According to Dave Ramsey, cars as status symbols seem to be a thing of the past — and most wealthy people are exercising frugality.
While some wealthy Americans drive luxury vehicles, an Experian Automotive study found that a whopping 61% of households making more than $250,000 don’t drive luxury brands. Instead, they drive less showy cars, like Hondas, Toyotas and Fords, per Ramsey.
“Most millionaires don’t drive flashy cars,” Ramsey wrote on Facebook. “69% of millionaires did not average $100,000 or more in household income per year — and (get this) one-third of millionaires never had a six-figure household income in their entire careers.”
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According to Ramsey, “When people don’t waste money trying to look wealthy, they have money to actually become wealthy.”
Indeed, buying a car is no small affair — even sometimes for the wealthy. Indeed, Consumer Reports noted that the average cost of new cars is now more than $48,000 — up a whopping $6,000 from two years ago and $10,000 from September 2020, according to Kelley Blue Book.
And in the fourth quarter of 2023, in the used vehicle market, average APR and down payments hit record highs, according to Edmunds. Indeed, APRs climbed to 11.6% on average, up from the third quarter’s Q3’s average of 11.2%, and 10% from a year ago.
With that in mind, let’s dig a little deeper into the cars high earners are choosing to drive:
What Cars Do the Wealthy Drive?
The top 10 car brands driven by millionaires, according to a Ramsey post on X (formerly Twitter) are:
1. Toyota
The average price for a Toyota went up to $38,198 in the automaker’s second quarter of its 2024 fiscal year, according to CarsDirect, citing Cox Automotive data.
2. Honda
One of the least expensive Toyota SUVs is the front-wheel-drive HR-V LX crossover, starting at approximately $25,000, while the Civic Sport sedan is the least expensive Honda car, just under $26,000, according to Motor Trend.
3. Ford
For instance, a 2024 F-150 XL pickup truck starts at $36,570, according to Ford.
4. Lexus
According to Car and Driver, the price of the 2024 Lexus ES starts at $43,190 and goes up to $53,480 depending on the trim and options.
5. Subaru
Subaru Crosstrek, the automaker’s best-selling vehicle, has been completely redesigned for 2024, and starts at $24,995, according to Kelley Blue Book.
6. BMW
The 2024 BMW 3 Series, deemed the “consummate compact luxury sedan,” by Kelley Blue Book, starts at $44,500.
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7. Acura
The 2024 Acura MDX’s price ranges from $50,150 to $73,800, according to Edmund’s.
8. Hyundai
“Truly inexpensive cars are hard to find in 2024, as the average new car transaction price approaches $50,000,” according to Motor Trend. “A fully loaded Hyundai Venue can be had for about half that.”
9. Lincoln
For instance, the 2024 Lincoln Aviator ranges from $53,340 to $80,725, according to Edmund’s. Yet. Edmund noted that it questions the value of the Aviator when it comes to its highest trim level.
“If you can live with a less luxe interior, go with the more competitively priced Reserve,” Edmunds wrote.
10. Buick
The all-new 2024 Buick Envista is a subcompact SUV with “a sleek profile aimed at young city dwellers,” noted Kelley Blue Book, adding that it’s also the cheapest new Buick, with pricing starting at $22,400.
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This article originally appeared on GOBankingRates.com: Dave Ramsey Says Millionaires Drive These 10 Cars: Are They Worth the Price Tag?
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