jeep owners all back into their spots and park next to each other. It feels like I’m walking through a Jeep car show. I figure one of these days, a judge will show up to award Best in Show.
What’s even more unbelievable to me is the amount of money that these owners put into their Jeeps. The only upgrade that I’ve ever done to a vehicle was when I replaced my car stereo after the original died. Needless to say, spending money accessorizing a car is a bit foreign to me. But there they are with winches on them, jacking them high up in the air, showing off their colorful upgraded suspension, rollover bars, etc. It really must be a Jeep thing.
As some of you may know, I have always wanted a Jeep. I thought they were the coolest SUVs, and I wanted one in high school so badly. For whatever reason, I have never been a speed guy, so Porsches and BMWs were never my thing. However, driving around in a Jeep always seemed like fun, and I thought off-roading would be a blast.
However, with an 18-month-old and another on the way, it’s probably not the most practical vehicle for us to own at this point, much to my disappointment.
Top Selling Vehicles of 2016
Recently, I came across an article about the top selling vehicles in the U.S. during 2016. You might probably recall gas prices at the time by looking at the top vehicles purchased that year.
10. Nissan Rogue
9. Honda Accord
8. Toyota RAV-4
7. Honda CR-V
6. Honda Civic
5. Toyota Corolla
4. Toyota Camry
3. Ram Truck
2. Chevrolet Silverado
1. Ford F-Series
As you can see from the list, gas prices must have been low since the top three vehicles were all trucks that advertise 18-21 miles per gallon. Most of the other vehicles on the list are pretty familiar: Camry, Corolla, Civic, Accord.
But it got me thinking, if these are the best-selling vehicles in the U.S., what do rich people drive?
Recently, a study was done by MaritzCX of the car buying habits of wealthy Americans. They defined “wealthy” as incomes exceeding $200,000 in 2016. Do you know what the #1 best selling vehicle was among the rich?
A Ford F-150.
The same vehicle that the average person drives. In fact, it seems like the rich really enjoy their trucks and SUVs. The next three vehicles on the list are all SUVs:
- Jeep Grand Cherokee
- Honda Pilot
- Jeep Wrangler — I didn’t realize until now that I must work with many rich people!
Now rounding out the top five was the most shocking of all.
- Honda Civic
I tried to look into why a Honda Civic checked in at #5 for rich people. Through my research, it was a bit unclear. Some rich people have their Civic for their teenage driver to use, while others prefer it in crowded cities with tight parking. Here’s looking at you San Francisco. Whatever the reason, I was surprised that it made it on the top 10 list.
Rounding out the top 10
- Honda Accord
- Lexus RX350
- BMW X5
- Ford Explorer
- Acura MDX
While I thought it was interesting to see what the rich were driving, I also thought it’d be fun to highlight some billionaires and what they drive.
- Bill Gates use to drive a Ford Focus to the Microsoft Offices.
- Ingvar Kamprad, founder of Ikea, drives a 1993 Volvo 240
- Alice Watson, daughter of Wal-Mart founder Sam Walton, drives a Ford F-150
- Mark Zuckerberg, founder of Facebook, drives an Acura TSX
- Steve Ballmer, owner of the L.A. Clippers, drives a Ford Fusion Hybrid
- Eric Schmidt, executive chairman of Google, drives a Toyota Prius
- Warren Buffett, legendary investor, drives a Cadillac XTS.
So why are all these rich people driving fairly modest cars?
“Some people, like the actively-employed wealthy, are too busy working to think about luxury cars,” says Robert Ross, auto editor for Robb Report, a luxury-lifestyle magazine. “For them, a car becomes an appliance.”
According to MaritzCX’s senior director of automotive research Shawn St. Clair, “In the past, if you wanted the latest technology like parking assist or a backup camera, that would only appear in the luxury vehicles,” he said.
Now it seems like any car can include bluetooth, back up cameras, and blind spot detection.
I do, however, wonder if a luxury car maker introduces driverless technology for the masses if we will see the rich gravitate towards these pricy vehicles.
