I'm +1 that won't get a 3401 just to apply wax.
But believe me, once you get a Griots 6", a Meg's G110v2 or a Porter Cable to apply wax, you'll try to polish some area, then you'll start trying to correct some swirls, then you'll...
...
Buy a 3401! lol
That time, you'll have spent money twice (like I did). Now I'm willing to sell my Meg's DA to buy more pads and polishes.
I would say for you to 'get out from the closet' and say the truth, you want a polisher to do a full detail on yours and your friends car! You can even charge for that.
You are also willing to place beautiful pictures of your weekend work at Show'n'Shine area of this forum to receive compliments from our friends! Am I wrong!?
I know how you're feeling, but don't worry. Once you get the taste for it, things will become much worse... lol!
Kidding apart, there's nothing wrong to start with the 3401.
Let me see if cost / benefits examples encourages you:
In my country, a Porter Cable / GG / G110v2 costs TWICE or even more the price you can pay for a Flex 3401 in US.
I'm saying that because if amateurs in Brazil starts with ~$650 polishers (the ones said above), why can't you spend $349 and go for the best?
The 3401 in my country passes the $1100 mark in price. Believe me, $349 for a 3401 is almost 'For FREE'.
I have both a Meguiar's DA and a 3401 (ordered at AG), and the advantages of the 3401 are not only the power (yes, it's years ahead more powerful than a conventional DA). It's also VERY smooth and pleasurable to use.
The vibration you get with a Meguiar's DA is very annoying (we can handle that), but once you get the smoothness of the Flex you won't turn the vibration machine on again without complaining.
Also, the 3401 have a better trigger to start/stop, is much less noisy, and is much better to handle.
Even if it's just to START (or applying wax like you're saying), you'll benefit from a 3401.
I want to say, if you can afford it, go for it.
Yes, I know PC machines corrected paint for years, but we all must admit things evolve with time and 3401 is sweet even at lower speeds.
If you're planning to machine Wax your car, how much have you read already from this forum?
Keep in mind that before waxing, it's great to wash and clay your vehicle, to get rid of contaminants.
After claying, you can go for waxing, but at least one polishing step (to eliminate clay marring) is advantageous.
Also, independently of which sealant or wax you'll use, the great contribution to GLOSS we all look for comes from POLISHING paint, not from Waxing.
Since you'll benefit from a polishing step, you'll benefit using 3401.
With a white polishing pad and OTC product like Meguiar's Ultimate Compound and/or Ultimate Polish will give you professional results in YOUR garage.
Please, read my comments with a 'funny view' (I've tried to be fun!), and not as a rule.
I've only tried to add more ideas for you to think about and try to decide which will be better for YOU.
Hope I've helped,
Kind Regards.