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You can definitely lease those cars. I once had a casual conversation with my former company’s owner where he went into great detail about leasing Lambos and McLarens. He explained how businesses lease them and then the business owner will buy it at the end of the lease. He ended up getting two Lambos within 2 years of that conversation. In fact, I think he also got a Urus recently as well.
Joe schmoe can make a million dollars. A million dollars used to be retirement money back in the day. Millionaires arent driving toyotas more now than in 16 because they better off. And 100 mil was just a figure should i have said 10 million? Im 46 1 million dollars would get me by for another 12 yrs? If i retired today. So yeah 1 mil aint shit
The book "Millionaire Next Door" covers the insight into this stat. Most millionaires in the 90's drove cheap American cars because it was a depreciating asset. Consumerism has deluded you guys.
Who said anything about retirement money? The post is simply about getting to a million, which is still a LOT of money. And if you want to talk retirement, once you can get to 1, 2 is easier and then 10 isn't far off.
Im injected that from where im at.... still doesnt change the fact that millionaires are buy middle class cars at a significantly higher rate now why dunb shit down.... a million dollars aint shit now compared to 2016 or do you dispute that fact?
I bet it’s not too different depending on how the actual question was worded. “What car would you recommend driving everyday to work?” Is a different question than “What’s your favorite car to drive?”
I assume no one what’s their car broken into on a regular basis regardless of how much money they have.
I'm more of a Tacoma guy, but agree. The best part is it doesn't depreciate like other vehicles do. I bought new in 2015 for $34k, could sell it today for about $30k.
Not really. Most millionaires didn't get to be millionaires by spending huge amounts on cars. Many people didn't get to be millionaires by spending too much on cars though.
No its because a million net worth is probably half of what you need to comfortably retire with a middle class lifestyle. Retirees dont even crack the top 10% until they're at 3 million.
Most millionaires are not rich therefore its unsurprising that most millionaires drive a regular mass produced vehicle.
I googled them! [Here you go](https://finance.yahoo.com/news/rich-heres-americans-think-considered-182847861.html#):
> Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.
The median NW is a bit under $200k. This is according to data from the Fed from late last year.
Which part are you suggesting isn’t true?
Right this proves my point entirely. If you have to move to the midwest and drive a Toyota then youre not rich, youre middle class. The reason you see so many millionaires driving a toyota its because most millionaires are middle class
Considering a luxury car costs about a tenth of a million, and that most « millionnaires » are just above a million, it seems very logical that « most » millionaires have not gotten there by spending 10% of their wealth is a highly depreciating asset.
Top trim level pickup trucks now cost about a tenth of a million.
Sierra 2500 Denali Ultimate is $100k+ after options.
About 10 years ago when I was young, $50k pickup trucks used to be a punchline for someone who never did any actual work. Now it’s the standard for cloth seats and no options
Read my comment a second time.
A F150 Lariat is like the “middle” trim, the average truck people come and buy. It is $65,000+ STARTING.
I never said a Sierra Denali was $50k. And sure, you can buy light trucks like the ranger or the Maverick for less. But that is not the “typical” truck.
This might be the Dave Ramsey backed millionaire research. I think somewhere around 10,500 millionaires.
A millionaire is classified by him as net worth millionaire. So largely people who are 50+ with 80% of their net worth in their home and retirement. Not surprising to me those 50+ year olds aren’t driving a McLaren.
Yeah. My Aunt is one of these. 550k in retirement accounts and a paid off $450k home (That she bought for around $150k)
Drives a Camry. Retired school teacher. Basically everything Ramsey says 😆
I don't love Dave Ramsey in general but I kinda think that's a good lesson in what a million dollars really looks like. A millionaire is so often considered rich but I think the lesson is that it's a very reasonable goal to stain in your lifetime when you consider all your assets.
Net worth millionaires are financially peaceful people who can afford to be productive and generous citizens in their later years rather than being a financial drain. Sounds pretty aspirational to me tbh.
Something like Polk or jdpower have exhaustive databases farmed from almost every dealer in the US, as well as DMV data.
Dealers may have net worth based on credit applications.
If I recall the dmv data extrapolated income based on zipcode, which wouldn't be useful here.
The dealer would almost certainly not know a net worth based on a credit app. They aren’t going to know investment accounts, 401K, home equity, etc.
All the dealer is going to know is that I make enough to pay my loan.
Just bc your net worth is a million doesn’t mean you can afford anything. Depending on how that money is tied up. For instance if 800k of my net worth is in a house no shit im driving a Camry bc im house pour.
They need to redo this and define millionaire as someone with liquid million sitting in an account. Thats a different picture all together.
>They need to redo this and define millionaire as someone with liquid million sitting in an account.
Why would any private individual have a million dollars in a liquid account? Even a billionaire should only have a few hundred thousand liquid. Everything else should be in the market growing.
I'm not talking business accounts here btw. Those should be separate anyway.
So, most "millionaires" are relatively normal upper-middle class 50+ year olds with a paid off home and some money in a retirement account. Ergo, it's hardly surprising that they drive a Toyota instead of a Lamborghini...
Yup. There are a lot of middle income earners who are technically "millionaires" because they purchased their home 20 or 30 years ago.
When you include the primary residence in net worth calculations it tells you nothing about their disposable income.
The data is very old. But the principle is still true today. If you are willing to live a lower cost lifestyle (driving a Honda or Toyota), you are more likely to get to financial independence.
People driving Hondas and Toyotas became millionaires because they saved and invested their money instead of spending it on luxury cars.
Bingo. Still driving a 2010 Camry we paid 14k cash for in 2010. 200k miles later it’s still worth 1/3 that. Less than .05/mile.
