Dave Ramsey Says Millionaires Drive These 10 Cars: Are They Worth the Price?

Ford Mustang Dark Horse Premium

First things first: Who is Dave Ramsey, anyway? He’s just America’s favorite financial guru, New York Times bestselling author, TV Show host, and nationally syndicated radio personality. The man has nearly one million followers on X (formerly Twitter), so when he talks, people listen. Last month, Mr. Ramsey made an X post that particularly reverberated in the automotive world.

The post implied that contrary to common perception, millionaires don’t drive flashy cars. Without going into details about where he got his data, Ramsey made a list of the top ten car brands driven by millionaires, and there was not a Rolls-Royce, Bentley, or Lamborghini represented.

If you live in upper-middle-class neighborhoods where parking lots are dotted with Teslas and Maseratis, you might find Ramsey’s claims a bit too hard to swallow. That’s a debate for another time. Today, we focus on determining if the cars on Ramsey’s list are worth their prices.

Toyota

2024 Toyota Land Cruiser
Image Credit: Toyota.

The first on Dave Ramsey’s list of top ten cars driven by millionaires is none other than the ubiquitous Toyota, easily the most popular automobile brand in the world.

MBASkool placed Toyota second after Volkswagen in its ranking of the top car brands as of 2023. You see, the study based its ranking on revenue, and we know that Volkswagen is a conglomerate of ten brands, from Skoda and Porsche to Lamborghini and Bentley.

If measured by sheer global popularity, Toyota has no equal. So, are Toyota models worth their prices? As the Kelley Blue Book agrees, Toyota sells more cars than any brand you know because they offer unmatched value, both in cost of ownership and resale value.

Honda

2025 Honda CR-V Hybrid.
Image Credit: Honda.

The second car on Dave Ramsey’s list is Honda. At this point, you’re probably thinking, “Why am I not surprised?” If wealth goes hand in hand with intelligence, it’s not surprising to see Honda hot on the heels of Toyota as the preferred brand for successful people.

We can debate about whether being a millionaire automatically denotes success another time. Today, we can agree that Honda automobiles are some of the most practical choices for savvy shoppers, thanks to their proven low-maintenance reputation.

Ford

Ram 1500 Built to Serve Edition 
Image Credit: Ford.

We’re thinking exactly what you’re thinking: Dave Ramsey’s list is too broad, non-specific, ambiguous, even. The discussion would’ve been much hotter and more productive if Mr. Ramsey zeroed in on the specific models preferred by millionaires.

Well, since Ramsey concluded his post with the words, “When people don’t waste money to look wealthy, they have money to actually become wealthy,” it’s safe to assume that the “millionaires” go for the cheapest Fords– Hello, Fiesta, Focus, and Fusion.

Since all three are endangered species (discontinued or soon to be discontinued), the least expensive Ford model in 2024 is either the Maverick truck at around $24,000 or the Escape SUV at around $30,000.

Lexus

Lexus IS 500
Image Credit: Lexus.

Next on Ramsey’s list is Lexus, which, in the context of his post, presents an “Aha, gotcha” moment. If rich people are too money-smart to invest in expensive vehicles, why is Lexus on a supposed list of modest shopping?

Lexus is Toyota’s luxury brand. So, a shopper who wants to spend less should go for the Toyota Camry and pass on its luxury cousin– the Lexus ES.

However, it makes sense that Lexus is on Ramsey’s list because it shares Toyota’s renowned durability and rugged luxury features. Lexus offers some of the most cost-effective luxury models in its class. You never hear Lexus owners say they regret buying the car.

Subaru

2021 Subaru Ascent
Image Credit: Subaru.

Their attractive pricing and impressive long-term value retention couldn’t have been the only reason millionaires prefer Subaru. Perhaps, the rich ones are just as aware of Subaru’s exceptional AWD system as the rest of us geeks and gearheads. For many people who enjoy driving, the brand’s super-sharp AWD technology is enough to seal the deal.

Now that Ramsey has your attention, you want to look at the Subaru Crosstrek. The starting price is less than $25,000, and it is the company’s bestselling model. The Crosstrek sweeten the deal with a fuel-efficient 4-cylinder engine.

BMW

BMW M5
Image Credit: BMW.

Are we still talking about not “wasting money to look wealthy”? We’re not sure what Dave Ramsey or wherever he got his list might be up to here. BMWs don’t come cheap. The cheapest Bimmer in 2024 is the 2-Series Gran Coupe, which comes at around $38,500 to $52,000.

You see, the BMW 2-Series shares the subcompact sedan segment with the $18,000 Mitsubishi Mirage, the $23,000 Hyundai Elantra, and the $18,000 Kia Rio (2023). Apparently, millionaires aren’t so modest, or they wouldn’t bypass the Elantra for the 2-Series. Perhaps, they buy the Bimmer because they want the best in German engineering and technology.

Acura

Acura RDX 2020
Image Credit: Acura.

