chuck951

[quote]Originally posted by RANDY P:
<strong>
The payment remains after the newness wears off.
rjp</strong><hr></blockquote>

I don't mind making Porsche payments or boat payments as those are things I want to spend money on...besides you can't autocross money that is sitting in a bank account. And if I let 20K sit in the the bank I'm sure SHWMBO would find something "better" to spend it on!

If you really want to talk about loosing money, let's talk about the depreciation curve on 928's.
A financed 928 cost buyers real money!

nostatic

[quote]Originally posted by RandalJ:
[QB]People First is offering 5.75%APR, regardless of model year, for purchases from a dealer, or 6.25 from a private party. They will cover 100% of the amount, which means you could use your cash for the inevitable odds and ends that need fixing.<hr></blockquote>

Sorry, but there is no way PeopleFirst will give that kind of rate to a 21 year old with no credit history. The number you quote is for someone with very good credit. As your credit score goes down, the rate goes up, and my guess is someone with no/little history will just be flat out denied.

Also, be aware that if you just *apply* for a loan, that goes towards your credit score, and could adversely affect it.

Flat Six Addict

hmmmm...
Interesting information, first of all I never paid attention to the 0% interest ads because I'm not interested in new cars, as everything but the engines are made with cheap plastic crap. But I find it interesting that they raised the price on the vehicle, most people would probly never pay enough attention to catch on...

As with PeopleFirst, I'm not even going to bother. As I had a hard time just getting into an apartment two months ago, and I just was denied credit with CapitalOne due to a "Lack of Verifiable Credit History..." Blah, blah, blah, story of my life.

I would rather pay cash anyway, I was just getting ahead of myself. I really want a Porsche, mostly for a little racing and weekend driving in the mountains. If I just focus and save I'll be ahead in the long run.

I really like 914's with the fender flares, and the Polished Fuchs, a nice little 2.0 under the hood with some weber carbs. Simple to drive, simple to maintain, less problems in the long run. Just like my truck, no a/c, no digital dials, no 4wheel on the fly, no nice gentle ride!! I'm not out for comfort, I'm out for style and enjoyment!!!

Thanks for everything. You guys are really helpful. <img src="graemlins/beerchug.gif" border="0" alt="[cheers]" />

Flat Six Addict

hmmmm...
Interesting information, first of all I never paid attention to the 0% interest ads because I'm not interested in new cars, as everything but the engines are made with cheap plastic crap. But I find it interesting that they raised the price on the vehicle, most people would probly never pay enough attention to catch on...

As with PeopleFirst, I'm not even going to bother. As I had a hard time just getting into an apartment two months ago, and I just was denied credit with CapitalOne due to a "Lack of Verifiable Credit History..." Blah, blah, blah, story of my life.

I would rather pay cash anyway, I was just getting ahead of myself. I really want a Porsche, mostly for a little racing and weekend driving in the mountains. If I just focus and save I'll be ahead in the long run.

I really like 914's with the fender flares, and the Polished Fuchs, a nice little 2.0 under the hood with some weber carbs. Simple to drive, simple to maintain, less problems in the long run. Just like my truck, no a/c, no digital dials, no 4wheel on the fly, no nice gentle ride!! I'm not out for comfort, I'm out for style and enjoyment!!!

Thanks for everything. You guys are really helpful. <img src="graemlins/beerchug.gif" border="0" alt="[cheers]" />

jet911

Warren Buffet once stated:

"Those who understand interest collect interest and let it compound, thus letting their money make them money - this leads to wealth. Those who do not understand interest pay interest - this does not lead to wealth (except for the lender)."

Cash is king. I do agree with the poster that stated the only things you should buy on credit are things that appreciate (House). IMHO, it is absolutly stupid to pay interest on something that is going down in value! If you "want" something that you do not have the cash to pay for, you need to learn to save and buy it cash. Then it is yours.

Regards,
Jim
'86 911

RANDY P

To be in debt means to be liable.

"The truly wealthy are the ones who can do what they want to do, when they want to."

Pops, 1981.


rjp

Paul K

Hey there, I'll offer what advice I can, as someone in a similar situation. Without strong credit, you will not be able to borrow the amount you need. I tried the bank, peoplefirst.com, and was told NO! Even though, like you, I could easily make the payments. Hers's what to do.
A) Get someone else to co-sign on a loan.
B) Borrow the money from a relative.
C) Get a secured credit card. The bank has you put $300 in a savings account which only they have access to. After you've behaved long enough, (6mos) they'll let you have the real thing, increasing the limit as you prove yourself worthy. Then wait.
D) Realise that 911's are expensive to maintain- save like crazy, and learn all you can about what to look for in a used one. Now is not a good time anyway- you'd have to store it until spring, which would suck.
Good luck though- I understand how frustrating not owning a 911 is- test drive one and you'll really be hurting!
Cheers,
Paul.

Ed Bighi

I was in your same situation 11 years ago when I ws 21. But I hate borrowing money and at the time had no credit. Not bad credit, but no credit. I still don't. So I went out and picked up a 85 944. It ran good enough and served me well for a while. I figured I would drive that until I had enough money saved up for a 911. It was easy to save up since I lived with my parents. That's another thing. Live with those people as long as you can to save a nice chunk of money. In almost no time at all I had the cash for a 911. Not only that, but since I was already involved in the Porsche Club of America and doing autocrosses with them, I had digs on any cars that came up for sale. If you do have to borrow a bit for the 914 or 944, it won't be much. Certainly not as much as for the 911. Again, when looking at those cars, follow the usual rules with a proper pre purchase inspection. While there are Porsches that won't cost much more than those 2, like the 928 and 944 turbo, they are more involved technically and will have higher running costs. Not what you want when you want to get your feet wet in Porsche world, while saving up for a 911. Now here is the good part. The 944, 914 and 911 will not depreciate at this point since all their depreciation is gone. So bying any one of them cash makes a heck of a lot of sense. And while 911's can be expensive to maintain, they are amazingly durable. When I bought my sc, within one week I had to plunk down a little over a grand for a transmission rebuild. Six months later I had to have the head studs redone. But that was 10 years ago and in all that time, with loads of track abuse, nothing major has broken. Just a clutch and a starter along the way. While major repairs cost major money in these cars, they don't come too often if the car is good from the start. But it makes sense to have some cash put aside for those times. That is the reason not every other Joe has a 911, or any Porsche for that matter. But don't worry. They are truly the best cars out there and you will get one. Good luck.

zzopit

Here is my saga:

Bought a house in 1994, had $0 left over. Bought a 914 for $2400 using credit card money, drove it for a while and sold it for about the same. Rolled the money into a $4000 944, sold it for the same. Rolled the money into a 68 912 for $7500, sold it for $8500. Rolled money that into my 84 Carrera for $12K, now I own it outright.

Do not let a lack of funds prevent you from driving a Porshe. Buy low and sell wise, this can be a cash-neutral obsession.

Over the same time period, my wife's Jetta depreciated $8,000 followed by an A-4 (-$5000) and a 2002 Jag X-type which will only be worth 2/3rds of the $40K we paid for it in 3 years.

The Carrera will certainly hold it's value if not appreciate.

I agree with the folks that have chimed in, a 914 or 944 is a great way to join in with minimal cash outlay.

<img src="graemlins/burnout.gif" border="0" alt="[burnout]" /> <img src="graemlins/burnout.gif" border="0" alt="[burnout]" /> <img src="graemlins/burnout.gif" border="0" alt="[burnout]" />