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!