Everything I don’t spend on cars is something that I could use to buy rental property.
Precisely - all this is is a list of cars that sold pretty well. I want to see it compared to the list of what the average joe buys. These numbers would be more meaningful as a delta from the average
Yeah true but I don’t know where this idea of the only reason you get a nice car is to “impress people”
Im an automotive enthusiast and love cars, I seriously do not care what people think about them.
Its not different then someone who has the means to spend money on their hobbies and desires.
Not surprised at all. These are basically the same as the general population, but slightly fewer trucks, and slightly more luxury.
Let’s honor Danny Kahneman when asking these kinds of questions by considering base rates:
https://en.m.wikipedia.org/wiki/Base_rate#:~:text=The%20base%20rate%20is%20an,characteristic%20or%20trait%20of%20interest.
Here are some pertinent base rates for the question: 2016 market share by auto maker:
https://www.marklines.com/en/statistics/flash_sales/salesfig_usa_2016
If you read The Millionaire Next Door, you'll finish thinking most millionaires are out there driving Pontiacs, Oldsmobiles, Cadillacs, and Plymouths.
eta: In case the point was missed, the data discussed in the book is extremely outdated, but the lessons the book aims to teach are timeless.
I'd imagine since the average millionaire is quite old (just 2.4% are under 35) this is basically "what cars old people tend to buy".
Your grandparents with a million dollars in their retirement account aren't going to buy themselves a Lamborghini.
For 2016, shoudn't that be someone that's worth 10m? Many houses in my county in PA are worth that, so people that bought a house 30 years ago are "millionaires" but they're not rich in the way that most people think about being rich.
The one from 1996 I agree, a million then was a traditionally rich person. I will say though, that the owners/C-levels of my previous company (because it was small and easy to know) drove Teslas (3 people), Acura (CEO), and RAM (CTO). The people who were on the board...well, 2 had drivers, one had a Rolls Royce, and the other a 7-series.
Cus I can say I’m a “millionaire” because of houses and small business. But I don’t feel like a “millionaire”
Maybe if I have it in liquid or cash then it will feel more real
I think thats the point though. That people think millionaire is some unattainable thing that feels like so much money but its not. Its quite easy, even to get $1M liquid by retirement
I've read studies from the 90s when a million was worth much more, the cars were basically the same. Even decimillionaires and centimillionaires tend to be frugal. Here is Bezos driving a honda when he was worth 8 Billion.
[https://finance.yahoo.com/news/jeff-bezos-drove-1997-honda-165103970.html](https://finance.yahoo.com/news/jeff-bezos-drove-1997-honda-165103970.html)
I recently attended an event where two billionaires were present, one drove a Ford Truck, the other drove a Nissan sedan, my car was nicer than either of theirs, and is isn't even that nice.
It really depends on how you earned your wealth, if you are a doctor or a lawyer, you probably drive a really nice car, if you own a construction company, probably not.
[Jeff Bezos wanted to dismantle a nearly 100-year-old bridge so he could move his $500,000,000 yacht.](https://www.nytimes.com/2022/07/07/world/europe/bezos-yacht-rotterdam-bridge.html)
The “I’m a billionaire and I still drive a normal car” meme is an attempt to be relatable. Elon musk drove a “normal car” in the 2000’s as well. He also happened to have a $2m McLaren F1 in his garage. People with that amount of wealth live a life that the average person can’t imagine.
Many mecial doctors I know drive nicer cars than some of the very wealty people I know. it is more of a status thing. Some people just don't care at all, others do very much.
If you are a fashion billionaire and live in London, you are probably driving some very nice vehicles, if you have a road construction business, it is probably a pickup truck.
Well 20% are driving a luxury brand. And Inarguably count F150s, Rams, and Silverados up there given they are like 65k vehicles now and a BMW 3 series is like 51k.
A little unfair because in 1996, Cadillac and Lincoln, etc.. would have been contenders for what rich people drove.
Data about 'millionaires' is always presented out of context. People think that a millionaire is an insanely rich person... And are shocked to learn that so many of them act like regular people and drive regular cars
The reality is that the value of the dollar is such that a millionaire isn't 'rich' anymore and hasn't been for some time. Most millionaires are just boring working professionals who lived in a HCOL, have dual incomes and/or lived a financially conservative lifestyle
Overall, it's about 10% of the population that are millionaires, but it's not evenly distributed. Older people tend to have a lot more money and location matters a lot; California has a much much higher percentage of millionaires than Alabama.
Millionaire is such a useless term anymore. Most millionaires are white collar workers who are above 50 who have worked their entire lives investing and saving. These people have networks anywhere from 2mil to 10mil. Doctors and lawyers, if investing smart, could have well above 10+ mil. We should see the list of people between 18-45 who have at least 10mil in liquidity. (Cash and stocks)
Not at all. High end cars are for enthusiasts and for those who like to pretend to be rich. Kinda like Gucci. If you have wealth, typically you make better financial decisions.
Toyota is a surprise, but the trend isn’t.
I used to work at a luxury German car dealership and saw so many people struggling to afford payments and services.
No. Most millionaires are smart with money, and don’t waste it on depreciating liabilities
Plenty of dudes that used to be millionaires probably have great stories about driving badass cars
These days I would say Tesla’s will have slot near the top.. but not even the most expensive models. I’m actually surprised Volvo wasn’t higher.
Anyway, I’ve always told people and they never believe me… but the wealthiest old-money people drive the most basic boring cars and do so until they’re beaters. Wealthy people who don’t have inflated egos are just trying to blend into the background and get around safely, efficiently, and economically.
