American millionaires prioritize practicality, choosing reliable vehicles over flashy luxury brands. Discover the top car brands they consistently opt for and how you can embrace frugality too.
What Drives Millionaires?
Financial expert George Kamel, author of “Breaking Free From Broke” and co-host of “The Ramsey Show,” emphasizes that becoming a millionaire isn’t all about income. Instead, it revolves around smart spending and resource management. Many millionaires prefer car brands that reflect this philosophy, opting for practicality rather than extravagance, and often gravitating towards the car brands American millionaires drive—simple, reliable, and financially sensible.
Top 5 Car Brands American Millionaires Drive
1. Toyota
- Toyota stands out as the undisputed favorite among millionaires. Known for reliability and low maintenance costs, the Toyota Camry under 20000 is plentiful on the used market, offering a perfect blend of affordability and dependability. Most millionaires purchase used models, ensuring they avoid hefty payments while still enjoying a quality ride. For those looking for a bigger vehicle, the RAV4 is also a solid option, often available under $30,000 in decent condition.
2. Honda
- Another reliable option is Honda, with models like the Honda Accord and Honda CR-V frequently viewed as best used cars for millionaires. A 2016 Honda Accord Touring can typically be found for around $18,000, while older models dip below $15,000. These choices underscore the priority on financial brains over flash.
3. Ford
- Ford remains a staple in the American automobile market, particularly with its F-150 line. While certain new models can reach near six figures, many appreciate the practicality and pricing of 2020 used Ford F-150 SuperCrew Cab, often priced between $23,696 and $37,374. Many millionaires show a preference for practical truck solutions.
4. Lexus
- From a luxury standpoint, Lexus emerges as a favorite. Specifically, the Lexus RX 350 is a popular choice among millionaires. While prices for newer certified pre-owned models can soar over $60,000, older options from around 2014 may be found for a mere $18,000. This highlights a willingness to find deals that offer luxury at lower price points.
5. Subaru
- Completing the list is Subaru, with the Subaru Crosstrek pricing between approximately $9,500 and $40,000 depending on the year and mileage. A used 2023 Crosstrek 2.5i Sport is a great option, showcasing the choice for robust and reliable vehicles fitting a budget-conscious lifestyle.
Financial Philosophy: Buy Used, Pay Cash
Many millionaires avoid high car payments altogether. According to Kamel, buying used cars with cash reflects a deep-rooted financial philosophy: financial peace over showy status symbols. With the average car payment surpassing $700 this year, the decision to drive a used car is a strategic one.
Choosing an affordable luxury car doesn't mean sacrificing quality or reputation. It emphasizes financial wisdom and making sensible choices. Think about it—not needing a $1,000 car payment gives you more freedom to pursue your financial goals. Transforming the mindset around vehicle ownership isn’t just practical; it’s fundamental to achieving long-term wealth.
Strategies for Affordability
- Prioritize reliability when choosing your vehicle. Look for brands like Toyota and Honda known for longevity and resale value.
- Consider shopping for used models between 3-7 years old. These cars often come significantly lower in price than new models and still provide excellent performance.
- Opt for cash purchases to eliminate monthly car payments and promote financial stability.
Conclusion
Understanding the choices of the affluent can be enlightening. American millionaires gravitate towards dependable vehicles that ensure both practicality and longevity. Brands like Toyota, Honda, Ford, Lexus, and Subaru dominate their garages, providing assets rather than liabilities to their financial portfolios. This mindset highlights the real lesson: wealth isn't shown through flashy cars but through prudent choices and smart investments in reliable transport options. Emulating this frugal philosophy could revolutionize how you approach car ownership, aligning with long-term financial goals while enjoying the benefit of reliable vehicles.