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Last week I made the decision to buy a new car. My trusty Subaru has over 190,000 miles on it, no air conditioning, oil leak, and lots of rock chips all over the paint so...it was time.
Like Al, I can afford any car I want. I chose a new Mazda3 hatchback. It's in the same class a Honda Civic but I like it a little better.
Now here is a real world example of how much you lose as soon as you drive off the lot...
I test drove a red one and liked it. Worked out a deal on the exact same car in silver. They got it in. I paid for it and drove it home. After a couple of days, I started figuring out some of the standard features I was supposed to get weren't on my car (Electric power seat being the main one.) I went back to the dealer and they said I'm wrong none of them have that feature (they sold the red one by then and didn't have any in stock but I KNEW the red one had power seats.)
I research on the internet forums and sure enough Mazda had 2008.5 models that had come out in January with many upgraded features including power seats and new Bose Sound Systems for no additional cost over the older 2008s. I was PISSED. I was baited and switched.
Now I had the car for 4-days and 350 miles before I figured this out. But to trade it for the 2008.5 model (that I was supposed to get in the first place) they said my car has already lost $7,500 in value. And this is only a $22,000 car to begin with.
I'm very mad at myself for not doing MORE research before I allowed myself to be screwed by these dirtballs. I tend to think people will do the right thing but I occasionally get disappointed.
Buyer beware!
Like Al, I can afford any car I want. I chose a new Mazda3 hatchback. It's in the same class a Honda Civic but I like it a little better.
Now here is a real world example of how much you lose as soon as you drive off the lot...
I test drove a red one and liked it. Worked out a deal on the exact same car in silver. They got it in. I paid for it and drove it home. After a couple of days, I started figuring out some of the standard features I was supposed to get weren't on my car (Electric power seat being the main one.) I went back to the dealer and they said I'm wrong none of them have that feature (they sold the red one by then and didn't have any in stock but I KNEW the red one had power seats.)
I research on the internet forums and sure enough Mazda had 2008.5 models that had come out in January with many upgraded features including power seats and new Bose Sound Systems for no additional cost over the older 2008s. I was PISSED. I was baited and switched.
Now I had the car for 4-days and 350 miles before I figured this out. But to trade it for the 2008.5 model (that I was supposed to get in the first place) they said my car has already lost $7,500 in value. And this is only a $22,000 car to begin with.
I'm very mad at myself for not doing MORE research before I allowed myself to be screwed by these dirtballs. I tend to think people will do the right thing but I occasionally get disappointed.
Buyer beware!
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In Alabama, we drive trucks. Doesn't matter if you drive a Bright Red '01 Dodge Ram 1500 like I do or a navy blue, older (but very well kept), 70-something Ford like our County Probate Judge drives. All my agent-friends in town are driving trucks from newer to older.......and it makes no difference the make, model, color, or whatever.
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You're going to drive whatever you want based on whatever floats your boat.
The original question was about client perception. You can argue either way: 1) a modest car means this person will look after my money like he looks after his, or 2) an expensive car means this person is successful, does well, and that is the type of person I want in my corner.
In my opinion the biggest waste of money in the world is a swimming pool. I have one and I wish I didn't. However, millions of people love their pools and to them the money is well spent.
As for cars, I enjoy driving and a BMW definitely floats my boat. I do lean towards argument #2 --but I have another business where the car perception is more important than insurance. In any event, if I was totally convinced that it made no difference, I would still lease and get what I enjoy driving every two years while also avoiding the hassle of salesmen and maintenance.
The original question was about client perception. You can argue either way: 1) a modest car means this person will look after my money like he looks after his, or 2) an expensive car means this person is successful, does well, and that is the type of person I want in my corner.
In my opinion the biggest waste of money in the world is a swimming pool. I have one and I wish I didn't. However, millions of people love their pools and to them the money is well spent.
As for cars, I enjoy driving and a BMW definitely floats my boat. I do lean towards argument #2 --but I have another business where the car perception is more important than insurance. In any event, if I was totally convinced that it made no difference, I would still lease and get what I enjoy driving every two years while also avoiding the hassle of salesmen and maintenance.
Personally, when go on appointments I drive my 07 Ford Fusion, great work car 30mgp, leather seats, navigation... everything any agent needs. Now when the weekend comes you can catch me playing in my crew cab 4wheel drive truck.
Drive whatever you like and feel comfortable in, however some clients do think that if you drive up in an expensive, fancy automobile that you will try and stick them with a high dollar premium in order to pay for that car. I actually had an old farmer tell me that this past year.
