If I Had a Million Dollars, I'd Buy a Toyota?

If I Had a Million Dollars, I'd Buy a Toyota?
"The Millionaire Next Door," a book that dashed our notions about who America's millionaires really are and how they spend their money, marked its 10th anniversary recently, and nobody noticed. No party. No 10th-anniversary edition. Nothing.

That's shocking for a runaway book that sold out its first printing in three days, held a spot on The New York Times' best-seller list for more than three years and is hailed as a staple for any personal finance book collection.

The book by Thomas J. Stanley and William D. Danko, subtitled "The Surprising Secrets of America's Wealthy," was published Oct. 25, 1996. But the striking and profound findings revealed in that book a decade ago are as true today as they were then--especially when it comes to spending money.

The No. 1 make of car owned by millionaires in 1996 was Ford. Today, it's Toyota, according to Stanley's new study. Luxury brands do not top the list, and many millionaires, 37 percent in 1996, bought used cars.

"There's certainly something about buying used cars," Stanley said. "Today, they're a little more likely to buy new cars. But what they'll do is buy a $22,000 Toyota and keep it a long time."

"What's interesting about spending is that everybody thinks all the millionaires in America have BMWs. Even among the highest income levels, about 60 or 70 percent have never owned a BMW," he said. "I think BMW is a great car. I'm a car guy. But I won't buy one because there is a relationship between wealth and how much people spend for cars. There's no doubt about it. It's a significant relationship."





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OnyxOnyx - 12/20/2006 11:15:43 AM
+8 Boost
How timely.... a Toyota vs BMW thread, except this time with a socioeconomic twist.

These types of posts are getting about as common as panty-less tabloid pictures of Paris Hilton exiting her SLR Benz.


Loki123Loki123 - 12/20/2006 11:17:36 AM
+2 Boost
009,

I totally agree with you - and the article makes perfect sense. This is why the rich are on top and this is exactly why the middle-class struggle.

The middle-class want have the "appearance" of wealth and usually live beyond their means and purchase vehicles way beyond their pay-grade. Whereas, the rich don't see why it's necessary to flaunt ones wealth - and they just can't justify spending over $70k on a depretiating asset such as a car.

I've read the forementioned book and so have many people but nobody says "wow, that guy down the street has a toyota, he must be rolling in cash".


Agent009Agent009 - 12/20/2006 11:42:05 AM
+2 Boost
These people are rich for a reason. Proper cash management.


07mcs07mcs - 12/20/2006 3:31:09 PM
+1 Boost
Ther is a little of both, I know a very rich Property Owner that drives and old Chevy Van. I also know a very rich Malaysian Family, in the top 5 of the country, that have a collection of Expensive cars like Ferrari, Rolls, etc.


IamEvilHomerIamEvilHomer - 12/20/2006 11:42:57 AM
-4 Boost
if you sell more cars then more millionares will be part of the mix.



G35LoverG35Lover - 12/20/2006 11:49:09 AM
0 Boost
WOW, great article. So who is actually buying those BMW?



kasarkasar - 12/20/2006 12:14:11 PM
+1 Boost
What's the definition of a millionaire? Someone that has a million dollars worth of assets? I think you'll find that the majority of that is taken up by the price of a house, which is skyrocketing these days.

If you take in to account the people that have a million dollars in liquid funds, I think you'd find the results quite different.


Loki123Loki123 - 12/20/2006 2:59:22 PM
0 Boost
Wilco,

I'm a Canadian myself, just out of curiosity which family are you talking about when you say "THE" largest Canadian company? Are you talking Thompson family, Weston family, Bronfman family? If it's too personal - don't worry about it. It just struck an accord with me too since I grew up with some of the richest, most influencial kids in the Ottawa scene.


07mcs07mcs - 12/20/2006 3:43:40 PM
+1 Boost
Depends on where you live. In my country houses can cost less than $50K


S4cabriofoxoneS4cabriofoxone - 12/22/2006 12:36:13 AM
-1 Boost
I probably wouldn't want to live in Switzerland, actually.

I was there for a niece's wedding- her mother (my sister in-law) thinks she's Swiss and speaks French obnoxiously, but is purely American. Her ex-husband is French, however, which is (I think) how she got the notion of being European.

I went there after being in Italy for a week, simply to vacation with my wife. It was convenient. Switzerland was nice, but not anywhere near as beautiful or distinctive as Italy.

I'm quite happy where I am, thanks.


