What cars do balling Wall Streeters drive?
I'm talking about MD's in PE or IB, or fund managers - monkeys making over $400k. Seems like most wall street ballers don't have an appetite for exotic cars. Even guys like Steve Cohen only drive BMWs. Really curious. I'm guessing most guys in NYC don't drive at all. What cars have you seen your MD riding in?
EDIT: What car do you drive and what car WOULD you drive if you were making over 400k? If i was making over 400k, I would get a mid-level Aston (dream car).
None. I take the train to work. I'm shopping for an Elise, but it'll be weekends only. My backup is another Miata. If you hate them, then you're stupid.
Edit: PM in AM BTW
I test drove an Elise. Fun car. Its like a go cart. I'm 6'0 so hit my head at least twice getting in, but after you're sitting down its not bad.
As a car geek, I'm not sure this is the best place to look. Best I've seen with MD's is a Jag XJ XL or a Bentley - not saying these are shabby at all, but as an enthusiast, investment banking may not be the best place to look for nice cars
lol why's that? are wall streeters not car enthusiasts? i mean there are surely guys out there who can afford lambos with their salaries
I don't understand this fascination kids have with cars. In the decade or so since I have started working in finance, I cannot think of anyone I have met or worked with that drove anything more expensive than a Tesla (and that includes a pretty significant # of people who could afford a lambo or whatever car they wanted).
I remember when I started in banking, we had a Saturday event during training at a country club so most of the bankers drove there. It was really funny how some of my fellow analysts were so disappointed to find out that all the bankers drove BMW / Audi / Lexus and not super cars.
If you live in a large city, a car is a complete money pit. You have to pay a fortune for parking (and in NYC, that usually means parking a few blocks away from your building) and you never end up actually using the car. Much better to uber everywhere and use car2go / zipcar / rental when you need to get out of the city. That's what pretty much everyone around me is doing (although I admit that it becomes a bit harder when you have kids where a car becomes more essential, even in NYC).
Daily driver E92 330 I am currently restoring a E30 M3 Evo (long-term project, will probably take another year) Switched from Porsche Cayman to BMW to drive something more practical; needed more luggage space when traveling. Sadly, due to consulting/work/travel I do only about 7,500 mls per year.
Did two Gumball rallies, once in a 911GT2 (rental).
Man, you have a good taste in cars. An e30 M3 Evo is my dream car. How full of a restoration are you doing?
I just finished a 2.5 year project on my e30, definitely took longer than I expected.
Thank you - I appreciate the kind words. It has always been my dream to work on an E30 because that was one of the "cool cars" when I grew up. I luckily got a model with almost no rust; what I have done so far: all brake lines, all rubber gaskets and seals, redoing the engine at the moment. transmission and driveshaft look good, clutch has been replaced. I would also have to restore all of the upholstery and replace switches, interior panels, etc. It is very difficult to get an oversight which parts you'd actually need and where to get them from. Never expected this to require 2+ years of my life! I travel to Germany quite a bit and have access to BMW recovery lots, ebay Germany and other good sources for authentic/OEM parts.
87' Honda, how dare you
I had an MD whose daily drivers were a Ford 150 Pickup with an 8 Foot Bed (he and I got along very well because he used his F-150 for the same reasons I do, hauling lumber, soil, etc. to do work at home - he loved to garden - and be ready to handle the snow at all costs), and one of the new Cadillacs as his daily driver. I knew another one who was based in Chicago and his daily was a Subaru Forester because his oldest kid played Hockey and he needed the space in the trunk. So it's really a matter of what you need first and foremost.
My cousin, who is a VP at a BB, has a benz but he usually uses public transportation for convenience. I think bankers have nice cars in places where public transportation is not very good (think LA, SF, etc).
true
Is this a trick question because the true "ballers" pay someone to drive them?
Well, there's a difference between paying someone to drive you in a yellow cab or a rolls royce.
My MD who has been pulling in 300+ for about 10 years now drives a jetta. He lives in lic and only uses car to visit parents out in li once or twice a week. Practicality is how rich people stay rich.
wall streeters are busy and boring, they have no appetite or time for fast cars
I was surprised at the lack of nice cars driven by the higher ups at my firm, which is non-NYC where everyone drives to work. Its just not in the culture. My thinking is that, especially after the financial crisis, people in the industry are less risky with there money and don't want to have an image of an "over-the-top Wall street guy," even if they have the money. As a car guy, this was kinda disappointing to me. For posters above who "don't understand the fascination with cars," its an interest/hobby just like anything else is, albeit more expensive.
I think it has something to do with lack of time as well. Rebuilding/maintaining/restoring and most importantly DRIVING cars can be a time consuming hobby that may be best pushed off until retirement. When you have a collectable car, you want long pointless daytime drives to enjoy it, not morning commutes.
MD drives a Volvo convertible - didn't even know they make one. He gave me a ride once. Car was littered with children's drawing books and random pitchbook pages.
Not currently in IB but my DD is an BMW E92 M3. Also have a Triumph Daytona 675R for canyon carving and track days. However, take this with a grain of salt as I am a gearhead.
