Inspired by the constant debate about the "agent's car image" from another forum that I frequent, I have decided to chime in my two cents worth. (This blog is purely to discuss the car image only).
There are 2 basic schools of thought: One who thinks that the "car image" reflects SUCCESS and the other who thinks as long as the vehicle is clean and reliable, that should be all that matters.
I drive a 1999 Honda Accord. The market where I mostly range in the low 100Ks to about 300-400K range. Most of my clients drive Accords, Camrys, Civics, Corollas, Madzas, Mitsubishis, Tundras, Tacomas, Jeep Cherookees, Sentras, Altimas, Tahoes, Pilots, CRVs, Acuras, Siennas and alot in this range. So, needless to say, I support the 2nd school of thought. So far, no one has not want to ride with me in my car because of what I drive.
I believe if I was supporting clients in the million dollar range, I will probably need to upgrade to something more classy. So, yes, a somewhat CAR IMAGE is important. But only in the market you serve.
Per my survey of a group of consumers (not my clients), the car needs to be big enough to haul 2 adults comfortably at the back seat perhaps with a young child (most of the time, clients with family prefers to drive themselves anyways). They agree that the vehicle should be clean and reliable. To my surprise: Most CANNOT remember what their realtors drove. I want to add: since the gas prices soared, good mileage is another critera for car selection. My Accord gets me around 28mpg. I love this than to have an SUV that gets 15-18mpg.
Affordability is another big consideration when making a choice in car selection. I strive to keep my business expenses low. Having a paid-for car is an option I took. If I couldn't pay for it in cash, I wouldnt buy it. And yes, there are many ways to skin a cat and I choose to do it the conservative way. Also, with the amount of mileage we put on our vehicles, we are practically driving them into the ground. Our cars are one of our largest depreciating assets, so the economical sense on car depreciation versus the "image" is really up to the person making the decision.
The Millionaire Next Door by Dr. Tom Stanley: The striking and profound findings revealed in that book a decade ago are as true today as they were then--especially when it comes to spending habits. I took this point ("You Are Not What You Drive") after reading the book: Millionaires spend their money smarter than other people in the choices they make: cars included!
Lessons from Millionaires:
1. Live well below our means: Understand that there's a difference between willingness to pay for quality versus image. Millionaires take extraordinary steps to save money and most dont live a lavish lifestyle.
2. Believe that financial independence is more important than displaying high social status: Most drive regular cars and they keep them for years.
So, the next time when you stop at a red light next to this person in a Red Corvette, or a fancy decked out Z71, wonder if he is working to make his payment, or that other person in an older, used and clean car. Please dont get in the rut of impressing someone else (clients) just for the sake of projecting an "image" we dont have.
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