Millionaires don’t get to be millionaires by wasting money unnecessarily, and that applies to cars as well as anything else. That’s one reason many millionaires drive regular cars rather than expensive luxury or sporty models.
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As previously reported by GOBankingRates, an Experian Automotive study found that 61% of wealthy people with household incomes of more than $250,000 don’t drive luxury brands.
In this respect, millionaires don’t necessarily spend any more on car maintenance than the average driver. But for those millionaires who want to drive an expensive car, maintenance costs run a lot higher than normal.
An analysis published earlier this year by Consumer Reports looked at some of the most and least expensive vehicle brands to maintain. For gas-powered cars, the cheapest to maintain included models made by Buick, Toyota, Ford and Chevrolet. Some of the most expensive to maintain were made by Porsche, Mercedes-Benz and BMW. Consumer Reports found that Porsche models cost an average of $14,090 to maintain over a 10-year period. That compares to only $4,900 for Toyota.
The Porsche figure provided by Consumer Reports aligns with estimates from car experts. Alan Gelfand, owner of German Car Depot in Hollywood, Florida, told GBR that German luxury cars in general are more expensive to maintain that other types of vehicles.
“Your average Porsche will cost you around $1,200 a year to maintain and repair, which is close to 80% more than the industry average,” Gelfand said. “To illustrate, the average cost to maintain a car nationwide is only around $650 to $800.”
Maintaining a BMW is nearly as expensive.
“Depending on the model, expect to pay around $770 to $1,200 in annual repairs,” Gelfand said, “A big part of why it’s more expensive to maintain a BMW is due to the oil used, making oil changes surprisingly expensive. It is recommended that full synthetic oil be used for BMWs for superior performance and longevity.”
The maintenance habits of millionaires and other luxury car owners will go a long way toward determining how much they spend to maintain and repair their vehicles. Maintaining a luxury vehicle in the $80,000 to $100,000 price range involves “several key factors,” according to Rich McClellan, owner of Elite Customs, a custom luxury car shop in Franklin, Tennessee.
“Regular maintenance items such as oil changes, tires, brakes, fluids, filters, alignments and windshield wiper blade replacements are essential to ensure the vehicle’s longevity and performance,” McClellan told GBR. “Oil changes can range from $100 to $300, depending on the manufacturer and the specific model. The cost varies based on the brand and the region where the service is performed.”
Tires for luxury vehicles are a “significant expense,” he added, and often cost between $200 and $500 per tire depending on the brand and specifications. High-performance tires that are common on luxury cars “tend to wear out more quickly,” necessitating more frequent replacements.
Here are some other factors that contribute to high maintenance costs for luxury vehicles, McClellan said:
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Brake maintenance: The costs for new brake pads typically range from $300 to $800 per axle. High-performance brake systems, such as those found on many luxury cars, “might require even more expensive components and specialized labor.”
“Overall, owners of luxury vehicles in this price range should budget for annual maintenance costs of $1,000 to $3,000, with the potential for higher expenses depending on the vehicle’s specific needs and driving conditions,” McClellan said. “Investing in a comprehensive maintenance plan or warranty can help mitigate some of these costs, providing peace of mind and ensuring the vehicle remains in optimal condition.”
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This article originally appeared on GOBankingRates.com: How Much Do Millionaires Spend on Regular Car Maintenance?
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