going to be starting as a 1st year analyst at a MM next year, but will need a car to commute to work. What do you all think for an appropriate car that is affordable based off of a 1st year analyst's salary (factor in apartment rental+living costs, etc.), and isn't too gaudy? Obviously leasing is a possibility.
The place would be in virginia. I'd be living about a 20 min drive away (most feasible situation).
| +254 | CVP 2025 Summer Analyst Class Is A JOKE | 114 | 7m | |
| +100 | The "Not So Obvious" things that get you a return offer? | 10 | 14h | |
| +93 | PJT Best EB in the next 5 years? | 46 | 13h | |
| +57 | Ex-JP Morgan analyst awarded $35M decade after NYC building’s glass door suddenly shattered on her | 15 | 23h | |
| +35 | Georgetown Placement for 2024 and 2025 | 20 | 20h | |
| +32 | Best IB group on the Street | 14 | 10h | |
| +31 | Pros and Cons of the BB coverage groups | 16 | 4d | |
| +28 | Barc vs WF for IB (Generalist) | 7 | 12h | |
| +28 | How to deal with egotistical team? | 6 | 12h | |
| +26 | BIG FOUR ARE PARADISE | 4 | 12h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
You're a 1st year at a MM just get a regular car.
how much can you afford? i doubt a 328xi new at the very least.
but definitely a used bmw or audi (i assume you want a stylish import) is possible. 3 series, a4, etc. these cars are not gaudy (though I'm not sure how your employer would take to your driving one, some are very particular about this sort of thing).
After college, when I went to buy a car I got pushed into the whole "Stylish Import" thing by someone who thought that what car you drive was important, and while I love my car, I was looking at the Civic, the Maxima, a Ford F-150, all sorts of lower end cars because it's affordable. My advice to you is that if you need a car, be practical. If you don't need it, then don't bother getting one.
I'm looking at getting a used accord coupe or prius. I think the more regular the better, but that's just me.
Looks best in black. It's a really solid car, I have around a 3:1 stoplight street race record with it.
Jesus don't get a BMW 328, get something used. Drive it into the ground.
If you have a $60-80k salary, you should not pay $30-50K for a car. Christ.
2004/2005 VW Phaeton 20-25K, baller car
Nice recommendation. Nobody gives that car enough credit; it's just a shame VW stopped making them in the states.
If the driving experience is important, I can strongly recommend a Pontiac G8 GXP, or even a GTO. The engines are beasts, and the GXP actually has a great interior and fantastic handling. Also a big fan of the Chrysler 300/Dodge Charger SRT8, but they are not exactly practical.
Mazda RX-8 handles like a Miata, and avoids the "chick car" label of the latter. Just be warned they rotary engine is apparently hell to live with, and the straight line acceleration is weak.
This is all assuming you are not in NYC. You do not want a car in that city.
Tahoe
Good choice. Nothing wrong with a Frathoe.
Why not just buy a junker and save the money? I'm not IlliniProgrammer, but if I don't live in the city I will definitely just keep driving the 1986 BMW 325e that I drive now. I have a big enough penis to deal with having a shitty car.
This guy hasn't even gotten his first paycheck, yet he's already looking to splurge on a car.
wtf...get a used camry I say. What's with all these 1st year analysts posting "Ferrari or Maserati? HELP!!"
Don't splurge on something you can barely afford just cause its a name brand and you gotta "fit in" with the MD's. You're not a rockstar yet
Just get a motorcycle.
Keep it sub-25, dude.
Save the money and get an apt next to the office. You'll thank me later
second the apartment next to the office
and motorcycle as well haha
1995 Toyota Land Cruiser
I would get an accord coupe. those look sweet. but then again, I don't know much about cars.
I will second that motion. You can get a fairly new Accord coupe with less than 30k miles for just over $20k. To me, it's sporty enough to not have your man card pulled, comes with decent fuel economy and has some creature comforts but doesn't break the bank and isn't something you will have to worry about not starting in the morning.
I have an '01 Acura 3.2CL, which is like the older, less fuel efficient, less creature comforty (because it's older) brother to the Accord Coupe. I enjoy my car, is comfortable, reasonable to get me where I need to go and hasn't given me any real problems. I'll probably keep it a few more years and then upgrade to a Cadillac ATS...if it turns out as awesome as it's rumored to be and if I determine my budget can handle it, lol.
Regards
I wanna get a Saab 900 SPG.
