Steve Young is still driving a 2011 minivan – which is why even millionaires avoid glitz-like cars
According to Spotac, Legend 49ers quarterback Steve Young won nearly $49 million in football, but you would never guess the 2011 Toyota Sienna he drove.
In a recent interview with journalist Graham Bensinger, two NFL MVP admitted he could easily afford an alternative to the car, which has 132,000 miles on it. However, he was reluctant to let go due to his father’s advice and he always told him to “get the most out of it.” Moreover, he is not the only young family member who is emotionally attached to the vehicle.
“This is a car where kids grow up,” he told Bensinger. “My youngest Lyra-that seat with a camera is a seat that she wouldn’t give up. It was the seat she had for her life… She was like, “No, I love this car [and] How it smells. ‘”
Surprisingly, multimillionaires aren’t as unusual as some might think.
Contrary to the normal stereotype, most wealthy people are not driving in gorgeous Ferraris and bright orange Lamborghini. A 2022 study by Toyota, Ford and Honda found that the top car brands that earn more than $250,000 are Toyota, Ford and Honda.
Even billionaires choose relatively inconspicuous cars. Warren Buffett reportedly drove the Cadillac XTS – no Bugatti for Omaha’s Oracle.
In other words, most wealthy people who can squander luxury cars just choose not to choose. Meanwhile, many average consumers are extending their budgets to their limits. A recent survey by CDK Global found that 57% of car buyers said they were at their highest point in their budget, while 7% exceeded their budget.
The pressure on consumers is also reflected in the automatic loan data. According to Experian, every 24 car loan drivers pay more than $1,000 per month, a ratio nearly tripled since 2020, according to Experian.
For many, family cars are becoming a major financial burden. This is how you can avoid the development of the car loan crisis.
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