Practical car for new advisor

You're better to buy a beater and then get what you want year three.  This is a tough job the first couple of years - keep your baseline exps. low and you'll be better for it.

I honestly don't drive people around often but it happens from time to time.  Old people don't like getting into small cars.

Buy a nicer used car.  Nobody will know that you bought it used, and you can afford something a little nicer. 

You could probably pick up a nice BMW or Mercedes for $20K on a used car lot.  I just pulled up Autotrader.com and found a 2006 325i sedan with 50k miles in my area for $18,500.  Not a bad deal.  Your clients/prospects will see a nice car, but  if they question you on it you can tell them you paid less for that one than you could have for a new Ford Focus.  Then ask them which one they would prefer to ride to lunch in. 

Perception is reality. You should care what your clients/prospects think because their thinking guides their pocketbook.

Show up in a Miata, and unless you're female you're gonna send the message that you are wimp. That, even though the Miata is one fine sports car. Show up in a Porsche and you're going to send the message that you are spoiled rich brat who's daddy bought him/her the car. At least that's what i think when i see twenty somethings tooling in a Porsche. And of course if it's a hot young chick driving the car, well guys ,we all think the same thing, right? Sorry! That car won't go over big with your peers as well. And, the  no Porsche edict presents a problem for sportscar owner wannabes. That is, past Porsche, there are no sports cars worth owning. So you might as well buy a beater KIA and get on with it!

Seriously, you should care what your clients think. A sports car sends the wrong message. It is impractical as well. You may have to carry seminar materials, or ferry clients to lunch. You never know? Your first three years or four years are going to be low income, most likely. Any practical 4 door car will do. The less expensive the better. The better on gas the better. The cheaper to repair the better. My personal favorite, the dowdy Mercury Grand Marquis. Cheap to buy used  because nobody wants them, and comes with you can't kill'em with a stick reliability. Just good cars. And the fact that you just thought to yourself "Grand Marquis! You've got to be effin kidding!" is your first lesson in finding value in the markets.   

 I started out with a new VW Rabbit. It was new and it was cheap. Only option was AC. It was a radio delete car. After I made a few bucks I put a stereo in the car. I kept that car 4 years. It is also the last car I ever financed. Believe me when i say"On the showroom floor, cash is king!"

Take my word for it, there will plenty of time and money for sports cars later on. Some of us car guys have blown more money on cars than we want to talk about. This biz gives us the ability to do that. Just don't tell our wives!!

I agree, sports cars are really only practical as 3rd or 4th cars (probably 4th behind the pickup as the 3rd car).  Honestly, something like a Ford Taurus (newer model), Chevy Malibu (newer version), Honda Accord, or Toyota Camry would be perfect.  Practical, nice enough that you are not embarassed of a (no offense BG) Grand Marquis, or look like a schoolgirl in a dinky sports car or econo-box.  If it's in decent condition, and you keep it clean, you'll have nothing to worry about.

If you are into the outdoors, there are lots of SUV options.  Just don't go hogg-wild, cuz they can get pricey.  Skip the Suburbans (too big) or the SUV-wannabees (a wife's car).

How about a '76 lime green Pinto?? 

Seriously, just drive something that the clients that you want would think is appropriate.  I agree with what BG and B24 have said concerning this.  I also agree with BG's assessment of the Grand Marquis, but wouldn't really want to have one although I did own a Crown Vic as a second car back in the 90's and it was the smoothest riding car.

You guys are under valuing the Grand Marquis. The new rookie can pick up a 5 year old Grand Marquis. The car will have, literally, only been driven on Sundays by a little old lady now departed. Her kids, with visions of BMWs dancing in their heads from the proceeds from mom's estate, look at the car with distain. They just want it gone. The rookie comes in, pays cash, and drives off. The rookie takes the car to meeting after meeting with the same result. The prospects take one look at the car and say " My grandfather had a car just like that one. You must be a very trustworthy person to drive one. Here's a check for two million dollars." The rookie keeps the car in primary serice for 5 years and then buys himself an M3. The old Merc, still lookin' good, is kept as bad weather car so the Rookie doesn't have to pony up for all weather tires for the BMW. Wouldn't want to get salt on the Bimmer! The Merc turns in another five years of service, helping the rookie raise his second hundred million in assets. The merc is old and now starting to falter. Our now very successful Rookie takes the Grand Marquis down to the local Demo Derby to give it a first class send off. And because the old Mercury is built like a brick shithouse, it wins the derby.  The old merc, having lived a full life, is bought by Porsche AG and  recycled.  The Rookie, now flush with cash, if a little slower on the base path, finds himself in a Porsche showroom. He touches the latest iteration of the 911 and says to the salesman, "this car just feels right. it's like I've known this car for a long time."  The rookie drives his old friend into the sunset.

Okay, so no two-seater sports car.  How about a two door convertible?  Would that be practical enough?  I'm leaning toward no (once again, driving prospects/clients around, so I might need a foor door) but I really want a convertible.  Thoughts?

Are you joking...what kind of car should you buy. If you are new in the business keep this in mind. There is an entire generation on younger investors that do not believe in the mkts as their parents and grandparents did. There is entire group of people 72-90 that will never ever ever buy any where close to the $ amount of equites that they used to, and there is entire middle class that is crumbling. Unless you have a substantial book it's going to be next to impossible to make a living selling fixed income products. If you are planning on creating an income stream off of managed accounts good luck. Clients patients are wearing thin paying fees for a flat mkt. So I would say ...what kind of car you buy should be your least worry.

Okay... What was your old car that you just turned in to your old employer? Did you do the same type of work there?

If you are on the hook for maintenance and expenses (unlike your previous job) you won't want the sportscar. Compare the costs of tires. Anything V rated or higher for the sportscar is gonna set you back big. Sportscars are fun, but not for doing a lot of miles. The ride quality is not there. Then there is the issue of parking lot dings. Its a fact.

This is an image business. If I'm a potential client I dont want Vinny the bull showin up in a sportscar trying to impress me. Conversely, I don't want you showin up in a 15 year old car from the back row at CarMax. You'll look broke! Remember, clients want stability. If you look like you cant make ends meet, how are they gonna trust you to help them?

Its your choice. Personally, I would look at sedans with good appearance, low maintenance costs, good mpg's, and room for passengers.

Meletio, I've been in the industry twelve years now.  I've worked in the retirement industry for much of that time.  Most of my tenure in the industry has been in the two worst bear markets since the depression, yet I've been very successful in all my endeavors.  I am finally getting around to building my own book.  Everything you say is correct, however, what we get paid to do is sell regardless of market conditions, which I know I can do.  People will always need products and advice, regardless of market conditions.  In fact, I've actually found people to be more receptive to advice when the markets are tanking 'cos the SDB firms convinced them they could do it themselves and they're seeing that they really can't.

Northwestern, my company car is a four door sedan.  You're right, I did not pay for maintenance or gas.  In my gut I know I should buy a four door sedan, I'm just wishful thinking.  I'll probably break down and buy the sedan.  Right now I'm looking at 2 or 3 yr old compact sedans.  I just wanted input from people who've been there and done that.  It's like when your parents tell you something and you hate that you know they're right.  

Thanks for all your input.

 Buy a reasonable car you can afford, but one you want... then get on the phone.... I've been in this business for over a decade and never worried about clients and my car...

If you are so concerned w/ the off event that a client may get into your car, go to Enterprise and for 40$ rent a midsize on the off chance they need a ride.

Trust me, you will have enough shiate to worry about, this shouldn't even come into the hopper.

GL

hahahaha they block out the word s-h-iat-e.... what if I am a shiate muslim..!?!?!

Jack, you're right.  I don't need to worry about this, that's why I'm getting a sedan, so that this won't be an issue and I can focus on other more important stuff.  

Exactly, the last thing you need to worry about is a car. BTW, a convertible, like a Mustang, probably be OK, though not cheap.

Meletio, thx for the drop of sunshine dude!!!

