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Cochise
02-24-2007, 10:38 PM
Some interesting info from a book I am reading. In light of all the car discussion that goes on here, I thought some might be interested.

These figures are among people with are millionaires, that is to say, who have a net worth of more than $1 million.


Buy vs. Lease:
Buy 81%
Lease 19%

New vs. Used:
New, 63.4%
Used, 36.6%

Model year of vehicle owned:
Current year 23.5%
Last year's 22.8%
2 years old 16.1%
3 years old 12.4%
4 years old 6.3%
5 years old 6.6%
6 or ore years old 12.3%

Average price for latest vehicle purchased:
$24,800

Average highest price ever paid for a vehicle:
$29,000

Makes of vehicles driven by millionaires:
1. Ford 9.4%
2. Cadillac 8.8%
3. Lincoln 7.8%
4. (tie) Jeep, Lexus, Mercedes 6.4% each
5. Oldsmobile 5.9%
6. Chevrolet 5.6%
7. Toyota 5.1%
8. Buick 4.3%
9. (tie) Nissan/Volvo 2.9% each
10. (tie) Chrysler, Jaguar 2.7%

Most popular models among millionaires:
Ford - F-150, Explorer
Cadillac - De Ville/Fleetwood, (> 60%)
Lincoln - Towncar (~50%)
Jeep - Grand Cherokee (ranks first among all make/model vehicles driven by millionaires)
Lexus - LS400 (>60%)
Mercedes - S class
Oldsmobile - Olds 98
Chevrolet - Blazer, Suburban
Toyota - Camry (> 50%)
Buick - Le Sabre, Park Avenue
Nissan - Pathfinder
Volvo - 200 series

Cars driven by millionaires by manufacturer:
GM, 26.7%
Ford, 19.1%
Chrysler, 11.8%

headsnap
02-24-2007, 10:40 PM
Ross Perot skews the data big time...

Baconeater
02-24-2007, 10:43 PM
Not sure what he's rolling in now, but a couple years back Warren Buffett drove an Oldsmobile. There was a story in the newspaper about him & Bill Gates having dinner in a local steakhouse, and the damn thing didn't start when they went to leave the restaurant.

boogblaster
02-24-2007, 10:44 PM
Guess Ill have to stick to my ole ford pickup ...

recxjake
02-24-2007, 10:48 PM
you don't get rich by spending money

Jenson71
02-24-2007, 10:53 PM
you don't get rich by spending money

What, I always learned it was "Got to spend money to make money" :D

StcChief
02-24-2007, 10:54 PM
you don't get rich by spending money

Yep....but to watch "the cribs" they all have Bentleys etc.


Known fact cars are bad investment so they do NOT do it. especially new expensive cars.

Cochise
02-24-2007, 10:58 PM
Some other interesting, random facts:

The general, average profile given was that the average millionaire is a 57 year old man, married (still in his first marriage) with 3 children, and he earns 80% or more of his household's income. 80% were still working at this age, 2 out of 3 were self-employed, 3 of 4 were entrepreneurs.

>50% reported receiving no form of inheritance. >80% inherited less than 10% of their worth.

The most common ethnic descent reported was Russian.

About half of their wives did not work. The average annual income of the household was $247,000, but with a taxable income of only $131,000.

The average net worth was $3.7 million. (94% < $10 million). Average home value $320,000. Fewer than 50% of their neighbors are millionaires.

80% college graduates. 18% have master's, 8% law degrees, 6 % medical and Ph.D.s.

Jenson71
02-24-2007, 11:00 PM
The average annual income of the household was $247,000, but with a taxable income of only $131,000.

Forgive the poor kid not yet in the real world, but how does that work?

Sam Hall
02-24-2007, 11:00 PM
One of my cars would be a Chrysler 300.

Rain Man
02-24-2007, 11:12 PM
Where are Nicholas Cage's Lamborghinis?

