911 Diminished value due to high miles
01-26-2019, 08:59 AM
#1
Rennlist Member
Thread Starter
911 Diminished value due to high miles
I have a situation that I’m trying to figure out.
Bought a new 2018 991.2 GTS last Mar. had it for almost a year now and I’m st 5K miles.
I took in this new position at work that requires me to drive about 500 miles a week, so 20k miles a year work related, before weekend fun.
So I figured I’m at about 25K a year.
I get 1$ per mile as an expense so I would get about $20K net a year.
should I keep driving my dream car every day and put the excessive mileage on it, knowing that the extra $ I loose on it I’ll get from the reimbursement at work? Or do I get an ok C300 and use that as my high mileage commuter and use my 911 for spacial events and weekends.
Now my question is,
Can anyone guesstimate what the $ hit would be for that extra excessive mileage after 2 years?
would the reimbursement I would get cover the diminished value?
Thanks,
Bought a new 2018 991.2 GTS last Mar. had it for almost a year now and I’m st 5K miles.
I took in this new position at work that requires me to drive about 500 miles a week, so 20k miles a year work related, before weekend fun.
So I figured I’m at about 25K a year.
I get 1$ per mile as an expense so I would get about $20K net a year.
should I keep driving my dream car every day and put the excessive mileage on it, knowing that the extra $ I loose on it I’ll get from the reimbursement at work? Or do I get an ok C300 and use that as my high mileage commuter and use my 911 for spacial events and weekends.
Now my question is,
Can anyone guesstimate what the $ hit would be for that extra excessive mileage after 2 years?
would the reimbursement I would get cover the diminished value?
Thanks,
Last edited by SBARacing; 01-26-2019 at 10:39 AM.
01-26-2019, 09:37 AM
#2
Nordschleife Master
Drive the Porsche.
I assume you bought the car to drive it.
Never really understood this thing about depreciation. These cars are not investments, they depreciate. At the end of the day, you get what someone is willing to pay for it. If someone really wants it, they will pay more for it. With so many out there, you will get what the market will support.
If you have low miles on it, maybe you will get a little more. For me, I'd rather drive it and enjoy the hell out of it, even if it means I will get a little less with more fun miles on it.
I assume you bought the car to drive it.
Never really understood this thing about depreciation. These cars are not investments, they depreciate. At the end of the day, you get what someone is willing to pay for it. If someone really wants it, they will pay more for it. With so many out there, you will get what the market will support.
If you have low miles on it, maybe you will get a little more. For me, I'd rather drive it and enjoy the hell out of it, even if it means I will get a little less with more fun miles on it.
01-26-2019, 09:41 AM
#3
Rennlist Member
You might want to correct.your error as spell check entered “alimony” in lieu of almost. i kept having to read your post as I kept thinking you’ve driving a GTS due to alimony. This had me thinking about my two divorces and perhaps you were one of my ex spouses stuck driving a GTS. Anyhow, if you micromanage this, you’d have to think about service, wear and tear etc, I’d recommend you just drive it and enjoy, the $1 per mile is just icing on the cake. Also, you could take the $$ and purchase another vehicle and keep the miles a bit lower on the Porsche, $20k reimbursement will get you something very nice.
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catdog2 (02-26-2023)
01-26-2019, 09:49 AM
#4
I have a situation that I’m trying to figure out.
Bought a new 2018 991.2 GTS last Mar. had it for alimony a year now and I’m st 5K miles.
I took in this new position at work that requires me to drive about 500 miles a week, so 20k miles a year work related, before weekend fun.
So I figured I’m at about 25K a year.
I get 1$ per mile as an expense so I would get about $20K net a year.
should I keep driving my dream car every day and put the excessive mileage on it, knowing that the extra $ I loose on it I’ll get from the reimbursement at work? Or do I get an ok C300 and use that as my high mileage commuter and use my 911 for spacial events and weekends.
Now my question is,
Can anyone guesstimate what the $ hit would be for that extra excessive mileage after 2 years?
would the reimbursement I would get cover the diminished value?
Thanks,
Bought a new 2018 991.2 GTS last Mar. had it for alimony a year now and I’m st 5K miles.
