Feeling a little foolish and weird for spending $150k on a car
The following 7 users liked this post by barncobob:
CSK 911 C4S (01-03-2022),
Graufuchs (01-03-2022),
Levy (01-03-2022),
myrr (01-03-2022),
pydpyypr (01-03-2022),
and 2 others liked this post.
#452
Rennlist Member
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
In reading I thought this was an episode of House Hunters.
The wife is a crossing guard and I scrape gum off of benches at a local park....... our budget is 2.3 million.
The wife is a crossing guard and I scrape gum off of benches at a local park....... our budget is 2.3 million.
The following users liked this post:
koala (01-03-2022)
#454
Instructor
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
Tomorrow is one year of having my 911. I had that same silly feeling and it all goes away the second I start the car.
Leaving my personal finances out of it, naturally. But, in my age group (<30) and in my personal situation, it's uncommon to go and buy a fairly new .2 4GTS (and my first Porsche at that). But, I lined everything up for me to buy this *fairly* comfortably. Yes, this purchase is the biggest purchase I've made, so far, in my life. But, I did it with no regrets. Will things change down the road? Who knows, nobody knows. But, I'm super proud of myself for doing it and doing it on my own. Big decisions freak me out.
I put over 20% down on the car, got a really good rate, and my payment is manageable. If I need to dump the car I won't be out. Ill NEVER finance a car without GAP insurance, so I added that. No matter how much is put down, because you never ever know. Also, it's a CPO, I wanted the extra comfort for this purchase.
If you're a logical person, think of the possibilities, cover all avenues, take a good look, think it through, and ask questions. BY NO MEANS, AM I FINANCIAL OR LIFE ADVISOR haha
18 months prior to buying this, I was the stroke of a pen away from getting a .1 4GTS, at almost the same price (before COVID prices set in). I sat down with myself, went through all the numbers and figured it was too close to cut and not the time to buy. Factors included, the DP, insurance, space to park the car, etc...
So, after its all said and done, you think it's right, jump on it. As potential buyer, wait for (or build) the car YOU like. If one slips thru the cracks, a better one will be waiting down the road.
Leaving my personal finances out of it, naturally. But, in my age group (<30) and in my personal situation, it's uncommon to go and buy a fairly new .2 4GTS (and my first Porsche at that). But, I lined everything up for me to buy this *fairly* comfortably. Yes, this purchase is the biggest purchase I've made, so far, in my life. But, I did it with no regrets. Will things change down the road? Who knows, nobody knows. But, I'm super proud of myself for doing it and doing it on my own. Big decisions freak me out.
I put over 20% down on the car, got a really good rate, and my payment is manageable. If I need to dump the car I won't be out. Ill NEVER finance a car without GAP insurance, so I added that. No matter how much is put down, because you never ever know. Also, it's a CPO, I wanted the extra comfort for this purchase.
If you're a logical person, think of the possibilities, cover all avenues, take a good look, think it through, and ask questions. BY NO MEANS, AM I FINANCIAL OR LIFE ADVISOR haha
18 months prior to buying this, I was the stroke of a pen away from getting a .1 4GTS, at almost the same price (before COVID prices set in). I sat down with myself, went through all the numbers and figured it was too close to cut and not the time to buy. Factors included, the DP, insurance, space to park the car, etc...
So, after its all said and done, you think it's right, jump on it. As potential buyer, wait for (or build) the car YOU like. If one slips thru the cracks, a better one will be waiting down the road.
#455
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
If you can pay cash for a Porsche, don't pay cash, finance it. I financed my porsche, the finance rate with my bank was 1.14 %... (My credit score is 855). So I used my cash insteed in various ETF's and Stock Exchange for 20% average return. Better move if you have the cash... You spend 1.14% financing, but you gain 20% - 2-3 % inflation : So +-17% incomes in return, you make money with the money, and you have your toys too...
I recommend never taking financial advice from a car forum.
The following 2 users liked this post by good2go:
CSK 911 C4S (01-03-2022),
Mike Murphy (01-03-2022)
#457
Instructor
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
I hate people that make this argument, any risk to your 20% return? How many times have you taken a loan against your so called savings? Why do you think smart financial people will loan you money at that rate? Do you max out you mortgage? Do you max out your margin account? You can make more money in your ETF, you should leverage every dollar you can. How much money do you have in bonds? Should you move all that into aggressive growth?
I recommend never taking financial advice from a car forum.
I recommend never taking financial advice from a car forum.
#459
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
I hate people that make this argument, any risk to your 20% return? How many times have you taken a loan against your so called savings? Why do you think smart financial people will loan you money at that rate? Do you max out you mortgage? Do you max out your margin account? You can make more money in your ETF, you should leverage every dollar you can. How much money do you have in bonds? Should you move all that into aggressive growth?
I recommend never taking financial advice from a car forum.
I recommend never taking financial advice from a car forum.
#460
Rennlist Member
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
Toys are Financed.
Necessities are paid for in Cash.
No mortgage and no balances on Credit cards.
My financial two-cents.
Work hard, Enjoy life and don't spend your life chasing a fiscal number.
Retired at 41 and Happy.
Necessities are paid for in Cash.
No mortgage and no balances on Credit cards.
My financial two-cents.
Work hard, Enjoy life and don't spend your life chasing a fiscal number.
Retired at 41 and Happy.
The following users liked this post:
koala (01-03-2022)
#461
Nordschleife Master
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
Some people consider a Porsche a necessity.
![Cheers](https://rennlist.com/forums/images/smilies/beerchug.gif)
The following 3 users liked this post by Porsche_nuts:
#462
Three Wheelin'
The following users liked this post:
CSK 911 C4S (01-03-2022)
#463
Three Wheelin'
The following 2 users liked this post by koala:
Mike Murphy (01-03-2022),
vanlieremead (01-03-2022)
#464
Rennlist Member
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
Originally Posted by fty;[url=tel:17880983
17880983[/url]]Toys are Financed.
Necessities are paid for in Cash.
No mortgage and no balances on Credit cards.
Necessities are paid for in Cash.
No mortgage and no balances on Credit cards.
I wonder how many people that say ‘never finance a Porsche’ have a mortgage.
The following users liked this post:
Graufuchs (01-03-2022)
#465
Racer
![Default](https://rennlist.com/forums/images/icons/icon1.gif)
i feel foolish for waiting until i was almost 60 to buy my first 911. could have easily swung it 15 or 20 years ago but didn't. having been in finance for most of my life (personal and corporate), spending big money wasn't in my DNA. save and invest was all i thought about. looking back, i regret not living/enjoying my money a little more. luckily i made it happen eventually. just wish i had done it sooner.
i would 2nd the comment above that says avoid financial advise from anyone who doesn't know the details of your specific position and circumstances (like a car forum lol). one of the biggest problems i encountered when i was a personal financial advisor was dealing with advise given to clients from people who didn't have a clue about the clients circumstances, goals ect... . often dreading conversations that started with "i read i should be doing/buying/selling X"
the devil is always in the details. ignore them at your own peril (AND buy a 911 as soon as you're comfortable doing so =) )
i would 2nd the comment above that says avoid financial advise from anyone who doesn't know the details of your specific position and circumstances (like a car forum lol). one of the biggest problems i encountered when i was a personal financial advisor was dealing with advise given to clients from people who didn't have a clue about the clients circumstances, goals ect... . often dreading conversations that started with "i read i should be doing/buying/selling X"
the devil is always in the details. ignore them at your own peril (AND buy a 911 as soon as you're comfortable doing so =) )
The following 3 users liked this post by Levy: