What image to project

[tpondel]

I have a question. My car is coming off lease and it's time to look at a new one.

The vast majority of appointments are in my office so no one knows what I drive. But maybe 5% of the time I go to the clients home. They are usually older retirees.

Here's the question... If I show up with something flashy and red, do they think "Wow.. she is successful!" or "Wow.. she wastes a lot of money." (And no, I will NOT drive an old pick up like Sam Walton.)

Thanks in advance for your thoughts.

Amber

[dan]

My opinion is that a flashy car is no more likely to help you than to hurt you, so just go with whatever pleases you the most.

Red, though? So 80s...

[Plato]

Good question.

I always thought it didn't matter unless you went to the extremes in one direction or the other, either a $200k car or a $1,500 pick-up truck, but my father-in-law, a CPA, has a totally different view.

He's a somewhat wealth guy, 60 years old and doesn't want clients to see an expensive car. He drives a 6-year old $50,000 Lexus (probably worth $12,000 now) to client meetings, but keeps his $100+ Mercedes, sports cars, etc., out of sight. When a client comes to his house for some reason, away go the cars.

I guess I will shoot for the middle ground when it comes to cars. I'd assume a nice SUV probably wouldn't hurt you?

[dan]

An SUV could definitely hurt you, particularly with increasing awareness of energy consumption (you can chalk me up as a rabid SUV-hater, though not necessarily because of energy consumption reasons).

I agree that extremes should be avoided (no Bugattis or '86 Dodge Aries), but I don't think anything in the broad middle ground will hurt you.

- DDB

[tpondel]

SUV? Yuck.. I'm not going to drag around that big of a vehicle when I don't need to.

I love your father-in-laws idea, but I only have one parking spot so only one vehicle.

Amber

[tpondel]

"I don't think anything in the broad middle ground will hurt you."

So a convertible Boxster works? (Goes without saying that it would be a stick.)


Amber

[dan]

Boxster definitely doesn't seem out of line. Of course, for the price, I'd much prefer a pre-owned 996 Coupe.

Last post for me here, as I'll very easily get caught up in an off-topic car conversation!

[Tad Borek]

Amber, I'd say just get the car you want and don't worry about it. Priorities in life, you know? For every curmudgeon who says "oh that flashy car, how much are we paying her?" there's another who will say "now that's the kind of confident double-clutching Type-A I want working my money." I mean really, who knows how people will react? Remember the Seinfeld where they think the head of the condo association is embezzling when he gets a Cadillac? Too funny.

One thing that I think can backfire is when someone buys a car (or anything really) to impress, and it doesn't fit their skin. It always stands out...the Porsche driver who is shifting up at 1100 rpm. I see that and it makes me sad...I'm not sure the 70 year old client will notice that though.

Thank god you want Porsche over SUV, I just don't get that whole thing. It would be funny to show up at the retirement community in a Black Escalade with spinners, cranking the Beasties on the subwoofer.

-Tad

[Plato]

I've been thinking about your post and Tad beat me to my last thought. Drive what you want as it will suit you.

[amarkell]

The Kinder boys (KBI) say to dress like the people who clients go to for advice, therefore drive cars like the people who clients go to for advice. Yea, but what kind of cars do people who they go to for advice drive, I don't know.

[Lucullus]

"Drive what you want".

Works for me. I have a PT Cruiser. I liked it so much, I gave it to my wife when the time came to trade in her old car, and I bought... another PT Cruiser.

I LIKE 'em. I don't know what sort of "image" a PT Cruiser projects, except perhaps a touch of quirkiness. But it doesn't matter. I LOVE the car, and that's sufficient. (My fondness does not extend to the 2007 model. Chrysler replaced the perfectly sensible handle above the passenger door with a handle on the glove box that looks like an especially ugly towel holder. They got rid of the convenient and sensible drop-down armrests between the front seats, replacing them with a center console that was evidently designed by a contortionist. And they mucked up the instrument panel. Boo!)

John Olsen

[grimess]

Sorry John O.

The only thing a PT Cruiser does for me is bruise my arms -- son loves to reach over with the ole "PT Cruiser Bruiser" cheap shot everytime one passes by (not to be out done by the standard "Slug Bug")

Somebody mentioned Porsche and another SUV--has anyone seen the Porsche SUV? -- she's a beauty.

On the one hand you like to present yourself as successful, on the other hand some folks might think you're making too much money (at their expense.)

I agree with the CPA father-in-law. Drive a reasonable car on business, and the exoctic one (if you have one) in your personal time.

For me, it's a 2003 Acura CL.

[Lucullus]

Scott,

Different strokes. I find the Cruiser one of the most comfortable cars I've ever driven. LOTS of room inside and very easy on my bad lower back.

And I like the way it looks.

Different strokes.

John Olsen

[nedbenz]

I love SUV's, been driving them for 20 years. I hunt alot and need a 4 wheel drive and love the room. In addition, I need a big vehicle to pull a big boat. Never embarrassed to pull up to any client in my vehicle and if they disagree with my gas hog, sorry, it suits my needs. I occasionally drive my wife's Lexus but prefer mine, always prepared if I want to hunt or fish someplace not easily accessable.

