Top Wall St cars - is this list accurate?
Somebody fwd this to me.
Have at it.
*10. BMW Z4- the blumie special*
The perfect ice breaker when meeting girls or for driving by yoga studios, the Z4 is in a class of its own now.
*9. BMW 3 series coupe- the analyst.*
The M3 and its 3 series brethren have regained cool status now that the all dicks have moved on to Audi’s.
*8. Porsche 911- the associate.*
How does one celebrate 4 years of 100 hour weeks? Driving your new 911 for a night of models and bottles. German engineered for around 50 years, the 911 is arguably the best sports car ever made. Chicks dig it.
*7. Range Rover- the VP.*
Exchanging models and bottles for a former model and baby bottles, the VP needs a little more room for the kids and for lugging stuff to the Hamptons home. The Range Rover does all that in style. Stay away from the sport version though; people might mistake you for a rapper.
*6. Mercedes S Class- the MD.*
Closer to world domination, the MD needs a car that mirrors his or her authority and nothing comes close to a big Mercedes in that regard. Standard issue to dictators since the 50’s, a big Merc never screams power; it oozes it. Slap 22’s on it though and you’re a dick.
*5. Lamborghini Gallardo- the prop trader.*
Ruthless money making machines, prop traders are known to be rowdy hooligans, and only a Lamborghini can reflect that. The Gallardo emasculates anything beside it, but it is quick, precise, and rarely sketchy. Just like a proper trader.
*4. Maserati Quattroporte- the PE guy.*
Prestige and comfort matters when you takeover massive companies, the smart and ambitious PE guy cares little for driving, but will not hesitate to cut loose when given the chance. The Quattroporte, once called a 4 door Ferrari, offers both pleasures.
*3. Aston Martin DB9- the hedge funder.*
Perhaps from all the charity work, the once swashbuckling hedge funders are now conservative compared to their prop trader cousins. Like them, the DB9 is more refined than the Lambo, more calculating, but in no way less dangerous.
*2. Bentley Arnage- The C.E.O.*
Because the Maybach is just silly and the Phantom has unfortunately gone Hollywood, captains of our industry should treat themselves to the discreet luxury that only a real Bentley can give. Best part: it’s so heavy they won’t feel socialists getting run over.
*1. IRT/Alstom- everyone.*
With a $1.5 million price tag and seating for 42, you’ll never go wrong with these. Actually, you probably can’t work on Wall Street without them. Servicing all the lines near the financial district, the subway is undoubtedly the best way to and from the street. Who wants to drive in NY anyway?
Of course ignore the top 1...
Feel free to post your favorite car that fits each level.
Very funny - good chuckle
no Audi?
9. BMW 3 series coupe- the analyst. The M3 and its 3 series brethren have regained cool status now that the all dicks have moved on to Audi’s.
The bus works fine in NYC. Also, people have taxi expense accounts.
Actually, in NYC it is nicest to walk to work. Have a pair of sneakers that you can change on after work.
I'll be damned. This chick's got it better than most.
Hahaha, Blumie. Where'd he go?
No Aventador?
I do not know much about cars but Ferrari not being on this list seems strange to me.
Same. Ferrari over Maserati.
Personally I'd go for Aston Martin - always liked the way their vehicles look.
Lot more Maseratis rolling around then Ferraris here. The list is definitely kind of accurate in terms of the most popular wealthy people cars. Not sure the titles corresponding are accurate though.
Disagree with the Bentley though, still think Rolls Royce Phantom is above that. See same two every morning. Have seen one Bentley since I've been here.
Seriously lulz at a VP or Associate responsibly affording a Range Rover or 911 respectively. Base case scenario you're a post-MBA VP. graduated with $100k in debt, paid it all back after your associate stint, and now you're a VP making $400k a year with minimal assets. So, you're going to spend 50% of your post-tax income on a CAR!?!? What's the NPV on that bad-boy?! I know it's a joke post (and I really enjoyed reading) but I do think we sometimes overestimate how comfortable some of these people really are financially...
Agree 90%. If you've done any level of saving, post MBA VP's do have assets and these cars aren't THAT out of line. As my mother, who was a elementary school teacher, would say, "if you are comfortable with debt, anybody can afford a $100k+ car."
I know this is a fun thread but it feeds in to a common misconception I see on WSO. I was lucky, and I can't emphasize LUCKY enough, to make mid 6 figures in my late 20's, in middle America no less. My wife and I were smart enough to stash most of that money away, pay off all debt, and prepare for the worst. Then '08-'09 happened. I'm with the same company but bring home about 50% of what I did in "the day." From my experience, making $400k/y is definitely enviable to most of America, but you are far from financially invincible. Salary - maxed 401k - taxes - maxed IRA for you and spouse - 529 contributions for your kids future - mortgage (15 year, of course) - extra savings (who wants to work beyond 55?) = not a ton of money to waste. Yes, you can afford vacations, yard service, someone to clean the house, etc. But don't waste your money people, crap happens.
