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Leasing v. Buying Entry-Level Luxury - Page 3

post #31 of 43
11/15/08 at 3:00am
+1 on job uncertainty

I almost bought a former cop car a couple of years ago (when I needed a new car since a frenchman rearended mine on the NJ turnpike). I kinda regret not getting one .

It might not be an image you are going for but they are relatively cheap ( a pristine one is like 6-8K), they have a decent amount of power, a stiff suspension (not the granny package) and they last for a long time. Parts and service should be cheap (and easy to work on if you wish to) and people won't tailgate you or cut you off.

If you look hard enough there are some with 'normal' car interior and not the service package (with the carpet delete and simple seats). Look for a detective or takehome car, the easiest way to spot that is that they don't have holes for sirens etc drilled into the body.

The crown vics have P71 in the vin number as part of the police package, (P73 is the normal AARP wagon).

Here is one but its in Chicago
http://cgi.ebay.com/ebaymotors/Cars-...3A1|240%3A1318
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post #32 of 43
11/15/08 at 4:00pm
Quote:
Originally Posted by Jumbie View Post
If you say so. If you need a book to tell you that, then something's wrong. Then again, look at the state of the country (world??) today.

I think the book is just overboard.

I, obviously, do not need the book to tell me how to live within my means. This chap, however was looking for advice on where to spend his money. No need to be a prick.
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post #33 of 43
11/16/08 at 3:55am
Quote:
Originally Posted by crazyquik View Post
Heck, look at Cadwalader.

and if you thought V20 was safe, White & Case just laid off 70 associates
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post #34 of 43
11/16/08 at 4:21am
Quote:
Originally Posted by yerfdog View Post
and if you thought V20 was safe, White & Case just laid off 70 associates

I alluded to that in my post
Quote:
Associate layoffs are reaching into the V20 now.
This is significant though, because W&C was supposed to be so insulated from the meltdown due to being one of the most international firms. As the bankers do less transactions, less M&A, less securitization, less bond offers, etc there is less need for transactional lawyers. I'm sure the Dem Congress & Obama will increase the litigation market though, which will take off some of the strain.
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post #35 of 43
11/18/08 at 1:12am
Thread Starter 
Quote:
Originally Posted by crazyquik View Post
I alluded to that in my post
This is significant though, because W&C was supposed to be so insulated from the meltdown due to being one of the most international firms. As the bankers do less transactions, less M&A, less securitization, less bond offers, etc there is less need for transactional lawyers. I'm sure the Dem Congress & Obama will increase the litigation market though, which will take off some of the strain.

<-- Lit associate (to be), low minimum billable (1850) and non-staggered/tiered bonus structure. I think everybody's bonuses are going to be taking a hit anyway. Cadwalader was trouble from the start, however, and folks knew it. Heller, well, I just have little faith in non-NYC-based firms. I see the wisdom of saving up. Let's see if I can embrace said wisdom come next June.
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post #36 of 43
11/18/08 at 1:23am
word @ Lit I'm confident the O-man will throw trial lawyers a bone. Environmental, medical devices, workplace discrimination, revision to the Class Action Fairness Act, something.
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post #37 of 43
11/18/08 at 5:05pm
Thread Starter 
Oh, that will surely suck for my clients (pharma giants, media giants, IP clients) but will be great for me. If you call 3-year long investigations aka sexy "white-collar" work great.
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post #38 of 43
11/22/08 at 3:40am
Figure out the weekly cost of owning a car in Manhattan (lease payments, parking, gas, repairs) and then ask what sort of driving you'll be doing. Especially as a 1st-year associate who's going to be reminded to be grateful for his employment more than a few times in the next year or so. My guess is that you won't be escaping the city that often.

Chances are pretty good that you can get something decent to visit the parents' house as a periodic rental, and that something like zipcar (or a limo service) can handle the few times you need to get around town in something other than the subway or a random cab.

If you have to get your own, though, the certified pre-owned deal can be attractive. I got my Saab 3 1/2years ago with 4 years left on warranty, a pretty good price ($25K for a less than 1-year car w. 8K miles) and 0% financing because GM was feeling stupid-- again. If you sniff around you should be able to get something like that. There will be at least one third-year associate dying to walk from his lease on something nice because he got laid off.
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post #39 of 43
11/22/08 at 3:44am
Quote:
Originally Posted by Concordia View Post
Figure out the weekly cost of owning a car in Manhattan (lease payments, parking, gas, repairs) and then ask what sort of driving you'll be doing.

How much would parking in the residential areas a young lawyer would live in (UES) be?
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post #40 of 43
11/22/08 at 12:28pm
I would agree on not owning. If you want to drive something nice, you can get some very nice luxury car rentals from the majors about $200-400 for a weekend. That's parking for 1 month in NYC I'd think, and no need for insurance. Under 30 male in NYC with a sports car, I'm guessing that's gotta be another $150-200/month. There are also clubs in NYC that do exotics, but I haven't had any experience with them and don't know the price ranges.
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post #41 of 43
11/25/08 at 3:39pm
Quote:
Originally Posted by crazyquik View Post
How much would parking in the residential areas a young lawyer would live in (UES) be?

Parking on the UES will be $450-$600 a month. Add $80-$100 for a SUV.
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post #42 of 43
11/25/08 at 6:35pm
Quote:
Originally Posted by chas View Post
Add $80-$100 for a SUV.

A few years back, my daily driver was a large SUV. I kept it for only about a year in part because of having to pay extra for parking an "oversize" vehicle in cities like Chicago.
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post #43 of 43
11/30/08 at 2:55am
If you have a guaranteed pay cut in 4 years I'm not sure why you are keen on leasing. The smarter option would be to purchase a car with the intent of paying it off in four years and then coasting with no car payment for years 5-7. Again, this is NYC. Few people are going to recognize your BMW, especially since it'll only be used during weekends if that
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