Ford Bronco. Camo it out along with a cattle guard.
just get a civic.
a USED one too.
What city are you going to be working in? If it NYC or London trust me when I say this. You don't want a car!
Yeah where will you be living?
Virginia. So i need a car. i'm originally from the NYC area so i am totally aware that you can't drive there hahaha
Look. A car is one of the fastest depreciating assets people own. You don't need to dump tons of equity in something like that when you are so young. Just get a decent used car, motorcycle, or live close to the office.
Don't get a motorcycle...it's not worth the hassle of messed up hair when you get to work or sweat when it's hot or freezing when it's cold. Plus it rains and that's no fun both from a safety standpoint as well as the staying dry standpoint.
I owned a motorcycle for several years and one of the things I found out is how inconvenient they can be and to me, they are best used as a second vehicle.
Truthfully, you should probably look for a really cheap car that is going to get you through the next 3 or 4 years. It's very likely you will end up either in business school or lateraling elsewhere...which could end up being NYC...and as you know, you don't need or want a car there, so buying a cheaper used car will save you the pain of the diminishing value.
Regards
Get a used e46 BMW 330i. Look into the 2003-2005 year range. A good one can be had for around $12-15K. If you can drive stick and can appreciate a true driver's car, look into the 330i with the ZHP package.
It's a slightly souped-up 330i with better cams and a slightly more aggressive tune.
Check out www.zhpmafia.com (although they recently closed off membership to new people recently because they like to keep the group very small).
Some kind of used SUV (not CUV, preferably with V8 hah), it's fun. I used to have a Civic, then changed. Also will be handy when it snows.
BMW 323i
I love it.
A few years ago I rode in the V-12 Phaeton, and it is a BEAST on the street with a soundproof luxury interior and air conditioned everything.
In practicality, save your cash, invest, buy a used Camry and buy the Ferrari California when you make Director!
England... you know, we don't know where the MM bank is. I revise my earlier statement and suggest going with a location appropriate car that would ensure you can get to work.
Just updated the post.
Fuck the frugality and get the Merc c63 AMG
When I was looking at cars I looked at the A4, the 330i, the S60, as well as a few Jeeps and SUV's. I ultimately went with the S60 because it is the least showy/tryhard but most comfortable and reliable of the entry level cars I viewed. In VA you don't really need to worry about AWD and there's no reason to spend more than $15-20k. Get something nice enough that you won't mind your commute but go used. Once you make associate, if you still feel like getting a nice car you can use some of your 6 figure savings or your $40k signing bonus to buy it.
Live within walking distance to work. Traffic and late hours are going to make you miserable. When it comes to banking, simplify your life.
So you're working at HW?
Get a VW Jetta with TDI.
It's a well built car with a nice interior (not overly plastic-y like the Japanese/American cars), and it gets great gas mileage (30 city /42 hwy) while also having some get-up and go. You can get a slightly used one for under $20k.
If you want something more fun that is still reasonably priced, look at a used Mini S.
ferrari
used bmw 3 series
talk to blumie
If the maintenance isn't an issue for you, I'd get a used E46 M3.
YES! I am so happy with mine. Due your due diligence and have a shop check it out before buying. Look at m3forum.net for details on what to check on. And no one will know what kind of car you drive so don't worry about MDs impressions.
I recently bought a brand new S4 and I could not be happier. It did cost me over 60K though. If you're cool with used, you can probably find a used S4 for 30.
Don't be a retard and waste money on any import. Buy the cheapest car you can (i.e 95 Toyota Corolla), once you have 6 or 7 figures then buy a new import. There isn't a point, especially as a first year analyst. Work hard, don't try to give the impression that you have money. People will respect you more. Buy the nice car when you are rolling with French Cuff shirts
Depends on what you want. I only suggest getting used cars as new are too pricey. Use autotrader, cars.com, craigslist.
I like performance cars and here are cars I have driven and would look into:
Convertible: 2001-2004 Porsche Boxster 2000+ Honda S2000
Coupe: 2003+ 350z ~2001+ BMW 325ci 2003+ Infiniti G35 2001+ BMW M3 (what I bought for 15k)
Sedan: 2003+ Audi S4 2002+ Audi A4 2004+ Acura TL
got lazy
What department do you work in? We need to make a list of ideal cars by department.
I am shocked that this forum is so cheap. Me too!