Stealth Wealth
The aforementioned billionaires all exhibit stealth wealth by the vehicles they regularly drive. Stealth wealth, for those of you that may not know, is concealing one’s wealth even though they could easily flaunt it. A lot of athletes and entertainers like to be ostentatious with their money, although according to most studies, these individuals will probably end up bankrupt within 3-5 years of their careers ending.
To me, stealth wealth is rooted in a place of confidence and security in one’s self, such that there isn’t a need to prove one’s own wealth to others. I think it’s commendable when rich folk de-emphasis their wealth by living modestly.
Income Groups and Luxury Vehicles
Experian recently did a study to see which vehicles car owners were likely to buy across three different income groups: $250,000 or above; $100,000 to $249,000; and less than $100,000.
While this shouldn’t be shocking, the richest people were the most likely to buy luxury vehicles (39% for people with household income above $250,000 vs. 8% for people who earn less than $100,000 a year).
What really stands out is that 61% of people who earn $250,000 or more are not buying these luxury brands at all. But the scary part is 8% of the population making less than $100,000 are buying luxury vehicles.
Pretending to be Rich
According to Thomas Stanley, author of the book Stop Acting Rich, “In America, 86% of all prestige luxury makes of motor vehicles are driven by non-millionaires. Why do people who are not wealthy drive luxury makes of cars? For some, it’s about acting rich ahead of the game. For others, it’s about seeking to enhance their self-esteem and overall satisfaction with life by driving prestige makes of cars.”
Stanley continues by saying, “It does not mean that those driving expensive newer models are, in fact, wealthy people. Many of those BMW drivers are only acting rich. They are substituting a car for real wealth. They drive new models of prestige makes of cars in an effort to enhance their status. In reality, they substitute “driving rich” for actually being rich.”
“That the pseudo-affluent are insecure about how they rank among the Jones and the Smiths. Often their self-esteem rests on quicksand. In their mind, it is closely tied to how long they can pay to purchase the trappings of wealth. They strongly believe all economically successful people display their success through prestige products.”
Most of us in the PF community do not define success by our material possessions. But, we all know how advertisers can still pull at our heartstrings to desire something that we know that we don’t need.
While I would love to be included in the rich-and-driving-a-Jeep-Wrangler category, I’ll be content driving my Volkswagen Jetta for now. No sense in me pretending to be rich, right?
Interesting stuff! I bet F-150 tips the list in part because of all the farmers that drive it. Farmers today aren’t like farmers 100 years ago. Ford has also turned the 150 into a luxury vehicle.
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Thanks for stopping by Daniel!!! The F-150 is a beautiful truck. I couldn’t fit one in my garage but I wouldn’t mind having one 🙂
I remember that the F150 was also the top vehicle of the rich in Dr. Stanley’s studies in The Millionaire Next Door. I myself drive the #6 car of the rich – a Honda Accord with over 100k miles on it and still going strong. Real rich people don’t drive their money. They keep it in their investment accounts working for them instead, and drive practical vehicles that last. Some people love to “look the part” and feel like everyone is admiring them for their “wealth”, when in reality that car is financed with a huge monthly payment. Not for me, thanks!
Liz@ChiefMomOfficer recently posted…How I made $65k in Five Years by Buying Instead of Renting
Thanks as always for stopping by Liz!!! I love your line, “Real rich people don’t drive their money.” Those are such true words 🙂 Thanks for sharing!!!
Interesting stuff. I know Mr. COD also gravitates to Jeeps, just because they’re fun and he likes how they look. A few years ago, he finally got the Jeep he wanted (not a new one or a luxury one by any means, but still with a payment). He had just finished paying off his car and got right into another car loan. Needless to say, when we got serious about FI, he looked back on that unnecessary Jeep purchase with regret over those payments!
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Oh man, sounds like Mr. COD was living the dream for awhile until you all decided to get serious about FI 🙂
As much as I want one it’s probably smart that I didn’t 🙂
The acting rich is definitely true in the real estate industry. I have made quite a few deals with other realtors and I met with them to get the paper work done of course. Of the agent’s that I had worked with. I would say that most of them drives a pretty new Mercedes and I drive a Mazda 3.
