Credit: TMZ

Miley Cyrus has a need for speed!

The 19-year-old singer purchased new white 2012 SL550 convertible Mercedes Benz in Encino, Calif. last week, TMZ reports. Sources tell the site the teenage star -- who has an estimated net worth of $120 million -- paid in full at the dealership. Price tag: a whopping $127,000!

Cyrus' new ride can go from 0 to 60 mph in 5.3 seconds.

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The Last Song actress, who's still going strong with boyfriend Liam Hemsworth, didn't give up her old car: a bodyguard was seen driving it back to Cyrus' house as she took her new wheels out for a spin.

Tell Us: Did Miley Cyrus spend too much on her Mercedes Benz?