I remember when a lawyer I know purchased a really nice sports car.
I asked him how he liked it. Surprisingly, he said that sometimes he wishes that he didn’t buy it. The car was loud, bumpy, and drank gas like a man drinks water in a desert. He was also worried about expensive maintenance costs, particularly the brakes and tires which costs thousands of dollars to replace. He isn’t the bragging type so I don’t know whether he was really complaining or just downplaying his purchase.
Filevine’s New Legal AI Platform LOIS Turns AI Into A True Legal Coworker
Legal work isn’t slowing down, and the firms that win won’t be the ones working harder — they’ll be the ones working smarter.
I then asked him why he bought a car that could be a potential money pit. He simply replied because he deserved it.
In my opinion, lawyers seem to be more conscious about the cars they drive. Especially in California where I live. One reason is because they want to fit the lawyer image. They think that driving a luxury car will project an image of success because you have to be good at what you do if you can afford an expensive car. Or they might be afraid that if they are seen in an average car, potential clients might think their lawyer is not doing well.
Of course, some just really like driving fast or luxurious cars or like cars as a hobby. They don’t care about maintaining an image.
Know that sometimes the image is a mirage. A lot of people lease a car rather than buy it. Others buy a used luxury car after it has lost significant value due to depreciation. Some are driving their parent’s car. Similarly, a parent or spouse could be making the monthly payments. Others may be driving a salvage titled car that has been damaged. There is nothing wrong with doing any of these, and you can save a lot of money so long as you know what you are doing.
AI Is Killing Legal’s Billable Hour. It’s Also Repeating Its Worst Mistake
Law firms and legal departments are writing the future of the profession in separate rooms. What happens when they actually work together?
Some are driving their brand new BMWs for free. But I will discuss how they are doing that in a future column.
The costs do not end after you leave the dealer. Maintaining the image also costs money. Expensive cars are also expensive to maintain, and it gets exponentially worse when they are out of warranty. Luxury cars are generally notorious for being unreliable in the long run. Because of this, some people do not drive these cars except for special occasions or sell them before they hit a certain mileage point.
But is it worth it? Maybe. While some potential clients might be impressed with your ride, others may be suspicious because they think you will overcharge them.
Choosing which car to drive is a complicated decision. While a car purchase should be based on practicality, I can understand that the image of professionalism and success plays a role, so some lawyers might feel inclined to purchase a luxury car. But these cars are expensive to buy and maintain and could put some people in a financial mess. You won’t look very professional to clients when your car suddenly breaks down for the third time in a month.
So unless you can afford to purchase (and store) both a practical daily driver and the car that impresses, you should own a car that fits your budget and that you enjoy driving. This will take some time as you will need to research cars, test drive them, and negotiate a fair price. But the time invested will be worth it.
Steven Chung is a tax attorney in Los Angeles, California. He helps people with basic tax planning and resolve tax disputes. He is also sympathetic to people with large student loans. He can be reached via email at [email protected]. Or you can connect with him on Twitter (@stevenchung) and connect with him on LinkedIn.