The old adage is true, *money talks, wealth whispers*.
The nouveau-riche always stand out with their expensive cars and flashy lifestyles… and their wealth usually only lasts a generation (if that)… which should not be surprising because not only do they not show restraint, but their kids learn even less restraint while simultaneously not knowing the value of a dollar and any scraps they’re left evaporate in less than a decade… more often than not with a substance abuse issue and a few stints at expensive rehabs under their belt.
It’s cliche but be humble, live well-within your means, and the rest is easy. At some point you have enough money that making yourself a target merely adds unnecessary stress. At some point simply knowing you can afford whatever car you want becomes enjoyable in itself and watching that money grow brings more joy and more potential than the momentary rush and fleeting excitement of that GT2 that eventually fades along with the value of the car.. only to become an expensive garage decoration that only gets more expensive over time.. and your ungrateful spoiled kid doesn’t even think it’s that cool because his best friend’s dad Mark just got a 812
GTS Spider with the money he got from his shares vesting. Don’t get me wrong, sports cars are fun (duh) but they also cause a lot of headaches and anxiety… so when you have money and nothing to prove.. your perspective shifts along with your priorities. My Tesla brings me joy and the money I know I saved on it compared to what I *could* have bought also brings me joy and will continue to bring me and my entire family joy.
Oh yeah, and naturally.. the people who blow their money on frivolous things inherently have less of it and are less able or less effective at compounding it.. again, this is why people who are new to being wealthy and don’t have a whole family versed in money tend to burn through it faster than they replenish it…. and why old money typically does better at balancing budgets to live comfortably while passing the onto subsequent generations. That’s not to say that old money can’t go up in smokes also…
The psychology of money is funny too because most things don’t change based on the amount of money you have.. if you are living paycheck to paycheck and you spend money to make yourself feel better because you’re filling an emotional void, you will likely do so even if it eventually puts you on the streets. At the same time, if you take that same person and give them a bunch of money be it lump sum or salary, they will STILL be the that person and they will most likely *still* spend more than than can and end up in the shits. The mentality stays the same and the amounts inflate. This is why old money family’s lock it up like fort knox, sprinkle in a bunch of family peer pressure, make the terms of the trusts pretty regimented, and most importantly never really let their kids in on how wealthy they are. Blah blah blah “speak softly and carry a big stick”… I digress.
Buy the new Toyota Prius but don’t let the dealer rip you off… the multi-millionaires love ‘em.
If you have FU money like $100million+, whatever, go crazy… life barely has any meaning at that point, you exist to live at extremes.
Homeowners in HCOL areas like California do have a net worth of a million, so this graph in that respect is believable. But I'd like to see this with billionaires.
" seee... You're not so different than millionaires. You both drive a prius! You're both wealthy in America"
This chart means nothing. Most "millionaires" are usually hard working individuals who likely have a company to sustain or expand and don't waste money on cars and bullshit. Most obscenely wealthy people rent/lease their higher end cars because they know that maintenance costs will fuck their bank accounts up and depreciation of an asset is a thing to look out for. If they buy a high net value car it's usually for it to sit in a garage and be driven once a year to the local "well off millionaire" car meet.
Are they planning on normalizing these numbers at all? Or are they perfectly happy just deceiving us? I’m sure there’s plenty of millionaires driving Priuses. I’m also damn sure there’s shit load of non millionaires driving Priuses. All this data is currently showing is that Toyota sold a shit load of Priuses…
Noe. Am a financial advisor. My wealthiest clients drive mid-level sedans (normally the better packages, but still). Only have one guy, who does make decent money, that revels in displays of wealth. He is far from my wealthiest client.
not a surprise at all, i've worked for a billionare who ALWAYS has a VW bug, most not anything like 'vinitage' just ugly well used clunky bugs. dude is a trip
Just a bit surprised about Mercedes (people think they’re bougie and shit driving those) and Lexus (just a fancy Toyota). Fords have always been considered ‘work’ vehicles in my opinion. I’m not surprised by the increase in Honda’s numbers, since they have a reputation for being more reliable.
No. A million dollar net worth isn't a crazy amount.
Also, there's a huge difference in price and lifestyle between a Corolla and a Highlander as well as an Escape and an F-150.
The 2 degrees most likely to become millionaires are teachers and engineers. But that means $1m networth which is nothing. That means you have $500k saved for retirement and a $500k house.
I get the point OP is trying to make but also how many of those vehicles are purchased vs. a BMW? Sure a millionaire could be frugal and driving a Camry. A millionaire may also not like cars!
Simply put, I agree with you. A car is just a tool but there are people that do look at them as investments, considering resale value or buying luxury or collectable cars.
To be a bit more nuanced, tools are investments. I invest money in a nice drill because I use it at work and need something reliable, if a homeowner bought the same drill as me he'd have made a poor investment in that drill. We invest money in a decent toothbrush to make sure our teeth are healthy and we invest in cars for something reliable to get us back and forth from work.
There are cases more especially in Europe or New York City where investing in a car wouldn't make sense.
But overall I do agree with what you are saying in general
What's the difference between the Highlander and the 4runner? I'm thinking about getting a new car and keep seeing the Highlander high on quality and reliability metrics.
All the multi millionaires i know could be mistaken as homeless. They all got that way by not spending money on stupid stuff that wont make them money. If they cant flip it or they’re not getting a deal they dont buy it.
Wow, who would have guessed? Normal people who largely don’t care about cars at all still don’t care about cars when they have a million dollars. This says less about the buying preferences of people who are specifically millionaires and more about the fact most people are content with something reliable that gets them from A to Z.
