Top 10 Cars Millionaires Drive [not what you think]

Most “regular” millionaires don’t drive supercars like Ferraris, Porches, Tesla and other performance cars.

What they do drive are

  • regular cars like Volvo, Toyota and Buick
  • 4- or 5-year old used but reliable cars

Why?

The real question back is…why not?

Firstly, when you buy a new car, the value of the car depreciates 10-20% every year.

That could mean that by year 4, your car can be worth only 20% of what you paid for it the first time (80% capital loss or depreciation). So buying a car that is 4- or 5-year old, that could mean a 60-80%+ discount. Of course the used car needs to be reliable.

So instead of paying $100K for a brand new car, you may end up paying $20K for a 5-year old version of the same car.

Secondly, buying a reliable used car that is 80% discounted means that you can pay it off one-off or take a much smaller vehicle loan.

This means that you either pay zero or very minimal in car interest loan which translates to another layer of cost savings, like a powerful well-time 1-2 from a trained boxer.

Where does this lead you?

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End up with more cash to invest

If you save up to 80% on the car price as well as interest on the loan, this allows you to invest more into investments that can appreciate in value as well as pay you a monthly or quarterly income. It’s a positive growth loop.

Conversely, the person who pays in full for a new car, takes a bigger car loan, and repeats it every 5 or so years – how much dividends and capital gains they can miss out? A LOT. This is exactly why

  • some get richer and the rich get richer* vs
  • middle class/poor get poorer

Simply by the consistent actions and decisions they make. Look, I dont want that to happen to you. I want you to be the one that can invest more and more into assets that make more money for you like the scenario in the asterisk*.

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