Buy the car of your dreams. How often does a client see you IN your car? They may see it in the parking lot, but there's no reason they'll think it's yours. Also, all this talk about taking clients/prospects out... that never happens. You make the money when you're by yourself in your office and on the phone. Don't be a puss. Once you make it, never forget who was the one who put in countless hours of cold calling, rejection, being poor for your first three years to be in the position you're in now. How I spend my money is personal, and I'd be very offended by a client who brought up the subject. The care I drive, the dinners I buy, or the suits I wear. That's up to me.

I would consider an Infinity G35 or G37 certified factory preowned.   My wifes G35 was a dealership loaner car with low miles.   We bought it for 23K.    It drives great, has fun power, looks nice, and Infiniti has rock solid reliability (they have ALWAYS been 5 star for reliability in Consumer Reports).   In my area the dealerships are absolutely top notch.  They treat us great, and they have a loaner car waiting for us for any service we decide to do with them.   I've driven a couple of G37 loaners and they are VERY fun to drive.   I'm sure there are other cars out there that have more power, but it will definitely peg you to your seat.   I personally just can't see any practical need for more power than that unless you plan on actually racing it.  Couple in the fact that the Factory preowned Infiniti's have a longer warrantee than the new ones and to me its just a no-brainer.

Just found  a 96 Deville for $1500... 125K miles..no rust..

You should immediately buy it and put some 21" rims on that thing.  That would be sweet!

Get what softie got(BTW softie is get-hard-get-raw), a pink caddie from a former MaryKay rep. It's a guy magnet!!!

two for two navet, what gives? as for the OP, who freakin cares? just buy a damn car and go to work.

Hey N.D., 

You don't like the topic of the thread?  You didn't have to go open it, and you damn sure didn't have to respond.  Go read some threads you like.  Have a nice day.  

I like the topic of the thread but that was not what you asked in the original post. A "practical" car for an advisor is not a two seater, it' not a convertible nor a sports car. A "practical" car for an advisor is one that is nice enough that clients will not wonder why you drive a piece of crap but not so nice that they think they are paying for it even though they are. A nice four door sedan from a manufacturer that you know a little something about and can tell a story of why you like your "Malibu". For example, they built a plant in my hometown or my uncle worked at the dealership for 25 years. It's all about perception.

Now if you want to discuss the weekend car that is a different story...

ND is right.  In our line of work, we choose to make our personal financial decisions a subject of some scrutiny.  It's all about the story.  It's not one story fits all, but the story should reinforce your brand.

Never show clients the toys.

There are plenty of bland everyman cars that will fit the bill. For, someone entering the biz the smart move is the one with least impact on cashflow. It would be a bitch if a car entered into a rookie's sink or swim scenerio. it would also be inexcusable.

Buy the least expensive car that you can live with for 4 or 5 years. Then upgrade.

When you upgrade, if you buy a toy car, leave it in the driveway when going to visit clients or when going to client events. Nobody likes a showoff, less so if they think they are footing the bill.

Lastly, a word about buying American. Depending on your market this can be important. If you are doing 401k rollovers with Assembly Line Joe he's going to like an MKS a lot better than an E350.

Of course if your book is full of jerks, they are going to ask why you don't drive a BMW.

There are two ways to look at it. I agree with Bond Guy especially if you are new in the business.

However if you have been in the business for a while and are middle aged...you can pull off a luxury car. I think at that point your clients like to see success. I have a 2004 Lexus 430 SC...A 2 person,hard top convertible sport coupe. I've taken clients out to lunch and I even let them drive it.  When I tell them I only paid 20k for the car...they always make the comment..."That's it."

If your clients know that your sincere and ethical then they will feel good about investing with you and that you've had a measure of success. You just can't be cocky about it.

I forgot a quote..."fake it till you make it".

[quote=BondGuy]

Never show clients the toys.

There are plenty of bland everyman cars that will fit the bill. For, someone entering the biz the smart move is the one with least impact on cashflow. It would be a bitch if a car entered into a rookie's sink or swim scenerio. it would also be inexcusable.

Buy the least expensive car that you can live with for 4 or 5 years. Then upgrade.

When you upgrade, if you buy a toy car, leave it in the driveway when going to visit clients or when going to client events. Nobody likes a showoff, less so if they think they are footing the bill.

Lastly, a word about buying American. Depending on your market this can be important. If you are doing 401k rollovers with Assembly Line Joe he's going to like an MKS a lot better than an E350.

Of course if your book is full of jerks, they are going to ask why you don't drive a BMW.

[/quote]

You are wise, and funny, a real asset to those around you. This forum is lucky to have you.

In addition to your thoughts, I'd say that nobody is ever offended or underwhelmed by a half way decent pick up truck. Years ago, I was reading that the most owned vehicle by millionaires is, an F150 Ford p/u truck...

For me, I'm an SUV guy. Yukon Denali. Nice, practical, blends in, gas mileage isn't great, but I only drive 700 miles per month. Previously, like this guy mentioned about earlier career, I had an Impala LS, drove it from new until 9 yrs old, was a really great car.   

THX Big

My daily driver is a 2004 Jeep Grand Cherokee. Pretty darn impressive huh?  Now, at six years old, rather than looking out of date, Jeep has just released the 2011 GC. It looks like my 04 with a mild restyle. Now i'm good to go for another 5 years with Sparky the Jeep.

OK on used luxo but 20k too much to spend for a rookie regardless of age. Current model year Impala's coming off rental duty, most with less than 20k on the clock can be had for 12 to 14 grand.

Starting in this business is a race. It's a race between your income, your assets, and your expenses. For the first few years your outflow will outstrip your income. Your net capital on hand will be the only thing keeping you in the cheap chair ML has provided you. More capital, lower expenses or some combo of the two will give a rook more staying power.

Easy...I would go with a used Volvo s60/s80.  They scream "I am conservative and safety conscious" and it is impossible to offend someone in a Volvo. They are *nice*, but not so nice that your clients are wondering how you can afford it. No offense to anyone who owns one, but they blend in to the background.

Choice number two would be what BG drives, used Grand Cherokee. Same sort of situation. Nice and if kept up well, can look pretty new.

I am not sure where you are located, but advisors on the West Coast have different types of clients that those of us in the Midwest. Geographic location plays a big role in client expecations. There are top advisors in NY and NJ who ride in limos to work, partly because they can afford it, but also because of the amount of work they can get done while in the car for a few hours a day. That could never happen in the Midwest.

Anyways, good luck and be sure to tell us what you end up with.

I question dumping a lot money into cars anyway.  Seriously, they are the worst investment you can make.  If anyone questions you driving a non-luxury car...there's you answer.

[quote=WiAdvisor]

Easy...I would go with a used Volvo s60/s80.  They scream "I am conservative and safety conscious" and it is impossible to offend someone in a Volvo. They are *nice*, but not so nice that your clients are wondering how you can afford it. No offense to anyone who owns one, but they blend in to the background.

Choice number two would be what BG drives, used Grand Cherokee. Same sort of situation. Nice and if kept up well, can look pretty new.

I am not sure where you are located, but advisors on the West Coast have different types of clients that those of us in the Midwest. Geographic location plays a big role in client expecations. There are top advisors in NY and NJ who ride in limos to work, partly because they can afford it, but also because of the amount of work they can get done while in the car for a few hours a day. That could never happen in the Midwest.

Anyways, good luck and be sure to tell us what you end up with.

[/quote]

Very true words.  I've lived in the Northeast my whole life, 6 of them in Manhattan.  If you were any type of advisor and didn't drive either a $50K+ car or (as you said) take a limo, it was strange.  Now, in my little neck of the woods, a $50K+ car creates a spectacle, even though there's a LOT of wealth in my area.  Most of the wealth in my area has been passed down through family businesses, and most of the time you don't know who has money and who doesn't.  Usually the "imports" from other parts of the country that came here for work (big pharma) buy the bigger houses and bigger cars than the locals that may have 10X the wealth they have.  Most common rides are SUV's, trucks, Volvo's, VW's, etc.  Lot of practical rides.  Need to be able to tow a trailer hitch and throw kayak's on the roof (or in the bed).

