kckate16 / Shutterstock.com
Millionaires don’t become millionaires by wasting their money unnecessarily, and that goes for cars as much as anything else. That’s one reason why many millionaires drive regular cars and not expensive luxury or sports models.
As GOBankingRates previously reported, a study by Experian Automotive found that 61% of wealthy people with household incomes of more than $250,000 do not drive luxury brands.
In this regard, millionaires don’t necessarily spend more on car maintenance than the average driver. But for millionaires who want to drive an expensive car, maintenance costs are much higher than normal.
An analysis published earlier this year by Consumer Reports examined the most and least expensive car brands to maintain. Among gasoline cars, Buick, Toyota, Ford and Chevrolet models were the least expensive to maintain. The most expensive to maintain were Porsche, Mercedes-Benz and BMW. Consumer Reports found that Porsche models cost an average of $14,090 to maintain over a 10-year period. By comparison, Toyota costs just $4,900.
The figures for Porsche provided by Consumer Reports are in line with estimates from auto experts. Alan Gelfand, owner of German Car Depot in Hollywood, Florida, told GBR that German luxury cars are generally more expensive to maintain than other types of vehicles.
“It will cost you about $1,200 annually to maintain and repair the average Porsche, which is almost 80 percent more than the industry average,” Gelfand said. “To put that into perspective, the average cost to maintain a car nationwide is only about $650 to $800.”
Maintaining a BMW is almost as expensive.
“Depending on the model, expect annual repair costs of about $770 to $1,200,” Gelfand said. “A big reason a BMW is more expensive to maintain is the oil it uses, which makes oil changes surprisingly expensive. For BMWs, it is recommended to use full synthetic oil for better performance and longevity.”
The maintenance habits of millionaires and other luxury car owners largely determine how much they spend on maintaining and repairing their vehicles. Maintaining a luxury vehicle in the $80,000 to $100,000 price range depends on “several key factors,” according to Rich McClellan, owner of Elite Customs, a luxury car custom shop in Franklin, Tennessee.
“Regular maintenance such as oil changes, tire, brake, fluid and filter changes, wheel alignment and windshield wiper blade replacement are essential to ensure vehicle longevity and performance,” McClellan told GBR. “Oil changes can cost anywhere from $100 to $300 depending on the make and model. Costs vary depending on the brand and region where the service is performed.”
Tires for luxury vehicles are a “significant expense,” he added, often costing between $200 and $500 per tire depending on the brand and specifications. High-performance tires, common on luxury cars, “tend to wear out faster,” so they need to be replaced more often.
According to McClellan, other factors contribute to high maintenance costs for luxury vehicles:
- Brake maintenance: The cost of new brake pads typically ranges from $300 to $800 per axle. High-performance braking systems, such as those found in many luxury cars, “may require even more expensive components and specialized labor.”
- liquids: This includes transmission, coolant and brake fluids, which need to be replaced regularly. The cost of these services can range from $200 to $500 per service visit.
- filterThe cost of replacing air, fuel and cabin filters on expensive cars can be up to $150 each.
- Alignments: These are required to maintain proper handling and tire wear and typically cost between $100 and $250.
“Overall, owners of luxury vehicles in this price range should expect annual maintenance costs of $1,000 to $3,000, although higher costs may be incurred depending on the vehicle’s specific needs and driving conditions,” McClellan said. “Investing in a comprehensive maintenance plan or warranty can help reduce some of these costs, give you peace of mind and ensure the vehicle remains in optimal condition.”
More from GOBankingRates
