Millionaires and their vehicles

[Eleazar]

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]

Ross Perot skews the data big time...

[Bugeater]

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]

Guess Ill have to stick to my ole ford pickup ...

[recxjake]

you don't get rich by spending money

[Jenson71]

Originally Posted by recxjake

you don't get rich by spending money

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

[StcChief]

Originally Posted by recxjake

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.

[Eleazar]

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]

Originally Posted by Cochise

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]

One of my cars would be a Chrysler 300.

[Rain Man]

Where are Nicholas Cage's Lamborghinis?

[Eleazar]

Originally Posted by recxjake

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]

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]

Originally Posted by Cochise

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]

Originally Posted by recxjake

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?