Pros and cons of buying a luxury car in real estate
Buying an automobile as a real estate agent is no small affair. It’s a big part of your job. You travel in it to and from the office, as well as to meet clients. If you’re in the market for a new ride, you owe it to yourself to think about how your car can help you in business.
Pro: It’s a sign of success
People want to do business with a successful real estate agent. Showing up in a nice car will often be interpreted as evidence that you are good at selling homes.
Con: It can come off as a little much
There’s a fine line between classy and flashy. It’s up to you to decide, but depending on the types of customers you are serving, some might be turned off by an agent who shows up in a car worth nearly as much as the house they’re hoping to buy. Some people resent or are intimidated by what they see as displays of wealth.
Pro: A more pleasant car ride for customers
Customers would prefer to get a ride in a luxury car. It’s more relaxing to sit in a nice-smelling car with leather seats and ample leg room. Luxury cars also provide a smoother ride, better-functioning air conditioning/heating systems and superior sound systems. If you’re in cold weather the seat-warmers can come in handy.
Maybe it goes without saying but if you don’t have the money for a luxury vehicle, don’t go deep into debt to buy one. Buying a Lexus is unlikely to provide you significantly greater business than a respectable Toyota Camry. But the money you save by forgoing the really nice car can be invested in things that will likely pay great dividends, such as marketing.
Pro: People like discovering fancy cars
In our car-crazy nation, there are lots of customers who will be excited at the opportunity to check out a nice car. It’s a little more interesting to see what’s in the newest Mercedes than to ride in a 15-year-old Chevrolet Impala.
It’s not just the down payment and your loan that’s going to hit you hard. Repairs on luxury vehicles, particularly European cars, will cost you a pretty penny. Furthermore, the nicer your car, the more paranoid you will be about it getting a small scratch. While you may choose to ignore a tiny dink on your Ford Focus, you probably won’t abide a similar blemish on your beloved Land Rover.
Pro: Treat yourself
No matter how long your commute is, you’re most likely spending a great deal of time in your car. So it’s reasonable to invest in a car that you’ll enjoy spending your time in. A car that drives well and is comfortable makes sitting in traffic a little bit more tolerable.
Con: Maybe you’re not into cars
Don’t bother spending big on a big car if your heart isn’t in it. If you don’t get goosebumps at the thought of a dealer handing you the keys to a BMW, then there are likely other ways you can invest your money in a way that will benefit both your business and personal life.