We do have a few wirehouse lifer-guys that drive the high-end Beemers and Mercedes, and they just look out of place here.  Those guys typically run with their marina buddies that weekend here from NYC.

[quote=A-Ro]

I question dumping a lot money into cars anyway.  Seriously, they are the worst investment you can make.  If anyone questions you driving a non-luxury car...there's you answer.

[/quote]

You are absolutely right!

But, dropping major coin on cars may not be about money. For car guys it's about the cars. And if those cars happen to cost, well, so be it. I have owned a fair amount of big label high end machinery. All that money is blown. Or was it? Let's see? I enjoyed everyone of those cars, trucks, and bikes. So there was a trade off. A fair exchange of cash for value. And, dudes and dudette's, because i make the money, i get to spend it however I like.

OTOH, some cars are about spending the money. While I live in a nice neighborhood, it's not like the McMansions that surround us. In my neighborhood there are a smattering of Benzes, two A6's and one 3 series Bimmer. Mostly it's Honda's and Toyotas. Go one half mile north and it's a different story. It's very much a keep up with the Jones type of neighborhood. Hubby drives a  S550 will the wife's kid hauler is a  LX570. I've never seen a neighborhood quite like this one, every driveway, the same story. And the folks who live there, predictably, are broke. No real cash to speak of. And beleive me, I've tried.

Want the best of great performance, yet still something that says I'm conservative?

A Ford Crown VIC police interceptor. Might have a few miles on it but kicks butt on the highway. Bonus feature is cage separating you from clients in back seat, and they can't get out unless you open it from the outside. The perfect broker car?

[quote=meletio]

Are you joking...what kind of car should you buy. If you are new in the business keep this in mind. There is an entire generation on younger investors that do not believe in the mkts as their parents and grandparents did. There is entire group of people 72-90 that will never ever ever buy any where close to the $ amount of equites that they used to, and there is entire middle class that is crumbling. Unless you have a substantial book it's going to be next to impossible to make a living selling fixed income products. If you are planning on creating an income stream off of managed accounts good luck. Clients patients are wearing thin paying fees for a flat mkt. So I would say ...what kind of car you buy should be your least worry.

[/quote]Good to see you are back, dipshit.  Just because you blew up clients in the last ten years doesn't mean everyone did.  You could have made money simply buying and holding AWSHX over the last ten years.  It's not like that one is any real secret as Jones newbies use it regularly and it's been around since the '50s.  If you can't get young prospects to believe in the markets, you aren't cut out for this business anyway.  Go vomit on Boogleheads for awhile.

[quote=cnuk]

Want the best of great performance, yet still something that says I'm conservative?

A Ford Crown VIC police interceptor. Might have a few miles on it but kicks butt on the highway. Bonus feature is cage separating you from clients in back seat, and they can't get out unless you open it from the outside. The perfect broker car?

[/quote]Now THERE'S an idea...sweet!

A minor point because we're talking cars:

Beemer = BMW motorcycle

Bimmer = BMW car

BTW, Hollywood has gotten this wrong in more than one movie or TV show. So, it's a common misunderstanding.

[quote=A-Ro]

I question dumping a lot money into cars anyway.  Seriously, they are the worst investment you can make.  If anyone questions you driving a non-luxury car...there's you answer.

[/quote]

I totally agree with this. We are financial advisors for crying out loud, and shelling out for a car is a bad investment.  I work in the same building as an old Merril guy who drives a ridiculous tiny Audi sports car. I drive a paid -for 2005 Ford Taurus. I have at least 25 clients who have moved from the Merril guy to me because they get the impression that they are being ripped off by that guy. I live in a small working-class town where everyone knows everyone, and what they drive. One day old Merril guy comes downstairs and says "richchick, do you think I can get a jump, my Audi is dead. And there isn't a dealership around here so I haven't been able to get it fixed yet".

One day I will drive a sweet car, but not until I retire from this business and then I will pay for it with cash.

Everyday cars aren't investments in the traditional way. Who said they were? And the cars that are investments make naked options writing look really tame.

A car is an investment in two ways, one,  the trade for value. We pay money and get something we need in return. Two, for us car guys, the satisfaction we get from using the toy car is fair trade for the money we spend. If it weren't for #2 GM would have never sold a single Corvette.

 I've owned several cars where all I've got to show for my check is the smile on my face. Once that smile starts to fade the car is history and they go into the been there done that bin. I get to check off another experience, for better or worse. Are there better ways to spend the money? Nope!  I'm sure some of you will not understand why.

Richchick, a friend of mine died at age 42 from a heart attack. Another died at age 44.  There is no reason to wait for the things you really want. Tomorrow is guaranteed to noone. Obviously for you a sweet ride, as you put it, is low on that list, but the time to start living is NOW!

Take it easy on us old guys.

[quote=BondGuy]

A minor point because we're talking cars:

Beemer = BMW motorcycle

Bimmer = BMW car

BTW, Hollywood has gotten this wrong in more than one movie or TV show. So, it's a common misunderstanding.

[/quote]

Beemer = BMW car in Canada. Can't say I've ever heard a BMW bike referred to as anything other than Beemer either.

The TV shows/movies must have had Canadian directors/writers!

[quote=Indyone]

[quote=cnuk]

Want the best of great performance, yet still something that says I'm conservative?

A Ford Crown VIC police interceptor. Might have a few miles on it but kicks butt on the highway. Bonus feature is cage separating you from clients in back seat, and they can't get out unless you open it from the outside. The perfect broker car?

[/quote]Now THERE'S an idea...sweet!

[/quote]

Forgot to add that many come with a slick 2-tone paint job.

Beemer comes from the early days of motorcycle racing. BSA's bikes were nick named Beezers. So the BMW guys came up with Beemer for their rides.

I've never called my bikes "Beemer" Now, I have called them names like Winnebiko and Gertruda The Bug Slayer.

Speaking of pre enjoyed law enforcement rides, BMW police bikes are abundant in the used market. Something like a 2002 BMW r1150RTp - definately makes a statement. That is -  get the eff out of my way!

And, not to give up on a bad idea, did you know that a Mercury Grand Marquis painted in a striking two tone black and white looks just like a Crown Vic police interceptor? Ok, no big time ponies, but a lot nicer interior. It may even have a CD player! Whew, now we're livin'!

[quote=BondGuy]

Beemer comes from the early days of motorcycle racing. BSA's bikes were nick named Beezers. So the BMW guys came up with Beemer for their rides.

I've never called my bikes "Beemer" Now, I have called them names like Winnebiko and Gertruda The Bug Slayer.

Speaking of pre enjoyed law enforcement rides, BMW police bikes are abundant in the used market. Something like a 2002 BMW r1150RTp - definately makes a statement. That is -  get the eff out of my way!

And, not to give up on a bad idea, did you know that a Mercury Grand Marquis painted in a striking two tone black and white looks just like a Crown Vic police interceptor? Ok, no big time ponies, but a lot nicer interior. It may even have a CD player! Whew, now we're livin'!

[/quote]

But I NEED to be able to squeal the tires when leaving a client appointment. 

The best tire melter owned in my adulthood was a 99 Mustang Cobra. Take it out of traction control mode and hang on! That was until i had the fix kit done. That took something off the torque. Still, I bought it new and kept it for 12,000 smokey burnout miles. Lots of noisy fun. Drove my wife nuts. She was happy when i went back to bikes to get my motive yayahs.

When i traded it the used car manager said "Mr, Bondguy, what happened to these rear tires?" I said i have no idea! We laughed!

So, maybe a used police package Crown Vic would be fun!  A wolf in sheep's clothing? Not to mention a lot cheaper to buy. Cnuk, good suggestion!