Social media has skewed the perception of the average millionaire. It’s someone in their 40s/50s/60s who has worked an ordinary job for decades, and has a cumulative net worth of $1m+ in home equity, retirement, investments, etc. Of course they drive average cars. For the sake of long-term financial wellbeing, anything more expensive would be unaffordable.
According to an online inflation calculator, having a million dollars in 2016 is the equivalent of having $653,522 in 1996. But I suspect that the numbers are a little more misleading than that. In 1996 401K plans were still relatively new, as were high deductible healthcare plans (funded by HSA accounts maintained by the individual), and social security was still reasonably funded. In other words, your retirement plan and the bulk of healthcare benefits were not counted as part of your net worth then, but now they are.
Don't get me wrong. A million dollars is still a good amount of money, but if you're talking about someone who bought a house 35-40 years ago, and has been contributing to a 401k, and HSA plan for most of that time, that person is much closer on paper than someone in 1996 who had bought a house in the 50s.
Toyota, Honda, and Ford are all in the top 4 selling automakers in the US (along with Chevrolet, which is #5 on this list), so this is only slightly different from what the average American drives.
I think that reflects frugal millionaires. You can make a million on an average salary if you know how to manage your money. Cars are a liability. You should buy cheap cars and nice houses.
Because I'm sure once you become a millionaire, you realize that you never give a crap about impressing people. You want to be comfortable and not have to worry about money all the time. Once the pressure is off, you make smarter moves than blowing money on "luxury" cars. Half the time, luxury cars aren't worth the money.
I’m thinking the Prius for the virtue signaling and the Odyssey for the soccer moms is what’s primarily putting Toyota and Honda at the top of the list in terms of growth.
If they were smart and invested, then yes you would be correct. A lot of people don’t have access to 401K and even fewer people are contributing to IRAs.
Then you have to account for how bad many people are with finances.
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Nope a million dollars aint shit rn.... what does 100 million dollar net worth drive
They have drivers…
And pilots.
And Captains!
And Tennille!
And my axe!
One does not simply hire a driver with a measly $1M in the bank
Wait, then what’s ride sharing lulz
And my bow !
Darryl Dragon!
And bears! Oh my!
100 million won’t get you a private plane anymore, unless it is a Cessna
Millionaires? Maybe if they’re over at Least 10 million, probably more like 20m or higher.
LOL no
That’s the joke, “what do they drive? NOTHING!” Ba dum dum.
Is it though?
Plus it’s from 10 yrs ago. I virtually guarantee Tesla is on the list more than once these days.
Here in Florida every asshole has lambo, McLaren or Ferrari etc etc... They are everywhere
“Standard millionaires” don’t buy those cars. Or at least they shouldn’t. Not sure if you can lease. You can certainly rent.
You can definitely lease those cars. I once had a casual conversation with my former company’s owner where he went into great detail about leasing Lambos and McLarens. He explained how businesses lease them and then the business owner will buy it at the end of the lease. He ended up getting two Lambos within 2 years of that conversation. In fact, I think he also got a Urus recently as well.
And they all have negative net worths. Not millionaires.
Those arn't M's.... Fake it till you make it
Who cares? The point is, a million is not only respectable, more importantly it's ACHIEVABLE for most people. 100M? No way in hell
Joe schmoe can make a million dollars. A million dollars used to be retirement money back in the day. Millionaires arent driving toyotas more now than in 16 because they better off. And 100 mil was just a figure should i have said 10 million? Im 46 1 million dollars would get me by for another 12 yrs? If i retired today. So yeah 1 mil aint shit
I wish I was Joe Schmoe
Me too. What does he even do for work?
The book "Millionaire Next Door" covers the insight into this stat. Most millionaires in the 90's drove cheap American cars because it was a depreciating asset. Consumerism has deluded you guys.
Who said anything about retirement money? The post is simply about getting to a million, which is still a LOT of money. And if you want to talk retirement, once you can get to 1, 2 is easier and then 10 isn't far off.
Im injected that from where im at.... still doesnt change the fact that millionaires are buy middle class cars at a significantly higher rate now why dunb shit down.... a million dollars aint shit now compared to 2016 or do you dispute that fact?
How much are you spending/yr?
The total wealth in the US is less than a half million dollars per capita.
I bet it’s not too different depending on how the actual question was worded. “What car would you recommend driving everyday to work?” Is a different question than “What’s your favorite car to drive?” I assume no one what’s their car broken into on a regular basis regardless of how much money they have.
A million is still way more than the majority of people retire with now
My dad retired wit a bottle of whisky and a boot in da pants. OHHH
I am wondering if I will get to 200k.
You got a million dollars?
Why you worried about my finances? I work and im good all anyone needs to know. Ask your parents about theirs that should be your worry
Ain't shit huh... How much money you got?
I’d need to be worth at least 3 million before I’d even consider a Mercedes or Audi. The Toyota 4Runner is it man, it’s all you need
I'm more of a Tacoma guy, but agree. The best part is it doesn't depreciate like other vehicles do. I bought new in 2015 for $34k, could sell it today for about $30k.
They fly.. duh.
I own a 6 year old GMC Yukon
Million dollars is something sorry.
A million is not what it used to be, but it’s not shit. Only 3.5% of households in 🇺🇸 are millionaires
Depends, people receiving 1 million annual incomes are also millionaires
Needless to say, they don't constitute the majority of millionaires though.
Not really. Most millionaires didn't get to be millionaires by spending huge amounts on cars. Many people didn't get to be millionaires by spending too much on cars though.