I think it depends on where you live (I am in one of the bigger southern cities fwiw). Most of the seniors in my field seem to just drive big luxury sedans/SUV's, and don't really care about cars. I am by no means a baller, but I am a gearhead. Currently I have a 2014 335i and 1978 Porsche 911
Major West Coast City here. I don't make 400k+, but I know a good number of people that do. Most common car is probably a well appointed Tahoe/Yukon/Escalade. The fancier guys may go for like a G-Wagen/Range Rover/ Cayenne or like a 750 or S Class.
Out of all the people I know that drive like Ferraris/ Lambos or something really flashy or exotic, most probably make less than 400K. They're very much a "Single 30 Year Old Dude's Car" or a Dad who got it for himself as a weekend car and is not going to be a repeat purchaser.
EDIT: Bentley Continentals (V8) have actually gotten really really popular too.
In no particular order, here's what the Partners / MDs I worked for drove and they were pulling down solid incomes. This was in a city with zero public transit so a car was a must.
The "most baller" car I'd seen a co-worker drive was the founder of a growth-stage company I worked at. He'd sold like 4 other companies before founding this one so he wasn't hurting for cash. Only problem was that it was a Fisker Fucking Karma.
The nicest MD car I've seen is a Maserati GranTurismo
what car does millionaire's son drive???? (Originally Posted: 03/09/2014)
what car does millionaire's son drive???? most of college student dont have car even they have most of it are cheap like 10 years old corsa or 106 etc , so have you met any young people from millionaire family what car do they drive? just curious...
>.
There are a lot of foreign international kids at my school up by Boston. There's a few Maserati's, a Ferrari 599, a Gallardo and then every other car is either a Benz a Beamer or an Audi. Oh and there's a Bentley too.
Tufts?
humblebrag
jesus op, whats your deal?
http://www.wallstreetoasis.com/forums/help-does-anyone-see-emerican-kid…
Haha this made my day
Lol at the pic.
I am international. I drive a Jaguar. I know people who drive Maserati, Ferrari, Porsche and Lambos. It is a lot easier for international students to afford these cars in the States than in our home countries.
The us is so cheap for cars a 911 is like an entry level model
The M3 is probably the most common.
I agree with the previous posts. I'm currently in the south of France and those kids are used to driving C63 AMG, E class convertible, S5 or A8. I never could afford those cars I mean without contracting a loan. I'll spend my last year studying in USA and I could easily afford a early-2000 911, high-end X5 or luxury sedan as the prices are low, and without considering the currency rate advantage.
Nevertheless ferrari, bentley or other super cars are still unreachable for me as a student.
Really? Gas is cheaper in the US but I doubt an X5 in decent shape would cost less there. Old porsches, beemers and mercs are probably cheaper in Germany than anywhere else.
Deleted
I might suggest you take your car fund and hire an English tutor.
If it is addressed to me could you tell me where I did wrong lol ?
Could someone tell me what is the range of prices for an international student to insure a 2005 BMW X5?
International kids (Middle-Eastern and South Americans in particular) were the ones with the most money and the desire to flaunt it. The Middle-Easterners had nicer cars, the South Americans dressed flashier.
The Middle-Easterners drove the coolest cars--Aston Martins, Porches, Customized M3/M6s, Maseratis, AMG Mercedes, to name a few.
Also the son of the guy who made the THANK YOU THANK YOU THANK YOU plastic bags went to my school, he drove a flat-black murdered out M3.
But even the richest Americans didn't flaunt their money. The wealthy girls would drive Lexus SUVs, guys would usually drive trucks, nice American (Corvettes, Mustangs) cars, or family heirlooms like an old Mercedes or something. But I went to school in the South so flaunting wealth is frowned upon here. We are a practical people.
Low level Audi's are common (A3 - s4). Run $40K - $65K and aren't terribly flashy but are still really nice.
I have a few muscle cars GTO, Challenger RT, Ford Falcon, then a couple of cars I am working on a 83 Camaro z28 and a 66 Ford Galaxie 500. I have a Lancia Stratos and an older Audi quatro. Lastly I have a Vette Stingray with straight pipes. A couple of them are terrifying to drive if the road isn't 100% dry.
Haha no quattro or xdrive for those cars and driving those propulsion were a real challenge before.
Evoque ... i've never understood why so many people like it. It is a way less fancy than a Range Rover vogue.
thnx for your advices !!!!!!! bmw siries 6 or rng rover evoke ?????
Evoque is for the birds, get a series 6.
Is the M4 out yet? Get that.
Lol between two red lights in NYC? Come on..
This is NYC
//www.youtube.com/embed/BRUUC0am6zQ?rel=0
//www.youtube.com/embed/m0qp_tXTIi0?rel=0
The black F50 was totaled later that week, which isn't surprising
My friends father has a net worth easily over $50 MM (they own a house in the Hamptons), and my friend has a "Bentley GT V8 S Convertible".
A lot of it depends on just what you're used to. Kids coming from China pay such a high tax for license plates and just import duties that a Ford pickup truck could cost $125k. When they come to the US and see that they could buy an Audi R8 for that much then why not?! They were already expecting to spend a lot on the car and that's all the end up spending....or they spend even less and get a used C63 AMG.
Same for kids from the Middle East, it is the norm for kids there to drive ferraris and lambos, so they continue here. In the US it is often seen as being a show-off if you drive an expensive car. And if you didn't yourself earn the money (if it's your parents money) then you could be seen as a spoiled kid. That's why there are so many "hidden millionaires" in the US that may have a net worth of $10M+ but still drive a used old bimmer or a new Scion or something.
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