Hi there,
Coming from Singapore where cars are priced incredibly high, where even a Toyota Corolla costs about 130k+. I was wondering what kind of rides you guys are driving?
Does the average investment banker make enough bank to splurge on super cars like the movies portray?
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the other weekend I bought a super duper car.. it's pretty awesome
well dang...that's just super!
just noticed you use the term "y'all" and say you are from Singapore ... I am curious
What would it cost to have a Corolla privately shipped from the US to Singapore?
I'm pretty sure the registration costs (First 20k is taxed at 100%, next 30k at 140%, rest at 180%) and surcharges (20% duty +10k for imported cars) will still apply, so I don't think it would be worth the hassle
wow, that's outrageous
Supercars in Singapore are only for Zhongguo nongmin to crash into locals.
The best I've heard from well to do investment bankers (MD's) is a Bentley. I grew up in the silicon valley where seeing a Ferrari or McLaren being driven by a 17 year old tech nerd is not uncommon at all so coming to NYC, it's definitely a big change to see older guys "only" driving around in S-class' or Bentleys. Banking is not a profession to get you the Bugatti you've always wanted.
I know an MD at BAML who drives a McLaren. As for analyst/associate level the best I've heard of is a Porsche Cayman. Still doesn't compare with the FOBs down the street and their China money. I'd kill to be 17 and have a 458 and an Aventador in my garage
I once watched a video on YouTube about some guy in Singapore who bought a BMW 3 series (not the M3) and paid the equivalent of over $300,000. Granted, from what I've heard, Singapore has great public transportation, making owning a car unnecessary, but that is still extremely expensive.
I don't know a single analyst that drives a fancy car. Those in NY obviously have no cars, but those outside drive what most average Americans drive. I know one analyst with a five-year-old Audi A4, but that's it. When I was in banking, my MD drove a Porsche 911 Turbo, but other than him, the rest of my bankers had pretty average cars.
One of the Houston analyst in my class used a large chunk if not all of his first bonus to buy a ridiculously souped-up Mercedes. He was way too enthusiastic in sharing pics and everyone (including MDs) made fun of him.
The head of my group drove an old beat-up pathfinder despite having been in banking for 20+ years. He did have a share in a chopper with some buddies and they moved it around and did some crazy heli-skiing trips so I approve of his priorities.
Haha. I can just imagine if my senior bankers had gotten wind of some analyst doing that. They would never have let that analyst live it down.
Houston just has a more conservative car scene in general (except for perhaps River Oaks). Dallas is a totally different story.
$300,000 for a 3 series is totally possible, probably one of the higher spec-ed ones but still totally possible. We have this thing called a COE (Certificate of Entitlement) whenever we buy a car, which is basically a piece of paper that allows us to own that car for 10 years...cost of that piece of paper hovered around 70k in the past but recently dropped to about 50k+
Thanks for the comment anyways!
Yeah, I think the perception on this board of bankers driving ultra nice cars is a little out of whack. When I was at a West Coast BB (where everyone drove to the office), the MDs drove cars like BMW 7 series and Mercedes E-classes. The nicest car in the entire lot was a 911 driven by a director.
That being said, I do think part of it is senior bankers just aren't the flashy types. I'm sure many could afford a supercar but just aren't that interested in doing so.
Yes, you're exactly right. Bankers are conservative people in general.
Not to mention, if you're an MD showing up to meet clients (some middle market CFO of a manufacturing company) all the time in a Lamborghini, the clients are going to begin the question your fee stucture vs value add.
Cars aren't sexy. Period.
To each his own, brother
True. But they can potentially attract people of the opposite gender who are sexy.
Cars are sexy, but if you are buying one to impress the opposite sexy, you're doing it wrong.
I think cars are fun to drive, but just a money pit in general. Granted, I have driven numerous sport cars over the years.
What I really want is the BMW transformer car, 'nuff said (though it is at $600k).
The biggest issue with this thread is that in the US most senior bankers live in NYC or nearby. No one in or near the city gets a sports car because the roads and traffic are terrible. Hit a NYC pothole in a Ferrari, and you'll lose bumper. If you live in Manhattan, you might get a car to drive to the beach or get out of the city, but you will never drive it to get dinner or within the city because parking sucks, and it's easier to take a cab/uber.
Wow, i knew that the roads/traffic were bad in NYC but I didn't know it was that bad. I recently went to a local (Singapore) bank down in the central business district in town and saw a couple supercars parked at the basement (Aston Martins, Bentley Continentals). These cars cost up to a million dollars in Singapore (or even more).
You're probably right, I guess it varies from city to city.