Always remember when buying used luxury, the maintenance costs will be quite problematic in the long run.
lol at these poverty recommendations. It's all about getting cars priced like phone numbers. When I was a first year analyst, I was already pushing seven hundo in my Bugatti to get to work and beat all the traders getting in early. Real talk.
Pretty sure you take the subway to work breh. Also positive you take the BDFM line, which is generally reserved for plebes.
Shame you can't land a job.
If you want to be frugal get something simple such as a V6 Accord or Impala. If you want a performance car that is not gaudy get a Camaro.
porsche 964. do ittt.
used Infiniti 2008+ (not so much on maintenance)
If you want to be the most alpha analyst at your firm, get a Bugatti Veyron or Lamborghini Aventador.
I'd say a 2010-2012 Nissan Altima coupe, Honda Accord coupe, etc...
I was going to get an Audi A3 or S3, but decided to get a VW Polo, those things look mean these days and are so comfortable to drive
350z or g35. If you want more practicality, get a used Altima.
Granted I am not in an IB job, I drive a 2005 Infinity Q45, it is sold with a V6 (dont know how much you care about the engine and or fuel efficiency) and it has a pretty nice semi-luxury interior, with a pricetag now of around 17000. I know, I know, not exactly the IB car, but if youre looking for somewhat luxurious, and cheap car this is a solid pick for you.
What cars do you analysts drive? (Originally Posted: 11/12/2010)
This is assuming of course that you even need a car, which is probably not the case if you work out of the NYC office. What about other areas though? (Cali, Boston, North Carolina, Illinois, Texas, other countries etc.) Did any of you buy/lease a car during your analyst stint?
Leased a new Honda Accord myself. Worked well for me, though I hardly put any miles on it because I was always at work and lived just a couple miles away.
uhh almost all of us are in nyc. we take black cars/cabs/subway.
"we" and "us" are terms used to imply that you are actually a part of that mix, however your profile states you are still a prospective and you've stated in your other thread responses that you are still interviewing. This question was clearly directed to current or former analysts.
Crazy how people track others down to see if their legit or just a student.
Wouldn't you want to make sure information you're receiving is coming from a reliable source? I thought you bankers stressed this thing called "due diligence"
He pretty clearly stated that he realized needing a car in NYC was unlikely, "but what about other areas" was what he followed that up with. Not sure if your reading comprehension allows this, but what he was saying was, "I understand a car is unnecessary/impractical in NYC, but what about those working in other areas, what are you driving?" see how that works? Your first post was not needed and makes you come off as an arrogant tool (you should probably never use the term "we" and "us" - I certainly don't want you speaking for me - not to mention the fact you're still a student). The rest that follows is just bullshit.
To respond to OP, if you're outside of NY, it depends on where you are. I'm no longer in NY, but in a city where a car is nice to have but completely not necessary; if you're in a city like this, I'd probably suggest skipping out on the car for a little bit and trying to save some cash. If you're in an area where you need a car, my two pieces of advice: (1) DO NOT GO FANCY - as Comp noted, you're going to either be in the office or in your apartment for the next two years, so get something simple and cheap that gets the job done. No sense in buying that 5 Series if you're only going to using it to make that 20 minute drive home at 3am.
LOL
afalcon got his big offer did not you hear, so he is basically in NYC already.
dont buy a car if ur living in manhattan, its pointless. and if ur living in subs and working as analyst in city, ur wasting too much time on commute.
save that bonus. buy a fucking lex when you're an associate.
Save your money for coffee and beer bro
If you've got the cheddar and you're living / working in some place like Connecticut or Maryland where driving to work is a good idea, I'd consider investing in a used Audi A4... 25k will get you a slightly used, 2007 or 2006 version that drives perfectly and looks moderately sick without being in any way flashy. Insurance isn't too bad either.
