A quick search of “spending habits of the rich” will yield the usual pieces of advice, like the wealthy stick to their financial and retirement plans , spend money to make money or generate passive income, learn from their mistakes, ride out market fluctuations better by protecting themselves from market volatility and avoid frivolous purchases.
The richest households are significant savers, keeping the majority of their gross income and investing money rather than spending it on status symbols that depreciate in value. When it comes to buying vehicles, they spend money in the right way. They don’t “drive rich.”
More than a decade ago, Forbes’ Joann Muller sought to find out if rich people preferred different, or more expensive, cars than the average American. Using data provided by Experian Automotive, Muller predictably found the top four choices for people who earned more than $250,000 were luxury models: the Mercedes-Benz E-Class, the Lexus RX 350 and the BMW 5 Series and 3 Series.
What was unanticipated were the rest of the top 10: “Three Hondas, a Toyota, an Acura and a Volkswagen.” A full 61% of high-earning households surveyed stated they don’t own luxury brand cars. It seems that the majority of wealthy people neither overspend on expensive short-term satisfiers, like Rolls-Royce Droptails or Bugatti Mistrals , nor cheap out on used Mitsubishi Mirages .
Eight Car Brands That Are Preferred By The Wealthy
1. Honda
Famously driven by Jeff Bezos (an Accord) and Mark Zuckerberg (a Fit), Hondas are a top choice for billionaires wanting to be inconspicuous while driving around town. But there’s many reasons why wealthy Americans love Honda. They rarely break down, are inexpensive to repair and last a minimum of 200,000 miles, making them a savings winner over the years. They’re also value-packed, safe and look good inside and out.
Popular financial advisors like Dave Ramsey and Suze Orman have been preaching to listeners about not spending a truckload on a truck (or car). Many luxury brands have praiseworthy motorsports family trees, including BMW. Now, that world is dominated by the Ferraris, Lamborghinis and McLarens of the world, and BMW has a range of vehicles that fit any budget — all of which feature luxury interiors, athletic handling and the latest in tech.
3. Lexus
Lexus is sometimes referred to as a premium, rather than a luxury, brand thanks to its cars’ attractive prices (the LS and LC sedans, the LX SUV and the forthcoming 2025 supercar are the only Lexus models that retail for over $80k). Considered by many to be the first luxury crossover SUV, the RX 350 has the durability and great resale value of many of its parent company’s (Toyota) cars, and was one of the most popular choices for those whose income was $250,000 and above, per Experian.
4. Toyota
The universally beloved brand is a hit with billionaires. Larry Page and Sergey Brin — Google co-founders and the seventh and ninth richest people in the world, respectively — have driven eco-friendly Priuses. Toyota produces luxury cars that are among the most reliable in the world. They’re cost-effective options that hold their value over time.
5. Audi
With prices going up on all cars now — and even some economy brands making “luxury” models — the lines have become blurred for those looking for an indulgent ride. Audi has always projected an aire of wealth, but is viewed by many as a more affordable choice. This is possibly because it makes models for every class, from compact sedans to SUVs to sports cars. Zara founder Amancio Ortega, whose net worth sits at $118.6 billion today, drives a black A8 base model.
6. Ford
Not only has the F-150 been the best-selling vehicle in the U.S. for 47 years, it’s popular with Americans with incomes above 200,000. Back in 2016, consumer-research firm MaritzCX found that people earning $200,000 or more chose Ford’s flagship truck more than any other brand. Those earning $300,000 and $400,000 spent more on cars and bought more Lexus RX 350s and Tesla Model Ss. But those that made in excess of $500,000 bought more F-150s than any other vehicle. Speaking to Quartz about wealthy drivers, MaritzCX’s senior director of automotive research — Shawn St. Clair — said, “Many of them look at transportation as a commodity… They’re not necessarily interested in the glamour.”
7. Cadillac
Cadillac has been making luxury, reliable (some say stodgy) vehicles for more than 120 years, and while consumers increasingly want SUVs, there’s still a place for the storied American brand in today’s market. There’s a place for it in Warren Buffett’s garage, too. As HotCars noted, the Oracle of Omaha has driven — or has been driven in — unassuming XTS and DTS models forever, and won’t change anytime soon.
8. Hyundai
When Ramsey listed the top 10 car brands driven by millionaires on a 2022 Facebook (now X) post , Hyundai was No. 8. Hyundais have upped the ante on design in recent years, producing cars with plenty of amenities that look more expensive than their sticker prices.
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