New car itch
05-02-2018, 03:01 AM
#1
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New car itch
I’m fortunate at this time to have a high six and sometimes low seven figure annual income. My wife and I max out our 401ks, backdoor Roth IRAs, HSAs, and 529. We also pay 1.5-2x our monthly mortgage and aggressively contribute into a taxable account consisting of very low ER index funds and tax exempt municipal bonds. All told we save and invest about 30-40% of our net income and live below our means.
I have been wanting a 911 Turbo s cab for awhile now and thinking about a CPO 16 with low miles.
I have enough in the taxable account to comfortably splurge and pay cash. Does it make better sense to find a low interest loan and keep investing instead.
I’ve been an aggressive saver all my life. At the same time I love cars and have essentially never gave into getting a Porsche or other expensive sports car. I always talk myself out of it and think to myself about how much of a waste of money it is.
How do you guys and gals give in and pull the trigger and justify spending your hard earned money on a depreciating piece of metal.
I have been wanting a 911 Turbo s cab for awhile now and thinking about a CPO 16 with low miles.
I have enough in the taxable account to comfortably splurge and pay cash. Does it make better sense to find a low interest loan and keep investing instead.
I’ve been an aggressive saver all my life. At the same time I love cars and have essentially never gave into getting a Porsche or other expensive sports car. I always talk myself out of it and think to myself about how much of a waste of money it is.
How do you guys and gals give in and pull the trigger and justify spending your hard earned money on a depreciating piece of metal.
05-02-2018, 03:14 AM
#2
Just do it. You're obviously financially ok and you gotta live a little.
My financial advisor recommended to me that you should get a loan if you can find one for less than 5% since you can typically invest that and get more than 5% in returns.
My financial advisor recommended to me that you should get a loan if you can find one for less than 5% since you can typically invest that and get more than 5% in returns.
05-02-2018, 07:36 AM
#3
Burning Brakes
Why anyone comes on here and lays out their financial picture is beyond me. If you are smart enough to have all that you are smart enough to know you can afford the car or not. Sorry to flame but posting that info and asking random strangers for advice is just silly.
05-02-2018, 08:21 AM
#4
Nordschleife Master
To me, if you have reservations about buying the car and have to ask, then you really don't want the car and just looking for some kind of justification to buy it. Only buy it if you really love it and want to drive it and not for any other reason.
05-02-2018, 08:26 AM
#5
Rennlist Member
Easy...because the enjoyment we get from owning, caring for and driving our cars outweighs the financial hit. I enjoy my 911 every single day and I love it. It outweighs the desire to save everything I can. You just have to understand what makes you happy (or happier).
05-02-2018, 10:20 AM
#7
Rennlist Member
"There is no significant correlation between happiness and money once household incomes are above $75,000 per year." -Klontz and Brit
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05-02-2018, 10:20 AM
#8
Racer
I understand people struggling with this exact question, and I think it is because we understand that buying a 911 is the epitome of an unnecessary "want" in life when we see so much "need" in the world. It makes MOST good moral people feel a bit guilty. Having said that, you only live once and cannot take anything with you. Buy the car and get some enjoyment for yourself.
05-02-2018, 10:41 AM
#9
Three Wheelin'
Why anyone comes on here and lays out their financial picture is beyond me. If you are smart enough to have all that you are smart enough to know you can afford the car or not. Sorry to flame but posting that info and asking random strangers for advice is just silly.
05-02-2018, 10:41 AM
#10
Rennlist Member
OP - Use the bank's money if you can get it for less than 4%. Use as long a term as you can get - investment income in your situation will likely be greater than 4%. You can always pay off the loan at any time.
05-02-2018, 10:42 AM
#11
05-02-2018, 10:57 AM
#12
Instructor
I was 23 and not even making $100k when I bought my first CPO 991. It was absurdly reckless, but an absolute blast and wonderful memory owning it. I ended up not losing any money when I eventually sold the car (to the insurance company when I was hit by an 83 year old man 
), so that was lucky. You're only young once and I actually learned a lot from owning that car! I would have zero regrets even if I lost a bit on it, for all the wonderful memories I made in it with my buddies and girlfriend.