4RE
I've still got the same trusty old SUV I had in college. It gets the job done, hasn't broken down, and is great for throwing a bunch of friends in for snowboarding on the weekends (obviously I'm not in NYC). My plan is to drive this baby into the ground, then lease a BMW 3 Series. I've wanted a 3 forever, but I just can't justify scrapping my SUV that's already paid off, has cheap insurance, and doesn't bother me when it gets an extra ding on the bumper. The new Bimmer will come, but only when it makes sense - no reason to flush cash down the toilet.
so let's assume i already have a car (corolla)... should i sell? i'll be working in midtown next year.
sa'd in nyc, have gone to college in nyc for 4 years, will be working at a bb in nyc in 6 months or so.. think im qualified enough to tell the kid that you dont drive around a car in manhattan. particularly as a 20 something year old.
dont need industry experience to fucking figure that out
Just because you live in Manhattan doesn't mean you shouldn't own a car. Some people here could be both analysts and car enthusiasts. Those are the type of people who track their cars, and don't see it as a form of appliance. Much like a watch enthusiast don't see a watch as something to just tell time. However it's pretty stupid if you live in NYC proper and use the car to commute to Manhattan for anything other than deliveries.
fair enough! hybridtheory - what city are you going to be in if not nyc? menlo park?
i am in texas and our guys have from honda civics to 5 series bmw... everything in between
Guys I know shit about cars....
but How much would a leased a5, 325bmw cost?
edmunds.com
I got done on a 2008 328 with 27k miles for 23k for my wife
Acura RSX
But I am in Philadelphia so owning a car is a little easier
Being in NYC, there is no reason to have a car. These days you can get a 3-series from ZipCar if you really want one for a day.
Personally I am a big car guy, and am looking forward to the day that I have enough cash (and time) to move outside the city and buy a nice vehicle. I still have the car that I had through college, but I leave it parked at my parents house in Jersey so I can use it if I need it, but no reason to blow the cash buying a new car during your first couple of years when you won't have any time to use it.
Wait until you start making some serious money, have a little bit more time, and then get something really nice.
What car to buy? working in FL. 1st year analyst (Originally Posted: 10/28/2013)
Hi Monkeys,
I will be moving to north FL to work as a first year analyst. I've never owned a car before and could really use some suggestions on feasible/wise cars for a 1st year. I'm thinking of buying (not leasing) a used, low mileage car.
I don't know the culture or expectations for what kind of car a 1st year is supposed to drive, and I don't want to look ridiculous. Any suggestions?
A wise car is something that has 4 wheels, an engine, and something that gets more than 10miles to the gallon. You're gonna be working in Fl, nobody gives a shit what you drive. The only people that have nice cars down there are rich old fks and douche bags
There isn't a single car that's going to make a 22 year old kid look 'cool'. Not everybody is interested in that. Some people actually enjoy driving nice cars instead of piece of shit Priuses. Stop caring about what other people think.
Don't underestimate the Fl culture. I see your point, but I give a shit about what I drive. That's why I'm asking
http://www.cars.com/go/search/detail.jsp?tracktype=usedcc&csDlId=&csDgI…
If you like to drive sportingly and care about image buy a used 335i, if you are more concerned about getting from point A to B then buy a camry/prius, and if you like to get out in the countryside buy a used 4runner/grand cherokee. Also, to avoid looking douchey I would not buy a used car that originally retailed for over $50,000.
Get a used civic, focus, camry, etc. and live like a king
2008 civic vs 2008 3 series
With the same mileage, they are roughly the same price given the drastically different depreciation rates. If you drive both for a few years, you're going to end up getting shafted either way when you trade it in, and maintenance costs aren't going to be that different... So why not get a low mileage 3 series? I don't know what JAX bankers take home post-tax and bonus, but I'd imagine they can afford a low-end used Beemer.
Toyota corolla
you can get a used bmw pretty cheap
You can always get a rusty honda... :D
In all seriousness, get the cheapest car that runs OK. Expect to spend about $5-8K. Hopefully try to find something still under warranty.
You're 22; you don't need to drive a nice car. Heck, nobody needs to drive a nice car. You just need a car that gets you from point A to point B #SuzeOrman.
depends if you're going to use it to pick up girls, or if your game is good enough you don't need a nice car.
if you don't then a civic honestly is the best. go without the rust lol. If u want to make people stare buy a used lotus elise for around $20-35 grand. Its exotic enough for Florida.
don't give a fuck what others think...if it looks douchey, so be it, as long as your personality is not that it doesnt matter
You'll be driving a minivan (or equivalent) in 10 years or so. Might as well get something fun at an age when you don't need to be practical or need a back seat.
Well considering I am a girl, and straight, I suppose it doesn't matter.
Gender does not matter for car selection. In north FL there are plenty of females who drive oversized pickup trucks, even jacked up ones. Also, there is the stereotype of middle age women driving oversized SUVs.
um if u don't want honda or toyota......then Volkswagen jetta or passat, beamer benz or bentley, could go for acura (i'm a fan)
idk if you want to go for sports coupe? scion frs, suburu brz (you actually might have guys staring at you if you drive this). again unless you really like driving (idk since you're a girl), better to spend under 10 grand
Acura TL/TSX or one of the Infinity options, especially in FL. I'd go with a TL.