OUTSTANDING commentary! Craps happens...history repeats itself....if it doesn't completely stop, the ride will slow down. I'm retired; since my mid-40's, live oceanfront in Mid-Atlantic, days are trading for self, doing things I want to do for me & family. Made possible by saving from work day1; sure, I had toys and wasted $$$. Then, I grew up....home ownership / wife / family.....worked smart, invested in smart assets, took risk and it did and will pay off. As the man said: " But don't waste your money people, crap happens."
How in the world can you not afford a 100k car on a 400k VP salary? You'll pay 100k in income taxes after all deductions, leaving you with 300k. Even if you bought it brand spankin' new, which you should never do (always get a car with 10-15k miles for the price advantage and assurance it's not a lemon), that would still only be 4 months of work to pay off your car; 4 months of work for something that will last you over a decade...And if you bought it with 10-15k miles on it you'd get it for ~80k.
You're saying that someone can't responsibly afford an 80k-100k car providing 10 years of benefits, on a 300k tax adjusted annual salary? How much money do you have to make dude? I'm very conservative with money, aka I only spend $5 a day on food, but man there's a difference between responsibility and asceticism.
Depending on how old you are and what your obligations and preferences are, the NPV might well be positive thanks to the women you can attract. Is prolific sex [with beautiful women] worthless to you? I want to know what hand lotion you use, because it must be terrific!
Now, if you're married or in a long term relationship as I am, then it's different. However, I test drove a 2013 RR and it was like being carried on a cloud by little cherubim (no homo). So if I was a VP making 400k, and I drove a lot (say in Houston) I wouldn't bat an eye especially since the interest rate with that kind of discretionary income would be 3%.
EDIT: and your salvage value at the end of that 10 years and 130,000 miles is still going to be $15-20k.
lol @ women getting attracted.
So you'll take the chick on your brand new lambo, then she realizes you live in a random flat-share because your car is way out of line with your standard of living.
How ridiculous is this ? Not even talking about the kind of golddigger bitches that gets attracted by those cars.
Yeah different people have different opinions so it's all good. Stupid argument anyway. Only thoughts are: * I think the all-in tax rate is a lot higher in New York than 25%. Even when I was an eager little analyst at a no-name hedge fund right out of school earning like $60k per year I paid far more than 25% all-in, * I don't think women are attracted to my car. It's purely for me. I don't like super materialistic bitches, or the ones who would judge me for my materialistic shit. * I think it's a little bit awkward to be 34 years old, just getting a start financially, maybe getting married, thinking about kids/private schools in a few years/houses/etc. to spend $100k on a car. I also just think it's cheesy to have the car be completely out of line with the rest of your standard of living. It would be kind of funny to delay the private school for the kids by a year just because you wanted a $100k car when a $15k car would do it. It would also be a little bit awkward to lose your job, and then be like...uhhhh....that $100k would really come in handy right now!
.
M3, 911, Range Rover, S-Series, and Aston Martin are definitely credited. No XJ though? No Bentley? No 5 or 6 series? I see those regularly
Don't get jelly guys, but here's my ride. My friends call it my pimp-mobile.
Are we assuming we're paying all-cash for the car? Who would ever do that ?
Unless you're buying new, SOME of the cars mentioned above have very low comparative depreciation - for example, the z4 still holds its used value very well, though can't say the same for new :)
No Audi?
Unless it's an R8, No
Whattttttt??? The A4's are sick as hell. I'd take an A4 over a 3-Series or C-Class anyday.
How about Audi R8?
BMW>AUDI
This in a span instead of a p
Aston Martin DB5, or bust.
"standard issue to the dictators since the 50s.." haha
This is the most stupid argument I've ever heard. Are you people even from NYC?
Assuming we're talking New York City here - since that's where the highest COL expense will undoubtedly be - even a top of the line apartment will run you just between 72,000 - 100,000 per year. That's a SERIOUS fucking apartment.
Going with what Grouse mentioned about taxes, assuming said VP has $300K after taxes, then he's got $200K to spend even after somehow spending $100K just on his living expenses. Good lord, that isn't "starving to death" last I checked. I mean yeah, it's NYC, but I'm sure he can still afford the wips in question.
And on the subject of this guy's massive overpricing of these cars:
Range Rover starts at ~$80,000 last I checked.
Porsche 911 models are all priced between $80K - $100K brand new.
Did I mention that one can buy last year's model? Or even the year before? Prices could be halved?
Now stop hating and just take this shit for what it is - a joke.
This is great. Nobody with class drives Audi, especially not an R8. If you want to be a badass, buy a Gallardo, If you want to have class go for a 911... Or a DB9 if your pockets are deeper.
Completely agree with this post.
Funny post. I will just add that you can't go wrong with any Aston Martin.
In a totally different style I like the Nissan GTR as well.
http://static.cargurus.com/images/site/2010/02/01/23/52/1957_jaguar_xk1…
Comes with a passenger side hamper for wet panties.
Now THAT'S what I'm talking about - very nice car right there.
LOL on the hamper too.