I sometimes poke fun of myself by saying that either I am not making enough commissions or I am just in the wrong industry where the brand of vehicle that you drive represent your success to your clients. I am quite the opposite, I demonstrate my success through the money that I help them save not the car that I drive.
The cost and operating expenses of the vehicle is a tax write off, but I prefer to keep my expenses low and more $$$ in my pocket.
Leo T. Ly @ isaved5k.com recently posted…Raising Financially Responsible Kids
Thanks for sharing Leo!!! I feel like there is a certain image that realtors like to give off. If they are driving expensive cars first time buyers might be swayed. But at the end of the day just like you said I don’t care what type of car you drive. I want to know how much you can save me 🙂
I’m not really that surprised by your findings, Rob. I’m a fan of Stanley’s work with “Millionaire Next Door,” and what you describe here regarding cars of the wealthy is pretty accurate.
Personally, I drive a Toyota Corolla. Since I turned 30, my desire to achieve a certain “status” level has greatly decreased. In fact, where I lived, “status” was synonymous with “debt.” “Everybody is in debt” is the middle class rallying cry there.
For me, I rather not lose out on “FIRE” trying to buy all these luxury items. Who needs it?
Thanks for stopping by Dave!!! I definitely agree that as I’ve gotten older, I definitely don’t feel the need to be flashy. Who am I trying to impress. If anything, I rather retire and travel the world and impress myself with the wonders of the world 🙂
Not really surprised at your findings. Frankly if your not a car nut you should buy the cheapest most reliable car you can buy, civic anyone?, and drive it until the wheels fall off. However, there is an aspect of cars as a hobby. If you actually enjoy working on cars, or in the case of the wrangler truly plan on taking it off road then I consider it not only a type of transportation. Then it’s also a hobby. Hobbies should be managed financially, but I don’t see a reason to drive around in an appliance car unhappily either. That’s essentially what a civic is. A good washing machine of a car.
Hahahaha…I never thought of a civic as a good washing machine. For the record, my grandma has driven a civic ever since I was born. Definitely great cars!!!
Loved my 2013 Jeep Wrangler, but sold it for the pursuit of FI. Now driving a 2008 Ford Focus and a 1995 Ford F-150.
Over 10 years ago I worked at a Jaguar dealership and it was always interesting to see the vehicle owners. Only a few could really and truly afford it. I also owned a couple of Jaguars in my previous life. And yes, it was partly to keep up with others, impress, and feel something I was missing. Learned the hard way it’s not about the ‘things’ we amass in life.
Thanks for stopping by Amy!!! I’m sure it was hard to give up the Jeep. I know it would have been for me but it sounds like you have two nice cars to replace it 🙂 Thanks as always for sharing!!!
Sweet, F150. I’m high class and didn’t even know it! Actually it’s almost a necessity to get around 6 months out of the year where I live. Getting 20 inches of snow at a crank renders everything but 4×4’s and AWD vehicles useless.
Mr Defined Sight recently posted…Remove the Clutter and Find Some Cash!
Hahaha…glad to hear you’re in good company!!! It definitely sounds like you have the right vehicle for the elements you deal with 🙂
Wow I’m surprised about the F-150! The parking garage where I work has a lot of fancy vehicles (BMW, Mercedes, Audi). I always wonder what the income of the drives is. I have a feeling it’s not over 200k. I’ll take my used VW Rabbit anyway. it’s cheap and gets me where I need to go!
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Hahaha…sounds like we think alike. I am happy with my four door sedan as well. But at times I wouldn’t mind riding in the passenger seat of some of those nice cars 🙂 But that’s about it!!!
Premium cars are not something I can get my arms around. Sure, I am happy to drive one, and an Acura sure is fast, but I doubt my 2001 Acura CL two door Coupe turns many heads. Yet at 144k miles, it still runs great.
Honestly, I prefer bike commuting most days, makes me much happier than a couch rolling on wheels.