Cochise
02-24-2007, 11:31 PM
Cars are not ivestments! I lease, always will

Funny, I was just reading about one of these people. He was the head of leasing at a car dealership but had never leased a car.

BWillie
02-24-2007, 11:32 PM
I've never understood why people want such extravagent automobiles. There is almost no correlation to the dependability of a high end 45K vehicle, or a 11K Ford or Kia or something. I guess it's some sort of status thing for people with low self-esteem. I hope someday I get to be rich, and then I'll drive a shitty ass clunker car that is dependable. One of my friends who makes the same amount of money as me just wasted 30K on a SUV, while I'm driving a 1500 car. Soo I just saved 28,500 dollars. I could hire part-time butlers, cooks, and people to run errands for me for that amount of money. Think of the amount of money that you don't squander by not driving some fancy car. It serves no purpose except stroke your ego.

DaneMcCloud
02-24-2007, 11:41 PM
Some interesting info from a book I am reading. In light of all the car discussion that goes on here, I thought some might be interested.

These figures are among people with are millionaires, that is to say, who have a net worth of more than $1 million.


Buy vs. Lease:
Buy 81%
Lease 19%

New vs. Used:
New, 63.4%
Used, 36.6%

Model year of vehicle owned:
Current year 23.5%
Last year's 22.8%
2 years old 16.1%
3 years old 12.4%
4 years old 6.3%
5 years old 6.6%
6 or ore years old 12.3%

Average price for latest vehicle purchased:
$24,800

Average highest price ever paid for a vehicle:
$29,000

Makes of vehicles driven by millionaires:
1. Ford 9.4%
2. Cadillac 8.8%
3. Lincoln 7.8%
4. (tie) Jeep, Lexus, Mercedes 6.4% each
5. Oldsmobile 5.9%
6. Chevrolet 5.6%
7. Toyota 5.1%
8. Buick 4.3%
9. (tie) Nissan/Volvo 2.9% each
10. (tie) Chrysler, Jaguar 2.7%

Most popular models among millionaires:
Ford - F-150, Explorer
Cadillac - De Ville/Fleetwood, (> 60%)
Lincoln - Towncar (~50%)
Jeep - Grand Cherokee (ranks first among all make/model vehicles driven by millionaires)
Lexus - LS400 (>60%)
Mercedes - S class
Oldsmobile - Olds 98
Chevrolet - Blazer, Suburban
Toyota - Camry (> 50%)
Buick - Le Sabre, Park Avenue
Nissan - Pathfinder
Volvo - 200 series

Cars driven by millionaires by manufacturer:
GM, 26.7%
Ford, 19.1%
Chrysler, 11.8%

Sorry, there's no link and I think this data is completely BOGUS. In Los Angeles County, there's over 250,000 millionaires. I RARELY see anything other than BMW's and Mercedes and many of my neighbors have Range Rovers, Ferrari's and Lamborghini's.

I call BS.

Edit: Millionaires in LA county mean people who earn more than 1 million annually.

BWillie
02-24-2007, 11:57 PM
It depends on what you do.... If you drive under 15,000 miles a year... like I do.. it makes sense. Also you have to find out the residual values off all the available cars and at what rate you are leasing the car at. I'm paying 360 a month for a 35,000 dollar car with 0 down.

You drive less than 15,000 miles a year? How do you manage to do that?I've computed I drive 18,200 miles to work a year alone. Even so, why would you want to lease? You are just throwing money away, just like renting. When you purchase a car, you may pay alot up front, but you will get resale value for it later. I guess the way people finance their cars these days, you might as well lease. I see people paying low monthly payments with the interest just compounding on them all jacked up just so they can have some shitty SUV. Just save a few grand, and buy a car. No car payment ever, how nice is that?

Baconeater
02-25-2007, 12:02 AM
You drive less than 15,000 miles a year? How do you manage to do that?
Why is that so hard to believe? My wife & I don't drive 15K miles a year combined.

BWillie
02-25-2007, 12:03 AM
Why is that so hard to believe? My wife & I don't drive 15K miles a year combined.