And on the subject BMW>Audi. I've owned both before and the Audi A4 was very pretty but also too heavy and slow when compared to the BMW (3 Series Coupe). Also the BMW has a wonderful amount of things that you never thought you'd need but BMW threw them in anyway then you get spoiled and can't live without. Case and point BMW has a minor breaking system that engages when driving up a steep hill if you drive a stick shift. When you stop and then let off the break to get moving it'll hold the break on so you don't role backwards (not that that's hard to stop from happening) but it's the attention to details I think that matters.
BMW>Audi all day
You could be baller like Kobe Bryant and get a custom Lambo w/ automatic shift.
That is a cool system but definitely not unique to BMW...Volkswagen's have them to among a few other brands.
Completely inaccurate. You either walk, or are driven to work in a Lincoln Town Car.
No love for any c-class?
I'd take it over an Audi. Mercedes at least has prestige
Best part of thread: 400k gross => 300k net.
lol
Warren Buffett's world?
I never specified NYC. There's IB and PE outside of NYC (even more so at the VP level). And while most states have state income taxes, those are largely deductible from federal income taxes (wealth transfer from conservative to liberal states btw). While I don't know whether city taxes in NYC are deductible, 25% is a pretty good national average effective income tax rate for working folks in the top bracket.
This would be the fastest-moving thread.
I don't understand why you would not want a Phantom just because every second black person is willing to take out a second mortgage to buy a used one. You should not want one because a Flying Spur is superior in every way for a driver's car. They're solid cars though.
And Audis are great. So what if every asshole third-year attorney owns one? Bankers are just as much of assholes as attorneys; stop trying to hide your colors. It's objectively a good-looking, well-built car. I'd still take an M6 though.
At the end of the day all bankers are HENRY's.. (High Earner Not Rich Yet)
Thanks Uncle Sam!
Taxes bro, and proposed taxes.. Washington throws around $250k/year, $1mm/year, $1bn/year as if they're in the same category.
I'll just take a SRT Viper GTS, GTR, or Lotus Evora. No need to break the bank, and who doesn't want to be different?
I think this a pretty fun thread, lol.
But no love for motorcycles? It'd be cool to see what's the equivalent for those who ride e'm (if there are any?).
I would seriously kill myself
Honda CBR 600 RR for me
Good shit.
I'm a Kawi guy myself. 1984 GPz 550. I'll be upgrading in a couple years to zx6r/10r once I get the funds.
I will take a Bentley Mulsanne over a Phantom any day. But I still at the Porsche Cayman level, so I still got a long way to go on that car totem pole.
Honestly I don't think anything says "I made it" like a Hyundai. Korean engineering is the highest degree of luxury for anyone vp and up. Just my .02 haha
No rusty Honda? :(
Will settle for a Triumph Daytona. The Aston Martin of motorcycles.
I really disagree with that. While they are very good looking, probably the second best looking brand overall (sorry, Ducati wins by a mile except in the case of the Boneville) but they need to do a 1000cc+ bike with over 200hp to compete in the big leagues, like AM does V12s. Plus, they are not very comfortable, and not that great to drive either. And they are very unreliable, a friend of mine had the Daytona and he had 3 big breakdowns in 4 months and sold it. He rides a Suzuki GSX-R750 now, more power, less weight, much better to drive and almost the same price (IMHO the supersports bike with the best price/quality ratio out there right now) I would settle for a 1199 Panigale though. The Ferrari of motorcycles hahahaha
I think about buying an old Honda Rebel all the time -- it seems like it'd be a great NYC beater bike.
Reality is that your combined Federal+State+NYC tax rate is actually ~40% and the marginal rate is closer to 50%. This is also only going to keep going up.
WS careers are volatile and can end as quickly as they begin. Unless you own your own firm or are in a highly portable, sustainable niche, your next paycheck could be a small fraction of your year's past income. So you have to put away most of your variable comp.
When you have a family, you realize that the true costs aren't your vehicle or personal expenses, but it is in buying a proper house/apartment in a good neighborhood. If you isolate those "appropriate" places, you will see that the cost of setting yourself up is extremely high.
Take a $1.5-2mm property (standard fare for WS with family), calculate the down payment and monthly mortgage +taxes, and then realize for how long you will have to make them. Then think about the average duration of a Wall Street career, and you will quickly realize that unless you are putting away most of what you earn, you will be having many sleepless nights when the first bout of personal career volatility hits.
Of course there are those who get themselves into the right spot and make huge paychecks for years and decades. But if you are with a family in NYC and are grossing $400k/year, you are just in a synthetic middle class. You will have an average apartment and an average lifestyle, wearing the shiniest pair of gold handcuffs anyone has ever heard of.
Experienced guys understand this, and most are anything but flashy.
I never got the appeal of driving supercars around the city. They're sexy and fun and cool, but do you really want to worry about scraping your bumper on every speed bump and denting your rims every time you parallel park on a slope? It's like keeping an attack dog in a tiny cage all day.
My ideal car is a matte black, blacked-out G-Wagon with a great sound system and a burgundy and tan interior.
I prefer a little Vespa scooter with a big basket in the front.
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