FinancePatriot recently posted…Livin’ life on the frugal edge- My work lunch strategy
Hahaha!!! That’s a great line “makes me much happier than a couch rolling on wheels.” I LOL’d at that one and my wife just gave me a sideways glance 🙂
My millionaire neighbor drives a car older than my four year old car. Perhaps, I should get off my high horse and mimic more of his frugal decisions.
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Hahaha!!! It is very interesting to see what my neighbors drive. Very few of them drive a car over five years old but I hear plenty about how they don’t have enough money to do XYZ. I wonder why 🙂
I love this! Ultra-rich/famous people just don’t have the time to deal with the maintenance of special/fancy cars. I can’t imagine the headache of doing an oil change and maintenance on a Ferrari.
I once had a boss who owned one Lamborghini and two Bentleys. As it turns out, his company was bankrupt and he was just a sleezeball. He wasn’t truly “rich” but he wanted to appear that way.
I used to work at a farmer’s market in the rich part of town. Every time, without fail, the truly rich people would be wearing well-made but old clothes and not give a damn about their appearance. The “fake rich” people were perfectly coiffed and wearing fancy stuff (why dress up for a farmer’s market??).
It all comes down to how self-assured you are and how much you care about appearances.
Mrs. Picky Pincher recently posted…What A Frugal Weekend! April 23
Wow three expensive cars and the company was bankrupt. Sounds like he should have been pouring some of that money back into the business to make a go of it. Sounds like an unsavory businessman. Sorry to hear you had to deal with him…
I wasn’t that surprised by this. There are rich like rockstars, actors, athletes, and then the superrich like CEOs, owners of multiple businesses etc. So I’ve seen shows when I was a way younger like MTV cribs where the first group of people had all these nice cars, but as I read nowadays many of the super rich just drive regular hondas, toyotas and nissans.
SMM recently posted…Should I Even Invest in The Market Right Now?
I definitely remember MTV cribs!!! I wonder how many of them still can afford the crib that they were living in. I have a feeling a couple of them aren’t living the same lifestyle…
Hi MSM,
Like others – I am not too surprised at these findings. In London there is a lot of “bling” on show. There are some truly rich people who drive around (you only need to go around Kensington and Chelsea and see the super expensive cars on show) in some flash cars, but I always find it interesting with the number of Audi, BMWs, 4x4s that are being driven, as I am sure they must cost a few hundred quid a month just in lease costs.
It seems over here that leasing is the way forward, so people are actually only paying for the depreciation of the car – they take out a loan, pay back over say a couple of years where they have limited mileage, and then at the end they dont own the car, and have to either pay outright for the value or trade it in for another.
It’s a ticking timebomb.
I really do want to own a Ferrari one day – I am a petrolhead and I love them, but I will only do that when I have no mortgage, no need to work, and the disposable income to easily cover it. One day… one day!
That said, I would also make sure I had the “every day” car so people wouldn’t know!
Cheers,
FiL
FIREin’ London recently posted…The 2016/17 (Tax) Year Performance
Thanks for sharing!!! I am with you when it comes to leases. I am definitely not a fan. I had the restriction of mileage and having to turn the car back in at the end of the lease with nothing to show for all the money you spent. No thank you!!!
I think leasing is the worst thing you could do – as you say you have absolutely nothing to show for it – I would run a mile, but shows what people will do just to get a bit of car to show off.
For me, the biggest part of showing off is not having to work…. well I will get there one day 🙂
FIREin’ London recently posted…The 2016/17 (Tax) Year Performance
Working for alot of multimillionaires I agree with your list. Most drive really average cars. I have found working for people driving beemers they take the longest to pay their bills. Weird stereotype I know. But for some reason it is generally true.
I think it’s a great point that now a days all the cars have all the top tech anyways!
Cheers/ congrats to your capitals, hell of a series!
Passivecanadianincome recently posted…Chris Hogan – Retire Inspired
Thanks for sharing your firsthand experience. There’s really interesting on beemer drivers. I’ll have to think of my beemer friends to see if I see a similar pattern 🙂
Man, the Maple Leafs look like they are going to be excellent down the road. Should be a fun couple of years for you all!!!
