Trading in a banger for a shiny new car is always exciting. But it's hard to top Warren Buffett, whose upgrade saga involved a frontwoman, a free hat, a $122,000 charity auction, a police stop, and GM CEO Mary Barra.
Buffett, who's driven a Cadillac for decades, only decided to replace his 2006 model after Barra visited him in his hometown of Omaha in May 2014.
The investor's Berkshire Hathaway had invested in GM in 2012. The conglomerate went on to build a 5% stake worth over $4 billion at its peak, but exited the position in the third quarter of 2023.
Barra told Buffett about all the new features he could get in a new car, and the investor was sold.
A Cadillac and a matching hat
The Berkshire CEO dispatched his daughter, Susie Buffett, to scope out a local Cadillac dealer. The saleswoman didn't know the car was for Warren Buffett until after the sale was made.
After enquiring about the driver's habits and lifestyle, the saleswoman steered her toward buying the roomier XTS, instead of the CTS that Barra had recommended. GM shared the story on its now-defunct FastLane blog; an archived copy can be accessed via the Wayback Machine here.
The auto giant also published a blog post sharing the point of view of the saleswoman, Madison Willers. She'd assumed Buffett's daughter was a secret shopper there to test her product knowledge, and was thrilled when she returned and revealed her father was the mystery buyer.
"Mr. Buffett requested that I personally deliver his XTS so that he could say hello after all the time that had passed," she continued.
Willers said she was "thrilled and humbled" that Buffett remembered her, and she'd "always been impressed by his kindness and humility."
When Willers dropped off the car, she brought a Cadillac hat to give the billionaire.
"He seemed just as excited about the hat as he was about the car, and I think that tells you all that you need to know about his personality," she joked.
Buffett's thank you letter
Buffett was so pleased by the whole experience that he penned a letter to Barra praising Willers for doing a "terrific job." He included a photo of him and Willers standing next to his new vehicle.
"Susie said that her dad's 'car-guy friend' (that's you) said he should buy a CTS, but Madison, then 23, said the XTS would be more appropriate," Buffett wrote to Barra.
"I think that reflects an evaluation on her part that from Susie's description I must be hopelessly over-the-hill (a unanimous view among my family.)"
"So I can now offer you a ride in a 2014 Cadillac the next time you visit," he added.
Saved by a signature
Buffett gifted his old Caddy to Girls Inc. of Omaha, one of his favorite charities. He autographed the vehicle, and Girls Inc. auctioned it off in February 2015. The winning bid exceeded $122,000, more than 10 times the car's market value.
The investing icon told the story at Berkshire's annual shareholder meeting in 2017. He revealed the auction winner traveled to Omaha to collect the car and the keys from him, then started driving back to New York without license plates.
He was pulled over by the police in Illinois, and tried to explain the situation, Buffett recalled.
"And the cops were quite skeptical," he said. "But fortunately, I'd signed the dashboard for him as part of the deal, so they looked at that. And then they just said, 'Well, did he give you any stock tips?' And they let him go."
Buffett described the car's new owner as a "very nice guy."
"And, you know, his check cleared," he quipped. "So we were fine."
FAQs
Buffett, who's driven a Cadillac for decades, only decided to replace his 2006 model after Barra visited him in his hometown of Omaha in May 2014. The investor's Berkshire Hathaway had invested in GM in 2012.
How did Warren Buffett get rich? ›
His fortune is largely tied to his investment company.
The vast majority of Buffett's net worth is tied to Berkshire Hathaway, his publicly traded conglomerate that owns businesses like Geico and See's Candies and holds multibillion-dollar stakes in companies like Apple and Coca-Cola.
How much money does Warren Buffett have? ›
What year is Warren Buffett Cadillac? ›
After driving his 2001 Lincoln Town Car for a decade, Buffett auctioned it off for charity and replaced it with a 2006 Cadillac DTS. He drove that car for eight years, until replacing it with his current 2014 Cadillac XTS.