Still, for those looking for a fun car, a nineties vintage Cobra gets it done. Not a good client car.

If you want a good client car, but need the extra ponies, buy a Mercury Marauder.  It's a dressed up Crown Vic, with the same motor as the Cobra.  Only a car guy is going to realize it's more than your grandparent's sedan.  The only things that give it away are the chromed dual exhaust tips and the chromed rims.  And MARAUDER imprinted into the back bumper.  But I think they're all black and it's tough to see the imprint from anwhere but right behind the car. 

Plus you don't have to clean up the urine and puke stains from the back seat of the police cruiser.  Although a full shotgun rack in the front seat between you and your client on the way back from a presentation lunch might be a nice touch and help close a few cases. 

This might not be the best career if you have to ask what kind of car you need...  If you are a rookie at a wirehouse there is a great chance you will not make it to year 2 in this market.  

Hey bb5,

Screw you!  I've probably been in this industry longer than you.  I've worked as a wholesaler and dealt with FAs like you for the last four years, and I've realized I have more technical proficiency than 90% of FAs like you.  FYI, it doesn't matter what market you enter into the business in, all that matters is your work ethic.  I'm confident in my work ethic, and I'm confident that I'll make it past year two.  I hope to run into you one day at McDonald's when you're asking me if I want fries with that. 

I have been in the business for 14 years.  If you were a wholesaler then you either did not make it or were at a 2nd or 3rd tier firm.  Most if not all wholesalers go indy when they decide to start prsnl production.  Again I question if you can make it in this business if you have such thin skin and have to ask questions about what kind of car you should drive. You can have as you claim all the technical proficiency you want but how will you get in front of potential clients. 

I just don't understand why in the world anyone new to this business would start at a wirehouse considering the payout.  I love this business and have been extremely successful.  This is an amazing time to find new clients, I just have to question what a wirehouse has to offer that an top indy firm doesn't other than a 60% less payout...

[quote=bb5]

I have been in the business for 14 years.  If you were a wholesaler then you either did not make it or were at a 2nd or 3rd tier firm.  Most if not all wholesalers go indy when they decide to start prsnl production.  Again I question if you can make it in this business if you have such thin skin and have to ask questions about what kind of car you should drive. You can have as you claim all the technical proficiency you want but how will you get in front of potential clients. 

I just don't understand why in the world anyone new to this business would start at a wirehouse considering the payout.  I love this business and have been extremely successful.  This is an amazing time to find new clients, I just have to question what a wirehouse has to offer that an top indy firm doesn't other than a 60% less payout...

[/quote]

Salary and training.

Indy firms won't take trainees. The indy firms that do, technically, aren't the trainee's employer. The trainee is working for the independant rep. That's where the paycheck comes from, not from the indy firm. That could work out for a new rep or it could be a disaster.

Not to get to far into this, i've been around for almost 30 years and I'm not with an indy firm. I really don't care if  all the  indies out there think i'm a chump for not going indy, Not all of us want to be one man bands.

This has been a fun thread. Let's not wreck it. So, does anyone else think the new Challenger is too heavy to be taken seriously as a muscle car?

bb5,

I've been at my current employer four years.  Am on the top producing team in the country.  You've got two years on me in the industry, so it's a wash.  I agree with BondGuy, I don't wanna wreck this thread so I'll move on.  To answer your question, BondGuy once again nailed the answer to your question - I used to think I wanted to go indy, but have no desire to put up will all the overhead and headaches that accompany being a business owner.  My father was an entrepreneur and I know all the headaches that accompany it.  I want to close business, make my money, and go home and forget about work.  I don't wanna worry about my employees, benefits, rent, salaries, etc., etc., etc.  The salary and training were also determining factors in my decision. 

BG - just like with all of the original muscle cars, it depends on which engine you put in it.  You put the little six banger in that thing and you'll be lucky to move it out of the driveway.  Throw the 425HP SRT8 hemi into it, and you've got more than enough ponies to call it a muscle car. 

However, the car still isn't going to be as nimble as the Mustang or the Camaro.  Even if those cars don't have the HP ratings, they're still going to win that battle because they aren't as heavy. 

Regardless, it's a mean looking car.  I'd happily drive one to work. 

fffffffffffffffffffffffffffffffffffffff that

i dont want to blend in

you have one life

im getting a porsche 911 convertible. and thats only a pit stop between now and my red ferrari sypder f430

GHGR,

I think they are talking about cars that you can actually AFFORD to own.

AND, there's a difference between a muscle car and a roadster.  Attitude.

Personally, I like th new Camaros.

haha yeah... :(

im a young guy cant you tell

through my eyes the world is just one great big brassiere strap waiting to be snapped

[quote=CFP2BE]

bb5,

I've been at my current employer four years.  Am on the top producing team in the country.  You've got two years on me in the industry, so it's a wash.  

[/quote]

I think it's funny that you believe that 8 years "in the industry" and 4 more on a "team" of wholesalers is a wash with a guy in the trenches the last 14 years.   Laugh Out Loud funny.  I do wish you the best of luck, but I hope you have a reality check before you begin selling.

Good attitude!!! Who wants to blend in? Or, in the words we use all the time "It ain't no fun bein' normal !"

Space, you're right. The hemi is a fast machine and these cars are true muscle in that muscle cars were meant to be fast straight line machines. To get handling you had to move to the Z28 or Boss 302. Chevy and Ford  cut all fat out of these cars and keep the CI under 305 so they could go SCCA- Trans Am racing.

Interestingly, in my younger days i had a 67 Goat. One of my brothers had a 68 Mustang GT with a 390 and the other had a car he bought based on his favorite TV show, Hawaii Five-O. That car, a 2 dr 1968 Mercury Monterey also had a big block 390. When my brother, who had gone to the LM dealer to buy a big block Cougar, came home with grandmas's car we all laughed. We didn't laugh for long. That sucker was faster than every car in the group except a SS 454 Chevelle. And it gave that car a run! The Merc was stolen and used to lead the Maryland State Police on a high speed chase down the Baltimore Washington Parkway into DC. Later the head of the MD state police told my father that he couldn't believe it was an unmodifieded car. He said his "boys' couldn't keep up with it. Turned out the car, for some reason, had been equipped with a high performance Cleveland big block, not the normal docile Windsor 390. A true wolf in sheep's clothing that my brother used to win money everywhere he went. He bought and sold a lot of performance cars, including a big block Cougar,  but kept the big blue Merc until it was totaled when it was rear ended in 1982. I told him to pull that engine and have it bronzed!

Good God, why do some people have to be message board tough guys?  This is the internet, we can't have a pissing contest through our computers.  Grow up. 

[quote=CFP2BE]

Good God, why do some people have to be message board tough guys?  This is the internet, we can't have a pissing contest through our computers.  Grow up. 

[/quote]

That's what messege boards are for!!!!

Seriously, hang around. There is a lot of good here.

You're better to buy a beater and then get what you want year three.  This is a tough job the first couple of years - keep your baseline exps. low and you'll be better for it.

I want to stay positive but also realistic.  CFP2BE I wish you luck and please don't take my thoughts as anything other than my thoughts, I could be wrong..  I am not sure what wholesalers still work in a "team" format other than Russell.  Are you an external or internal?  The days of making money and going home and forgetting about the responsibilities are long gone.  Will those days come back (90's) I hope so.  If that is what you are looking for then you might want to sell insurance.  On last thought, when you are independent you have the benefit of not having employees, you can run a 1 man show, bigger is not always better.  Build your business the correct way and in 3 years give indy serious thought.  Good luck...  As far as the car, if I was just starting out and did not need a large SUV for the kids and family I would look at a 2007ish 3 Series BMW.  Great car sets the right image with your clients, successful but not stuffy.  I would go to a small indy dealer and you may pay 14-20k. 

Just picked up a 92 Mercedes Benz 190e for $600... New exhaust cost $200, and new brakes done by my neighbor another $150.. So picked up a reliable car for $1000, no rust runs great and will last 2-3 years or more..

