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Cars as status symbols seem to be a thing of the past, according to Dave Ramsey — and a majority of wealthy people are exercising frugality.
While some wealthy Americans drive luxury vehicles, an Experian Automotive study found that a whopping 61% of wealthy people with household incomes of more than $250,000 don’t drive luxury brands. Instead, they drive less showy cars, such as Hondas, Toyotas and Fords, Ramsey said in an article.
“Most millionaires don’t drive flashy cars,” Ramsey said in a Facebook post. “69% of millionaires did not average $100,000 or more in household income per year-and (get this) one-third of millionaires never had a six-figure household income in their entire careers.”
For You: Avoid Buying These 5 Cars: Get These Similar (and Often Cheaper) Models Instead
Find Out: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
According to Ramsey, “When people don’t waste money trying to look wealthy, they have money to actually become wealthy.”
Indeed, buying a car is no small affair — even sometimes for the wealthy. Indeed, Consumer Reports noted that the average cost of new cars is now more than $48,000 — up a whopping $6,000 from two years ago and $10,000 from September 2020, according to Kelley Blue Book.
And in the fourth quarter of 2023, in the used vehicle market, average APR and down payments hit record highs, according to Edmunds. Indeed, APRs climbed to 11.6% on average, up from the third quarter’s Q3’s average of 11.2%, and 10% from a year ago.
Related video: 11 Cars That Hold Fast to Their Resale Value (Money Talks News)
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“If you can live with a less luxe interior, go with the more competitively priced Reserve,” Edmunds wrote.
Cars as status symbols seem to be a thing of the past, according to Dave Ramsey — and a majority of wealthy people are exercising frugality.
While some wealthy Americans drive luxury vehicles, an Experian Automotive study found that a whopping 61% of wealthy people with household incomes of more than $250,000 don’t drive luxury brands. Instead, they drive less showy cars, such as Hondas, Toyotas and Fords, Ramsey said in an article.
“Most millionaires don’t drive flashy cars,” Ramsey said in a Facebook post. “69% of millionaires did not average $100,000 or more in household income per year-and (get this) one-third of millionaires never had a six-figure household income in their entire careers.”
For You: Avoid Buying These 5 Cars: Get These Similar (and Often Cheaper) Models Instead
Find Out: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
According to Ramsey, “When people don’t waste money trying to look wealthy, they have money to actually become wealthy.”
Indeed, buying a car is no small affair — even sometimes for the wealthy. Indeed, Consumer Reports noted that the average cost of new cars is now more than $48,000 — up a whopping $6,000 from two years ago and $10,000 from September 2020, according to Kelley Blue Book.
And in the fourth quarter of 2023, in the used vehicle market, average APR and down payments hit record highs, according to Edmunds. Indeed, APRs climbed to 11.6% on average, up from the third quarter’s Q3’s average of 11.2%, and 10% from a year ago.
Related video: 11 Cars That Hold Fast to Their Resale Value (Money Talks News)
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11 Cars That Hold Fast to Their Resale Value
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Cheddar NewsCar Expenses Are Rising – Here’s How to Save -
BenzingaDave Ramsey Says 'If You're Having Financial Issues, The Only Time You Should See The Inside Of A Restaurant Is If You're Working There' -
USA TODAY9 tips to easily boost your car's resale value
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
What Cars Do the Wealthy Drive?
The top 10 car brands driven by millionaires, according to a Ramsey post on X (formerly Twitter) are:1. Toyota
The average price for a Toyota went up to $38,198 in the automaker’s second quarter of its 2024 fiscal year, according to Carsdirect, citing Cox Automotive data.2. Honda
One of the least expensive Toyota SUVs is the front-wheel-drive HR-V LX crossover, starting at approximately $25,000, while the Civic Sport sedan is the least expensive Honda car, just under $26,000, according to Motor Trend.3. Ford
For instance, a 2024 F-150 XL pick up truck starts at $36,570, according to Ford.4. Lexus
According to Car and Driver, the price of the 2024 Lexus ES starts at $43,190 and goes up to $53,480 depending on the trim and options.5. Subaru
Subaru Crosstrek, the automaker’s best-selling vehicle, has been completely redesigned for 2024, and starts at $24,995, according to Kelley Blue Book.6. BMW
The 2024 BMW 3 Series, deemed the “consummate compact luxury sedan,” by Kelley Blue Book, starts at $44,500.7. Acura
The 2024 Acura MDX’s price ranges from $50,150 to $73,800, according to Edmund’s.8. Hyundai
“Truly inexpensive cars are hard to find in 2024, as the average new car transaction price approaches $50,000,” according to Motor Trend. “A fully loaded Hyundai Venue can be had for about half that.”9. Lincoln
For instance, the 2024 Lincoln Aviator ranges from $53,340 to $80,725, according to Edmund’s. Yet. Edmund’s noted that it questions the value of the Aviator when it comes to it’s highest trim level.“If you can live with a less luxe interior, go with the more competitively priced Reserve,” Edmunds wrote.
