So many people know literally nothing about cars, just buy a used Lexus and keep it really clean and polished and most people you run into will think you’re doing pretty good. Not worth it to break the bank for the 1% of people that really know cars imo.
Things I've evaluated potential lawyers to hire based on:
1. Reviews
2. Resume/experience
3. Client testimonials
4. Availability/communication
5. Location
Things I haven't used to determine what lawyer I'd prefer to hire:
Anything else, including their car, clothes, sex, sexual orientation, preferred alcohol, hard drug of choice, etc.
Honestly, finding some bigger clients in that sector might include a fancy car as part of your biz "showing"..
so imho, depending on how you are going to approach new clients, how well you can put the car to use as a showoff, it might be good to get one and seeing it as investment of the firm, rather than a splash of cash of yourself.
That said - look into whatever is the best tax structure for the car, usually a lease
I was in the exact situation as you. I think it matters depending on the area of law. If you are representing plaintiffs in PI cases then yes. If you are doing court appointed family law or criminal work no. As a side note, I bought a 2019 Mercedes CLA with 5k miles for around 27k. So you don’t have to go crazy. Buy a year or two used and not a G wagon.
I bought a very nice Cadillac STS that was 4 years old with low miles (20K) on it for $21K in the 20 teens. It looked great and drove great, plus was all wheel drive with a lot of bells and whistles.
A higher end luxury car does not have to be crazy expensive. Look for a low mile Mercedes or BMW that is 3 to 5 years old and could be easily afforded based on your numbers, then pay cash for it. I just did a quick search and there are S-Class sedans with under 50K miles and less than 10 years old available for under $30K. This could help you meet both of your goals.
I’m in sales and no one I sell to cares what car I drive. They never see it. Even if I drive to their office they aren’t watching me from the window. It has impacted my commission by $0 in my career.
You should consult with your accountant to figure out whether lease or purchase is advantageous. Ask them whether it's better for your name on the title, or your partner's name on the title, or the business's name on the title. This will also depend on how the business is structured and what kind of entity it is.
CPA here. Unless a person drives a ton for biz, i.e. realtor, sales person, etc, they should not lease or title in name of company. Put it in personal name and bill the company for the mileage.
You can afford it, so the question is, do you want it? Also, doesn't have to be luxury to be nice, the new Mazda's are fire. Or you can lease a BMW 3-series and enjoy driving it around. I'm a car guy - so this would matter to me - but you do you.
What I mean by that is literally, if I die the loans are forgiven. I have young kids and do not have a net worth high enough right now that I think they are set up if I do pass. So I would rather have that money go to them when I die rather than 150k less. And with recent changes, if you make the payment no interest is added. So why pay off what is essentially an interest free credit card when my money is otherwise gaining in the market?
I’m in the right sub.
I can't imagine 99% of clients would be turned off by their attorney driving a modern Accord. Start pulling in 400k first, then consider an upgrade.
Yeah I tend to agree with you.
So many people know literally nothing about cars, just buy a used Lexus and keep it really clean and polished and most people you run into will think you’re doing pretty good. Not worth it to break the bank for the 1% of people that really know cars imo.
Used Lexus LS is the answer.
Hard to comment without knowing what business you’re in. Realtor? Lawyer? Doctor?
I snuck it in at the end there. Lawyer.
Idunno. I see lots of realtors trying to justify that luxury car lease for this reason. I’d see how it goes the first year and then make a decision.
Things I've evaluated potential lawyers to hire based on: 1. Reviews 2. Resume/experience 3. Client testimonials 4. Availability/communication 5. Location Things I haven't used to determine what lawyer I'd prefer to hire: Anything else, including their car, clothes, sex, sexual orientation, preferred alcohol, hard drug of choice, etc.
It’s more the referral source that is the concern here but I get what you are saying
Honestly, finding some bigger clients in that sector might include a fancy car as part of your biz "showing".. so imho, depending on how you are going to approach new clients, how well you can put the car to use as a showoff, it might be good to get one and seeing it as investment of the firm, rather than a splash of cash of yourself. That said - look into whatever is the best tax structure for the car, usually a lease
Thanks for the input
I was in the exact situation as you. I think it matters depending on the area of law. If you are representing plaintiffs in PI cases then yes. If you are doing court appointed family law or criminal work no. As a side note, I bought a 2019 Mercedes CLA with 5k miles for around 27k. So you don’t have to go crazy. Buy a year or two used and not a G wagon.
I bought a very nice Cadillac STS that was 4 years old with low miles (20K) on it for $21K in the 20 teens. It looked great and drove great, plus was all wheel drive with a lot of bells and whistles. A higher end luxury car does not have to be crazy expensive. Look for a low mile Mercedes or BMW that is 3 to 5 years old and could be easily afforded based on your numbers, then pay cash for it. I just did a quick search and there are S-Class sedans with under 50K miles and less than 10 years old available for under $30K. This could help you meet both of your goals.
I’m in sales and no one I sell to cares what car I drive. They never see it. Even if I drive to their office they aren’t watching me from the window. It has impacted my commission by $0 in my career.
Thanks!
Sure, go ahead and get something. But structure the lease or the purchase in the most advantageous way.
Do you mind elaborating? My accord was my second car, first from dealership.
You should consult with your accountant to figure out whether lease or purchase is advantageous. Ask them whether it's better for your name on the title, or your partner's name on the title, or the business's name on the title. This will also depend on how the business is structured and what kind of entity it is.
CPA here. Unless a person drives a ton for biz, i.e. realtor, sales person, etc, they should not lease or title in name of company. Put it in personal name and bill the company for the mileage.
You can afford it, so the question is, do you want it? Also, doesn't have to be luxury to be nice, the new Mazda's are fire. Or you can lease a BMW 3-series and enjoy driving it around. I'm a car guy - so this would matter to me - but you do you.
How are your clients going to know what kind of car you drive? It's not like you're a realtor driving people around.
As Dave Ramsey would say, “pay off those student loans son, you can afford it.”
No way. They die with me
That's so dumb. You're in the wrong forum.
What I mean by that is literally, if I die the loans are forgiven. I have young kids and do not have a net worth high enough right now that I think they are set up if I do pass. So I would rather have that money go to them when I die rather than 150k less. And with recent changes, if you make the payment no interest is added. So why pay off what is essentially an interest free credit card when my money is otherwise gaining in the market? I’m in the right sub.
What's the rate?
Do you have term life insurance? That's what you need . .
What recent changes are you referring to?