mc061680

Hi there, I recently decided that I want to get an 911 Turbo. Found a 2008 with super low miles manual convertible. Problem is that the only loan that I can afford is 120 months financing. I will borrow roughly about $80K with only minimum down. Questions:
- Is financing for this long a good idea?
- Will this model year/configuration hold it's value?
- If that was the only way for you to acquire your dream car, would you do it?

I could really use anow advice. Please let me know what your opinion is.

fresh-popcorn

No
My guess is no
No

Honestly if you had to take out a loan like that to get this car you're not ready for it. What about maintenance?

dhtexas

With a 10-year loan you will be paying a lot of interest - especially in the early years of the loan.

As automobile interest is not tax deductible that's a sizable cash outlay with no tax benefit.

Also the longer the term of the loan generally the higher the interest rate.

Can't help you with your other questions.

Steve 96C4S

Highly recommend you don't even remotely consider this and look to get into something MUCH LESS expensive. Maybe a MUCH EARLIER Porsche or something else.

Good luck, sir.

993MAN

10 years on a car? No, you are not ready man.
All it will take is a bit of unexpected trouble, and it might not even be car related, and your'e screwed.
Good things take time.

Merry christmas

Craig T.

I assume this post is a joke, right? If it isn't, I suggest you spend a little time with a financial advisor.

CTDan

My suggestion:
Go ahead & start making the payment... Make it to yourself, & put it in a separate account.
If you have extra put it in also.

It won't be long & you'll have some significant savings.

Terry Adams

Have not financed a car for 40 years, about when the interest ceased to be deductible.

estrellajon

Does a 120 month financing even exist? Not even close to being ready if you have to borrow that much on a used car.

TT Surgeon

This thread is obviously a joke.

johnbelk

http://www.keystoneautoloans.com/articles/term-length/120-month-auto-loans/

$80,000.00 at 5% for 120 months..total payment: $111,464.00.
Or:
$31,464.00 in interest.

Really, $31,464.00 in interest???

This does not include, tax, tags, etc...

I've been told that a good financial rule of thumb to remember. If you need to finance a car longer than 36 months, you really cannot afford the car without negative consequences for other areas of you life. Some advisors recommend financing for 60 months, but making monthly payment in order to payoff the balance in 36 months. This allows for unforseen events in one's life...

But, each to their own....JB

vbb

I have never heard of a bank that would finance a used car out over 120 months. I'd imagine to do so, and to protect the bank, the interest rate would be 10%, maybe higher.

Unlike some of the people that have posted, or will post, I'm not opposed to financing a car, and not opposed to leasing a car either. I've done it all... leased new, financed new, financed used, paid cash... there's no "right" answer with how one should purchase a car other than to not get eaten alive on interest. Sometimes the numbers are favorable to lease, sometimes to finance, and sometimes to just buy outright. It just so happens that both of the Porsches I've owned (my previous one and now this one) I've bought outright, but again, I'm not opposed to other methods of purchase either. That said, there's no set of circumstances I can fathom that would justify a 10 year financing loan, so no, if that's the "only way you can afford your dream car" my advice would be to keep saving.

You could find a nice Porsche 911 (base) for half that if you really want to get in to the model.

johnbelk

OP, why not start with a Porsche like this...?

http://www.6speedonline.com/forums/automobiles-sale/396677-midnight-blue-stone-grey-2008-carrera-4s-coupe-2.html#post4591355

It's just one of many beautiful well maintained examples that's out there...

If my TTS was not blue, I would have bought it as a DD...

Just saying...JB

Craig T.

Don't take this thread seriously. "Please don't feed the trolls". Somebody created a new profile to get a laugh.