Anyway if they have a problem with what you drive perhaps there is a bigger issue than insurance coverage.
Drive whatever you like and feel comfortable in, however some clients do think that if you drive up in an expensive, fancy automobile that you will try and stick them with a high dollar premium in order to pay for that car. I actually had an old farmer tell me that this past year.
Anyway if they have a problem with what you drive perhaps there is a bigger issue than insurance coverage.
Excellent point. The vehicle should really suit your target clientele.
I recently met with a client at their house, the reconstruction cost worked out to be right around $4,000,000. She made a comment about how nice my car looked sitting in front of her home.
Now, I only have a handful of multi-million dollar reconstruction cost homes insured (not really my target market). I have a lot in the $400K - $750K range, which is my target market.
Very few of my clients have seen my car. They come to my office.
Dan
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Here in Eastern NC, the economy is still primarily agricultural. Therefore, most men, agents included, drive pickups. I don't, because of the fuel economy (or lack thereof). I have a 94 Lincoln Town Car, and a 99 Buick Park Avenue, and have never heard any comments from any of my clients, about them.
I don't actually know any agents in this area that drive BMW's, although there are some in the nearest large town (Kinston, NC). In general, I want my clients to feel comfortable, but also to know that I'm doing well. To my clients, the cars I drive represent that. However, the average income of my clientele is approximately 35-40k per year, so I guess if you are dealing with a client base with a 250k per year average income, a Bimmer makes sense.
Dave
I don't actually know any agents in this area that drive BMW's, although there are some in the nearest large town (Kinston, NC). In general, I want my clients to feel comfortable, but also to know that I'm doing well. To my clients, the cars I drive represent that. However, the average income of my clientele is approximately 35-40k per year, so I guess if you are dealing with a client base with a 250k per year average income, a Bimmer makes sense.
Dave
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I have a client that works on the 7th floor of the Bank of America building, in Midtown Atlanta, exactly 170 paces from the Midtown MARTA (Metropolitan Atlanta Rapid Transit Authority) train station.
He asked me at our first meeting if I had any trouble finding a parking spot, and when I told him I took MARTA to get there, he responded, "Smart Man." He's been my client for four years and provided me with three leads.
With Gas at $3 - $4 a gallon, the intelligent among us won't have a problem if you don't drive up in a BMW. I have a Ford Taurus SEL, with a BRAVES sticker along the right side of the car. I usually get, "Hey, you're a Braves Fan? That Chipper Jones is hitting 424 now, wow. Say..."
Tomorrow is the first day in the past five business days that I will actually drive to an appointment. It's not on a MARTA line, but is at Senior Facility, where I will be meeting several contacts.
Since I've used rapid transit more (for the past 6 months), we have been saving $45 to $68 per week. A weekly, unlimited trip, Breeze Card on MARTA is $13. With the exception of the Decatur and Arts Center Station, I get coverage on my cell phone, and conduct business while on the train. I've even made cold call presentations on the East-West Train, coming from Five Points Station to Avondale (twenty minute trip). Noone seemed to mind, and I actually got three people ask for my card before they got off the train.
Practicality = Success
Building relationships with people like you = Success
He asked me at our first meeting if I had any trouble finding a parking spot, and when I told him I took MARTA to get there, he responded, "Smart Man." He's been my client for four years and provided me with three leads.
With Gas at $3 - $4 a gallon, the intelligent among us won't have a problem if you don't drive up in a BMW. I have a Ford Taurus SEL, with a BRAVES sticker along the right side of the car. I usually get, "Hey, you're a Braves Fan? That Chipper Jones is hitting 424 now, wow. Say..."
Tomorrow is the first day in the past five business days that I will actually drive to an appointment. It's not on a MARTA line, but is at Senior Facility, where I will be meeting several contacts.
Since I've used rapid transit more (for the past 6 months), we have been saving $45 to $68 per week. A weekly, unlimited trip, Breeze Card on MARTA is $13. With the exception of the Decatur and Arts Center Station, I get coverage on my cell phone, and conduct business while on the train. I've even made cold call presentations on the East-West Train, coming from Five Points Station to Avondale (twenty minute trip). Noone seemed to mind, and I actually got three people ask for my card before they got off the train.
Practicality = Success
Building relationships with people like you = Success
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Will clients be concerned about the car you drive?
Only the ones who think material things make the person.
Only the ones who think material things make the person.
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