Forget the 14-20k cars... buy something cheap that looks nice and runs well(pre 1994 mercedes are best deals).. Then you can spend the other 12-18k on building your business.. Clients will appreciate the idea you got a sweet  deal and that you bought a classic..

I agree with buying cars as cheaply as possible. However, there is a line. Right now I have a 2005 Taurus SE with 65k on the clock for sale asking $6900. It's a lot of car for the money.  The problem with an older Bimmer or Mercedes is the expense of maintaining it. While the neighborhood mechanic can handle the routine stuff these cars can become electronic nightmares as they get older. My neighbor's 2004 S500 wouldn't start. Towed to the dealership, he has it back, but is $1600 lighter. A co worker's ten year old Seven Series BMW broke down a couple of weekends ago. The bill just for the parts was going to be +$5000. The car needed a few other things so he's selling it as is. Same with a friend driving an antique A6. $3500 for a fried ECU. He put down for the work and then sold the car. These cars can be great cars, but they are like the Continentals and T-Birds of the 60s. As they get old they become electrical nightmares. The big difference, is that with the old Lincolns the probelms were nit piky type things like windows that wouldn't work. An any shade tree mechanic could take off the door panel and fix it. The BMWs/Benzs from the mid eighies and on are complicated electronic machines. When they stop running it's usually beyond something nit piky. Good luck fixing one in critical condition.

That said, Squash, i admire you frugality and wish you nothing but the best of luck!

A good buy of an uncomplicated old BMW would be a 71-76 BMW2002. A bargin basement sports sedan! Lot of fun to drive! And anyone who can hold a screwdriver can fix anything that goes wrong with one. Parts abound and do unmolested copies. It is the car that started the sports sedan craze. I call them BM what because back when these cars were new that was the reply when you told someone  what kind of car it was. It's a BM what?

Just got a call, a $6100 cash offer for the Taurus. Hmmm?

bb5,

I am an external.  Just for clarification, I know I can't just go home and completely forget about my job.  What I meant was that I don't want the worry of all the overhead that accompanies being a brick-and-mortar business owner.  My father did that, and I saw the toll it took on him.  One of the main reasons this business is so well suited for me is because I am a loner, a maverick.  I work best alone.  I want to be able to go into the office, service my clients, prospect, close business and go home. THAT'S what I want to worry about, the rest is superfluous.  That's why taking a lower payout is worth it to me.

In preparing for this change I have spoken with hundreds of advisors (indy and wire) and sought their input and they all agree with my thinking that a wire is the way to go for me (that's the key - FOR ME).  Keep in mind that I can always change my mind later and go indy.

And by the way, I bought my car.  After my message board pissing contest with bb5 I can't believe it but we actually thought alike!  I decided on a 2007 BMW 335i.  So, I got the sports car I wanted, but with four doors for practicality.  It's the most amazing car I've ever driven!  It only has 30k miles, so it still has 20k miles on the full maintenance warranty, and the extended 100k certified pre-owned warranty thru a local BMW dealership.  Okay, so I did pay a little bit more by going CPO at a BMW dealership, but now I don't have to worry about repair expenses for a few years, which I feel buys me time until I'm established.

I paid mid-20s for it.  Put a few grand down, so the monthly note does not put a big dent into my cash flow.  Thanks to all for your input. 

On, and btw, someone posted about having a good story behind the purchase of the car.  For my story to clients I can say I bought a $50k car for 1/2 off by allowing the 1st owner to absorb the accelerated depreciation in the first three years and it still has the maintenance and extended warranty protection to provide me the peace of mind of ownership for many years.

It may be a little late to answer your question, but I drive a 2010 Prius.  I put 30% down with cash and trade in and with 0% apr, my monthly payments are around $315.  It's an easy payment to make, but you can get used Prius's and decent four door midsize sedans for  less than half the price.  The mpg are great and I don't look like a D-bag in my tree hugging state.  Perception is reality,  prospects like the ride, but what they don't know is that my project at home is 67 mustang with a 351 windsor.  I have my fun and do my business too.  Just my two cents.

CFP, good luck! There are  two those owned by people in my office. They only have good things to say.

Bull, 67 Mustang! You're talkin' my language!

I told the buyer of the Taurus I'd go $6500. He told me my price was unrealistic. And so it goes in the world of sales. Bonds, cars, it doesn't matter. Everone wants a deal !

I'd have gone down to $6100.  Edmunds puts your Taurus at $5700 for a private party and $6500 for a dealer.  I don't know about all of the options, but $6100 sounds like a good offer. 

CFP - Restomod, nice.  My dream car is a 67 GTA convertible with a 390.  I have a client that has the hardtop version.  It just sits in his garage. Hasn't run in 10 years he said.  What a waste of iron.  I offered to help him get the dust out of the carb once in a while, but he just chuckled at me.   

Space, thx, but I have another pricing source, the head used car buyer for one of the largest dealer groups in the country. I bought this car from this guy 5 years ago, a low mileage Ford program car, for one of my son's to drive. Program car is MFG speak for ex-rental car. Great car! Anyway I asked him to look it up on Manheim, to get the actual sale numbers from last week. The 05 SE's from last week went through the auction for about $5400, $5500  range for most, with one going for $6100. He said if it was his car he'd put it on the lot for$7995 and take no less than $7000 for it. So, Not being a pro i lowered the numbers a bit. We'll see. Still, you are right, $6100 wasn't a bad offer.

[quote=BondGuy]

Space, thx, but I have another pricing source, the head used car buyer for one of the largest dealer groups in the country. I bought this car from this guy 5 years ago, a low mileage Ford program car, for one of my son's to drive. Program car is MFG speak for ex-rental car. Great car! Anyway I asked him to look it up on Manheim, to get the actual sale numbers from last week. The 05 SE's from last week went through the auction for about $5400, $5500  range for most, with one going for $6100. He said if it was his car he'd put it on the lot for$7995 and take no less than $7000 for it. So, Not being a pro i lowered the numbers a bit. We'll see. Still, you are right, $6100 wasn't a bad offer.

[/quote]

I have access to Manheim, I think your buddy, the dealer, is pretty close. Also, as I am sure you know, 7995 usually includes alot of other factors (ie: financing)... throw it on eBay, it will increase your exposure, and more likely than not, a dealer down here in FL will buy it. FYI- down here the ex-rentals bring less at the auction, but usually have 30-35k miles and in some cases remaining factory warranty. A great first car for a kid.... or a new broker. You never know what might/might not be under the seats.

I love how this guy makes an offer of 6100 and your price of 6500 is "unrealistic"... people amaze me. He'll go buy one for 5,500 and end up putting a G into a new condenser or something else...

Champagne taste on a beer budget, GL w/ the sale.

Yeah we were pretty close. I figured he'd ask "Will you take 63, but nope, he got all jerky with me, and that was that. You got it right, the guy will pay less for a whole lot less car. This car is really clean. I bought it as an ex-rental from my dealer buddy. it had about 20k on it when i bought it in 2005. I paid 11k for it in 2005. So, i know i got a good deal. And, the truth is, 65 is a good deal now. So, we'll see. I will say this, That i'm not the one running around showing the car makes a difference. If it was me in the hot sun today, 61 would have got it done. My son owes me, so i can pass until I get an offer i like.

[quote=BullRunt]

It may be a little late to answer your question, but I drive a 2010 Prius.  I put 30% down with cash and trade in and with 0% apr, my monthly payments are around $315.  It's an easy payment to make, but you can get used Prius's and decent four door midsize sedans for  less than half the price.  The mpg are great and I don't look like a D-bag in my tree hugging state.  Perception is reality,  prospects like the ride, but what they don't know is that my project at home is 67 mustang with a 351 windsor.  I have my fun and do my business too.  Just my two cents.

[/quote]I have ridden in a Prius and "I felt like I was literally driving around in a vagina."