As the MDX is Acura’s bestselling model, it should be the favorite SUV of the rich and frugal. The MDX is Acura’s golden goose in America as well as the bestselling luxury 2-row SUV, as affirmed by the Consumer Guide Best Buy in the Premium Midsize SUV award.

Starting at around $52,000, the MDX is not exactly the poster child of affordability, not when the 2024 Chevrolet Trailblazer has a $23,100 starting MSRP. According to CarEdge, the average cost of owning an Acura MDX for 5 years is $49,894 versus Chevrolet’s $39,705 five years ownership cost.

Hyundai

red Hyundai Elantra
Image Credit: Hyundai.

We should thank Dave Ramsey and his source-with-no-name for reminding us that Hyundai has one of the lowest maintenance costs in the industry, specifically the Elantra sedan and hatchback. The same applies to the Hyundai Accent.

The average cost of keeping your Elantra on the road for five years is $24,436, according to CarEdge. Compare that to the MDX’s nearly $50,000 5-year ownership cost. It’s not hard to see why the Elantra wins the economy race: It is not as complex or as demanding as Hyundai’s larger or more sophisticated models.

Lincoln

Lincoln Nautilus
Image Credit: Lincoln.

If not looking flashy is the goal, Lincoln can be a rich man’s subtle enjoyment of luxury without drawing too much attention. It ultimately depends on the model. For example, the Cadillac XT5 is a flashier Lincoln MKC competitor and is also more expensive, starting at around $45,000.

The MKC offers the same Lincoln-level luxury at a cheaper starting price of $34,000. Generally, Lincoln returns high ratings for reliability in the premium brand arena. The fuel economy is not as forgiving, though.

Buick

2021 Buick Enclave
Image Credit: Buick.

Buick is the last brand on Dave Ramsey’s list of cars favored by millionaires. Don’t you just wish Buick never stopped making the LaCrosse sedan for the American market? It died in America in 2019 and woke up in China with a facelift.

The 2024 model retails for the Yuan equivalent of roughly $26,000, which should’ve made it one of the most compelling sub-luxury sedans, right there with the now-discontinued Toyota Avalon. That said, the Buick Envista subcompact SUV is the cheapest new Buick at around $24,000, offering a surprising blend of premium looks and pocket-friendly price points.

Dave Ramsey’s Alternate List Of Millionaires’ Cars

Yellow Lamborghini Aventador SVJ in KL City
Image Credit: Car_photographer/Shutterstock.

We created this section you’re about to read because- come on; what’s the point of working hard to make money and you can’t even have nice things? What’s the fun in being afraid of becoming poor when you’re neither poor nor living like a millionaire? We say: if you’re rich, it’s okay to indulge (at least on cool cars).

You don’t have to blow your fortune on expensive cars, but there should be nothing wrong with enjoying the finer things of life in moderation. The cars below are from the same brands on Dave Ramsey’s list. We’re calling it the Dave Ramsey alternate list.

Toyota Century

Toyota Century
Image Credit: Toyota.

When Toyota unveiled the Century in September 2023, the industry couldn’t stop talking about the new Bentley Bentayga rival. Toyota rejected the comparison, saying that the Century is not even an SUV but what they called “Chauffeur-Driven Mobility.

Whatever they call it, the Century is a more affordable alternative to the Bentayga and Rolls-Royce Cullinan, with a similar level of luxury, bells, and whistles. The Century will reportedly cost around $170,000, making it a smart choice for the frugal rich.

Ford Mustang Dark Horse Premium

Ford Mustang Dark Horse Premium
Image Credit: Ford.

Ford is one of the brands on Dave Ramsey’s list of cars millionaires prefer to drive, but he didn’t say which model. That said, the 2024 Mustang Dark Horse is a Ford we heartily recommend to rich gearheads.

Powered by an updated 5.0-liter V8, the Dark Horse boasts 500 horsepower routed to the rear wheels via a 10-speed automatic or a 6-speed (our favorite) manual transmission. Buying one will make you $60,000 poorer, but the Dark Horse gives you a GT350 and GT500 in one package. In our book, that’s worth every penny.

Lexus LM

Lexus LM
Image Credit: Lexus.

The Lexus LM: because every millionaire needs a boardroom or conference hall on wheels. The LM is probably the most luxurious factory minivan money can buy, built on the JDM (Japanese Domestic Market) Toyota Alphard. Don’t take the talk of “conference hall” literally; the LM is 16-ft long, 7-ft wide, and 7-ft tall.

What really makes the LM one for rich people is the super-luxurious, no-expense-spared interior, complete with corporate-jet-style reclining seats in the second row, sophisticated interior ambient lighting, shock-absorbing cabin materials, high-tech Tazuana cockpit, 48-inch LCD split-screen, uber-versatile seating configuration, rear climate concierge, and so much more. The LM’s pricing isn’t official yet, but we know that the model sold in China goes for the equivalent of around $203,000.

Philip Uwaoma
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