How much do you have to make to justify the cost of owning a car in NYC, specifically Manhattan? Most analysts, associates, and even some VPs across major shops in NYC don't have a car. Would it be worth it to get a car at all in NYC?
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It's not really a cost question, it's more of a "why" question. As a junior IB employee, you don't have the time or latitude to leave Manhattan, ever. And having a car to just drive around the city is really, really stupid.
That makes sense. But would there be any reason why one would want to own a car in NYC? ofc aside from ubering part time
I seriously can't see one. You'll get most places faster and with less aggravation on the subway than you would driving yourself.
Really isn’t worth it. It is completely a convenience thing, and even then debatable (although pretty nice right now with covid), since unless you are using it a lot, it is usually cheaper to just use a taxi/car service/uber.
I own a car and keep it in a garage, so you pay ~$500/month for that + ~$100/month in insurance. If you are living and working in Manhattan you will get places faster on the subway and it is very easy to take an Uber or taxi out of the city (airport, etc). This year I’ve been using it a lot (going on weekend trips, golfing, etc), but under normal circumstances my use would be way down. So I would not recommend it.
Most common use I’ve seen is going away for the weekend. So probably not even worth it at the analyst level.
Maybe someone who just really likes cars and driving, though you'd realistically only be able to leave the cities on Saturdays as an analyst
it comes down to how much you are willing to pay for the luxury of owning a car. the cost of owning a car in Manhattan is much higher than other cities and your chances of getting dinged / scratched is also substantially higher. and if you have a so-called 'luxury' vehicle (sometimes the bar is as low as a Tesla), be prepared for an extra surcharge for parking which generally doubles the cost.
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