What car do most millionaires drive? ›
The top 10 car brands driven by millionaires, according to a Ramsey post on X (formerly Twitter) are:
- Toyota. The average price for a Toyota went up to $38,198 in the automaker's second quarter of its 2024 fiscal year, according to Carsdirect, citing Cox Automotive data.
- Honda. ...
- Ford. ...
- Lexus. ...
- Subaru. ...
- BMW. ...
- Acura. ...
- Hyundai.
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- Warren Buffett. According to Bloomberg, Warren Buffett is the 6th richest man in the world. ...
- Carlos Slim Helú Next, meet Carlos Slim Helú. ...
- Jim Walton. Step into the world of Jim Walton. ...
- Azim Premji. ...
- Charlie Ergen. ...
- Takeaway.
Yes, Warren Buffett still lives in the house he bought in 1958. The home, located in Omaha, Nebraska, has been his residence for over sixty years. Buffett is known to be frugal, and despite having a net worth of billions of dollars, he refuses to upgrade from his humble abode.
Did Warren Buffett grow up rich or poor? ›
The son of Howard Homan Buffett, financier and politician, and Leila Buffett, his early life was marked by poverty resulting from the Financial Crash of 1929. Although it sounds like something that many children pursue, living in poverty for the first six years of his life made Warren's decision to become wealthy.
Who did Warren Buffett leave his money to? ›
Buffett, who is the eighth richest man on the planet, with an estimated net worth of $136 billion, according to the Bloomberg Billionaires Index, explained in his letter that 99% of his wealth will go to philanthropy during his lifetime or at death.
What happened to Warren Buffett's wife? ›
Susan died at the age of 72 after suffering a cerebral hemorrhage during the summer of 2004 in Cody, Wyoming. Bono performed "Forever Young" and "All I Want Is You" at her funeral. Warren was so grief-stricken that he did not attend.
Warren Buffett Has Sold His Paramount Stock: “We Sold it All, and We Lost Quite a Bit of Money”
What is Warren Buffett most famous for? ›
Warren Edward Buffett (/ˈbʌfɪt/ BUF-it; born August 30, 1930) is an American businessman, investor, and philanthropist who currently serves as the co-founder, chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world.
What car does Mark Zuckerberg drive? ›
Mark Zuckerberg
He's been seen in a black Acura TSX, a Volkswagen Golf GTI hatchback, and a Honda Fit — all of which are valued at or under $30,000 — and recently posted a photo on Instagram of two refurbished Ford Broncos, captioned "his and hers."
What car does Jeff Bezos drive? ›
Bezos also owns a car collection reportedly worth around $20 million. His collection includes several high-end vehicles such as a Cadillac Escalade, Land Rover Range Rover, Mercedes-Benz S450, Ferrari Pininfarina Sergio, W Motors' Lykan HyperSport, Bugatti Veyron Mansory and Koenigsegg CCXR Trevita.
What car does Zuckerberg drive? ›
Mark Zuckerberg
He's been seen in a black Acura TSX, a Volkswagen Golf GTI hatchback, and a Honda Fit — all of which are valued at or under $30,000 — and recently posted a photo on Instagram of two refurbished Ford Broncos, captioned "his and hers."
What does Jeff Bezos drive? ›
His collection includes several high-end vehicles such as a Cadillac Escalade, Land Rover Range Rover, Mercedes-Benz S450, Ferrari Pininfarina Sergio, W Motors' Lykan HyperSport, Bugatti Veyron Mansory and Koenigsegg CCXR Trevita.
What car dealerships does Warren Buffett own? ›
The billionaire investor announced on CNBC on Thursday that he's buying Van Tuyl Group, the nation's largest privately held car dealership chain. Buffett said on "Squawk Box" it took awhile but Berkshire Hathaway is now "planes, trains and automobiles." Berkshire owns BNSF Railway and private plane company NetJets.
How many cars does Warren Buffet own? ›
What car does Warren Buffett drive? Warren Buffett doesn't prefer flashy cars and prefers to maintain a one-car garage. He stated in a BBC documentary that he only puts 3,500 miles on his car annually and thus has no need for a luxury vehicle.