While I’m sure there are some wealthy car enthusiasts who have multiple luxury vehicles, this list doesn’t surprise me that much. For me a car was always a way to get from point A to point B (hopefully safely!) and so sharing a Honda Civic with my wife works fine for me.
Gary @ Super Saving Tips recently posted…What Karate Can Teach Us About Investing
Thanks for sharing Gary!!! Honda Civics are such great reliable cars. I’m like you, I just need a point A to point B car. I don’t need all the bells in whistles. Although blue tooth is nice when you’re driving and talking to a friend on the phone 🙂
Cars are not worth the money where they depreciate so fast. We used to drive luxury vehicles, but we gave that up so we could reach FIRE. We currently share a 5 year old, fully paid for Toyota Camry and love it! This is also the first full year we have been down to just one car between us both and the experiment is going well thus far. We have no desire to take on the high expense of having a brand new or luxury vehicle ever again. We have friends that still drive Cadillac Escalades, Mercedes, and BMW’s and are in so much debt, at this point, they will never dig themselves out!
Thanks for sharing Our Frugal Escapades!!! I have a couple of friends as well that I don’t think will dig out from debt either. They unfortunately are too worried about their neighbors than reaching FIRE. Oh well…to each their own.
Call us the VW Jetta Bros! I have a 2014 VW Jetta and it’s fine. I got it used and paid about 13k when it had 35k miles on it. I’m very happy with it and I only drive about 4k miles a year.
It gets me to where I need to go. I wouldn’t mind a little more room (for doing house projects), but all in all, it’s a good one! 🙂
Thanks for sharing MSM.
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Mrs. MSM is like you in that she wouldn’t mind a bit more room to haul some of projects. But she doesn’t want the added expense of buying a new car. So we’re perfectly happy with what we have now 🙂
And to answer your question…we are not surprised by this list! I think many CEO’s and celebrities want to appear both financially savvy and environmentally conscious and no longer view their vehicles as a status symbol.
Our Frugal Escapades recently posted…The Middle Age Weight Creep and Why A Healthy Body Equals A Healthy Retirement
Thanks for the great perspective. Celebrities and CEOs are definitely super brand conscious at this point with social media. Anything to get people talking 🙂
Interesting study, MSM. I was interested when I went from a large police department to a smaller, better paid department, the average value of the vehicles in the parking lot went up. Amusingly, the priciest cars (on average) in the parking lot belonged to the younger (and more likely to be single or childless) officers. What people make in the department is public information, so it is kind of neat to have insight into where my coworkers place their value.
Some truly adore their Jeeps!
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Thanks for sharing Jack!!! I have to admit as a young single guy I never really got buying a brand new expensive car. But then again it wasn’t my thing. I do wonder how many people wish they had done things differently vs. those that would do it again.
If i had $400k to burn, I’d definitely buy the lamborghini aventador. Out of all the supercar brands, I like lamborghini the most. I just love how their cars look so aggressive and fighter jet-like.
Troy @ Market History recently posted…“Collapse” in lending is not going to cause a recession, bear market, or big correction in U.S. stocks
Thanks for sharing Troy!!! There are definitely some cars that are art work to me that I’d love to have as well. Although I’d have to really feel financially secure to do it 🙂
Its so funny that you wrote about jeeps because i’ve been thinking that a Jeep Wrangler might be my stealth wealth upgrade car in several years. I have thoughts of getting an old beat up one that drives hard but is nothing but fun.
My neighbor, who is retired, just got an awesome new F-150. It is an awesome Red. I have a feeling he dropped a pretty penny on that thing. Pick up trucks are no longer the simple truck they used to be.
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That’s for sharing Reaching The Crest!!! Sounds like we have similar taste in vehicles 🙂
I think I read that F-150s can range in price from the mid-20s all the way up to mid-60s depending on the features that are added on.
I can’t imagine putting 40k in upgrades in a car but that may just be me 🙂
I’ve owned a couple of vehicles on that list, an F-150 and a Honda Civic.
I admit that I have been a sucker for cars in the past. I blame the engineer in me who admires fine German engineering. Although I paid cash for my current vehicle, I spent way too much money on it.