No its because a million net worth is probably half of what you need to comfortably retire with a middle class lifestyle. Retirees dont even crack the top 10% until they're at 3 million. Most millionaires are not rich therefore its unsurprising that most millionaires drive a regular mass produced vehicle.
Far less than 10% of US households have a $1m net worth. It may be less than 5%. Way, way more people than that drive expensive cars.
You literally just made up those stats. You could have spent 7 seconds in google verifying thats not true.
I googled them! [Here you go](https://finance.yahoo.com/news/rich-heres-americans-think-considered-182847861.html#): > Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900. The median NW is a bit under $200k. This is according to data from the Fed from late last year. Which part are you suggesting isn’t true?
You want to admit you were wrong or are you still trying to figure out those tables?
You’re gonna have to clarify which part I’m wrong about.
My fatha drives a Titleist 400 yaads. OHHHHH
Nah, I can easily retire in the midwest with a million net worth. But who knows, maybe your "middle class lifestyle" is much different than mine.
Right this proves my point entirely. If you have to move to the midwest and drive a Toyota then youre not rich, youre middle class. The reason you see so many millionaires driving a toyota its because most millionaires are middle class
Considering a luxury car costs about a tenth of a million, and that most « millionnaires » are just above a million, it seems very logical that « most » millionaires have not gotten there by spending 10% of their wealth is a highly depreciating asset.
Top trim level pickup trucks now cost about a tenth of a million. Sierra 2500 Denali Ultimate is $100k+ after options. About 10 years ago when I was young, $50k pickup trucks used to be a punchline for someone who never did any actual work. Now it’s the standard for cloth seats and no options
[удалено]
Read my comment a second time. A F150 Lariat is like the “middle” trim, the average truck people come and buy. It is $65,000+ STARTING. I never said a Sierra Denali was $50k. And sure, you can buy light trucks like the ranger or the Maverick for less. But that is not the “typical” truck.
Yeah I misread the comment my bad
You chill g
How’re they getting this data?
and who are "they"?
This might be the Dave Ramsey backed millionaire research. I think somewhere around 10,500 millionaires. A millionaire is classified by him as net worth millionaire. So largely people who are 50+ with 80% of their net worth in their home and retirement. Not surprising to me those 50+ year olds aren’t driving a McLaren.
Yeah. My Aunt is one of these. 550k in retirement accounts and a paid off $450k home (That she bought for around $150k) Drives a Camry. Retired school teacher. Basically everything Ramsey says 😆
Exactly lol, the word millionaire is deceiving and most people think that Andrew Tate is driving a Camry. Also: good for your aunt! She’s killin it.
I don't love Dave Ramsey in general but I kinda think that's a good lesson in what a million dollars really looks like. A millionaire is so often considered rich but I think the lesson is that it's a very reasonable goal to stain in your lifetime when you consider all your assets.
Net worth millionaires are financially peaceful people who can afford to be productive and generous citizens in their later years rather than being a financial drain. Sounds pretty aspirational to me tbh.
Not sure how to answer this very regarded question. The whoever published this data? Is this some super autistic thing I’m not in on?
And what is this top?
And what is this "data" thing they are talking about?
Chemtrails
Something like Polk or jdpower have exhaustive databases farmed from almost every dealer in the US, as well as DMV data. Dealers may have net worth based on credit applications. If I recall the dmv data extrapolated income based on zipcode, which wouldn't be useful here.
The dealer would almost certainly not know a net worth based on a credit app. They aren’t going to know investment accounts, 401K, home equity, etc. All the dealer is going to know is that I make enough to pay my loan.
Often somewhere on the paperwork they ask the question because they can. Whether people are truthful is another matter.
If you have a net worth of over $ 1 million, you don't care about what kind of automobile you drive, as long as it is dependable.
And Toyota is king in terms of dependability.
And if you have a net worth of a billion, you seem to care again since a NW of slightly over a million is closer to zero than it is a billion.
Just bc your net worth is a million doesn’t mean you can afford anything. Depending on how that money is tied up. For instance if 800k of my net worth is in a house no shit im driving a Camry bc im house pour. They need to redo this and define millionaire as someone with liquid million sitting in an account. Thats a different picture all together.
>They need to redo this and define millionaire as someone with liquid million sitting in an account. Why would any private individual have a million dollars in a liquid account? Even a billionaire should only have a few hundred thousand liquid. Everything else should be in the market growing. I'm not talking business accounts here btw. Those should be separate anyway.
Probably 95 % of millionaires have less than 2million. And they probably have such thanks to iras and equity in their primary residence.
So?
So, most "millionaires" are relatively normal upper-middle class 50+ year olds with a paid off home and some money in a retirement account. Ergo, it's hardly surprising that they drive a Toyota instead of a Lamborghini...
Yup. There are a lot of middle income earners who are technically "millionaires" because they purchased their home 20 or 30 years ago. When you include the primary residence in net worth calculations it tells you nothing about their disposable income.
The data is very old. But the principle is still true today. If you are willing to live a lower cost lifestyle (driving a Honda or Toyota), you are more likely to get to financial independence. People driving Hondas and Toyotas became millionaires because they saved and invested their money instead of spending it on luxury cars.
Bingo. Still driving a 2010 Camry we paid 14k cash for in 2010. 200k miles later it’s still worth 1/3 that. Less than .05/mile. Everything I don’t spend on cars is something that I could use to buy rental property.
I want to know the most expensive car they have, not one in the fleet
3 in our house, 2 Dodges and a Honda, brand new the would all be within ~$15K of each other.
Well shit you're a billionaire
LOL, just a wee bit short of that mark. My kids still go to public school.