God cars are cheap in America. My girlfirend bought a Nissan Dualis for $30k last year, hard to believe considering someone is mentioning a 08' BMW for $12k. I'm in Aus so the dollar is quite close to parity as well.
...
OP should think about a Lexus IS250, maybe a year or two old. Great chick cars without screaming femininity and also pretty fast.
I like my Subaru, even though it's probably not necessary unless you live where it snows. However I think I want a motorcycle, so once I escape from the hellhole that is Minnesota, I'll probably get rid of the car.
Any sort of certified pre-owned BMW with the 100,000 mile warranty.
You would be a fool to spend over $10k on a car in your first year out of school, and doubly so if you buy a used German one. Say you spend $15k on an '08 3 Series. A few years from now, it's worthless. No one is interested in a 10 year BMW with 80k miles on it. Those things break down all the time and the styling's going to be all changed on the new ones so you neighbors will know you're poor. There's no real market for them. Congratulations, you just flushed that money down the toilet.
Now let's say you buy a used Civic for like $5k. Go ahead, run it into the ground. A few years from now, you can take all that money you saved by buying a shitty car and spend the extra $10k you saved (well, more if you invested it) on something nicer to show off to your PE pals.
Or you can get a new Civic or Toyota, take care of it, and sell it in a few years to recoup some of the money since those bad boys don't depreciate so fast. Same effect.
Disclaimer: I blew my savings on a BMW a week after I got my signing bonus and 100% regret it.
LBJ's hair is probably right. Also, american cars tend to depreciate very fast the first year, then level off. Think of a 1-2 year old V6 American car for about 8K+ off sticker. If you buy one at auction or from an owner you can usually get a better deal than going through a dealer.
this is what you need http://betterparts.org/images/vw-caddy-01.jpg
I assume your working in Jacksonville (DB?), that's where I grew up so hopefully my input will help you out. As far as culture, nobody gives two shits about what car you drive so please don't waste your money on a BMW. On the flip side, Jacksonville is a huge city and you will probably drive a lot so don't get a POS either.
Depending on what you like to do outside of work I would get either a used 1500/F-150 or used Accord/Camry. If you see yourself fishing/hunting/driving on the beach/etc get a truck, if not get a car. The most important thing is get something cheap, but reliable. The second and third most important thing is for the love of god don't get a dark colored car and don't get leather seats, unless you like swamp ass.
P.S. A lifted truck in north Florida will drop panties much quicker than a car, and I think we can all agree that's really the important thing here.
Edit: I just noticed your a girl, so hopefully the above sentence doesn't come across as rude, but I guess a truck might still help you pick up guys idk....
I agree. Don't get a BMW if your at DB Jax. It would be too gaudy.
...
...
@"Bernanke's Beard", aware me on how that works.
Thanks, definitely helped! Why not a dark car???? I love dark cars (was thinking of steel blue or black)!
As a former BMW 3-series owner, I think it's safe to say that you want to avoid buying any kind of BMW. As much as I enjoyed driving that car (I looked forward to my morning commute because I drive like an asshole), I think you won't get much value from it. Unless your idea of "enjoying driving" involves being a safety hazard, as it is for me.
If you aren't a driving enthusiast, get something like a used Civic or Accord. My experience with both those cars leads me to believe that they're not only great value purchases, but excellent options for someone looking to own without a lien or lease.
Here's what you get:
Also consider that Florida has a much friendlier climate for driving than the northeast, so your mileage may vary (sorry for the pun).
My recommendations: 2008 - 2010 Honda Accord. Awesome car, great value, comfortable and spacious for the price.
Very, very close runner-up: Honda CRV. If you consider a bigger car for even a second, grab this. It's comfortable as hell and you can fit all your friends in it fairly comfortably.
Fake it till you make it.
To anyone that suggest the OP not buy a BMW if the OP worked at DB needs to stab themselves in the eye with a pen. The OP needs to buy an Ariel Atom and be done with this nonsense.
A used Ford Explorer
VW Beetle.
Do people in the US never buy cars on finance? Just get a brand new one on finance if you can find the right deal!
WTH someone jacked my trademark avatar!
