If you want to be happy in retirement, consider ditching your BMW.
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Certified financial planner Wes Moss has surveyed over 1,300 retirees in 46 states about everything from their assets to their happiness and the cars in their driveways.
He found that when it comes to luxury cars, the most common pick among unhappy retirees is the BMW.
He suspects that BMW owners are "still competing. They buy the 'Ultimate Driving Machine' because they're looking for a distraction — a high-end status symbol to make them feel better about themselves," he writes. "But in purchasing a car, they have opted, either knowingly or unknowingly, to add an additional financial burden to their lives."
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On the other hand, the happiest retirees in comparably luxurious cars are driving Lexuses — and in a five-year price comparison, Moss and his team found that owning a Lexus costs 16% less than a BMW. Happy retirees, he found, bought their cars for "comfort" and "cushion."
In his book, Moss also lists the non-luxury cars that tend to pair up with happy and unhappy retirees, from Nissan and Subaru (happy) to Chrysler and Dodge (unhappy).
As Moss says, driving a particular car won't magically boost or tank your happiness level ... but the findings seem like more than a coincidence.
Libby Kane, CFEI, is the Executive Editor for Personal Finance Insider, Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money Insider readers already know and love. She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council.Previously at Business Insider, she oversaw teams including Strategy, Careers, and Executive Life.Her team at Insider has tackled projects including:• Women of Means, a series about women taking control of their finances• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, "Editorial Campaign of the Year," 2021)• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money• Master Your Money, a year-long guide for millennials on how to take control of their finances (first runner up, Drum Award, "Best Use of Social Media," 2022)• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, "Best Multi-Platform Package or Series – Real Estate," 2022)Personal Finance Insider also rates, explains, and recommends financial products and services.Outside of personal finance, she's written about everything from why Chinese children are so good at math to the business of dogs to hard truths about adulthood.In September 2016, she helped launch Business Insider Netherlands in Amsterdam. She also spent three years as a member of the Insider Committee, a cross-team focus group working on making Business Insider an even better place to work.She's always interested in research, charts, and people: new and interesting research, compelling charts and other visuals, and people who are willing to share the details of their impressive financial accomplishments and strategies.Before joining the company in March 2014, she was the associate editor at LearnVest, covering personal and behavioral finance.If you have something to share, please reach out to lkane@businessinsider.com.
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