Charles Barkley, zengin olduğunda 3 veya 4 lüks arabaya sahip olduğu için "aptal" olduğunu söyledi

Charles Barkley says he was an 'idiot' for owning 3 or 4 luxury cars when he got rich

Moneywise

Fri, August 28, 2026 at 12:45 PM GMT+3 6 min read

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Former NBA star Charles Barkley shared in a podcast interview that it took a reality check from his mentor, Dr. J, to help him learn some financial wisdom.

"I first was an idiot when I got my money," the 61-year-old said. "I had like three or four cars...Dr.J says, 'How many of those cars can you drive at the same time?'" Barkley recalls. "'Why you got four? This money got to last you the rest of your life.'" (1)

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This shifted his perspective on money and cars forever. Here's why abandoning the car obsession could change the lives of ordinary Americans, too.

National obsession with cars

It's not just celebrities and professional athletes splurging on automobiles. The average American family owns more cars, spends more on them, and drives further than their counterparts in the rest of the developed world.

In 2022, there were 860 cars for every 1,000 people in the US. By comparison, there were 677 in Canada and 627 in Germany. Most US households (91.7%) had at least one vehicle, and 22.1% of households had three or more vehicles, according to the Department of Transportation (2). The average American commutes 41 miles a day, much more than the average of 18 miles in the EU (3).

Additionally, American drivers spend 96 billion hours behind the wheel each year (4). It's no surprise that, along with the cars themselves, gasoline is one of the biggest recurring household expenses in the US.

In addition to this, our car obsession is costlier than you may think. Data from Experian found in the first quarter of 2026, the average auto loan for a new car was $43,925, with a 6.39% interest rate and monthly payments of $770 (5).

Simply put, families can save a lot of money by opting for cheaper cars, using public transport, or sharing.

That was Dr. J's recommendation to Barkley as well. He said, "Son, don't waste your money on cars. Everyone knows who you are. If you bought a car for $70,000 or $80,000, instead of $300,000, you would've had $200,000 more in the bank, and it would have been growing and growing."

Lower auto costs

Downgrading and trading in your car for something cheaper is usually the quickest way to lower your auto costs. Ideally, buying a used car for less than market price in cash allows you to avoid the auto loan and associated expenses.

However, if this option doesn't appeal to you, there are other ways to reduce vehicle expenses. Switching to an electric vehicle (EV) can save you about $1,396 to $1,479 annually in fuel and maintenance costs, according to nonprofit Coltura, analyzed by the Electric Vehicle Association (6). Switching to a pay-per-mile policy and keeping an eye on auto loan rates and refinancing when they drop can also help. For example, the average rate on new auto loans dropped from 6.98% in December 2023 to 6.11% in September 2024, according to the Federal Reserve (7).

LendingTree Auto Finance offers a simple and efficient way to lower your car costs by letting you compare loan offers side-by-side from various lenders.

By refinancing your existing car loan through LendingTree, you can secure a lower interest rate, which can lead to significant savings over the life of your loan.

This means more money stays in your pocket while you pay off your vehicle faster. You can get auto loan offers from up to five lenders in minutes.

Perhaps the most effective way to save money is by using a comparison platform like Insurify.

With Insurify, you caninstantly view quotes from top-rated providers to ensure you aren't paying a hidden 'loyalty tax' to your current insurer.

Just answer a few basic questions, and Insurify will show you the most affordable deals in as little as 3 minutes.

Not only is the process 100% free, but you could also save up to 15% by bundling your car and home insurance.

Save more at the gas pump

According to the Bureau of Labor Statistics, American households spent about $204 on gas per month in 2023 — adding up to $2,449 annually (8).

Turning that spending into a extra savings is one way you can save yourself some money at the gas pump and beyond. Acorns makes it easy for anyone, even beginners, to grow their wealth by automatically investing spare change from everyday purchases.

Signing up for Acorns takes just minutes. Link your cards, and Acorns will round up each purchase to the nearest dollar, investing the difference — your spare change — into a diversified portfolio.

For those seeking a more customized experience, Acorns Gold allows for a mix of automated investments and individual stock selection, giving you the flexibility to tailor your strategy.

With Acorns, you can invest in a diversified portfolio with as little as $5 — and, if you sign up today, Acorns will add a $20 bonus to help you begin your investment journey.

Charles Barkley, zengin olduğunda 3 veya 4 lüks arabaya sahip olduğu için "aptal" olduğunu söyledi

Must Read

National obsession with cars

Lower auto costs

Save more at the gas pump

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