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Most American millionaires choose to drive the same car for one reason
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When someone says the word 'millionaire', your mind might jump to the thoughts of mansions, supercars, and expensive clothes - but it isn't as accurate as you'd think.
You'd think from films and circulated stories that the world's richest gallivant around town in their Lamborghinis, Bugattis, or lavish 4x4s.
However, research indicates that the truth is far more sensible, and for lack of a better word, mundane.
Apparently, wealthy Americans opt for one of the most low-key car manufacturers in production, which is also responsible for the best-selling car of all time.
If you haven't guessed already, the choice for millionaires is Japanese carmaker Toyota.
A viral video of an entrepreneur has resurfaced recently, bringing attention to the subject as he revealed why he owned a Toyota.
Why millionaires opt for a Toyota Camry
The idea of a millionaire choosing a 'simple' car originates from research that was published in the 1996 book The Millionaire Next Door.
Authors Thomas J. Stanley and William D. Danko explored how regular Americans managed to become wealthy.
Unsurprisingly, it found that millionaires avoid spending copious amounts of money on luxury products.
The researchers found that wealthy Americans prioritized investing, saving, and building businesses over spending their money to appear rich or successful.
Instead of splashing out on six-figure Italian sports cars, Toyota sedans and even Ford pickup trucks appeared to be more favorable choices for the rich.
TikTok explains the allure of a cheaper car
Real estate investor and podcaster Brian Luebben posted a video in April, explaining how he had owned a Toyota.
He said that having a cheaper, reliable car early on in his career allowed him to put more funds into investments, allowing his business to grow.
The content creator pointed out that the investments you can make could generate enough money to cover the cost of a nicer car later down the line.
Essentially, you may need to suffer a bit now, building your wealth in the long term so you can enjoy the rewards in the future.
Why do Americans choose ordinary cars?
There's a reason why the Toyota Camry is the most popular sedan in terms of sales across the USA.
For most, it's an affordable, reliable option for transportation, while those who may have more to splash recognize that money spent on an exotic car cannot be used anywhere else.
A car depreciates in value the second it is driven out of the showroom, with many luxury cars costing more, while having higher insurance premiums and maintenance bills.
Cheaper cars still get you from A to B, without demanding the same financial commitment.
If you are a budding entrepreneur, keeping unnecessary costs low is paramount, and it will make all the difference in the long run.
Many people worry about status, but choosing a Toyota doesn't mean that you can't afford a sports car; it means that you'd rather have more to invest instead of driving a faster car that will lose half its value in a couple of years.