Don't you ever leave the state of Nebraska? I'd imagine just going to a few Chiefs games a year would put you over the top. If you and your wife don't make it to 15K miles a year combined, that means you are driving only on AVERAGE 20 miles a day. You must live close to everywhere you need to go, or you stay home alot.

whoaskew
02-25-2007, 12:07 AM
college student..... I just like it because I pay a lot less per month compared to if i financed it. I guess I like it more from a cash flow perspecitive.


Why not buy a 1 or 2 year old version of what you are driving for the same price of your lease payments?

StcChief
02-25-2007, 12:12 AM
78% of Americans drive less than 40 miles a day.
I drive (car pool) less than 25 / day.

BWillie
02-25-2007, 12:15 AM
78% of Americans drive less than 40 miles a day.

I tell you what recxjake, you are like an almanac, you have stats for everything. I guess i'm one of the unlucky folks that is in the 22% category. Sucks living so far from work. I squander about 5 hours a week just in drive time. That is about 20 days of awake time a year. Boo

Cochise
02-25-2007, 12:16 AM
Sorry, there's no link and I think this data is completely BOGUS. In Los Angeles County, there's over 250,000 millionaires. I RARELY see anything other than BMW's and Mercedes and many of my neighbors have Range Rovers, Ferrari's and Lamborghini's.

I call BS.

Edit: Millionaires in LA county mean people who earn more than 1 million annually.

http://www.amazon.com/Millionaire-Next-Door-Thomas-Stanley/dp/0671015206

Baconeater
02-25-2007, 12:16 AM
Don't you ever leave the state of Nebraska? I'd imagine just going to a few Chiefs games a year would put you over the top. If you and your wife don't make it to 15K miles a year combined, that means you are driving only on AVERAGE 20 miles a day. You must live close to everywhere you need to go, or you stay home alot.
She only drives a few miles a day to work and back, but she doesn't do much driving other than that. Mine varies a lot depending what part of town I'm working in, but usually I'm within 5 miles of where I live. I imagine living in a smaller city makes a difference.

And yes, I leave the state of Nebraska, but Iowa is only 10 miles away from me. :)

Cochise
02-25-2007, 12:16 AM
I tell you what recxjake, you are like an almanac, you have stats for everything.

87.2% of statistics are made up on the spot.

Baconeater
02-25-2007, 12:18 AM
87.2% of statistics are made up on the spot.
You are 97.3% correct.

StcChief
02-25-2007, 12:20 AM
I disagree.... California is on it's own little world....and when is it going to be seperated from the continental 48 states :p

recxjake
02-25-2007, 12:21 AM
87.2% of statistics are made up on the spot.

Source: Vol. 3, Issue 4, Oct., 2003 Omnistats U.S. Dept. of Transportation, Bureau of Transportation Statistics.

http://www.chevrolet.com/electriccar/

BWillie
02-25-2007, 12:23 AM
87.2% of statistics are made up on the spot.

And 60% of the time, it works everytime.

Rain Man
02-25-2007, 12:28 AM
Why is that so hard to believe? My wife & I don't drive 15K miles a year combined.

My wife and I drive 9,000 miles per year combined, and that's counting a couple of 600 mile road trips per year on business plus all of our driving around town on business. We very seldom drive more than 3 miles on a non-business trip.

whoaskew
02-25-2007, 12:47 AM
"90% of the game is half-mental" - John Madden

Groves
02-25-2007, 11:55 AM
What about the fact that most millionaire's have/own/drive more than one vehicle? Anymore, most non-millionaires do that. These stats don't account for it.

Baby Lee
02-25-2007, 12:05 PM
It depends on what you do.... If you drive under 15,000 miles a year... like I do.. it makes sense. Also you have to find out the residual values off all the available cars and at what rate you are leasing the car at. I'm paying 360 a month for a 35,000 dollar car with 0 down.
7 years 130K miles, I'd get butt raped in a lease.