[quote=Bud Fox]

I have ridden in a Prius and "I felt like I was literally driving around in a vagina."

[/quote]

ROTFLMAO!!!  Oh my God, too funny!!!!!!!! That's just wrong on so many levels.

[quote=Bud Fox]

[quote=BullRunt]

It may be a little late to answer your question, but I drive a 2010 Prius.  I put 30% down with cash and trade in and with 0% apr, my monthly payments are around $315.  It's an easy payment to make, but you can get used Prius's and decent four door midsize sedans for  less than half the price.  The mpg are great and I don't look like a D-bag in my tree hugging state.  Perception is reality,  prospects like the ride, but what they don't know is that my project at home is 67 mustang with a 351 windsor.  I have my fun and do my business too.  Just my two cents.

[/quote]I have ridden in a Prius and "I felt like I was literally driving around in a vagina."

[/quote]Although no offense to your Prius.  I am sure they all feel a little different.  No pun intended...

[quote=Bud Fox]

Although no offense to your Prius.  I am sure they all feel a little different.  No pun intended...

[/quote]

Coming from experience I've driven some Priuses that were tighter, and some that were looser.  Of course, some of the Priuses I've driven have been around the block many times and had many drivers inside of them, and others were just off the showroom floor virtually undriven.  I've rented many Priuses, and even owned one, although I got rid of it recently.  Made too much noise.  I've driven some beautiful Priuses, some average looking Priuses, and a couple of Priuses I wouldn't want to be seen in public with.  I've driven some white Priuses, some brown Priuses, almost drove a black Prius, but have not had the pleasure of driving a yellow Prius yet.  My dream is to drive two Priuses at the same time!  I prefer newer Priuses to older ones.  They tend not to weigh as much or be as noisy and breakdown as often.  Of course, the problem with getting rid of a Prius is that your assets depreciate by 50%.  But it sure is worth it to trade into a newer Prius that is much more fun to drive and doesn't make as much noise or cause so many problems.  Of course, test driving Priuses in search of the right one is the funnest part! 

I couldn't agree more....Although I do love one with that "new car smell", I really like one that has a couple of miles on it so that it is more responsive to the road as these seem to have auto-pilot. But the key is getting one that was put together very well from the factory so that it will go many, many miles before having any problems other than just the regular maintenance.  I have had both and prefer the latter and like you think it would be nice to have a new one and one with a couple of miles in the garage.  I envy Jay Leno...a different one every day...

wow this thread is so depressing. taurus, prius, crown vic, mercury, wtf is wrong with you guys. your clients don't know that's your prius parked in front and even if they did know they wouldnt give a damn.

stop driving these POS's you make 6 fig per year

I MEAN A TAURUS WTF IS WRONG WITH YOU

A PRIUS

WTF

jesus i bet you guys wear corduroy suits

i mean this thread is literally making me cringe. my head hurts

Sorry about your headache, but I end up driving a fair amount of my clients (liberals) to the golf course and the location of my office warrants a nod to the environment.  They all love it, but I do agree it does feel like I've had my balls removed when I'm driving it.  I do it for show, and it's gotten me a couple of interesting leads to say the least.  My career is in its infancy and I'm pretty young, so any way I can change what prospects see is to my benefit and this is one thing I can control.  Here have an asprin.

[quote=BullRunt]

Sorry about your headache, but I end up driving a fair amount of my clients (liberals) to the golf course and the location of my office warrants a nod to the environment.  They all love it, but I do agree it does feel like I've had my balls removed when I'm driving it.  I do it for show, and it's gotten me a couple of interesting leads to say the least.  My career is in its infancy and I'm pretty young, so any way I can change what prospects see is to my benefit and this is one thing I can control.  Here have an asprin.

[/quote]

Liberals invest...!?!?!? Get outta here.

Hard to believe, but they do and when you give them some good results and decent service, they open up their networks.

[quote=gethardgetraw]

wow this thread is so depressing. taurus, prius, crown vic, mercury, wtf is wrong with you guys. your clients don't know that's your prius parked in front and even if they did know they wouldnt give a damn.

stop driving these POS's you make 6 fig per year

I MEAN A TAURUS WTF IS WRONG WITH YOU

A PRIUS

WTF

[/quote]

When you're 40 and have a house and a bunch of kids, your attitude will be a little different.  When I was your age I cared a lot about cars.  Now, not so much.  However, I can't bring myself to drive "econo-cars".  Family sedans are about the lowest I go.  But there are a tone of great family sedans out there right now.  Probably the best lineup ever right now, considering Detroit finally has their schit together.  I recently looked at a new Buick Lacrosse.  Nice car.  I could see myself driving one of those.  It looks like an Acura but it's "American Made".   

ok i can see where you're coming from.

but i park in the back (heheheh) and i strictly cold call. hence the porsche/ferrari.

i really dont like being buddy buddy with clients, driving them around and everything. if you're for real, come into my office to see me. give me your money. i'll beat the bank. we're both happy. tell your friends.

for what it's worth i drive a '97 clunker. give me a few years

[quote=gethardgetraw]

for what it's worth i drive a '97 clunker. give me a few years

[/quote]

Nice.  Vintage '97 I'm sure.

oh of course. and the dents near the front right tire actually make the car more aerodynamic. gives it a higher mpg. im just trying to do my part in saving the environment damnit.

[quote=gethardgetraw]

for what it's worth i drive a '97 clunker. give me a few years

[/quote]

So you rip people for the car they buy, but you have a 97 clunker?

Just like your cold calling lies, this doesn't add up..

you have mastered the art of comprehending that of which you read.

Chickenfeed, get a sense of humor would ya! No need to get nasty.

Get, keep working hard and before you know it you'll be able to buy a car made this decade!

Seriously, all the cars mentioned are good work cars.  Showing up for your guest speaking gig at Rotary in some high priced foreign iron might be Ok, but leave that car home when giving the same speech down at the union hall. And, never show up at any client event in a toy car.

What about nice trucks?  4-5 yr old 4 door truck it doesn't scream money but many times cost as much as some of the luxury cars.  I enjoy doing things outdoors and the truck fits the bill on all accounts. 

This is not the first time we've talked about vehicles on this site.  I've made the observation that you could probably spend $50K on a truck and people won't even look twice at it.  Trucks are for working people.  Little red sports cars are for middle aged guys with too much money and 30 something's with not enough brains. 

Don't get me wrong, I'd love to have a little red sports car.  However, like B24 said, when you've got a family to haul around most of the time, little red sports cars just aren't up to the job. 

If I had my pick, I'd spend my $50K on the best truck I could find.  While I don't do any hunting, we do like to camp, and I do enough remodeling that a truck makes perfect sense for me.  Ever tried to haul a 4X8 sheet of drywall with a Ferrari? 

It's curious to me that advisors can't see the forest through the trees...

A car gets you from point A to point B. A car has diminishing value. You are always buying high and selling low.Seems to me that if I drive a 7 year old car...

My so called peers will laugh behind my back and

My clients will be pleased that either I am frugal or very comfortable about who I am and don't need some four wheeled piece of metal to satisfy my hormone deificiency.

I have been off these forums for a month doing business. That gets my hormones goin.

Bigcheese,

One should consider cars not as an investment, rather, as an expense.  If one has the means for a large expense such as a high dollar car, that is their prerogative.  I am a late 30s relatively recently divorced male with no kids and few expenses.  I bought a bimmer knowing full well that it will continue to depreciate.  That is my prerogative.  I sought out advice on the practicality of a car due to the nature of our business in production from people with experience.  Otherwise, I would have (being the 30 something with no brains...thanks Spiff) bought a two-seater sportscar without seeking input.

Hey, I'm right there with you.  If I were single with no kids, and no bills, I'd be driving a 2010 Shelby.  And I'd have my $50K truck for the rainy or snowy days. 