Ok ok I'm taking it as a compliment. :D
Back to my rusty Honda.
I'd recommend the following:
All 3 are very solid cars. Mini-cooper is a great car if you wan't something a bit more low-key (not that a base model BMWs or Audis are particularly flashy). You can also get any of the above in a convertible model (great for FL).
I definitely didn't have that kind of money when I was 22, but if Daddy's paying, I vote A5.
Boo to the 1-series. Overpriced, cheap interior, you are paying for the badge. Also a very ugly convertible.
Just realized my last post completely ignored convertibles for FL.
For a deal on a 2 seater, see if you can find a used Chrysler Crossfire (SLK rip-off, pretty car, horrendously underpowered but you probably won't notice/care), they were manufactured through 2008. Turns out they are pretty reliable, as Chryslers go, although again, look for reasonable mileage. Otherwise, the Mazda Miata roadster also comes in a convertible.
Im surprised no one has mentioned Infiniti yet.... have had my G coupe for 6 years now and still love it. You can get a used one for 20-30k with relatively low miles, are very reliable, sporty, and will last you a long time.
A friend of mine lives down there...he has an S2000. Good price, fun as fuck to drive, and convertible for your "Florida culture."
Actually had one of those with a 2jz engine in high school. One of the best convertibles out there for the price, and they hold their value like no other.
Fuck BMW, get the s2000.
OP, what is your budget? Would hate to throw you a blind recommendation.
The most I'm willing to pay is around 24k. But I'm looking for a range of 15-20k. I'll be a fresh college grad, with a few loans and none of "daddy's money" to help pay for anything. Good point on the budget, thanks for the lookout!
Import an old used Lada from Post-Soviet states.
What are people's thoughts on OP getting a lease for a few years with a cheap car (Mazda3 or Jetta) and then upgrading once she has more savings? @Monkeybees, are you thinking/planning on going back to get your MBA? You might not need a car on campus...
I've thought of a lease, but then I return to the idea that it may be money wasted. Plus I really don't like the mile restrictions that come with a lease. However, I do plan on going back to get my MBA, so you have a good point. I didn't need a car in college either.
whats up with all the retarded comments...Audi, BMW...wtf Just by reading "I don't know the culture or expectations for what kind of car a 1st year is supposed to drive, and I don't want to look ridiculous." you should realize she doesnt really care for cars and shes a 1st year so unless mommy and daddy are bankrolling her, shes prob still poor.
If you dont want to spend much and want to avoid issues, get a low mileage Ford Focus, good car and the resale value is crap so youll be able to get a used one on the cheap. Toyota Corolla and Honda Civic/Fit or one of the Scions is a good choice as well but they will cost you more. Unless youre care is a mega shitbox, really dirty and badly maintained or 10+ years old, no normal person will care about what you drive.
Honestly if you're in Jacksonville working for Deutsche Bank, I'd go with a truck. Country chicks will fuck a guy in a truck over all else. Welcome to middle-class America btw.
Is there a reason you don't want to lease? American carmakers have a habit of giving away certain cars on lease when they don't hit sales targets or they need to clear inventory for a refresh. In a 2-3 year analyst role, the timing works out pretty well.
As a side effect, these cars hit the used market 2-3 years down the line and can be very affordable there. Look into a Buick Regal. If you want max features on a budget Hyundai Elantra (2010 or later). If you want to go German, there is a reason the VW Jetta sells so well, although it will have depreciated less.
I know you said what "car" but if you are short you may want an SUV/crossover. Some good options include the Chevy Equinox and Mazda CX-5.
Finally, if you have no friends in the area and don't expect to ever have more than 2 people in your car, used Mini-Coopers (they were refreshed in 2007, so look for mileage not model year) are cute, fun to drive and generally exude a good mix of chic / prestige (BMW).
I bought a car the weekend before I started FT for ~$35k and love it.
You know what your financial situation is. You gave essentially zero parameters for your question so everyone here is pretty much shooting in the dark. Do you want an SUV? Sudan? A German car? One of those smart cars that would probably explode if a biker hit it? The truth is no one--coworkers included--will care what a first year analyst (or anyone) is driving.
Just don't get a red car. I've heard MDs in North Florida hate analysts with red cars.
Why is that?
Eccentric Alternatives to Red:
I'm not suggesting getting an Aventador.
I remember when the Dodge Charger first came out; they were thinking of naming the copper color RT Daytona "Catch Me If You Can Copper".
