Buying cars, millionaire style
Talking about millionaires, the first image coming to your minds are the celebrities, football stars, famous singers pulling up in Maserati and Lamborghini. The media and movies have built up a very wrong fancy image about millionaires. In reality, many millionaires are sitting next to you at the stop light, but you wouldn’t recognize them because they drive such average looking cars. Here are the facts about buying car millionaire style that might blow your mind.
- 81% purchase their vehicles outright
- 23% own new cars
- 25% have not purchased a vehicle in four or more years
- 30% spend $19,500 or less on a car
- 50% spend $24,800 or less on a car
- 37% purchased a used vehicle
Let’s look at one of the most wealthy man on the planet, Warren Buffett. He bought and use his very average model Cadillac for years before selling it at only $122,500. His definition of success has nothing related to car status or property he has got: “Success is really doing what you love and doing it well. It’s as simple as that. Really getting to do what you love to do everyday – that’s really the ultimate luxury…your standard of living is not equal to your cost of living.”
Don’t these facts amaze you? Millionaires are actually spending very less on their cars than you thought.
Cars are depreciating assets. When you drive a new car off the lot, it loses 10–20% of its value as soon as you hit the road. The wise millionaires know this, therefore, many of them choose to buy an used car.
If car is your passion and buying a luxury new car will bring you the long-term joy, of course you can go ahead and buy it. But, remember, pay in cash. Don’t make loan.
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