Not a buyers remorse issue at all here, the buyer just wasn't able to get the funds together. The bank uses some pretty ridiculous numbers for book value on a car like this and the difference is substantial. It's a big hurdle if its your first time buying a collector type car.

I went through it 10 years ago and it took some effort to pull funds together but I managed.

 

Do many folks actually finance their toy/hobby/collector car habits? I must be old-school, thinking that I can't afford it if I don't have the money.

 

+1
Maybe finance a daily driver but finance a hobby car is crazy!!

 

When I bought my first hobby car I financed it. At the time I could easily afford the payments but not the whole amount and I wasn't willing to settle for a below average car. I paid the loan off quickly and haven't needed to finance any of my cars since.

When I eventually buy the Boxster I will finance half of it. Not sure why it differs from financing a DD.

 

Calif way is buy a house as soon as you can, and once it goes up enough get a line of credit so all your debt is low interest rate AND deductible.

Main issue with financing a premium car is that it is so easy for it to become non premium with much lower value and banks don't like that.

 

I'll never forget the day I was able to pay cash for my cars.

 

I financed my first 928 (the S4) but paid it off in a year or a bit less. I also financed BLUE82. Had I stayed employed I would have paid it off early, but it will take the full 3 years to get it paid for...less than a year left now actually. But, yea, I would say more than a few folks finance their first fun cars. Then they figure it out and don't do that again!

 

Did he try JJ Best? Their rates are high but they know the collector's market.

 

I always have the funds on hand before committing to a purchase like this.

 

Sorry to hear about this, Afshin! The car wants to stay with you...

I personally have never financed a car; I guess I don't know what it's like to have a car payment. I'd be too worried to have a payment AND repairs at the same time. So I buy what I can afford and live with it until it's worn out or I can do better.

 

Financing cars probably depends upon the type of work you do and how you earn. For example I'm in sales and my base salary allows us to make payments on a hobby car and support the maintenance but it's not enough to buy a higher priced hobby car with cash. The caveat is that if I work hard and smart I can earn a bonus which would allow me to pay off outstanding debts. We budget assuming the bonus won't happen to prevent overextending our finances. Past bonuses have allowed us to pay off debts like the hobby car or daily driver and we usually never hold car payments for extended periods. I would make an exception though if I was able to get a really low rate on a car payment, then it makes more sense to use the money elsewhere. Debt doesn't scare me, not sure why but it doesn't.

 

If you get your interest rate low enough debt I a great thing. It allows you to use or invest your money in other things that hive you more joy or more income. It is like playing with the house's money.

Of course, you have to be able to afford the debt. It doesn't work very well to assume you will make more money inthe future or your house will always go up in value.

 

That’s a total bummer and I hope you find a fully funded buyer at your desired price. This is one of the very small numbers of investment level 928’s. For the other 90 some percent of us, these cars are just an expense.

I too am from the camp that if you have to finance your toys, you can’t afford it and recently had an eye opener when refinancing my home. We went from a 60% equity position to about a 40% not because we pulled tons of money out, but because the market dropped.

I don’t feel sorry for those people who milked their equity and are now crying about bankruptcy. It's not Wall Street's fault they are upside down. This blame game isn’t cutting it. People need to take responsibility for their own actions.

Sorry for the hijack... now back to our regularly schedule program.

 

Sorry to hear about the deal falling through. Hopefully, things will work out for Afshin with another buyer. Or maybe as others have suggested its a sign this car doesn't want to find another home.

As for financing or buying outright, everyone has to decide what is right for them.

I've never bought anything large on Ebay. However, I always thought that for someone to click the "buy it now" button, it was expected the buyer has the funds (be it cash or a line of credit) to make the purchase ASAP. The shame of the situation is that during the time Ashin's car was "off the market," if some other 928 fan and another purchaser (with cash or a credit line) saw the car was for sale he might have bought it. However, thinking it wasn't available this 2nd purchaser may have bought another 928 (certainly not in as nice condition) and now they aren't going to be in the market for Afshin's car. So the "would be buyer" may have cost Afshin a sale.

In the end everything happens for a reason so hopefully it will all work out for Afshin's benefit.

 

Speaking of, maybe Afshin should change his sig line; it might discourage someone from looking. Perhaps not in this thread.