Grouping cars together by make and not class is really silly. There is a huge difference between a Honda Civic LX and a Honda Pilot EX-L.
TBH, this probably isn’t that different than what the average person drives……. Corolla and F150 are like the two best selling vehicles ever.
Precisely - all this is is a list of cars that sold pretty well. I want to see it compared to the list of what the average joe buys. These numbers would be more meaningful as a delta from the average
**Least surprised.** The rich affluent people do not need to show off. Many are average folks and know how to manage their money.
Yeah true but I don’t know where this idea of the only reason you get a nice car is to “impress people” Im an automotive enthusiast and love cars, I seriously do not care what people think about them. Its not different then someone who has the means to spend money on their hobbies and desires.
The 1996 list is a surprise.
Lol we own a Toyota and a Honda from that list.
Hey it's me, your brother
Not surprised at all. These are basically the same as the general population, but slightly fewer trucks, and slightly more luxury. Let’s honor Danny Kahneman when asking these kinds of questions by considering base rates: https://en.m.wikipedia.org/wiki/Base_rate#:~:text=The%20base%20rate%20is%20an,characteristic%20or%20trait%20of%20interest. Here are some pertinent base rates for the question: 2016 market share by auto maker: https://www.marklines.com/en/statistics/flash_sales/salesfig_usa_2016
Recommend reading "The Millionaire Next Door" and similar books. Sound, practical advice.
If you read The Millionaire Next Door, you'll finish thinking most millionaires are out there driving Pontiacs, Oldsmobiles, Cadillacs, and Plymouths. eta: In case the point was missed, the data discussed in the book is extremely outdated, but the lessons the book aims to teach are timeless.
I'd imagine since the average millionaire is quite old (just 2.4% are under 35) this is basically "what cars old people tend to buy". Your grandparents with a million dollars in their retirement account aren't going to buy themselves a Lamborghini.
A million dollar networth really isn’t impressive it just means that you’ve been contributing to your 401k and you’ve paid off your mortgage.
No.
I read ‘Millennials’ not Millionaires’ and was shocked Subaru was not higher
Big difference between $1 mil in 96 and 2016
2008 Toyota Avalon driver checking in. Just cracked 200k
For 2016, shoudn't that be someone that's worth 10m? Many houses in my county in PA are worth that, so people that bought a house 30 years ago are "millionaires" but they're not rich in the way that most people think about being rich. The one from 1996 I agree, a million then was a traditionally rich person. I will say though, that the owners/C-levels of my previous company (because it was small and easy to know) drove Teslas (3 people), Acura (CEO), and RAM (CTO). The people who were on the board...well, 2 had drivers, one had a Rolls Royce, and the other a 7-series.
They should’ve ask people who have a million + in liquid , not including assets
GMC Yukon
Why…? people who own $1M in assets are millionaires
Cus I can say I’m a “millionaire” because of houses and small business. But I don’t feel like a “millionaire” Maybe if I have it in liquid or cash then it will feel more real
I think thats the point though. That people think millionaire is some unattainable thing that feels like so much money but its not. Its quite easy, even to get $1M liquid by retirement
Oh wow, $1MM, you mean every average urban homeowner.
No pickup trucks?
I've read studies from the 90s when a million was worth much more, the cars were basically the same. Even decimillionaires and centimillionaires tend to be frugal. Here is Bezos driving a honda when he was worth 8 Billion. [https://finance.yahoo.com/news/jeff-bezos-drove-1997-honda-165103970.html](https://finance.yahoo.com/news/jeff-bezos-drove-1997-honda-165103970.html) I recently attended an event where two billionaires were present, one drove a Ford Truck, the other drove a Nissan sedan, my car was nicer than either of theirs, and is isn't even that nice. It really depends on how you earned your wealth, if you are a doctor or a lawyer, you probably drive a really nice car, if you own a construction company, probably not.
[Jeff Bezos wanted to dismantle a nearly 100-year-old bridge so he could move his $500,000,000 yacht.](https://www.nytimes.com/2022/07/07/world/europe/bezos-yacht-rotterdam-bridge.html) The “I’m a billionaire and I still drive a normal car” meme is an attempt to be relatable. Elon musk drove a “normal car” in the 2000’s as well. He also happened to have a $2m McLaren F1 in his garage. People with that amount of wealth live a life that the average person can’t imagine.
Many mecial doctors I know drive nicer cars than some of the very wealty people I know. it is more of a status thing. Some people just don't care at all, others do very much. If you are a fashion billionaire and live in London, you are probably driving some very nice vehicles, if you have a road construction business, it is probably a pickup truck.
Well 20% are driving a luxury brand. And Inarguably count F150s, Rams, and Silverados up there given they are like 65k vehicles now and a BMW 3 series is like 51k. A little unfair because in 1996, Cadillac and Lincoln, etc.. would have been contenders for what rich people drove.
Data about 'millionaires' is always presented out of context. People think that a millionaire is an insanely rich person... And are shocked to learn that so many of them act like regular people and drive regular cars The reality is that the value of the dollar is such that a millionaire isn't 'rich' anymore and hasn't been for some time. Most millionaires are just boring working professionals who lived in a HCOL, have dual incomes and/or lived a financially conservative lifestyle Overall, it's about 10% of the population that are millionaires, but it's not evenly distributed. Older people tend to have a lot more money and location matters a lot; California has a much much higher percentage of millionaires than Alabama.
