A recent article in the Chicago Tribune looked at some of the spending habits of millionaires and there was an interesting side-note on the cars they drove.

A recent article in the Chicago Tribune looked at some of the spending habits of millionaires and there was an interesting side-note on the cars they drove.

Eye-opening were the brands most-driven by millionaires over
the last few decades. What do you think it was in 1996? Mercedes? BMW? Lexus? Nope, good ol’ Ford. Now today’s top preferred car brand was, surprisingly or not surprisingly, Toyota. Not even the swanky Lexus division, but just Toyota. Also interesting was the fact that in 1996, 37 percent of millionaires bought a used car, and that 60 to 70 percent of millionaires had never owned a BMW. Why that brand was arbitrarily chosen as an example, I’m not sure. I’m sure the percentage would narrow if you included Lexus, Mercedes, or others.

I try to save what I can, and abstain from lustfully popping for a hot new ride every two years to keep out of car payment purgatory. But I will be the first to admit that if I ever hit the Mega Millions jackpot, there’s no question what I’m going to be parking in the 8-car garage of my newly-acquired McMansion–a Porsche 911 Turbo. Yes, it’s ostentatious and not particularly frugal at northward of $100,000. But it’s been on my wish-list since about kindergarten and, for once–just once–I’d like to indulge that fantasy. Perhaps I may change my mind after receiving the first few $10,000 invoices for service visits, but the Porsche would be my fantasy ride of choice if just for a season.

So what’s an aspiring millionaire car enthusiast to do? That’s something only you can answer.

Would you rather be broke, but having a ball at it? Or perhaps comfortably living with your eight-figure bank account and driving a vehicular appliance? Personally, I’ll take the middle ground and shoot for a Mazdaspeed3 the next go-around, or maybe a Subie STI if I get a fat promotion. There may be virtue in frugality, but there’s no vice if you can have fun doing it.

- Edward A. Sanchez