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Hahaha…thanks for sharing Mr. Need2Save. Isn’t it interesting what the various weaknesses that we with certain things 🙂
Most of my clients are high net worth individuals (I’m a commercial real estate broker). The most common vehicle among them would be a several year old pick-up (choose your style) or a several year old, modest sedan. I’ve yet to have a client drive a flashy car.
It’s often odd to see other broker’s driving up in nicer cars than their clients. However, it’s the client who has the real estate and the broker who has the car loan.
I drive a 9 year old Chrysler that I bought used and paid cash for. Other brokers make fun of my “old” ride while clients ask how my real estate portfolio is doing. Guess which group I’m more interested in talking with.
From what I’ve observed, to the wealthy a car is simply a tool to get from point A to B. There is some brand loyalty, but in the end is it’s as simple as dollars and cents to them.
Thanks for sharing Colin!!! That’s really interesting that all of your clients drive older vehicles while the brokers have nicer cars. I can definitely understand why you would like talking with the real estate guys rather than the brokers and the talk of their cars 🙂
I read the Millionaire Next Door so I knew about the F150! There are a couple “higher end” cars, but the people that purchase these cars keep them for a long time – like 10 years or more. Then, it is easier to justify spending more money upfront for a vehicle that will last you a long time.
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Thanks for stopping by!!! My mom use to buy brand new cars and then drive them for 10+ years before she sold them. I always asked my Dad why she got new cars while he got used. He said, “She likes to drive them longer than I do.” That made me laugh 🙂
I am more of a stealth wealth kind of guy. This was never more apparent to me when I parked my $200 bike at work next to a $200K Lamborghini. I just smiled knowing that I could pay cash for that car if I wanted to.
The Magic Bean Counter recently posted…My Top 25 Reasons To Retire Early
Hahaha…that must be an awesome feeling knowing that you could purchase that car!!! I have a feeling that guy probably didn’t 🙂 Thanks for sharing!!!
I’m encouraged to see that according to the statistics, most high-income earners buy “normal” cars, but I think that number would be skewed if you looked at younger people (20s and 30s). I can’t tell you how many first year associates at my law firm go out and buy an $80k Audi/Mercedes during their first year. Sure, they’re making $170k plus bonuses, but they’re also wasting a lot of opportunities. One partner at my firm recently told me that she just finished paying off her law school debt. She’s probably been working in big law for 10-12 years, and I would guess makes low seven figures right now. If you are blessed with a high income, don’t waste it buying luxuries!
Wow I can’t imagine carrying loans for 10-12 years especially if I was making low seven figures. That’s unbelievable. Makes you wonder what she’s been spending her money on. Thanks for stopping by!!!
I’m rolling with the wealthy and didn’t even know it! In New England, although not a necessity it certainly helps to have 4×4 in the winter. We also pull a camper and needed a vehicle to do so.
I think people buy vehicles that they don’t need. I see and talk to many people that buy a truck and will never tow or even put anything in the bed of it. Why did you buy it? Because I wanted a truck……. blows my mind
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Hahaha…that seems like a huge waste. Admittedly, I’d love to have a truck to grab some of our Craigslist finds. But we need it sparingly as most of the stuff can fit into our cars. So it’d be a bit of a waste. But it’d definitely be fun 🙂
I absolutely loved ” Stop Acting Rich”. It was a huge eye-opener for me – not just for the cars, but in a lot of other areas too. I think there is definitely a lot of trying to look rich going on. People are hooked by grand marketing schemes trying to make them think they are the last ones to be driving a new Cadillac Escalade. Spend a whole year’s salary on a vehicle that’s just going to depreciate? No thank you!
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Thanks for stopping by DJ!!! I’m with you. Why buy depreciating assets if you don’t have to 🙂
We drive trucks. Old and paid for, and we take good care of them. As much as I’d love driving around a spendy sports car, I just can’t justify it. It’d be fun for about a week, and then I’d be thinking about how much I’d rather have put that money toward FI. 🙂
Thanks for sharing Laurie!!! I think it’d be fun for a little bit and then that new car smell would wear off and I’d be lusting after the next great car 🙂
Very interesting! My Dad drives a Ford F-150. Not that I would categorize him as rich but still interesting that he’s always driven Ford trucks 🙂 For me, I will keep driving my Chevy Equinox until it can drive no more!