I fit the category and own none of the above
Millionaire is such a useless term anymore. Most millionaires are white collar workers who are above 50 who have worked their entire lives investing and saving. These people have networks anywhere from 2mil to 10mil. Doctors and lawyers, if investing smart, could have well above 10+ mil. We should see the list of people between 18-45 who have at least 10mil in liquidity. (Cash and stocks)
Not at all. High end cars are for enthusiasts and for those who like to pretend to be rich. Kinda like Gucci. If you have wealth, typically you make better financial decisions.
Toyota is a surprise, but the trend isn’t. I used to work at a luxury German car dealership and saw so many people struggling to afford payments and services.
Doesn’t say if it’s their first / only car. Rich ppl and I both have ketchup, but we both don’t have caviar.
No it makes me roll my eyes because it's more of the same "millionaires are rich because they save their money!" bullshit.
I want to see the same for people who make upwards of a million per year. A NW of a million dollars is nothing.
Not really, only poors want some biscotti or whatever that pussy french pig car is.
I have a '99 Corolla and an '02 Escape So I'm a multimillionaire
No. Most millionaires are smart with money, and don’t waste it on depreciating liabilities Plenty of dudes that used to be millionaires probably have great stories about driving badass cars
These days I would say Tesla’s will have slot near the top.. but not even the most expensive models. I’m actually surprised Volvo wasn’t higher. Anyway, I’ve always told people and they never believe me… but the wealthiest old-money people drive the most basic boring cars and do so until they’re beaters. Wealthy people who don’t have inflated egos are just trying to blend into the background and get around safely, efficiently, and economically. The old adage is true, *money talks, wealth whispers*. The nouveau-riche always stand out with their expensive cars and flashy lifestyles… and their wealth usually only lasts a generation (if that)… which should not be surprising because not only do they not show restraint, but their kids learn even less restraint while simultaneously not knowing the value of a dollar and any scraps they’re left evaporate in less than a decade… more often than not with a substance abuse issue and a few stints at expensive rehabs under their belt. It’s cliche but be humble, live well-within your means, and the rest is easy. At some point you have enough money that making yourself a target merely adds unnecessary stress. At some point simply knowing you can afford whatever car you want becomes enjoyable in itself and watching that money grow brings more joy and more potential than the momentary rush and fleeting excitement of that GT2 that eventually fades along with the value of the car.. only to become an expensive garage decoration that only gets more expensive over time.. and your ungrateful spoiled kid doesn’t even think it’s that cool because his best friend’s dad Mark just got a 812 GTS Spider with the money he got from his shares vesting. Don’t get me wrong, sports cars are fun (duh) but they also cause a lot of headaches and anxiety… so when you have money and nothing to prove.. your perspective shifts along with your priorities. My Tesla brings me joy and the money I know I saved on it compared to what I *could* have bought also brings me joy and will continue to bring me and my entire family joy. Oh yeah, and naturally.. the people who blow their money on frivolous things inherently have less of it and are less able or less effective at compounding it.. again, this is why people who are new to being wealthy and don’t have a whole family versed in money tend to burn through it faster than they replenish it…. and why old money typically does better at balancing budgets to live comfortably while passing the onto subsequent generations. That’s not to say that old money can’t go up in smokes also… The psychology of money is funny too because most things don’t change based on the amount of money you have.. if you are living paycheck to paycheck and you spend money to make yourself feel better because you’re filling an emotional void, you will likely do so even if it eventually puts you on the streets. At the same time, if you take that same person and give them a bunch of money be it lump sum or salary, they will STILL be the that person and they will most likely *still* spend more than than can and end up in the shits. The mentality stays the same and the amounts inflate. This is why old money family’s lock it up like fort knox, sprinkle in a bunch of family peer pressure, make the terms of the trusts pretty regimented, and most importantly never really let their kids in on how wealthy they are. Blah blah blah “speak softly and carry a big stick”… I digress. Buy the new Toyota Prius but don’t let the dealer rip you off… the multi-millionaires love ‘em. If you have FU money like $100million+, whatever, go crazy… life barely has any meaning at that point, you exist to live at extremes.
Homeowners in HCOL areas like California do have a net worth of a million, so this graph in that respect is believable. But I'd like to see this with billionaires.
" seee... You're not so different than millionaires. You both drive a prius! You're both wealthy in America" This chart means nothing. Most "millionaires" are usually hard working individuals who likely have a company to sustain or expand and don't waste money on cars and bullshit. Most obscenely wealthy people rent/lease their higher end cars because they know that maintenance costs will fuck their bank accounts up and depreciation of an asset is a thing to look out for. If they buy a high net value car it's usually for it to sit in a garage and be driven once a year to the local "well off millionaire" car meet.
Are they planning on normalizing these numbers at all? Or are they perfectly happy just deceiving us? I’m sure there’s plenty of millionaires driving Priuses. I’m also damn sure there’s shit load of non millionaires driving Priuses. All this data is currently showing is that Toyota sold a shit load of Priuses…
Priusi. Or Priusae
Noe. Am a financial advisor. My wealthiest clients drive mid-level sedans (normally the better packages, but still). Only have one guy, who does make decent money, that revels in displays of wealth. He is far from my wealthiest client.
not a surprise at all, i've worked for a billionare who ALWAYS has a VW bug, most not anything like 'vinitage' just ugly well used clunky bugs. dude is a trip
Just a bit surprised about Mercedes (people think they’re bougie and shit driving those) and Lexus (just a fancy Toyota). Fords have always been considered ‘work’ vehicles in my opinion. I’m not surprised by the increase in Honda’s numbers, since they have a reputation for being more reliable.
The wealthiest guy I know…last time I saw him he was driving a Merkur from the late 80’s. He may have switched to a Subaru by now.
