HF Cars
Interesting question - Friend of mine just got a job at a hedge fund and asked me what kind of car he should get? Then we got to discussing American vs. Foreign, fancy vs. economy and how it would be viewed at a hedge fund.
My Views -
American vs. Foreign - If you're in the midwest, you might get some flack for not having an American car, what do you guys think?
Having a nice car - I said to hell with having a nice car and that an economy car (e.g. Honda Civic) would work and no one would care (people would probably view it as good value). Maybe in PE where there is more snobbery or banking where it is client facing they would want the fancier stuff but not at a HF.
Hasn't your fiend read the Employee Handbook? It clearly states that, once you're hired to work for a hedge fund, the only car you're allowed to drive is a Bentley.
Personally, I wouldn't invest my money in any hedge fund where the analysts don't drive at least Audi A4s or Caddy ATSes. I'd expect PMs to drive Porsches at least (preferably Ferraris), and the CEO had damned well better drive a different Bugatti every day of the week. Any less, and the hedge fund clearly isn't up to snuff.
you're on the right track but I would say Ferrari 250 GTO (at least one '62 model) instead of Bugatti or take your cash elsewhere. :)
Lambo or bust.
If he's like 24 make sure he at least has decent $$ saved up. Nothing makes you a slave to your job like buying a bunch of stupid shit like fancy cars, boats, etc., which depreciate by half as soon as your ass hits the seat and drive it off the lot (or take for a cruise).
If this is NYC, then most people just use public transportation or Uber/taxi anyway.
your friend sounds like a royal douche canoe. so my vote goes for a prius or smart car
Banana for using douche canoe!
This guy gets it, +. It's a car. Who gives a shit. Buy what you like, don't overextend yourself.
1980 fiat Panda. Major street cred in Italy.
BMW M3
Read "Class" by Paul Fussell, it was written in 1983, but still holds up today for the most part. Some rather prole viewpoints up in this thread. (Don't worry I'm a middle class boor as well)
Assuming this is a serious question, here is a serious answer: 1. If he's in any city, especially NYC, don't get a car. Take public transportation and Uber if necessary. Higher insurance cost and insane garage cost and the standard vehicle depreciation will make it more expensive than taking Uber every day. Street parking runs decent risk of denting and very high risk of parking tickets in NYC. 2. If he's out in the suburbs somewhere, like anywhere in Connecticut or New Jersey, a certified pre-owned 1-2 year old BMW 3 Series, Audi A4, Infiniti Q50, Lexus IS, or Mercedes C300 with under 20k miles can be purchased for around $30k. The warranty on a CPO car often goes up to 5 years from manufacture date or 100k miles, this is far superior to a new car warranty. Do NOT buy a new car, you just look stupid for taking the $15-20k first year depreciation at the Analyst level.
Also nobody is going to care if he buys a used Toyota or Honda. At the end of the day, what matters is quality of work, not quality of ride that nobody else is the firm is going to be sitting in anyway as they'll have their own vehicles.
Agreed. If you're making HF money in NYC, might as well Uber everywhere. Dated a rich girl recently and she didn't even have a car--just Uber-ed everywhere. It's basically like having a private driver. No parking hassle is also amazing.
This the most sensible comment here.
This is going to sound insane, but he should buy whatever car HE likes and can afford.
Bro, M3 is to small. I would recommend at least 5 series, especially if your going out with clients. Lease and get a maintenance plan; its worth at least 10k a year if you plan on going to the dealer.
528 Low maintenance, most economical to maintain
535 Lots of parts from the 6 series; a terrible car to own. Recently had a $2k brake job (normal scheduled maintenance), did my girl's car the same day Nissan ($700)
550 Love this car, however many reliability issues, the cost between this and the 535 is small, but v6 vs v8 both have twin turbos. Going to need a beater car when its at home (the shop).
M5 At this point you get a 911 / Tesla / GTR etc.
PS Most doche canoes fall apart in 3-4 years, just look at the resale value. Make sure what ever he gets, there is enough for a new paddle in 2yrs.
We dont drive fancy cars. It sends the impression that we are getting paid too much. Humble is better.
Woah woah woah, hold on, hold on. Have we just jumped from the bag selection thread right to the car selection? We have not yet defined the underwear brands that go with each financial role. We have already selected the bag, now we discuss the underwear, then the escorts, then the condoms (Trojan XXL for PE MD's no doubt) and then we get to the cars.
Obviously dependent on financial situation / how much you want to spend on a car (or if cars are a big deal to the person), but I like a used M3 (~3 years) that is in good shape. Let the previous owner handle the high upfront depreciation and look for a M3 with less than 20k miles given the relatively high maintenance costs associated with an older version.
Nothing says Overcompensating Douchebag like owning a V-8 Diesel F-250 that's built to Roll Coal.
That's my vote!
Pontiac Aztec or PT Cruiser
only live once, may as well go for the LaFerrari
It truly gets down to the comfort and amenities in the back seat compartment areas. If it has appropriate climate controls, plush leather, and a TV he will be more than content as his driver drives him to the office and golf course.
Why would you take flak for not having an American car if you're in the Midwest? I live in the Midwest. Unless you're living in rebel flag territory no one gives a crap.
Pick-ups hold their value longer and you'll look less like a douche-weasel, but hey what do I know
You would look like an utter douche if you worked at a HF in NYC and had a V8 pickup truck.
Points if you put horns on the grill!
Sorry. Wasn't aware HFs were exclusively located in NYC
tell him to buy a 1957 Ferrari 250 Testa Rossa. If not that, at least a 1965 Shelby Cobra 427 Roadster. Either of those will add a few inches to his ... street cred.
Black and Gold 1979 Trans Ams FTW.
Either that or a Sting Ray Vette
Don't buy a truck. That's the worst advice I've ever read. Bad fuel economy, they look like crap, finding parking is a nightmare, everyone will ask for help moving, and I don't know of a single woman that doesn't think they're douchey-- at least in the context of living in a city, working at an HF and then dropping $50k. Honestly, what kind of freight are you hauling to this HF job that requires a truck?
Idk man. If you buy a truck I'd expect you to be haulin ass in an SRT10 or a Raptor most likely. Not everyone buys practical boring cars. Life is short.
It lacks style and is a waste of cash. You'd be amazed what you could use that money for.
So your answer to life being short is buying a truck? lol.
I'm haulin' my cash to the bank.....
A 3-series from 2010 would be fine.
Look out for a 1st gen Dodge Viper RT/10 or GTS. These cars are pretty cheap these days but won't be for much longer IMO. I believe they will increase in value and will be a very popular collector's item. If you have it as a weekend car and appreciates in value, it can be a cheaper car to own than a Prius or IlliniProgrammer 's rusty honda!
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