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EDGEMAN OP
Jun 14, 2026 at 02:59 PM ET
Why The Millionaire Next Door Drives A Used Car
The wealthiest person I know personally drives a 2018 Toyota Camry. He owns three rental properties, has over $2 million in investment accounts, and could buy any car on any lot without blinking. He chooses not to, and his explanation is both simple and profound

14 Replies

Galenahokie Galenahokie
1mo
I drive a 2015 VW Passat diesel with 140,000 miles on it. I will keep it
until they take the keys away from me. For me cars are machinery. The VW will run all day at 80 mph consuming 40 mpg and go 650 miles between fill ups. Our house that we designed ourselves is 40 years old. Our splurge spending is on travel. Our last big purchase was about a million $ spent helping our daughter in law build her own veterinary hospital. We still have several million left. And once you have substantial investments, modest market moves mean big money. A 0.5% day in the market is 25,000 bucks in one day is you have $5M invested. The biggest luxury of having wealth is freedom from worry about money. And we are Ut Prosim Society members.
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EDGEMAN OP
1mo
On the down side, you'll have to pay a lot in taxes on your investments...
...in VA, and that will go up with the proposed tax increases. Just think what you could do with that tax money if you lived in Florida where there is no tax on income, dividends, interest, or capital gains?
Galenahokie Galenahokie
1mo
Almost all my investments are in our retirement accounts, so the taxes are
based on withdrawals. We are of an age where we both must take RMD's and at our level the marginal tax rate is 24% Federal (plus we live in Maryland so they are even more punitive than Va vis a vis state taxes.). We pretty much can live on our RMDs but when we do have need for additional funds, we have a personal line of credit with a local bank at prime 😜. As for moving, we live in a very special place, 10 acres on a tributary of the Chesapeake Bay surrounded by huge mature hardwoods with no other houses visible in any direction during the summer when the leaves are on the trees. We were lucky to fall into it 40 years ago at a price we could afford then and there's no way we're leaving.
MP4VT2004 MP4VT2004
1mo
I drive...
...a Dodge Stratus! In all seriousness, I own a fleet of old vehicles, including several that now qualify as "antique" in Virginia (25+ years old). I refuse to have a car payment ever again. And between doing my own maintenance and posting videos of my repairs on YouTube, I've saved/earned ~$35,000-$40,000 over the past 13 years. ** Edited by MP4VT2004 at 6/14/2026, 10:54:49 PM
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OrlandoHokie
1mo
I drive a 2015 Hyundai Sonata
Bought it about a year ago with 42,000 miles for $6000. Got it from a church friend who had to stop driving due to age. I am content with it. I don’t need a fancy car.
RoswellGAHokie RoswellGAHokie
1mo
Had the same Silverado from 2003 to 2025. Honorably retired it last year
and bought a Honda Ridgeline. Hope to keep that 15 years minimum.
Spudnut Spudnut
1mo
Which is why I drive a 2015 Lexus GX 460
Bought it with 90,000 miles. Now has 155,000. Zero repairs. Just maintenance. Of the 65,000 miles, 40,000 have been reimbursed at an average of $0.65 or $42,250. I paid $22,500 for the vehicle. Even with gas, tires, oil changes, I’m way positive. My first marriage ended because I couldn’t earn enough to keep up with my wife’s spending. Among other reasons. Since then I’ve paid off $48,000 in credit card debt, college tuition for 2 kids, and currently have a net worth around $1.5 million. My amazing wife has done the same, so we are around $3 million combined. With 5 more years of earning until retirement. Sheesh.
chumley chumley
1mo
…4.6 V8 is bullet proof
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EDGEMAN OP
1mo
Unlike the current twin turbo V6.
You get worse fuel economy with the 4.6, but it will last multiple hundred thousands of miles.
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EDGEMAN OP
1mo
Excellent!
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HwoodHokie
1mo
So you’re telling me I should ask for my $75M back?
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Va AandM
1mo
It’s a state of mind. The CEO of the fortune 100 company drove a 12 yr old
Car. I worked the guy in the late 1980s-mid 1990s when he had his ancient Accord as an executive vp until he was promoted to CEO and had full-time security and only limos. It’s not that he’s a skin flint. He’s donated more than $600,000,000 to his undergrad and grad schools. ** Edited by Va AandM at 6/14/2026, 6:03:15 PM
RoswellGAHokie RoswellGAHokie
1mo
Put real money in your 401k, kids.
Hokie CPA Hokie CPA
1mo
The millionaires I know buy a new car once every 5 or 6 years and pay cash.
Although one of them still has a 30 year old pickup truck and another is still driving his 20 year old Lincoln, so it's not like they're pissin it all away.