ChiefsCountry
02-25-2007, 12:07 PM
What, I always learned it was "Got to spend money to make money" :D

On your business ventures, yes, personal life no.

Another saying is pay steak, eat hot dogs.

CoMoChief
02-25-2007, 12:14 PM
If I was a millionaire I wouldnt have some fancy sports car, I would have a really nice Jeep or something. I love Jeeps, wouldnt trade mine for the world right now.

StcChief
02-25-2007, 12:17 PM
What about the fact that most millionaire's have/own/drive more than one vehicle? Anymore, most non-millionaires do that. These stats don't account for it.

The Keep the nice cars in the garage... mileage down. Special occasion
only.

Drive a Buick sedan or something else regularly.

DaneMcCloud
02-25-2007, 01:16 PM
The Keep the nice cars in the garage... mileage down. Special occasion
only.

Drive a Buick sedan or something else regularly.

Maybe in the Midwest but certainly not here in California. I see Ferrari's, Lamborghini's. Bentleys and Maserati's everyday on the road. I have a neighbor (brain surgeon) that has TWO Ferrari's. And that's not to mention the regular sight of Lexus, Mercedes, Jaguars, Range Rovers, etc.

StcChief
02-25-2007, 01:56 PM
Maybe in the Midwest but certainly not here in California. I see Ferrari's, Lamborghini's. Bentleys and Maserati's everyday on the road. I have a neighbor (brain surgeon) that has TWO Ferrari's. And that's not to mention the regular sight of Lexus, Mercedes, Jaguars, Range Rovers, etc.

Iffy roads, weather. tends to keep them in the winter.

They are in the better neighborhoods in STL.

a $ 1 Million dollar house here (on several acres) worth >10x that in CA.

DaneMcCloud
02-25-2007, 02:44 PM
a $ 1 Million dollar house here (on several acres) worth >10x that in CA.

That's for sure, at least in SoCal. I have a 3,300 square foot house on a 5,500 square foot lot. That's very common. Everything's built UP here instead of OUT. There's a 2 acre plot for sale up the street and the owner wants $10 million for it. Crazy.

Cochise
02-25-2007, 03:03 PM
Maybe in the Midwest but certainly not here in California. I see Ferrari's, Lamborghini's. Bentleys and Maserati's everyday on the road. I have a neighbor (brain surgeon) that has TWO Ferrari's. And that's not to mention the regular sight of Lexus, Mercedes, Jaguars, Range Rovers, etc.

I don't doubt it, in the area where you live. Those people are probably worth more than $10 million, but that (a few years ago anyway) constituted only 4% of all people with a net worth of $1 million or more. Or they could be big hat/no cattle. :shrug:

Braincase
02-25-2007, 04:07 PM
Maybe in the Midwest but certainly not here in California. I see Ferrari's, Lamborghini's. Bentleys and Maserati's everyday on the road. I have a neighbor (brain surgeon) that has TWO Ferrari's. And that's not to mention the regular sight of Lexus, Mercedes, Jaguars, Range Rovers, etc.

Would you say that, on average, status symbols and image are more important in California than in other parts of the US?

StcChief
02-25-2007, 05:11 PM
Would you say that, on average, status symbols and image are more important in California than in other parts of the US?
I wasn't gonna say that but....kinda been a known fact for a long time.

dtebbe
02-25-2007, 06:24 PM
So you are reading "The Millionare Next Door", I see.

Great book.

FWIW, I drive a 2004 GMC truck, I paid $18,500 for it.

:)

DT

Jenson71
02-25-2007, 06:27 PM
So you are reading "The Millionare Next Door", I see.

Great book.

FWIW, I drive a 2004 GMC truck, I paid $18,500 for it.

:)

DT

Are you one of the millionaires next door?

burt
02-25-2007, 06:37 PM
FWIW, I have sold NEW cars for 18 years and drive a 1987 Olds. I am NOT a Millionaire.