Wednesday, March 18, 2015
What do Millionaires Drive
What do Millionaires Drive?
The Millionaire Next Door By Thomas J. Stanley, Ph. D. and William D. Danko, Ph. D devotes an entire chapter to the cars that millionaires drive. You might find a surprising lack of luxury cars in the cars most frequently driven by millionaires. Its kind of crazy to think that millionaires spend so little on cars while they have so much.
In fact, I think its safe to say that a lot of millionaires have spent less on cars than most of your parents. "Fifty percent of millionaires never spend more than $29,000 in their entire lives on motor vehicles" (Disk 4, Part 1). About one in five never spend $19,000 (Disk 4, Part 1).
The following are listed in rank order according to their respective market shares:
•1. Ford (9.4 percent)
•2. Cadillac (8.8 percent)
•3. Lincoln (7.8 percent)
•4. A three way tie: Jeep, Lexus Mercedes (6.4 percent)
•5. Oldsmobile (5.9 percent)
•6. Chevrolet (5.6 percent)
•7. Toyota (5.1 percent)
•8. Buick (4.3 percent)
•9. Nissan and Volvo (2.9 percent each)
•10. Chrysler and Jaguar (2.7 percent each)
(Chart above from: Disk 4, Part 4)
Most millionaires know that the car does not make the man(/woman). Millionaires can differentiate them selves from their motor vehicles and dont feel the need to drive luxury cars. 76.5% of millionaires do not own the most recent model of car (Disk 4, Part 3).
Personally I try to save money by not owning the newest model of phone. Pictured above is my Samsung Galaxy SIII, the only phone I have ever owned. I purchased it used off craigslist a few years ago, and intend to use it until it dies in my arms. At this point it is pretty close because I think there is a hardware issue getting power to the phone (it doesnt turn on). I took it apart and am attempting to fix it as we speak.
Can you think of places in your live where you choose not to buy the "luxury model" in order to save a few bucks?
Citations:
Stanley, Thomas J., and William D. Danko. The Millionaire Next Door: The Surprising Secrets of Americas Wealthy. Atlanta, Ga.: Longstreet Press, 1996.
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