Singer Miley Cyrus purchased a new 2012 SL550 Mercedes Benz in Encino, Calif., last week, according to TMZ.
The singer, who has an estimated net worth of $120 million, paid a cool $127,000 for the luxury vehicle, TMZ reported. Sources told the gossip site that Cyrus, 19, paid the dealership in full for the white convertible.
But Miley isn't ready to give up her old car just yet. Her bodyguard was seen driving the car back to the country crooner's house while she took her new toy for a spin, TMZ reported.
Cyrus' new SL550 can accelerate from zero to 60 mph in 5.3 seconds, which is befitting of the singer, who doesn't seem to be slowing down anytime soon.
Cyrus was paid $15,000 per episode from working on the Disney Channel's hit show "Hannah Montana," making her the sixth highest paid child star on the small screen. She was listed at Number 19 on the "Top 20 World's Richest Female Singers of All Time" list at the age of 17, reportedly earning over $100 million in five years.
In 2011, Cyrus made it to Number 1 on the Top 10 Richest Teens in Hollywood list with her now $120 million empire.
Cyrus, who is dating actor Liam Hemsworth, 22, has also faced a slew of media criticism as of late. The singer's once squeaky-clean image has been tainted with fans because of her newfound wardrobe.
"She already has this risque image, so it really wasn't much of a stretch. That's how Britney [Spears] took off. She was the good girl gone bad, and it looks to be working for Miley as well," Ian Drew, senior editor of US Weekly, said following Cyrus' controversial outfit during a performance at the 2009 Teen Choice Awards.
"People see me as this perfect Disney star, and the moment I put out a record that says, 'I'm not 11 years old anymore,' people look down on me," Miley said in an interview with Joan Jett for V Magazine last year, telling the rock star she admired her for never apologizing for who she is.
"I'm sick of feeling as if I owe someone an apology for being who I am," Cyrus added.