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Thanks for stopping by Alexa!!! Sounds like you Dad has some rich people taste 🙂
I’m a bit surprised by the results. Every company I have ever worked for all the presidents and chief officers all drove luxury makes. In fact, as I’m thinking about it I don’t know a single person that I know for sure is making over 200k per year that doesn’t drive a luxury car.
I would love a Tesla Model X but I’m going stick with my 8-year-old CRV.
Hahaha…thanks for sharing Grant!!! I was a little surprised with the results as well. I wouldn’t mind a Tesla either but like you I’ll be happy with the car I have 🙂
Cars and Iced Coffee are my two vices . . . hey, it could be worse. That said, the PF junkie in me keeps the car vice in check. I drive a pickup ~ for utilitarian and reliability reasons mostly.
The Ford F-150 ~ being a hobbyist in cars and reading way too much about them . . . I tend to think this vehicle is the most popular among millionaires because they are business owners. The Ford F-150 is the most popular fleet vehicle. It’s likely tons of business owners are driving F-150s out of convenience and bulk purchase discounting. Win all around!
Great stuff!
Thanks for stopping by Teacher Investor!!! That would make a ton of sense of the utility value for millionaires with an F-150. I think of wall street types when it comes to millionaires but clearly there are a ton of millionaire small business owners that use if for it’s functionality 🙂
Good article. In my twenties, I bought into the notion of keeping up with the Jones. Now I’m among peers who make payments on their BMW, to keep up that image. Me, I can buy the BMW outright with cash. (But I won’t).
Great article, and reflection on society itself.
Micro Dividends recently posted…5 May 2017 – AEP, IBM, CSQ
Thanks for stopping by Micro Dividend!!! I got lucky that I was never into cars. However, from time to time I catch myself comparing myself in hobbies/activities that I care about 🙂 Definitely hard not to compare and want to keep up!!!
Cool post with interesting stuff to read! Thanks for sharing 🙂
Thanks for stopping by!!! Glad you enjoyed the post!!!
Great post. A few years back, the late Dr. Thomas Stanley had a post on his blog about what cars are purchased vs leased. His research showed that 50% of New BMWs are leased vs 10% for Toyota models. That was an interesting statistic. I think a Jeep Wrangler is still a millionaire next door type vehicle. I would like to get a Toyota 4Runner, but will stick with my Subaru Legacy with its 31 mpg.
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Thanks for sharing Dave!!! That’s crazy that 50% of BMWs are leased vs. 10% Toyota. That makes a ton of sense but is sad in many ways since you know some people are trying to keep up with the joneses 🙂
Thank you for the advice! I think F-150 will be the best choice. It is not so expensive!
Roman from RinsNdTires recently posted…5 Best Buy 12V Portable Air Compressors For Off Road Use. 2017 Review
Thanks for sharing Roman!!! F-150s are definitely nice trucks.
Very interesting post! I can’t say I’m totally surprised, from what I’ve learned over the years.
Growing up as a young man in the USA means you think you can’t get a (desirable) woman unless you have a sharp-looking car. The truth is a bit different, although it’s true that sadly you’re judged on your car by people here at times.
But at this point I’m far more content not having a car payment and not having that extra stress on my back. The freedom to apply that money to better things is very nice!
People who are smart worry less about “flash” and impressing their neighbors than making smart decisions that pay off in the long run.
I remember doing some work some years ago for a guy with an F-150. I always had the impression he could have afforded a more high-end vehicle but he was content with his truck. Now it makes even more sense! Ha ha.
Great post. Thanks.
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Thanks for sharing Marty!!! I definitely remember how important having a nice car was as a teenager. Definitely glad those days are behind me 🙂
Good quality article, I liked it !! Excellent tips ……. I’m going to share your article with my friends ….. Congratulations on the great work that has helped many people.
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