Sadly, I've got a minivan and a 10 year old truck instead.  But, my kids have a college fund, I have a house that's constantly improving and will be paid for before I'm 50, and a wife that has made it known that she likes convertibles, just not right now.    

Cheese - your comment on cars being something that gets you from point A to point B tells me that you're not a car guy.  See, for car guys, it's not that you get from point A to point B, it's how you want to feel while you're getting there.  Some guys want to feel the rush of getting there ASAP, tires screaming, gears jamming, with the fragrance of gas and burnt rubber wafting through the air.    Others want to sit on the finest leather from Italy, feel the control of a well tuned suspension working in concert with a refined engine that responds to the slightest blip of your foot on the gas, while surrounded by all the creature comforts you can imagine.  It's about the journey, not the destination.  

Non car guys want to get in, get there, get out.  Done. 

If you're not a car guy, you just done understand those of us who are. 

Spiff, you are correct.  Unfortunately, being a "car guy" can be an expensive passion!  For those of us that live on the coastline, there aer a LOT of "boat" guys.  Not so many car guys.  Most people around here put there money into their boats.  I can't tell you how many wealthy folks I know that have a 10 year old Jeep Cherokee (the "commuter car") and a big pickup (for haulin' the boat and other "stuff").  But you drive 200 miles down I-95 and it's all about the car.  Lexus, Bimmer, Mercedes, Range Rover, Infiniti, Porsche, Audi, that's all you see.  Any of you that live anywhere within commuting distance to NYC know what I'm talking about.

Taurus, done at $6300.

Buyer: Your price is too high, the car is in Kelly Blue Book for $5500.

Me: Well, then you need to buy the car from Kelly Blue Book.

Buyer: They say your price is too high.

Me: Ok, funny thing is, they don't sell cars. This one is $6900.

We finally agreed on $6300. Done deal!

Next car deal, happens to be right down the direction in which this thread has turned, a truck. I'm sending the kid in to pick out a 2011 F150 King Ranch. I'll cut the deal with my guy. It will double as a family vehicle light truck around the farm in FL. He needs something that can haul an ATV as well as tow  horse and boat trailers. He wanted an F250, but that would be overkill.

I also have to buy a van, as the 05 Grand Caravan that we keep in FL for my use and visiting family got whacked. Rear ender at a stop sign, nobody's hurt, but the van is done. I really liked that van. Comfortable driver's seat, decent on gas. Oh well, I'll start looking around up in Jersey, buy something and drive it down in the fall. I'm not much of a mini van person. But i gotta say, because we do a lot of bicycling down there, everything fit in that van! No worries!

Selling the Taurus was fun. About a dozen calls just from putting the car out on the grass along the road out in front of the place. Sold in two days. I wish i had more cars to sell. An entertaining deversion!

Spiff-

Dead on. I see a car as a means to an end. For the record...today I am driving my 84 year old step dad's Mazda Miata. It's fun to drive but hell to get in our out of. I can appreaciate how cars make you feel, it just doesn't rock my boat.

Now the financial planner in me says...

Gee, if I didn't have car payments for the rest of my life and I could have saved that money at 8%....by gosh I do beleve I could be a wealthier human being able to give to more charities, give more to family and truly make a difference.

And I still got to point A to B and for me, feel alot better the world and myself, you know making a difference in someone's life versus feeling the adrenaline rush of almost killing myself or someone else on city streets.

As far as I am concerned, the reps who aren 't too full of themselves are the most balanced. If you are trying to keep up with the beamer mentality or the biggest SUV on the planet, I suggest a good therapist will help you work out your issues.One of my closes friends in the business drives a 10 year old car and manages 80M mostly in advisory. His clients would look at him and question why he would be so foolish to buy a new car when a perfectly good used car would serve his needs. The walk the talk conversation comes to mind.

If you aren't telling your clients to live beneath their means it is probably because you aren't!

[quote=BigCheese]

Spiff-

Dead on. I see a car as a means to an end. For the record...today I am driving my 84 year old step dad's Mazda Miata. It's fun to drive but hell to get in our out of. I can appreaciate how cars make you feel, it just doesn't rock my boat.

Now the financial planner in me says...

Gee, if I didn't have car payments for the rest of my life and I could have saved that money at 8%....by gosh I do beleve I could be a wealthier human being able to give to more charities, give more to family and truly make a difference.

And I still got to point A to B and for me, feel alot better the world and myself, you know making a difference in someone's life versus feeling the adrenaline rush of almost killing myself or someone else on city streets.

As far as I am concerned, the reps who aren 't too full of themselves are the most balanced. If you are trying to keep up with the beamer mentality or the biggest SUV on the planet, I suggest a good therapist will help you work out your issues.One of my closes friends in the business drives a 10 year old car and manages 80M mostly in advisory. His clients would look at him and question why he would be so foolish to buy a new car when a perfectly good used car would serve his needs. The walk the talk conversation comes to mind.

If you aren't telling your clients to live beneath their means it is probably because you aren't!

[/quote]

You make some great points. I'd say, your car should match your clients. My clients are the millionaire next door types, so a fancy car might turn them off, more than impress them. But, if you're chasing high tech, young rich guys, the porsche car might be what makes you included in the group. Farmer clients, you'd better have both a Ford, Dodge AND Chevy truck... And know which of them to bring to work each day!

[quote=BigCheese]

Spiff-

Dead on. I see a car as a means to an end. For the record...today I am driving my 84 year old step dad's Mazda Miata. It's fun to drive but hell to get in our out of. I can appreaciate how cars make you feel, it just doesn't rock my boat.

Now the financial planner in me says...

Gee, if I didn't have car payments for the rest of my life and I could have saved that money at 8%....by gosh I do beleve I could be a wealthier human being able to give to more charities, give more to family and truly make a difference.

And I still got to point A to B and for me, feel alot better the world and myself, you know making a difference in someone's life versus feeling the adrenaline rush of almost killing myself or someone else on city streets.

As far as I am concerned, the reps who aren 't too full of themselves are the most balanced. If you are trying to keep up with the beamer mentality or the biggest SUV on the planet, I suggest a good therapist will help you work out your issues.One of my closes friends in the business drives a 10 year old car and manages 80M mostly in advisory. His clients would look at him and question why he would be so foolish to buy a new car when a perfectly good used car would serve his needs. The walk the talk conversation comes to mind.

If you aren't telling your clients to live beneath their means it is probably because you aren't!

[/quote]

Bigcheese,

Yes, and the Financial Planner in me knows that by sitting out one four year car buying cycle on the average car that runs $30,000 in 2010 and driving a "beater" and investing the savings over 20 years at an 11% ROR I could have $250k.  Blah blah.  Again, you're missing the point!  FAs who are car guys know that and yet still buy the cars.  

As for your "feeling better about yourself for making the world a better place"...there is no emoticon that displays what I'm doing with my right hand, but it involves holding my thumb to my fingers together in a circular position and moving my hand back and forth.  

In judging  those who drive a luxury car or SUV the key point is your saying "as far as I'm concerned".  I don't care what you think.  You are you, and I am me.  If you wanna judge me or those on this board like me, go to town if that makes you feel better about yourself.  What I drive, or how I spend my money outside of work is MY BUSINESS, not yours, or my clients', period.  Do you ask your doctor if he smokes, or exercises?  Or your dentist if he flosses?  Or your lawyer if he has a will?  Course not.  Why?  Cos it's not your bidness.  

What this is about is walkiing the talk.

I was at a meeting yesterday with 15 independent advisors. I don't want to bore you with minutiia, but his office cost 15K a month!. Granted in a pristine location in the heart of wine country, but give me a break.  Most beauttiful office I have ever seen in my 16 years in the biz without question. 4 empty offices, 1 huge classroom, another conference room, hardwood floors, sensor lights in every room, etc.. Is that the definition of success? He grosses 1M+ probably nets close to 750K, I dunno it doesn't make sense to me but it does to him (he confided in me that he inherited a big big chunk), so I can agree with you CFP that to each his own.

