A Ferrari’s price range is $188k up to $400K. The Tesla’s starting price is around $102K. I remember driving to upscale car shows as a teenager with some friends and close cousins. We had to see what the “rich” were up to with cars. The shows were an outlet for us on Saturday’s to have something to do.
There’s something fascinating about how the rich live, their mansions and cars, right? I mean even the new car scent is EVERYTHING to everyone–no matter his or her status or style of the car.
Interestingly, now that I’m older, wiser, a writer, an entrepreneur and business owner I read and study how rich business owners are living, what they’re driving and how they maintain this status as not to lose it.
To be more specific, I read lots of nonfiction books and materials by self-made millionaires who understand what life was like prior to becoming rich. They have acquired a lifestyle, where they understand the value of where and how to invest money.
Who doesn’t want to live in a mansion, have millions and assets reserved and drive fancy cars?
I’ve read where many 7-figure owners during their startup days sacrificed “living” and one way of doing this was by giving up and or losing their cars. Some down-sized to single room apartments for enough capital and to pay off debts.
Remember the smart rich are rich. The smart rich have no debts and don’t want any because they’re “stingy” in a good way and somewhat frugal.
The Aspiring Rich Mindset & Driving
Do you go to car dealerships or pick out those luxury cars to “name and claim” the one you like? You know, the top-model car you look forward to driving one day? New small business owners love to flash around top model cars and the hype of money.
Why not? You’re attracted to this level of living. Who wouldn’t want a Tesla, Ferrari or Rose Royce?
Many networking and MLM companies also use these top cars as an incentive to become top-earners.
If you’re just starting out with an MLM company, these cars and top-level individuals look incredible at that level.
And, they’ve put in blood, sweat, and tears to get there, too. There’s something different, however, about how the smart rich, wealthy and other 7-figure to 8-figure earners view spending habits for luxury cars.
Most people begin their businesses with little to no money, or just enough saved to last for approximately six months to a year. (This is rare). They start with the luxury car as a goal in mind and earning on average $100 to $3500 per week.
Those who aspire to understand how the wealthy think, live and spend learn information with value and sustenance.
The aspiring self-made millionaire eventually grasps that luxury cars to the rich are ordinary fully loaded vehicles. That’s right.
According to a few articles, there are specific cars the rich purchase for driving
“What Do Wealthy People Really Drive?”
According to a study done by researchers at Experian Automotive (and published on Forbes), 61% of wealthy people actually drive Hondas and Toyotas and Fords, just like all the rest of us.
The top 10 cars for $250,000-plus households include the Mercedes E-class, the Lexus RX 350 and the BMW 5 series and 3 series. Following those top four were three Hondas, a Toyota, an Acura and a Volkswagen.
Also, it’s sadly not surprising that 8% of people who make less than $100,000 own a luxury model car. If that isn’t an effort to keep up with the Joneses, then we don’t know what is. You make $50,000 a year and you own a $60,000 car? That’s insane.
“What the Richest Americans are Driving Now”
Rounding out the top five in MaritzCX’s study, as USA Today reported, are four other vehicles not known for flash or luxury: Jeep Grand Cherokee, Honda Pilot, Jeep Wrangler, and Honda Civic.
All of these vehicles feature 2016 sticker prices starting around $30,000 or below, and the Civic starts under $20,000.
They’re all basically middle-of-the-road choices and not what you’d expect as the top picks among American consumers earning roughly four times the country’s median household income.
“Many Rich Folks Opt for Plain Ol’ Pickups, Economy Cars”
The wealthiest among us could afford to drive just about any luxury car on the road — Ferraris, Jaguars, Porsches — you name it.
But instead, a study finds the most popular cars for high-income Americans are pretty much what everyone else drives, notably Fords, Jeeps, and Hondas.
“12 Vehicles Rich People Want the Most That You Probably Drive Too”
In many cases, rich people make pretty much the same decisions the average Joe does. They, too, eat fast food. Rich people buy the same brands of cat litter.
And when it comes to choosing a car, rich people often spring for the same model as average earners.
That’s right: Just because people make a lot of money doesn’t mean they’re looking to buy a luxury vehicle.
Even Warren Buffett, one of the richest people on the planet, drives a Cadillac — a fairly thrifty option considering the amount of money he has.
“Top 5 Vehicles Rich Americans are Most Likely to Drive”
If you think the wealthiest Americans all drive either a Lexus, Mercedes or Porsche, think again!
A new study from MaritzCX found that the Ford F-150 was the most popular vehicle among people earning more than $200,000 a year, according to USA Today.
Although the vehicles on this list have starting prices of $30,000 or less, they can easily cost more than $40,000 once you add on the features that you really want.
USA Today reports that a third of Ford F-150s sell in the “luxury price realm.”
Interestingly, the Honda Civic is also on the list of top-selling vehicles…
Overall, rich driving doesn’t always mean luxury or incredible high-priced vehicles. The smart rich invest wisely, so they have more money for capital. The smart rich do not run out of money or gas when driving a car and business.
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