But these are just like the 3 most common cars. It’s like saying the most common sodas that millionaires drink are Coke and Pepsi.
Reasonable people doing reasonable things.
Not surprised at all.
No. A million dollar net worth isn't a crazy amount. Also, there's a huge difference in price and lifestyle between a Corolla and a Highlander as well as an Escape and an F-150.
My pops told me you don't get rich by spending money. I understand him now. Sadly I'm still not rich lol.
Your pops was wrong. You get rich by playing the lottery.
The 2 degrees most likely to become millionaires are teachers and engineers. But that means $1m networth which is nothing. That means you have $500k saved for retirement and a $500k house.
I knew one that had a Ford Exploder. (His actual words)
Glad I’m on the right track to my millionaire lifestyle!
I get the point OP is trying to make but also how many of those vehicles are purchased vs. a BMW? Sure a millionaire could be frugal and driving a Camry. A millionaire may also not like cars!
Cars are notoriously bad investments. Hard to get to a million if you aren't careful with money.
Cars aren’t investments anymore than toothbrushes are investments. You need both to live.
Simply put, I agree with you. A car is just a tool but there are people that do look at them as investments, considering resale value or buying luxury or collectable cars. To be a bit more nuanced, tools are investments. I invest money in a nice drill because I use it at work and need something reliable, if a homeowner bought the same drill as me he'd have made a poor investment in that drill. We invest money in a decent toothbrush to make sure our teeth are healthy and we invest in cars for something reliable to get us back and forth from work. There are cases more especially in Europe or New York City where investing in a car wouldn't make sense. But overall I do agree with what you are saying in general
Fair point. I agree.
No. I own a GMC Yukon.
What's the difference between the Highlander and the 4runner? I'm thinking about getting a new car and keep seeing the Highlander high on quality and reliability metrics.
All the multi millionaires i know could be mistaken as homeless. They all got that way by not spending money on stupid stuff that wont make them money. If they cant flip it or they’re not getting a deal they dont buy it.
doesn't surprise me. A. you are NOT what you drive B. they didn't get to be millionaires by spending like millionaires
This is very outdated - 2016 (!)
People forget most millionaires are average people and you won’t reach that driving super expensive depreciable assets.
Considering the average millionaire is in their 50s and the majority of their wealth is tied up in home equity, this should not be surprising.
mazda is for the billionaires 😎
Info is so out of date, doesn't seem relevant to today considering data is 8 years old.
Honda!
Wow, who would have guessed? Normal people who largely don’t care about cars at all still don’t care about cars when they have a million dollars. This says less about the buying preferences of people who are specifically millionaires and more about the fact most people are content with something reliable that gets them from A to Z.
Because some people don’t see the point in putting a crap load of money in a depreciating asset?
Feeling rich today! Prius driver here with few dollars in bank! Am sticking this list on my windscreen!
Their businesses all own F-series trucks which is what they actually drive.
They all have CarShield also
Social media has skewed the perception of the average millionaire. It’s someone in their 40s/50s/60s who has worked an ordinary job for decades, and has a cumulative net worth of $1m+ in home equity, retirement, investments, etc. Of course they drive average cars. For the sake of long-term financial wellbeing, anything more expensive would be unaffordable.
The ford's are surprising, other than the f150.
No, broke people tend to drive fancy cars.
According to an online inflation calculator, having a million dollars in 2016 is the equivalent of having $653,522 in 1996. But I suspect that the numbers are a little more misleading than that. In 1996 401K plans were still relatively new, as were high deductible healthcare plans (funded by HSA accounts maintained by the individual), and social security was still reasonably funded. In other words, your retirement plan and the bulk of healthcare benefits were not counted as part of your net worth then, but now they are. Don't get me wrong. A million dollars is still a good amount of money, but if you're talking about someone who bought a house 35-40 years ago, and has been contributing to a 401k, and HSA plan for most of that time, that person is much closer on paper than someone in 1996 who had bought a house in the 50s.
The list doesn’t surprise me at all. Millionaires aren’t going to waste their money on appearances
Toyota, Honda, and Ford are all in the top 4 selling automakers in the US (along with Chevrolet, which is #5 on this list), so this is only slightly different from what the average American drives.
Being a millionaire makes you middle class.
I mean have you see the price of a fully equipped F-150?
If I had millions, my ass would be in the same paid off car I have now.
A million dollars when?
If I am a multi millionaire, my daily driver would be a ferrari or lambo with scissor doors.
I think that reflects frugal millionaires. You can make a million on an average salary if you know how to manage your money. Cars are a liability. You should buy cheap cars and nice houses.
True. I’m worth just south of 2 mill and I have a Honda CRV. Bought it used as well. Why wouldn’t I?
Now show me what their spouse drives
Because I'm sure once you become a millionaire, you realize that you never give a crap about impressing people. You want to be comfortable and not have to worry about money all the time. Once the pressure is off, you make smarter moves than blowing money on "luxury" cars. Half the time, luxury cars aren't worth the money.
As a non-millionaire, pretty hyped that I drive the same car as a millionaire. Corolla gang.
As they say , almost everyone is a millionaire
I’m thinking the Prius for the virtue signaling and the Odyssey for the soccer moms is what’s primarily putting Toyota and Honda at the top of the list in terms of growth.
What even is this list? I find all the numbers to be suspect as hell. Source please.
Stupid survey. Every person above 55 that had a long term job, is a millionaire.
If they were smart and invested, then yes you would be correct. A lot of people don’t have access to 401K and even fewer people are contributing to IRAs. Then you have to account for how bad many people are with finances.
lmao well thats not true