In my five-year study of the habits of the wealthy, I examined the habits of 233 wealthy people and 128 poor people. I asked each of them 144 questions on every aspect of their life, which amounts to 51,984 questions. Thanks to my study, I learned some interesting things in regards to the wealthy that I had never known or read before.
One of those interesting things was the indisputable fact that 92% of self-made millionaires said they do not drive a luxury automotive. I just assumed that the majority wealthy people own luxury cars, in order that surprised me.
Another data point that surprised me was that 97% of the self-made millionaires in my study didn’t lease their cars. Instead, they bought just about all of their cars and kept them in great condition in order that they might drive them for ten years or more. These millionaires only replaced their automotive when either the transmission or the engine needed replacing.
And one other interesting fact: 55% of the self-made millionaires in my study only bought used cars. These were often latest cars on a two- or three-year lease.
From my study, I learned that the majority self-made millionaires view the automotive as a tool to get from A to B. They haven’t any interest or must impress others with a luxury automotive.
Before I started my study of the habits of wealthy people, I drove a Mazda RX7 sports automotive, a Jaguar, a Lincoln Continental, and even leased a Mercedes. Nice cars!
The data from my study made me think long and hard in regards to the cars I’ll drive in the longer term.
In 2013, I purchased a brand new Hyundai Elantra. It cost me about $26,000 on the time. I made a decision to pay $500 a month with the goal of paying off my automotive loan inside 4 years, which I did.
When I purchased the automotive, I desired to do what a lot of the millionaires in my study did and drive it until the transmission or engine needed to get replaced.
Like my fellow self-made millionaires, I even have taken meticulous care of my Elantra. I even have driven this automotive for 11 years now and have put 197,000 miles on it on the time of writing. This yr I even have set a goal to drive my automotive 250,000 miles or more.
I feel my self-made millionaires could be pleased with me.