In my opinion, leasing is one of the worst mistakes you can make just starting out. I understand there are some situations where leasing is the only/best option, i.e. you have no capital to buy a car, you own your own business and use it as a write off etc… An intelligent financier should be able to understand that with a lease, the you are paying the financing company to borrow a vehicle, maybe with the overpriced option to buy at the end, and for the ignorant sense of security you get with “not having to worry about maintenance”. You then realize that you just dumped thousands of dollars in a companies pocket and at the end of the lease, they take the car back while you are left with a bill.
A few people have already commented on this but as far as comparing a BMW to a Honda Civic, if the goal is "feasible/wise" first car. You have got to be out of your mind if you recommend a BMW. The cost of maintenance for a BMW is so much higher than a Honda.
When I owned a 330i (used no warranty) I would take my BMW into the Dealer the cost of nearly any repair (oil change, expansion tank, belts, control valve, brakes, AC, etc) was about $400-2000. For a private BMW mechanic cost for the same was around $200-1500. And if I DIY $40-800. Also, if you DIY, BMW requires obscure wrenches specialized tools to complete repairs properly. Lastly, these performance cars require premium fuel & oil. I also owned a Honda Civic, I never put more than $2000 in that car, and I had it for 5 years. The repairs were easy enough to do by myself, no matter what the repair, and cheap enough to take it to a mechanic to do it for me.
The BMW was way more fun to drive, it looked way nicer, and was so expensive it was ridiculous. For a first car just get something that is dependable, that will get you to work every day, and will allow you to put your new income in to savings not in to repairing the vehicle.
[quote=jbone24]
In my opinion, leasing is one of the worst mistakes you can make just starting out. I understand there are some situations where leasing is the only/best option, i.e. you have no capital to buy a car, you own your own business and use it as a write off etc…
An intelligent financier should be able to understand that with a lease, the you are paying the financing company to borrow a vehicle, maybe with the overpriced option to buy at the end, and for the ignorant sense of security you get with “not having to worry about maintenance”. You then realize that you just dumped thousands of dollars in a companies pocket and at the end of the lease, they take the car back while you are left with a bill.
Hey @jbone24 what rink is that in your pic with the green dasher?
A nice feminine car that would be fun in the Florida sun would be a used (check out certified pre-owned if you can afford it) VW Eos. It's a nice 4-seat hardtop convertible that should be pretty fun to drive (small 2L engine, but turbo helps). You can get an '08 for under $15k, but if you go CPO, expect to pay over $20k (no more than 3 years old, completely checked and refurbed by dealer, extended warranty which is especially nice with German cars).
I once considered buying a VW but even the dealers were like "these cars suck." Basically, they're not known for lasting long, and you're stuck paying for expensive, European parts once they start breaking down.
OP--if you're not paying in cash, be aware that you're pretty much required to buy a car made after 2008 to get financed (I'm assuming this is your first car). If you're buying a used car from the dealer, you might be better off buying a brand new car at a time when the manufacturer is running a sale/special..
Got in DB in Jacksonville I take it? Buy a car around the price range of Honda Accord/Toyota Camry.
Love the choice of IP's avatar for thread pic.
Get yourself a gas-saver. A Japanese car.
go for Lexus I-350 or BMW 3 series. But let me warn you when it rains it pours in north florida. BMW being a real wheel drive is not a good option in rain. besides ppl in fl drive like luneys when it rains. :)
Car for an analyst? (Originally Posted: 12/05/2014)
Incoming full time analyst at a mm in the Midwest. I drive a truck now. And I'm not driving that downtown every day. Suggestions to buy/lease. And what specific car?
Budget?
Budget? Do you wanna keep the truck as well?
is preftige important?
if so, you know what to do: audi, benz, beamer, pretty much anything nice.
if not, get an accord.
for what it's worth, I have a 3y old "luxury" car, it's really a japanese car with a nice interior (for the clients, I could not care less). the new accords have features that are just as nice.
It's Bimmer brah
I sorta feel if you're going to go the utilitarian route to just get a 4 dr Civic. What do you really care at that point about the engine specs or higher end features. IMO I'd really just be looking for the every single time I turn the key it starts feature, haha.
taking a shot in the dark here.... lexus LS 460?
Public transportation? Is that an option?
Quattroporte or bust.