[peter]

No matter what year, make, model - your vehicle WILL offend someone sooner or later. If someone is dead-set against doing business with you over the car you drive, then ask them what is the next movie they will be in….

Drive a Hummer!!!

[Lucullus]

So, Blue, I guess you won't be voting for John Edwards for President, huh?

JE has gone on record saying he would tell Americans to get rid of their SUVs for the sake of the environment.

Once a Statist Liberal, always a Statist Liberal!

[Plato]

Hey Blue,

I'm sure you have a hugh closing rate when coldwalking with your rifle and hunting knife! ;D

I keep picturing Dog the Bounty Hunter asking prospects to sign on the dotted line.

[Lucullus]

Analyst:

Or it could work the other way. I recall one acquaintance - who might otherwise have been a prospect for my services - expressing disdain for the NRA hat and "2nd Amendment" T-shirt I was wearing.

Clearly, she didn't want some "gun nut" managing her money. Just as clearly, I did not - and do not - want to serve as a Fiduciary for someone who thinks my right to carry a firearm is "no longer relevant" and that my decision to carry one (as authorized by my Concealed Carry permit) is "nuts".

I'm willing to make some concessions to "professional image". I put on a suit and tie for my first meeting with estate planning clients. I make sure that my hair is trimmed and combed and my boots are shined. That sort of thing.

I'm NOT willing to let that "image" re-make me. If a prospective client feels that handguns ought to be outlawed, and that any civilian carrying a gun every day is some sort of nutcase, he or she will probably not be comfortable working with me.

That's fine with me.

Sometimes, "don't ask, don't tell" makes sense. I know, for a fact, that some of my clients have very different views on some key social issues from those I hold. We agree not to argue about them (generally, that is. Sometimes, it's fun, when the recognition of mutual respect outshines the perception of "wrong thinking").

But sometimes, you just gotta take a stand. I will not, for example, work for a Bigot.

Or for someone audibly offended by the Libertarian bumper sticker on my PT Cruiser.

- John Olsen

[Plato]

I hear ya John.

[eroth322]

Amber,

Drive what you want. Your image is more impacted by "you" than what you drive. The only condition I'd put on it is have a "clean" car. In other words, not one that looks like you have lived in it in case you take Prospect/Client to lunch/dinner etc..

[nedbenz]

Largest life premium I ever closed was with 2 brothers that I took to my dove hunt, ended up righting a 550,000 annual premium on them. Next year took an owner of 85 markets with me to the same hunt and he became a client and closed an annual premium of 175,000. Have a hunting club composed of very wealthy clients and potential clients, works ok for me but not for everyone.

[nedbenz]

But I won't give up my 1200 haircut!!!

[kyfa2000]

I know you are buying a new car.

Make sure your car runs well.

I had a 7 digit client who drove a 10 year old Toyota. Frugality served her well but she also drove around to meet her clients and sometimes drove them to meetings etc. She upgraded to a Lexus and so greatly apprciated the comfort and ease of mind of not worrying about a car that might break down.

[Fish]

Caddy SRX Jet Black for me. I don't care what anyone thinks and laugh at the people who don't like SUV's.

[finplanning]

Amber,

I drive a 1983 Chevy Silverado 3/4 Ton Diesel with over 500,000 miles ( original motor, never rebuilt )or a 2003 Hyundai Accent. I have yet to have a clent ask about either one. I do not think most folks care what you drive.

Just be friendy and they will like who you are not what you drive.


Jamie

[finplanning]

John,

" I recall one acquaintance - who might otherwise have been a prospect for my services - expressing disdain for the NRA hat and "2nd Amendment" T-shirt I was wearing. "

You are my hero. I love that whole post!


Jamie

[amarkell]

Jamie wrote:
> I drive a 1983 Chevy Silverado 3/4 Ton Diesel with over 500,000
> miles ( original motor, never rebuilt )

Please stay out of my neighborhood.

In Nichol Hills Oklahoma it is against the law to have a truck parked where it is visible from the street, except for temporary service workers.

[finplanning]

Rocket,

" In Nichol Hills Oklahoma it is against the law to have a truck parked where it is visible from the street, except for temporary service workers. "

Man that is a crazy law!

I'm glad you lied the Kinder brothers. I know they will help you on your calling. Email me and I'll send you some more information. I also know this will help you as well.


buffalofinancial@yahoo.com


Jamie

[Mr. Bill]

Although it's not the car I drive, I really love the Chrysler 300M series - we always get one as a rental on vacation, everyone is comfortable, and I bet they're really terrifically priced if just a couple of years old! Plus, I think driving an American car is an advantage.

[rbrunson]

Hi Amber,

Go with what you are comfortable with. Personally, I have always been comfortable driving a car that I purchased with the one payment plan.

Never been a big fan of leasing my life to the highest bidder for a job, leasing my car from the auto company, or leasing my house from the mortgage company. I'm more inclined to ownership.

Randy Brunson

[Mr. Bill]

So - Buy or Lease? Infinite Banking, anyone?