S4cabriofoxoneS4cabriofoxone - 12/22/2006 12:44:01 AM
+1 Boost
Hah, I guess it's all the rage in Chicago. I know a man whose assets are worth more than those of Donald Trump. He is not "new money" by any means; he's a seasoned real estate mogul. He does not live so modestly. Vehicles of his, that I've seen, as well as his home:

•One of the first Mercedes-Benz SL500 hardtops sold

•Mercedes S500 stretch limousine

•Twenty-passenger private jet- he's generous enough to lend the jet to his daughter and her family when they go on vacation, and even a few select family friends

•LR Range Rover Supercharged with custom interior colors

•I'm sure there are quite a few others. Besides a vacation mansion in Aspen, he owns a massive apartment at the top of the 900 building (in Chicago)- which he owns, and houses a Four Seasons Hotel, as well as ownership of the Water Tower Place in downtown area. There's plenty more around the country.

He's quite an extravagant fellow, but he doesn't seem to be losing much money!


RupertRupert - 12/20/2006 3:57:30 PM
+2 Boost
my (very very very rich) best friend has a 760, a cls500 and a toyota previa, and a 1994 renault clio for the daughter to learn to drive in.
but other very rich friends have 1990 previa and an ml270cdi.
and 2 of my friends fathers just got DB9 volantes...
but what is a millionaire? in assets, my family is worth well over a million dollars (over a million pounds at least, so probs close to $2 million), partially due to very high house prices. but we buy used cars because we can't afford new ones! a 1999 740, a 1997 323 convertible and a 1992 range rover!
however the 323 will probably be going after christmas sometime for a 2000-ish 330 or a clk320.


WazzWazz - 12/20/2006 4:52:08 PM
+3 Boost
It's not about where you live or the culture you were brought up with, some people just don't want to flaunt their cash with big flashy sports cars and massive mansions and I think that's a good thing (obviously to a certain extent) to not have so much pride.


watisthatwatisthat - 12/20/2006 12:51:47 PM
+4 Boost
Not everyone is a car freak.....so they buy something that they could drive.


Loki123Loki123 - 12/20/2006 2:59:54 PM
0 Boost
Wilco,

I'm a Canadian myself, just out of curiosity which family are you talking about when you say "THE" largest Canadian company? Are you talking Thompson family, Weston family, Bronfman family? If it's too personal - don't worry about it. It just struck an accord with me too since I grew up with some of the richest, most influencial kids in the Ottawa scene.


chewychewy - 12/20/2006 3:33:51 PM
-2 Boost
Who cares, every single publication makes a giant story of how some millionares drive every day ordinary cars. Well they are lame millionares, I bet they live in trailer parks as well and give out 100% of their money to charaties. What excellent people. Who cares? I don't.


Designer1Designer1 - 12/20/2006 9:41:31 PM
+1 Boost
In short I think Toyota should change their marketing slogan to, Toyota For Everyon! ;-)


Designer1Designer1 - 12/20/2006 9:42:09 PM
+1 Boost
sorry typo, Toyota for Everyone!


truckmentruckmen - 12/21/2006 5:52:40 AM
-1 Boost
If I were a millionare I would make my own 4x4!It apears nobody can get it right.If I were being economical I would get the Camry.


ElSparquitoElSparquito - 12/21/2006 2:07:59 PM
+2 Boost
What's wrong with owning a Toyota and being wealthy? Since when does a car define your net worth or even who you are?

Case in point:
I drive a '91 Acura Integra as a commuter car. It has dents/dings and over 220k mi on the odo. It runs like a champ, doesn't require much maintenance, gets decent fuel economy and I only pay $30/yr for car tax. Sure, I can afford a new car, but why?

Don't get me wrong - I love cars, but not everybody needs to have the biggest or baddest car on the block. Save that s#!t for the Joneses.


matt635matt635 - 12/21/2006 2:25:30 PM
+2 Boost
It's all a matter of perspective... so, some rich people dont give a damn about cars... they might go out and spend a few grand on a watch, or a nice big house, or hey might holiday in the south of France - to me those things are a waste. If I was a millionaire I would spend ALOT of money on cars.

I have a list of 97 cars I'd buy if I had the money... currentley I have only been able to tick one offthe list!

The richest person I know drives a range rover, but he spends a lot of money buying old race cars.


t_bonet_bone - 12/21/2006 7:43:15 PM
+1 Boost
Just goes to show that all the money in the world can't buy you common sense or good taste. I'd content that a multi-millionaire driving a Toyota is deliberately making a statement--the statement is that they are a penny-pinching jerk who you don't want to get involved with.
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