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Guess which ones
Many of us already know the answer to the question, but I wanted hard numbers.
How Many People With Money Drive Luxury Cars?
Of course, people with money will have the opportunity to buy nicer cars more easily, but does it mean they do?
Apparently not.
[…] According to a study by researchers at Experian Automotive (and published on Forbes), 61% of wealthy people drive Hondas, Toyotas, and Fords, just like all the rest of us (Source).
Except, do the rest of the people drive those types of cars?
Only some.
It’s common to see “normal” income-bearing people driving cars differently than the three listed above.
I’ve worked in the fast food industry and know what they get paid, but I still see people who work in the industry drive nice cars. And I wonder how they are doing it.
If they successfully manage a car note, they must either not pay rent, have meager expenses, or are probably not investing.
Do you agree or disagree?
So what makes lower-income earners feel they can afford non-regular cars?
Financing, credit, and loans.
Affordable monthly payments can make any human feel financially more powerful than they actually are, and we frequently fall into this financial trap.
Many Of The Wealthy Drive Luxury Cars
But the truly wealthy, they can afford to throw away some cash.
It’s not going to hurt their bottom line.
It’s not going to put a massive dent in their net worth.
It won’t make their net worth go from positive to negative.
They don’t have to finance the car.
They will still be wealthy after the car purchase.
They’re not trying to make things work to buy the car.
It should never feel or be forcedmedium.
So Why Do The Wealthy Drive Inexpensive Cars?
I was chatting with a doctor the other day. He told me he’s still driving his car with 400k miles on it.
He has no intention of getting a new car, which is highly commendable – especially when you can afford a better car.
All his friends question why he still drives the same car, and he is simply living his best life without the added stress of a car payment or a slightly decreased net worth.
Once you earn a certain income and have x savings (whatever your number is), cars won’t affect you much, but something it seems many millionaires have mastered is not overinvesting in materialistic items.
If it’s not an asset making you money, be more cautious about the investment.
Liabilities detract from your wealth and create a heavier load to lug with you through life.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.