[finplanning]

Bill,

Buy, but buy as few cars as you can. Dive the car until the wheels fall off. 99% of cars will loose 90% or more of value in 10 years or less.

Therefore the old saying holds true.

" Spend as little as you can on things that go down in value. Spend as much as you can on things that go up in value. "

I learned that from a six grade drop out. He was worth $6,000,000. Not bad advice at all.

This is far better advice than most financial planners will ever give you. They want you to buy term, and lease cars just like they do. It makes me wonder about them and some of their advice.


Jamie

[tpondel]

Just signed the lease on the Boxster ! Woo hoo..... (Better buy a radar detector too!)


Amber

[dan]

Jamie, why do you feel the need to make up statistics in order to prove your points?

"99% of cars will loose 90% or more of value in 10 years or less."

Where'd you pull this one from? I spent two minutes on a used car value website in order to disprove this claim. Couldn't you do the same? Believe it or not, some people might actually take your writings seriously.

Also, please point to some evidence for your claim that financial advisors generally buy term insurance and/or lease cars. Ah, nevermind, I'm sure it's another one of your made-up generalziations.

I loved your anecdote about the millionaire sixth-grade dropout, though! I bet you could easily parlay this into some sort of theory on the worthlessness of formal education.

- DDB

[a_rivieccio]

NOW HOLDUP?...There is a lot to say about FORMAL EDUCATION..lol

But to get to the ORIGINAL QUESTION AMBER, LET ME PUT IT THIS WAY

Maybe once a year, my clients might see me in "comfortable clothes" for a formal appointment. In short (Over time) the client DOES NOT CARE

Anthony Rivieccio, MBA,PFA
The Financial Advisors Group
CEO

[burandt]

Best to drive/ride whatever you want...As for me Friday's is a bored/stroked 1980 Shovelhead chopper, T-Thur a CTX, and weekends in Texas means a pickup to hold all the guns. Who cares?

[finplanning]

DDB,

Go look up a 1997 Chevy truck or a 1997 Nissan car and tell us all on average how much money you would have lost if you had brought the car new in 1997? That way we would know the real world loss is on the average car.

The bottom line is most cars you buy today will be mostly worthless in 10 years.

" I bet you could easily parlay this into some sort of theory on the worthlessness of formal education. "

Well DDB, I was not putting down education. Sadly I was talking about my dead grand father that dropped out of school as a child. He was the one that gave me that very sound financial advice.

" Spend as little as you can on things that go down in value. Spend as much as you can on things that go up in value. "

If he was still alive I'll bet he'd be worth far more than most financial planners.


Jamie

[nedbenz]

Another one of the useless threads!

[andrewgowdy]

It depends on your business philosophy. If you drive an older, less flashy car, you can tell your clients that you are more focused on growing wealth than trying to impress someone who may not have their retirement on track. The reason they are hiring you is to make sure their money is working for them.

[tpondel]

JAG:
The reason they hire me is to make sure they achieve all their goals. The money is only part of that equation.

So what do I say when it's in fact new and shiny? LOL


Amber

[amarkell]

I think people who buy expensive cars are insecure and/or irresponsible.
I think people who lease cars are irresponsible.
In Texas, a applicable expression is "Big hat, no cattle".



Amber wrote:
> Just signed the lease on the Boxster ! Woo hoo..... (Better
> buy a radar detector too!) > Amber

[finplanning]

Amber,

" Just signed the lease on the Boxster "


:-)


Jamie

[tpondel]

"I think people who buy expensive cars are insecure and/or irresponsible. "


Add to that list that I am a whole lot faster than you rocket!


Amber

[Lucullus]

Rocket posted -

"I think people who buy expensive cars are insecure and/or irresponsible.
I think people who lease cars are irresponsible. "

And I think that people who post stupidly absurd and insulting generalizations on public forums may be having a bad day and are trying to pick a fight.

[nedbenz]

Way to go Amber! How much horsepower in that puppy? BTW, clients usually don't care what you drive, but when I was driving sportcars, I loved to take clients to lunch and they loved riding in a slick set of wheels.

[amarkell]

The right car is a Toyota or Honda.
Trust me, I know what I am talking about.

[Lucullus]

"The right car is a Toyota or Honda.
Trust me, I know what I am talking about."

One can only hope that Rocket does not apply this knee-jerk "One Size Fits All" thinking to his clients' financial planning issues.

[finplanning]

Guys,

I think she should have brought a diesel Chevy truck!

:-)

If I ever start paying for Amber's cars I'll tell her what car/truck to buy, until then she can buy what the hell she wants to buy. Unless I'm paying for it I do not care what she buys.

Rocket,

I have always been told Honda and Toyota are the best. My old Chevy diesel truck has more than 500,000 miles. I think I'd be hard pressed to find any car to beat that.

One day I may break bad and get me one of those big Mercedes turbo diesel. I love those cars. They have lots of power and get wonderful mileage.


Jamie

[kyfa2000]

I'm quite sure Rocket does work with blinders on. Read Rocket's recent post on LTC.

[tpondel]

325-hp. Zero to 60 in 5.0 (Thats assuming the Expwy is open...

Bose surround sound!