S7AR

^bump.. does anyone else have any other advice..

BlueHeeler

Depends on your aversion to risk. Weigh out the pros and cons:

What is the worst case scenario? – You buy an absolute money pit.
This risk can be mitigated by a PPI. If you have a catastrophic problem you can sell it at a loss, but at least you rolled the dice on a dream. I am not sure that is money wasted if you have the money to lose. Alternatively in worst case you can park the car for a year, drive a reliable econobox while you save for repairs.

Best case scenario – You buy the car, pay for maintenance, and it runs fine. You smile everyday thinking about if it actually possible to love a car. This is more likely than worst case.

There will always be non-pcar owner nay sayers. Do not listen to them. They are usually very bad with money. Buying a 964 is a very reasonable investment, as much as a car can be. Purchase price is low, depreciation is low, and maintenance is high. A new car is the exact opposite. I would rather own a 964 than a brand new utilitarian crap box. Cost over ownership is about the same.

When I was 23 I wanted a brand new top of the line sport bike. I scrimped and saved for a while until I could wait no more. The bike was expensive, insurance was even more expensive than the bike. Worth it? Resoundingly YES!!!! Zero regret as I feel that bike and the experiences enriched my life more than a bank account.

Weissach911

+1 on an SC or Carrera, I've owned a few 911's over the years and currently a 930, but the SC was my favorite of them all and can be had for fairly reasonable and probably easier to work on yourself

fedefiore

The damn 964 is the most expensive Porsche to maintain you can get, the most delicate and complex to work around but it's a hell of a car.
It is my daily driver.
I spend around 5K including gas each year for mine... taxes, insurance, tires, the occasional 1K job to do, the occasional 50 $ switch that brakes, oil every 7K miles etc.
Before you buy take it to a Porsche specialist and have it inspected.
I spent 20 on a car that I could sell today for 20.
My buddy spent 60K for his new M3 last year and now he could get 45...
He looses a LOT of money as the years go by.
He could have bought me a new 964 engine with the money he lost in 1 year owning the M3.
Think about this : is it better to buy a new 30K car that will sell for 15 in 3 years ?
And...are we shure that the 30k car is not going to break after the warranty is gone ??
My father's S class mercedes was not so shure.
My business partner's Fiat was not so shure (ok...it'a Fiat...)

Greg964

My advice would be to wait on the 911/964-they are just too expensive to run for someone in your situation. Either wait a couple of years or if you can't, do as others have mentioned and start off with something less costly to buy and maintain (944, e36 M3, WRX), continue to save (that $500/month maintenance budget =$12000 over 2 years), and in a few years the time may be right for the 964. Are you saving money in a 401k? If not I would recommend doing that before splurging on a car. Putting such a large portion of your assets into a car with a large potential downside is a bad move IMO.

Wikkid911

I think buy it!

Nine11

The difference between can you afford and do you want to afford is a question you have to answer. Going by numbers, you are right near that line between yes and no. It's probably manageable. However, do you want to spend $10k for an engine rebuild? Maybe another couple grand for other unexpected things? Do you want to pay to play? Are there other things you plan on doing? Will having a 911 affect those plans? Or is the car it? Will it set you back in other purchase plans? Does it matter?

I personally believe in doing it when you're young...enjoy it and you have time to make up for mistakes. It's only money.

PNine64

If you are asking us...to me...it is clear that you should wait. Have you considered a nicely modified Miata? They are a real blast to drive and cheap to maintain. I sold a 2003 with 18K miles for $10K recently (to get my 964). I would say it handled better than the 964 (although I haven't started to dial out the pcar yet). In addition, you can ease yourself into racing fairly easily.

BlueHeeler

Very good point. A 964 is probably not the ideal introduction to performance cars. My learner cars were RX-7s. Mods, maintenance, insurance we so inexpensive comparatively to the 964. TBH Miatas are an even better platform than the 7s due to age.

I appreciate the 964 so much more having owned more inexpensive cars to learn maintenance, mechanics, and how to drive track days.

But as they say if you have been bitten by the 964 bug, there is no substitute.

Nine11

I had a dialed in NA Miata that was supercharged and while it was a hoot, it's no Porsche. Lowered on KYB's, FM Racing clutch, JR supercharger, Hard Dog deuce bars, Wilwood brakes, lightweight rims etc...lots of work done to it to make it fun (a bone stock NA Miata couldn't get out of its own way), and it fit the bill and kept me entertained for a bit....but if you want the 911, you want the 911. Everything else is a substitute....and you know the Porsche slogan.

S7AR

ok guys.. then help me out on my situation then..
i am 24. i have a steady income, i have a house and a daily driver. after all the bills are paid, i have 1k left over. i was planning to finance a 964 (roughly 30k with 5k down with monthly payment around 500)
what scares me is the major problems i might run into... ive had a few lemons in the past. ive had a wrx and i found cost of ownership reasonable.

Nine11

I'd hold off. Financing a toy isn't the best thing to do in my opinion. You'd be leaving yourself in a thin position with those monthly payment numbers. Add the extra insurance, gas, maintenance etc and you're running close to that paycheque to paycheque scenario.

GothingNC

How much are you putting into savings/401k each month?

Is your DD paid off, property taxes stable?

$25,000 loan will be a bit higher then $500 for a 48 month loan after interest, It will be about $610 at 8% . Total of $4,300 interest at the end of the loan...


John

Rally Guy

If you have to ask - you can't afford it. Porsches are for folks with cash to burn, IMHO. If you have to agonize over it - because it's so tight - I don't think you're ready.

Further - there's the character building aspect of having to wait and achieving something. I came up through the same ranks, RX-7's galore, Toyota Rally cars, 944's then a 911. I appreciate the 911 SO much more because I've paid my dues in lesser cars.

While I might wish I'd bought one 10 years ago - the wait just makes it sweeter.

At 22 - you're part of the "NOW" generation - as in I want it NOW. I think that's unfortunate - you kids need to learn some patience and appreciation. It builds character.

I love this notion of a miata - cheap - mod'able, tons of fun and resellable. Or maybe a 944 turbo - cheap, FAST, easy to work on, and still in the P-car family. But a 911 is another beast altogehter and the costs are astonomical compared to the 944 - trust me - I'm running both.

944S2? Spent maybe $500 on last year. The S2 has 300k kms on it too!

911? About $5k this year and lots to go. Your numbers DO NOT support running a 911. It will end in hearbreak and your P-car impressions will be tainted for life.

You really want to spoil your love of the marque so early on?

RK

meek

^^ Very sage advice from Rally Guy, even though you may find some of it irksome. A 944 would be a great starting place and shouldn't break the bank, though due diligence when buying is still very important. Are there many 944 S2s Stateside? Great if you can pick one up. If not, a Turbo would be good. With your finances, you should be able to pick the best of the best and still be cash rich.