I took in this new position at work that requires me to drive about 500 miles a week, so 20k miles a year work related, before weekend fun.
So I figured I’m at about 25K a year.
I get 1$ per mile as an expense so I would get about $20K net a year.
should I keep driving my dream car every day and put the excessive mileage on it, knowing that the extra $ I loose on it I’ll get from the reimbursement at work? Or do I get an ok C300 and use that as my high mileage commuter and use my 911 for spacial events and weekends.
Now my question is,
Can anyone guesstimate what the $ hit would be for that extra excessive mileage after 2 years?
would the reimbursement I would get cover the diminished value?
Thanks,
01-26-2019, 09:53 AM
#5
A merc sports sedan is going to depreciate even worse. Do the math and you’ll always find that more miles on one new car is always better financially than splitting miles on two new cars. Splitting miles only works if you have an older clunker (preferably truck).
I plan to drive mine 15-20k minimum per year. Yes it will hurt resale value, but I don’t care. I bought it specifically to drive and it’s a longer term car. I’m not planning on selling unless at around 100k miles when CPO is nearly up it seems like the car is unreliable. If you went into it caring about depreciation, this implies you were not planning on keeping it long...which implies maybe you should have leased not bought. The decision to buy is supposed to come with intent to own.
Way I see it is I’m getting my money’s worth by putting more miles on it. Also higher mileage cars are typically mostly highway driven, which is much better for a car than city miles. I don’t forsee any detrimental effects from more highway miles plus I know exactly how the car was treated (unlike low mile weekend toys).
There will obviously be more maintenance involved with more miles.
IMO just drive it. Its the better financial and emotional decision in your situation.
I plan to drive mine 15-20k minimum per year. Yes it will hurt resale value, but I don’t care. I bought it specifically to drive and it’s a longer term car. I’m not planning on selling unless at around 100k miles when CPO is nearly up it seems like the car is unreliable. If you went into it caring about depreciation, this implies you were not planning on keeping it long...which implies maybe you should have leased not bought. The decision to buy is supposed to come with intent to own.
Way I see it is I’m getting my money’s worth by putting more miles on it. Also higher mileage cars are typically mostly highway driven, which is much better for a car than city miles. I don’t forsee any detrimental effects from more highway miles plus I know exactly how the car was treated (unlike low mile weekend toys).
There will obviously be more maintenance involved with more miles.
IMO just drive it. Its the better financial and emotional decision in your situation.
01-26-2019, 09:57 AM
#6
No offense, but to me this is like saying "I have a super hot girlfriend and I have the opportunity to sleep with her a lot, should I do that or should I look for another woman to be with during the week and only be with my hot girl on weekends and special occasions".
01-26-2019, 10:06 AM
#7
Rennlist Member
Drive the car and enjoy it. You are not losing any value because you are being compensated by your employer. Look at it like this: If you drive 20k per year your car will depreciate approximately $15 -20k per year. You are receiving $20k in reimbursement. You are even. If you drive 5k per year your car will depreciate approximately $12k to $15k. You will have to acquire another vehicle to use for work. If you buy a low end commuter car, that will cost at least $4k to 5K. It seems that you will be in the same place after a $20k reimbursement. So, life is short drive the GTS and don't look back.
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01-26-2019, 10:47 AM
#8
Rennlist Member
Thread Starter
Typo fixed, tnx for the correction.
Totally get you all. Love the car, drive it every time a get a chance and enjoy every second of it.
I got this one manual, knowing that hybrid/electric/automatic 911's will be the future and the thought behind it was to make this one a keeper.
Still everyone i talk to says, i must be crazy to use it for a 20-25K a year commuter.
Totally get you all. Love the car, drive it every time a get a chance and enjoy every second of it.
I got this one manual, knowing that hybrid/electric/automatic 911's will be the future and the thought behind it was to make this one a keeper.
Still everyone i talk to says, i must be crazy to use it for a 20-25K a year commuter.
01-26-2019, 10:51 AM
#9
Rennlist Member
You will lose more on depreciation than mileage. But I would go on cars.com and sort by mileage for your car and see the difference in price between the high and low mileage cars for sale. There will be a big difference if the mileage is significant.
I know some folks that make money on their cars like this. They buy a super cheap Civic and make $10,000/yr. But for me, I’d rather drive my 911 because I love it so much. Depends on how much you love to drive your car and the value or driving it. Don’t care much to be stuck in traffic? Get a cheap 2nd car.
I know some folks that make money on their cars like this. They buy a super cheap Civic and make $10,000/yr. But for me, I’d rather drive my 911 because I love it so much. Depends on how much you love to drive your car and the value or driving it. Don’t care much to be stuck in traffic? Get a cheap 2nd car.
01-26-2019, 11:08 AM
#10
Race Car
No offense, but to me this is like saying "I have a super hot girlfriend and I have the opportunity to sleep with her a lot, should I do that or should I look for another woman to be with during the week and only be with my hot girl on weekends and special occasions".
Plus you could be dead tomorrow. Seize the day...
01-26-2019, 11:14 AM
#11
SJW, a Carin' kinda guy
Rennlist Member
Rennlist Member
No offense, but to me this is like saying "I have a super hot girlfriend and I have the opportunity to sleep with her a lot, should I do that or should I look for another woman to be with during the week and only be with my hot girl on weekends and special occasions".
$1 a mile is about right for depreciation. High miles 911 are no big deal, but they do take a decent hit on value. But who cares? You want cheap transport, get a VW TDI (pre-ban era).
01-26-2019, 11:41 AM
#12
If you bought it as an investment, park it in a climate-controlled garage, put a battery tender on it, make sure animals don't get in (they love warm, cozy places and wiring) and drive a beater. Go and gaze upon your beauty every once in a while and dust it off. Then after a while, you sell it for whatever the market will bear and re-invest.
But:
You can't live forever, "you don't take anything with you but your soul"* and if you haven't used the car, what exactly is the point? To say you made X when you sold it or didn't lose X because of condition?
I'm looking for excuses to go out and run around in mine. I intend to drive it and can't wait until the 1.875k miles of the run-in period is over.
Plus you're getting a stipend for your business use? They are paying you to use a Porsche and it will cover your wear/maintenance items and then some? Use the He** out of it, stash some of the stipend away and when the car gets a bit worn, dip into the stash and refurbish whatever is worn.
Good luck.
* John Lennon, RIP
But:
You can't live forever, "you don't take anything with you but your soul"* and if you haven't used the car, what exactly is the point? To say you made X when you sold it or didn't lose X because of condition?
I'm looking for excuses to go out and run around in mine. I intend to drive it and can't wait until the 1.875k miles of the run-in period is over.
Plus you're getting a stipend for your business use? They are paying you to use a Porsche and it will cover your wear/maintenance items and then some? Use the He** out of it, stash some of the stipend away and when the car gets a bit worn, dip into the stash and refurbish whatever is worn.
Good luck.
* John Lennon, RIP
01-26-2019, 12:06 PM
#13
Burning Brakes
No offense, but to me this is like saying "I have a super hot girlfriend and I have the opportunity to sleep with her a lot, should I do that or should I look for another woman to be with during the week and only be with my hot girl on weekends and special occasions".
On a serious note I personally think you need to consider where your work trips will take you. If you’re going to be traveling to “ marginal areas “ or areas that are frequently affected by snowy and icy conditions you may want to lease / or buy something like a Golf R - AWD fairly fun and quick and reserve the 911 for better days or better areas.
01-26-2019, 12:12 PM
#14
No offense, but to me this is like saying "I have a super hot girlfriend and I have the opportunity to sleep with her a lot, should I do that or should I look for another woman to be with during the week and only be with my hot girl on weekends and special occasions".
01-26-2019, 12:20 PM
#15
I personally would never put that kind of mileage on my 911. I currently have two other daily drivers plus two company cars.....so granted, I have a few options. I usually put on about 2,500 miles per year on my 2017 991.2. I prefer to keep it as a special car and it seems to keep me more interested in it with non daily use. I would rather drive my 2019 GMC Sierra on a daily basis. I would get a 2nd car for work and keep the 911 for your personal times of enjoyment. I would consider work miles as “junk” miles and that dog wouldn’t hunt for me!