Amazon founder Jeff Bezos is one of the richest men in the world, with a net worth in the hundreds of billions. What is less known about Bezos, however, is his surprisingly modest car ownership history.
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Even after he made his billions, Bezos kept driving economy cars like his 1997 Honda Accord for many years. Here’s what made his frugal habit a smart money move.
Why Bezos Drove a Honda Accord
In 1999, “60 Minutes” first met with Bezos for an interview with label correspondent Bob Simon. At the time of the interview, Amazon sold books to “web shoppers.” Its corporate headquarters were located on the same Seattle street as a pawn shop and a wig store.
Despite the company’s growing success at the time, nods to frugality were visible throughout the interview. One such example included Bezos’ work desk, which was a door.
Could Bezos afford a fancier desk? Sure, but Bezos said to Simon that the desk was “a symbol of spending money on things that matter to customers and not spending money on things that don’t.”
Later in the interview, Bezos drove Simon around Seattle while a voiceover narration detailed how Bezos left his Wall Street job in 1994 and decided to move west and start selling books online. At that moment, Simon said Bezos was worth somewhere in the vicinity of nine to 10 billion dollars.
So why were they driving a 1997 Honda Accord around town? Bezos laughed and said, “This is a perfectly good car.”
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Why Driving a Honda Accord Is a Smart Choice
More than a decade later, Business Insider reported that Bezos continued to drive his Honda Accord well into 2013, according to a passage from the book “The Everything Store” by Brad Stone.
Many of the world’s richest people are known to embrace certain frugal habits and it’s not uncommon to hear about many opting in for practical vehicles over more luxurious options. GOBankingRates asked Peter Niebling, dealer principal at Redlands Mazda, for his take on Bezos’ choice to continue driving a Honda.
Niebling said it’s admirable for a billionaire to take a down-to-earth approach to his transportation. The choice could also have helped position Bezos as more relatable, especially when compared to other public figures catching flak for their spending habits.
“Rolling in a reliable, modest car gives off a vibe of fiscal responsibility and accessibility,” said Niebling.
From a car expert’s point of view, Niebling said the Honda Accord suits many drivers’ needs. The vehicle is known best for its dependability, excellent gas mileage, comfort and overall value. In particular, Niebling said the Accord doesn’t need much maintenance compared to luxury vehicles, which saves drivers both time and money.
“Driving an Accord, no matter your bank account balance, proves you appreciate value, dependability and efficiency — stuff that matters to all types of car buyers,” he said.
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This article originally appeared on GOBankingRates.com: Why Jeff Bezos Drove a Honda Accord Years After Becoming a Billionaire
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