As for your financial situation, I almost feel its satirical that you're asking if a Turbos S is worth "the depreciation". I would put more thought into it if you were asking Lamborghini Talk about leasing an Aventador S. As for cash flow, it's almost always better to take the bank's money since it's not hard to beat their interest rates when investing on your own.
), so that was lucky. You're only young once and I actually learned a lot from owning that car! I would have zero regrets even if I lost a bit on it, for all the wonderful memories I made in it with my buddies and girlfriend. As for your financial situation, I almost feel its satirical that you're asking if a Turbos S is worth "the depreciation". I would put more thought into it if you were asking Lamborghini Talk about leasing an Aventador S. As for cash flow, it's almost always better to take the bank's money since it's not hard to beat their interest rates when investing on your own.
05-02-2018, 10:59 AM
#13
05-02-2018, 11:05 AM
#14
Rennlist Member
I’m fortunate at this time to have a high six and sometimes low seven figure annual income. My wife and I max out our 401ks, backdoor Roth IRAs, HSAs, and 529. We also pay 1.5-2x our monthly mortgage and aggressively contribute into a taxable account consisting of very low ER index funds and tax exempt municipal bonds. All told we save and invest about 30-40% of our net income and live below our means.
I have been wanting a 911 Turbo s cab for awhile now and thinking about a CPO 16 with low miles.
I have enough in the taxable account to comfortably splurge and pay cash. Does it make better sense to find a low interest loan and keep investing instead.
I’ve been an aggressive saver all my life. At the same time I love cars and have essentially never gave into getting a Porsche or other expensive sports car. I always talk myself out of it and think to myself about how much of a waste of money it is.
How do you guys and gals give in and pull the trigger and justify spending your hard earned money on a depreciating piece of metal.
I have been wanting a 911 Turbo s cab for awhile now and thinking about a CPO 16 with low miles.
I have enough in the taxable account to comfortably splurge and pay cash. Does it make better sense to find a low interest loan and keep investing instead.
I’ve been an aggressive saver all my life. At the same time I love cars and have essentially never gave into getting a Porsche or other expensive sports car. I always talk myself out of it and think to myself about how much of a waste of money it is.
How do you guys and gals give in and pull the trigger and justify spending your hard earned money on a depreciating piece of metal.
05-02-2018, 11:13 AM
#15
I’m fortunate at this time to have a high six and sometimes low seven figure annual income. My wife and I max out our 401ks, backdoor Roth IRAs, HSAs, and 529. We also pay 1.5-2x our monthly mortgage and aggressively contribute into a taxable account consisting of very low ER index funds and tax exempt municipal bonds. All told we save and invest about 30-40% of our net income and live below our means.
I have been wanting a 911 Turbo s cab for awhile now and thinking about a CPO 16 with low miles.
I have enough in the taxable account to comfortably splurge and pay cash. Does it make better sense to find a low interest loan and keep investing instead.
I’ve been an aggressive saver all my life. At the same time I love cars and have essentially never gave into getting a Porsche or other expensive sports car. I always talk myself out of it and think to myself about how much of a waste of money it is.
How do you guys and gals give in and pull the trigger and justify spending your hard earned money on a depreciating piece of metal.
I have been wanting a 911 Turbo s cab for awhile now and thinking about a CPO 16 with low miles.
I have enough in the taxable account to comfortably splurge and pay cash. Does it make better sense to find a low interest loan and keep investing instead.
I’ve been an aggressive saver all my life. At the same time I love cars and have essentially never gave into getting a Porsche or other expensive sports car. I always talk myself out of it and think to myself about how much of a waste of money it is.
How do you guys and gals give in and pull the trigger and justify spending your hard earned money on a depreciating piece of metal.
Buying used as a CPO is not a terrible gamble. Buy the car you like exactly, take your time and find one with the options you like. Before or after you get it, do yourself a big favor and go to Porsche Driving School in Birmingham if you do not have performance car track experience. Better yet, go to Porsche Driving School before you buy it and see what is out there before you spend your money.
Good luck and enjoy your 911