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What Do Wealthy Investors Drive

I recently joined an online forum of relatively wealthy investors who discuss portfolios, spending, and travel.

One question that someone put a poll up around was “what is your current daily driver”? About 320 people answered – a decent sample size. I answered BMW, since I drive our BMWs more than my Jeep or my wife’s Audi.

I wasn’t surprised to see that brand high on the list, but very surprised to see how Tesla now dominates the luxury car market.

Percent Respondents: 27% Tesla, 13% Toyota, 8% BMW, 5% Mercedes-Benz, 5% Audi, 5% Volvo, 5% Rivian, 4% Porsche, 3% Lexus, 3% Ford, 2% Acura, 2% Land Rover, 1% Chevrolet, 1% Cadillac, 1% Genesis

    I read that Tesla is popular among wealthy buyers because they are often tech-savvy executives, entrepreneurs, and early adopters. They view Tesla as a status symbol of the future (similar to an “iPhone on wheels”).

    Features like over-the-air updates, advanced autopilot/full self-driving capabilities, superior acceleration/performance, and seamless integration of software/hardware appeal strongly to those who prioritize innovation over traditional luxury.

    I would consider getting an EV like Tesla’s Model Y, but I don’t think my wife is very interested. It would work well at our Florida place, but since we split the driving down here, we need something we both feel comfortable with. (Right now we have a BMW X5 that is just over 100K miles).

    Are you surprised how popular Tesla is among these buyers?

    Image: Car & Driver

    9 thoughts on “What Do Wealthy Investors Drive”

    1. I’m not at all surprised. Our condo with 110 units it is likely the most popular vehicle. 8 years ago that would have been an Audi but there are many younger people either in tech or medicine in the building.

      I spoke with a trial tech at court yesterday and he lives in Wisconsin and has an apartment in Minneapolis as much of his work is there or he flies out of MSP. His home is 110 miles from the airport and his new Tesla reports that it is in FSD mode 70% of the time. He notes that range decreased in the cold but nothing to worry about as chargers are convenient. What he likes is asking Grok for his route home which might include a stop at Target for groceries and a charge and it routes him to the most convenient location via voice activated request.

      My 2018 Prius only has 50,000 miles on it. I suspect if I have to buy another car that it will be the last that I own in which most of the driving is done by a human

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      2. The Tesla full self-driving thing sounds amazing. We have some Florida neighbors that drove their Model Y down from Delaware and said they barely touched the wheel the whole way. At one point, the passenger wife said she woke up from dozing off on the highway and noticed her husband was also asleep (at the wheel!). I didn’t even think that was possible at this point, but apparently people are doing it. Some of the videos I see online are amazing too.

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    2. Not surprised. The other advantages like no gas stations and almost no maintenance are also additional benefits. I think my next car will be a Tesla.

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    3. I am not a fan of Tesla’s. Their ride is super stiff and seem to be designed with the newbie handling mistake that a car has to have stiff springs to handle well. BMW’s really figured out that you need good antiroll bars to go around corners.

      The owner of a body shop that I have a good working relationship with tells me horror stories about the high cost to repair a relatively small hit and the difficulty getting replacement parts. He often has to find used parts to get a $100,000 Tesla back on the road in a reasonable time.

      The number one car driven by those featured in the Millionaire Next Door was the Ford F Series pickup truck.

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        1. I have an issue with the article’s definition of Ultra Rich because it is income based at over $500,000. The acronym HENRY as in High Earnings Not Rich Yet AKA all hat, not cattle come to mind. Net worth is a better measure of wealth. The Millionaire Next Door featured high earning doctors who spent everything they made, because they earned it.

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