8 “luxury” items the rich never buy at full price — and how you can do the same

Luxury is a funny word. For some people, it means expensive cars and designer labels. For others, it’s about comfort, quality, and the freedom to choose.

Here’s the twist: the rich often don’t splurge the way you think they do. They’re not out there paying full price just because they can.

In fact, they’ve mastered the art of getting more value for their money—sometimes in surprising ways.

Let’s look at eight “luxury” items wealthy people tend to approach differently.

1. Cars

It’s easy to imagine a millionaire walking into a dealership and driving off in a shiny new Ferrari. But the reality? Most don’t.

As Thomas C. Corley has pointed out, 55% of millionaires buy used cars, and 64% describe their homes as “modest”. That says a lot about priorities.

When I worked in luxury hospitality, I saw this firsthand. Guests would show up in understated Audis or Toyotas, but you’d later find out they owned a dozen businesses. It reminded me that true wealth often prefers discretion over flash.

The lesson? Wealthy people understand that cars lose value the second you drive them off the lot. Buying used—or negotiating heavily for new—means they keep more of their money compounding elsewhere.

2. Homes

A house is often the biggest “luxury” purchase someone makes. And sure, billionaires may own sprawling estates. But among everyday millionaires, the approach is different.

Corley’s research shows most millionaires avoid overbuying when it comes to homes. They focus on livability, not impressing neighbors.

I once toured a friend’s place who’s worth far more than he lets on. From the outside, it was nothing spectacular. But inside, it was filled with warmth, books, art collected from travels—not flashy gold accents. It felt real.

Why? Because overspending on a house is the fastest way to become house-poor. Rich people know their home should serve their life, not drain it.

3. Education

Here’s a tricky one. Education is a luxury in the sense that it opens doors, but the rich don’t blindly throw money at it.

Instead of prestige for prestige’s sake, they look at outcomes. As noted by Pew Research, adults whose parents have college degrees are significantly more likely to graduate from college themselves. Wealthy families understand the compounding effect of smart education choices—but they still shop around for the best value.

That might mean scholarships, negotiating financial aid, or choosing a school for its network rather than its ivy-draped buildings. The investment is in opportunity, not vanity.

4. Fashion

Ever notice how the richest people are often the simplest dressers? Think Steve Jobs in black turtlenecks or Mark Zuckerberg in gray tees.

It’s not that they don’t care. They just don’t pay retail for brand logos. In fact, as noted in reports about consumer behavior, flaunting big logos can sometimes backfire, making brands seem less cool.

In my F&B days, I once poured wine for a table of executives. Every one of them wore understated clothing, no logos in sight. Meanwhile, the guys loudly flashing designer belts at the next table? They were the interns.

The takeaway? The rich value quality fabrics and timeless cuts—but they wait for sales, buy secondhand, or choose bespoke over hype.

5. Travel

Luxury travel doesn’t always mean first-class tickets bought at face value. Rich travelers know how to hack the system.

I’ve met people who fly business class all year without ever paying the sticker price. They use points, loyalty programs, and even credit card perks. They treat travel like a game of chess, planning moves months in advance.

The irony is, while many of us assume first-class is for the careless spenders, it’s often filled with people who played the system smarter than everyone else.

6. Jewelry and watches

When you think of “luxury,” shiny watches and diamonds come to mind. But many wealthy people don’t buy these items brand-new.

Auction houses, estate sales, and private jewelers offer pieces at a fraction of retail—often with more history and character attached.

I remember dining with a guest who wore a vintage Rolex. It looked elegant, but when I asked about it, he laughed: “Got it at an estate sale for less than my nephew’s iPhone.” That stuck with me.

The message? Real value often comes with patience and a good eye, not impulse purchases in glossy boutiques.

7. Food and wine

Here’s where my own background comes in. I spent years watching wealthy diners order food and wine. And guess what? They weren’t always reaching for the most expensive bottle.

I’ve seen people with serious money go for a mid-range Burgundy instead of a flashy Napa Cab because they knew the producer and trusted the vintage. They weren’t trying to impress anyone—they were enjoying the experience.

That’s the lesson for all of us: luxury isn’t in the price tag, but in the quality and intention behind the choice. Learning about food and wine gives you the power to spend wisely, not wastefully.

8. Experiences

Finally, experiences. You’d think the rich would pay whatever it takes for exclusive access. But many know better.

They’ll use connections, off-season timing, or group rates to make experiences more affordable. The wealth is in the experience itself—not the markup.

And here’s where I’ll share something personal. Recently, I was reading Rudá Iandê’s Laughing in the Face of Chaos, and one line hit me:

“When we let go of the need to be perfect, we free ourselves to live fully—embracing the mess, complexity, and richness of a life that's delightfully real.”

That got me thinking about luxury experiences. The richest moments in my own life haven’t been Michelin-starred dinners or five-star hotels. They’ve been messy barbecues with friends, street food in Bangkok, or finding a hidden beach after a long hike. Real experiences don’t always need a platinum card—just a willingness to be present.

The bottom line

The rich aren’t allergic to luxury. They just refuse to overpay for it.

Cars, homes, education, fashion, travel, jewelry, food, experiences—they all matter. But the wealthy know how to separate value from vanity.

And that’s the real lesson here: luxury isn’t about paying full price. It’s about making choices that align with your life, not society’s expectations.

So the next time you feel the pull to “treat yourself,” ask what the rich would do.

Chances are, they’d still indulge—but smartly. And maybe that’s the best definition of luxury of all.