Seriously, keep your truck unless it doesn't fit in the garage. Especially if it's paid off. Until you enough money to not care, cars are a huge waste of money.
Do Midwest people call SUVs "trucks"? I think of truck as a pickup or 18-wheeler
I have never referred to SUVs as a truck, haven't really heard others do the same. Mainly people are talking about pickups when they talk about their "truck". Kind of like the status symbol of bumblef***, Midwest.
The newest Accord. They look pretty nice, you can lease or buy for less than $300 a month payment. Good first car in my honest opinion. You can get the luxury edition of it for around $350ish and it'll give an older luxury car a run for it's money.
What's your budget? Kind of hard to give any recs without knowing. Can't go wrong with a 328i. Really not too expensive, well built, reliable, fun to drive, attractive, not conspicuous.
Enim voluptatem eius corporis cum ut nesciunt temporibus. Eius cupiditate nihil nemo animi illum. Iusto amet maxime quisquam repellendus repellat est nemo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quibusdam et deserunt suscipit praesentium et facere id. Quo in aperiam voluptatem dignissimos. Autem ut fuga cumque laborum. Non ad consequuntur natus ut. Ad rerum id hic harum et.
Est expedita praesentium quibusdam ea velit possimus. Magnam omnis dignissimos non non recusandae reprehenderit a. Eos porro provident voluptatum sit. Et harum ut vero. Deleniti ullam mollitia quia sint a. Non voluptatem soluta quia doloremque. Quo voluptates laborum non vel id sit corrupti.
At veritatis doloribus ut provident sed. Ipsam omnis velit odio qui hic est labore. Debitis maxime nisi illo dolorem.
Nihil et quasi quis perferendis. Corrupti aut ipsum ut neque error rem. Praesentium dolore id aut dolorem in unde.
Deserunt voluptatum qui sint et assumenda reprehenderit eligendi accusamus. Sed ducimus culpa facilis suscipit. Qui ut eos explicabo id qui. Possimus tenetur et ratione. Nesciunt aperiam aut a odio enim a omnis. Blanditiis eius recusandae voluptas nobis.
A velit maiores enim consequatur ut minus quia. Ratione ut laboriosam doloribus repellat reiciendis. Quidem dolor amet voluptatem eaque delectus commodi.
Suscipit sit dolores facere illo ut. Laborum voluptatem non non numquam dolores sint earum quia. Tempore corrupti odit placeat ut perspiciatis labore nulla dignissimos.
Voluptatem voluptatem occaecati rerum aspernatur deserunt dolorem qui laboriosam. Natus minima aut praesentium doloribus similique corporis porro suscipit. Non aut repellendus molestiae molestias repellat ipsum. Assumenda explicabo cum deleniti quia illum doloremque.
Tempore nobis doloremque est commodi dolor consequatur sit. Nostrum nostrum nostrum a debitis deleniti numquam. Et vitae architecto ut aut.
Nam fugit sapiente molestiae est harum. Dolorem velit distinctio repudiandae nihil temporibus explicabo officia. In minima est sed ut id. Aut quia eaque sapiente est.
Eaque quidem id ipsa exercitationem a. Beatae dolores debitis illum qui aperiam veritatis ut. Et aut praesentium vel perspiciatis. Voluptas aut soluta molestiae delectus. Dolor aut nisi animi rerum id reiciendis.
Dolore culpa harum qui qui. Non amet eaque qui rerum sint eum est vel. Cumque animi fugit tempore a illo eos commodi. Et quis inventore accusantium saepe in recusandae.
Eius at laudantium laboriosam sit consequuntur. Pariatur nam et eum dolorem voluptatum veritatis. Quam quaerat in sed.
Qui quibusdam nisi possimus ipsum. Inventore rerum accusamus expedita odit asperiores. Officiis labore vero quasi voluptas voluptatem. Assumenda voluptatem quae incidunt corporis rerum repellat voluptatem. Laboriosam molestias et libero dolorem nisi dolores numquam dolorum. Necessitatibus quia similique enim delectus.
Sint earum ea laborum aspernatur accusamus totam ullam assumenda. Quam suscipit sint sit eos. Nesciunt et quis dolorem harum et. Magnam incidunt atque ut voluptas eveniet corporis.
Iure id eveniet cum laborum aut. Qui nisi voluptas error maxime eos ea natus eaque. Maiores neque quaerat modi qui. Et itaque ut laudantium saepe voluptatem aspernatur itaque dolores.