Mercedes. BMW. Lexus. You’re right if you think the rich like to drive these luxury cars. But surprisingly, a high number of millionaires favor used and cheaper cars over new and high-end automobiles.

According to a study done by researchers at Experian Automotive, 61 percent of wealthy people drive Hondas, Toyotas, and Fords.

In 2022, it takes a net worth of $2.2 million to be considered “wealthy” in the U.S., according to financial services company Charles Schwab’s annual Modern Wealth Survey. And as of May 2022, there are 20.27 million millionaires in the country. 

The top 10 cars for $250,000-plus households include the Mercedes E-class, the Lexus RX 350, and the BMW 5 series and 3 series. After that, the list is rounded out with three Hondas, a Toyota, an Acura, and a Volkswagen, Motor Biscuit reported. Yes, Honda and Toyota.

Besides buying more practical cars, millionaires also seem to like to cut costs and buy used cars. According to the 2010 book, “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko, “nearly 37 percent” of millionaires bought used cars. The book also noted that only 23.5 percent of millionaires drive the current year’s model. A survey done by the book’s authors found that only 11.3 percent [about 1 in 9] leased their most recently acquired vehicle.

While these numbers may be more than two decades old, it is still true that millionaires tend to be frugal. 

According to Faron Daugs, certified financial planner, founder, and CEO at Harrison Wallace Financial Group, wealthy people like to make smart financial moves– that this means not wasting money on new cars. Daugs told CNBC that millennials would purchase a certified pre-owned car versus buying a brand new one.

As an asset, unless the car is a classic, cars lose their value fast. Cars lose the most value in the first year, and depreciation continues for about five years, The Lending Tree reverted. In the first year, a car can lose up to 20 percent of its value. Over the course of the first five years, the value drops to around 40 percent from the original price. 

These stats would make a new high-end car not such a great deal.

Photo: Dallas Cowboys running back Alfred Morris with his 1991 Mazda back in 2012 when he played for the Washington Redskins.The Washington Post / Getty Images