Regardless of the traffic and maybe hitting a pothole, the major issue with sports cars in bigger cities is that it's freaking annoying to drive them in the city because you rarely get out of first or second gear (pending on what you drive obviously).
My father has 8-figure net worth and drives Merc E class.
How many fathers do you have?
*He's in Venezuela
I'm in the south and I know two bankers, one with an Audi R8 and the other with a Ferrari 458, but neither daily drives them. When I was in Houston, it was the same thing - knew a guy with an Aston Martin that daily drove a 3 series.
Really, the nicest daily drivers in our lot are Teslas/911s and those are usually IT people.
Agreed. Cars are a bigger deal down here. I whip a modernized classic. Low if any depreciation and you have some character.
Mercedes E-class? come on, and I thought y'all were BSD's, people like you ruined the investment banking legacy. Leveraged sell out would not be proud.
Maybe it's AMG or Brabus
one thing you will generally find is that the value of a supercar diminishes as you get older. Yea when you are 23 it would be sick to have a ferrari or lambo (for obvious reasons), but unless you are truly into cars, when you are 35+ and married/kids your perspective changes quite a bit. There are just so many other things you would rather spend $200k of after tax income on, and one of those is even just having $200k of cash for the freedom value, and therefore its just not worth it. Hence why the guys I see with supercars are generally still living the single life in their 30's.
You make delaying marriage sound very appealing.
One guy we work with, granted we're analysts at an insurance company, drives a newer looking 5 series and 3k suits even on casual friday. He might be a nice guy but he will always be a douche to me.
This is some Bernie sanders type shit here
I was kidding. But the fact of the matter is he just isn't respected where we work. It may or may not be the luxury possessions he flaunts
Even the biggest guys in the industry aren't usually seen driving supercars. Nor even driving, actually.
I should comment in a lot of things, but I usually think that there's a lot of things more interesting to put money at. If I was a very big guy at the industry, I would actually try at least to own an helicopter, not a supercar.
I don't feel that to own a jet is too much of a realistic thing for bankers. But if they work hard, and keep making money in a steady rythm, I think it may be a possibility for them to have a modest jet, or anything like this. Equity ownership makes miracles..
Anyway, what made me think about wallstreet isn't quite distant from the super expensive stuff I've read about. But if one is usual at spending, he'll mostly not get to this point. That made me turn into an entrepreneur first. After I got real (and realistic) money, then I thought about a career, more education and then the financial market. But, no supercars for now.
Wth is up with this thread, is this Mr Money Mustache forum? Tons of 911 and 911 turbos in my office garage as well as Astons , 150k BMWs etc. mostly finance folks
SB'd
If your in NY, big wigs get driven around in black SUVs (either a tahoe or a denali). Anyone that can afford a "super car" usually keeps it at a second home, usually in Miami (better on insurance, maintenance, more discrete). If you can't afford a second home, you really shouldn't even think about buying a "super car".
Even in the world of high finance, this is a unicorn scenario. Even more so in IBD.
As a slightly tangential side note, people that can actually afford nice cars (excluding asians) are more inclined to buy something like a 50/60's Ferrari rather than something obnoxious like a Lambo.
PS Anyone that actually drives a "super car" (i fucking hate that term) through NYC is a fucking moron.
Agreed, same thing in SF. I used to live on the same block as two BSDs at TPG. Both exclusively rode around in the back seats of black Escalades.
Buying a 50 or 60's Ferrari is a little different than buying a new supercar or even one from the 80s.
A 60's 250 GTO is going to cost you ~$40 million and will never see the light of day because it's going to sit in a glass case for the existence of its life.
My buddy Cameron's dad has the 250 California. It's so choice.
The 250 gto isn't the only Ferrari made in that era. It is, i'm surmising, the lowest production car they put out.
60's Lussos were going for under a million not too long ago.
I work in Manhattan and have the Cadillac CTS Coupe.. not really Bentley territory but that's what I have for now. (Don't drive to work, but have family on Long Island so its used when driving to LI or NJ).
Again, not Bentley territory but really have my eyes on the Corvette Stingray convertible to the growing fleet:
https://www.google.com/search?q=2009+nissan+370z&espv=2&biw=1366&bih=63…
I bought a motorcycle to get my supercar kicks for junior employee dollars.
Makes a lot more sense when you don't need a car to get around anyways.
I've seen an analyst drive a $500k Lamborghini Aventador. Granted he was a ''Pharmaceutical'' analyst, but still.
Is this what the kids are calling drug barons these days?
Ironic thread. I just bought an R8 Monday. Daily driver is a TSX.
Nice! Spyder or Coupe?
Coupe. I don't live in Spyder climate, lol!
I drive a 87' Honda, it's a classic.
No first-generation black Ford Mustangs?
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