I'll bet he drives the fanciest car in town. The reality is we are our own worst enemy most of the time. I don't judge you anymore or less CFP, it just amazes me that we cherish the things that matter so little in the big picture.

By the way you might want ot close your eyes big guy when you are in your own private place. It may help your inflated ego.

[quote=BondGuy]

Taurus, done at $6300.

Buyer: Your price is too high, the car is in Kelly Blue Book for $5500.

Me: Well, then you need to buy the car from Kelly Blue Book.

Buyer: They say your price is too high.

Me: Ok, funny thing is, they don't sell cars. This one is $6900.

We finally agreed on $6300. Done deal!

Next car deal, happens to be right down the direction in which this thread has turned, a truck. I'm sending the kid in to pick out a 2011 F150 King Ranch. I'll cut the deal with my guy. It will double as a family vehicle light truck around the farm in FL. He needs something that can haul an ATV as well as tow  horse and boat trailers. He wanted an F250, but that would be overkill.

I also have to buy a van, as the 05 Grand Caravan that we keep in FL for my use and visiting family got whacked. Rear ender at a stop sign, nobody's hurt, but the van is done. I really liked that van. Comfortable driver's seat, decent on gas. Oh well, I'll start looking around up in Jersey, buy something and drive it down in the fall. I'm not much of a mini van person. But i gotta say, because we do a lot of bicycling down there, everything fit in that van! No worries!

Selling the Taurus was fun. About a dozen calls just from putting the car out on the grass along the road out in front of the place. Sold in two days. I wish i had more cars to sell. An entertaining deversion!

[/quote]

BG don't buy an 11'... Get a 09-10 through your buddy at the auction, a good lease turn in or reputable co. I buy alot through Ford Motor Credit. Through him 500-1k and in 2 years you'll be able to sell it and likely not lose any money. 

Everyone on here assumes cars are a losing investment... I promise they don't have to be. The depreciation on a new King Ranch is mind boggling.

If you need a hand let me know I have access to all the auctions,, Manheim, etc. I can atleast give you some more info. that might save you enough to get a KR and a minivan for less than you might pay for a 11 KR.

[quote=BigCheese]

I don't judge you anymore or less CFP, it just amazes me that we cherish the things that matter so little in the big picture.

[/quote]

Right there, in that sentence you contradicted yourself.  You said you don't judge, yet you immediately contradicted yourself by doing just that in your statement "it amazes me that we cherish the things that matter so little in the big picture".  Whose "big picture"?  YOURS.  Maybe the big picture for the advisor you were criticizing are those creature comforts.  Once again, his prerogative, and you are judging.  All I'm saying is to each his own.  You may disagree, and that is your prerogative.  Quietly he may be judging you for appearing to him as pedestrian. 

We can go round and round, but at the end of the day we are entitled to our own "big picture".

way too much self righteousness in this thread

ok easy question: who would you rather be. guy 1 or guy 2

guy 1: 50 year old living in a fully paid for $150,000 house with an '07 taurus parked in the driveway because he's being practical

or

guy 2: 50 year old living in the house of his dreams with the car of his dreams the way he always imagined it would be for him when he was a kid

both have $50mm AUM and netting around $250k/yr. both have comfortable balances in the checking account and no one's living paycheck to paycheck stuggling to pay the bills

WHEN THEIR HEADS HIT THE PILLOW AT NIGHT, WHO'S LOOKING FORWARD TO DRIVING TO WORK TOMORROW MORNING

and don't give me that money doesn't buy happiness bullshit

Jack THX. I'm always up fpr buying a good used vehicle. With the exception of the toy cars I have a tendency to hang on to cars for a long time. Still have an 03 Taurus that my younger son drives. And thx for the offer. My guy gets me what ever i want, so for now, I'm covered. All that said, We've already decided to go with a new truck. The decision was F150 or F250.

On Luxo car debate- +1 that non car guys don't get it. To a car guy a car isn't just transportation. If it was, we'd all be driving Kias or some other cheap tin can. To a car guy it's the driving experience that they are after. It's the ride, not the destination. With a tip of my Phillies cap to those with differing religious views, we only go around once. If you want it and are willing to work for it, then go for it. Lastly, on the money aspect- put your calculators down because the guys that drive these cars can afford them without breathing hard. They are making a trade off, the money for a life experience.

Here's a prime example: Turning the clock back 23 years i went to lease a 911s. One of my closest friends turned thumbs down on the idea. "What a waste of money!"  he said. Ok, dude, let's compare lifestyles. You and your wife take at least one exotic vacation a year. We go to the shore. You belong to a hunting club that costs you $5000 a year in dues. You also belong to a fishing club that costs you $3000 a year and a country club that cost you how much? I don't belong to a hunting club ,fishing club or country club eff you i drive a Porsche!  He laughed when i put it into perspective for him. Then the market crashed and i didn't lease the car. I waited a year, and bought then a toy car.

I can understand why a friend buys expensive wine and why another has a watch collection he could trade for a nice house. The porch is alonely place when you look back at your life and say "I'm getting 4% on the money i didn't use to do the things i really wanted to do."

[quote=BondGuy]

Jack THX. I'm always up fpr buying a good used vehicle. With the exception of the toy cars I have a tendency to hang on to cars for a long time. Still have an 03 Taurus that my younger son drives. And thx for the offer. My guy gets me what ever i want, so for now, I'm covered. All that said, We've already decided to go with a new truck. The decision was F150 or F250.

On Luxo car debate- +1 that non car guys don't get it. To a car guy a car isn't just transportation. If it was, we'd all be driving Kias or some other cheap tin can. To a car guy it's the driving experience that they are after. It's the ride, not the destination. With a tip of my Phillies cap to those with differing religious views, we only go around once. If you want it and are willing to work for it, then go for it. Lastly, on the money aspect- put your calculators down because the guys that drive these cars can afford them without breathing hard. They are making a trade off, the money for a life experience.

Here's a prime example: Turning the clock back 23 years i went to lease a 911s. One of my closest friends turned thumbs down on the idea. "What a waste of money!"  he said. Ok, dude, let's compare lifestyles. You and your wife take at least one exotic vacation a year. We go to the shore. You belong to a hunting club that costs you $5000 a year in dues. You also belong to a fishing club that costs you $3000 a year and a country club that cost you how much? I don't belong to a hunting club ,fishing club or country club eff you i drive a Porsche!  He laughed when i put it into perspective for him. Then the market crashed and i didn't lease the car. I waited a year, and bought then a toy car.

I can understand why a friend buys expensive wine and why another has a watch collection he could trade for a nice house. The porch is alonely place when you look back at your life and say "I'm getting 4% on the money i didn't use to do the things i really wanted to do."

[/quote]

Well said BG.

[quote=bb5]

I want to stay positive but also realistic.  CFP2BE I wish you luck and please don't take my thoughts as anything other than my thoughts, I could be wrong..  I am not sure what wholesalers still work in a "team" format other than Russell.  Are you an external or internal?  The days of making money and going home and forgetting about the responsibilities are long gone.  Will those days come back (90's) I hope so.  If that is what you are looking for then you might want to sell insurance.  On last thought, when you are independent you have the benefit of not having employees, you can run a 1 man show, bigger is not always better.  Build your business the correct way and in 3 years give indy serious thought.  Good luck...  As far as the car, if I was just starting out and did not need a large SUV for the kids and family I would look at a 2007ish 3 Series BMW.  Great car sets the right image with your clients, successful but not stuffy.  I would go to a small indy dealer and you may pay 14-20k. 

[/quote]

Buying a 3 series for 14k, you better know the dealer to be trustworthy, because it'll have issues and high mileage. 

[quote=gethardgetraw]

and don't give me that money doesn't buy happiness bullshit

[/quote]

Money buys peace of mind so you can do stuff that makes you happy. Up to a certain threshold. 

If you think things will continue to make you happy, you've either not had a lot of money in your hands or you're of shallow nature.