Lewis HowesYour Personal 24/7 Greatness Coach

Why Millionaires Only Buy USED Cars

21 Aug 2025 · 0 min

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This content was created by Lewis Howes. This content was uploaded by Lewis Howes. This is a YouTube video titled "Why Millionaires Only Buy USED Cars" discussing the financial habits of millionaires, particularly their preference for buying used cars to avoid the depreciation and interest costs associated with new cars.

You would think like millionaires, well, they can afford the new car, like they can do it, but they don't. We found millionaires, they drive four year old cars on average and they're all used because they understand that cars are a depreciating asset. And when you compound that with a car payment, you're paying interest on something going down in value, it's about the dumbest thing you can do. And I think it's one of the biggest wealth killers today.