Porschegaleno

Well My friends I road tested a 911 cabriolet S (991) manual, today. Im addicted to Porsche, I have become a junkie . Im still shopping around but I still need your help guys with some questions.
This is my build, any ideas???


911 Carrera S
$96,400

Premium Package Plus
$4,650
BOSE® Audio Package
$2,420
Dark Blue Metallic
$710
Platinum Grey leather seats
$1,555
ParkAssist (front and rear)
$990
Rear windshield wiper
$360
20-inch Carrera S wheel
$0
Wheel center caps with colored Porsche Crest
$185
Power Sport Seats (14-way)
$0
Smoking package
$0
Steering wheel heating
$270
Destination Charge: $950

TOTAL: $108,490


Any ideas will be truly appreciated.
Questions:
1) At what point you apply for the car loan? When you give the first deposit? after the second deposit? When you place the order? When the car is in the port? When the Car is ready to be picked up?
2) do you recommend Porsche financing? Whats a good % to get?
3)is park assist worth the grand?


Thanks guys

DBYT

Seat ventilation is very nice to have. Sports exhaust and sport chrono?
No idea on the financing timing but my dealer did say that they were seeing loan rates at approx 3%pa from banks.

goatboy

This will likely be a very unpopular opinion around here, but here goes...

If you're having to finance a Porsche, you shouldn't buy one. Actually, that goes for pretty much any car except Civic's, Corolla's, Cruz's, Sentra's, etc. bought as a first new car.

A multi-millionaire relative once told me "Borrow money for only three things: an "economically-relevant" education (e.g. BSN, engineering, JD, MD... not English or Art History), an economical first car, and an affordable house." Not borrowing money will cause you to spend less. After working and saving that money, you're more hesitant to let go of it so easily. It's a whole lot easier to spend money you don't have.

I was in my professional job 12 years before buying a zoot car, and then I wrote a check for it. Until then, I'd put 100k miles on used cars and two new Sentra's (although SE-R's). My first zoot car ended up bing about 20% of my net worth at the time, which is normally stupid. But, I was living on less than half of my income, and banking the other half. (I was single then. I pretty much lived like a college student before marriage... but one with a cool car and a lot more guns than the typical college student... except for maybe that psycho in Colorado.)

New cars generally depreciate 20-25% the first year, and 10-15% each year after that. So, driving that new $110k 991 will likely cost you $27k that first year, $12k the second year, $11k the third year, $9k the fourth year, etc. etc,. Actually, the fourth year will likely be more since your warranty will expire, causing an abrupt drop in value. As your annual depreciation goes down, maintenance costs will go up. If you can afford that kind of annual expense, go for it... when you've saved up $110k.

I would suggest you take the two-day PSDS Peformance course. You'll have more Porsche fun in two days than you will in a whole year with a 991 financed up to your teeth that you're afraid to drive hard on a track. Also, you'll be about $24k richer a year from now. Actually, just the first year's interest would pay for a trip to PSDS.

Somebody previously suggested finding a good used 911. There are a lot of owners who buy these as garage furniture, drive them infrequently and gently, and keep them in mint condition. It will take while to find one before somebody esle does, but they're out there. PCCA chapters are a good place to find them. A lot of people trade in these cream puffs if they can't sell it to somebody they know, for personal safety reasons. I remember reading about some guy ending up dead in the trunk of his FSBO M3.

If you can fit in a Boxter or Cayman, they're actually better handling cars. (Boy, I'm really causing trouble here, huh?) I'd hold out for an S, though.

mikegee

GBoy is actually correct, but fortunately for Porsche, finance is the norm.
I bought the 991 I have outright, but since i trade so often on others I put the least down, got the lowest rate..it's at about 2% now... and finaced it for the longest time possible to keep my cash insertion into the car as low as possible.

As I said, I trade often. I have ALWAYS sold my car myself.

I've never had to give a deposit of any kind.

Dealers usually don't call lenders for your credit until the car arrives, as in today's market it changes a lot. Some will lock in. Most don't.

Most people buy on lust and trade on satisfaction. If you can be satisfied for a LONG time, purchase the car.

Have you asked about leasing?

Franklin229

I have to completely agree with this.

DBYT

+1

neanicu

That's just dumb IMO! You can have millions,it doesn't matter,you finance because you don't want to have 130K tied up in a stupid car(even if it's a Porsche)! You can use that cash for investments and in 4-5 years(duration of the loan) you can double or triple it.

aelia

neanicu +1, couldn't agree more. Except the "stupid" car comment

Franklin229

I think the original point is if you have to finance a Porsche, you shouldn't buy one.

neanicu

Sorry...I didn't mean the car is ' stupid '... stupid as in investment. A car is not an investment.

holminator

Questions/Answers:
1) At what point you apply for the car loan? When you give the first deposit? after the second deposit?
When you place the order? When the car is in the port? When the Car is ready to be picked up?

Apply for the loan 3 days prior unless you use Porsche Finance. Give your deposit when you order. Second deposit? Maybe you mean down payment (do that when you pick up the car). Dealer will call you when it's ready, which is usually 30 days after it arrives in an American port.

2) do you recommend Porsche financing? Whats a good % to get?

No. Their rates suck. Use a credit union. If you use Porsche, refinance it later at a lower rate elsewhere.

3)is park assist worth the grand?

Yes. You know it. Hope this helps.

cmb13

Very interesting discussion. i tend to agree also with goatboy. However, there are times when you might finance for the tax benefit, eg. when the car is a company car.

Here's a question for those who have accumulated wealth. How much do you have to have in assets (not counting your home) to feel comfortable plunking down $100k on a car? $1 million? $2 million? More?

rnl

I saw that PENFED.ORG is offering 1.49%. It's pentagon federal credit union.
that is not a bad deal.

stubenhocker

With "Helicopter Ben" suppressing interest rates for the foreseeable future, I think financing is a very prudent strategy. If you have a 150K of cash to invest, you should be able to easily exceed any of the interest charges you will face.
A client, very successful, once told me, "that if it flies, floats, or fornicates, RENT IT!
I have no earthly idea what you should do, but I trust that you are the world's greatest expert on you, and I trust you to make a wise decision.
Don't let all of these pseudo responsible killjoys dampen your enthusiasm. Everyone has hobbies, I don't golf or own a boat or a plane, I play around with my cars. Unlike other high end sports cars, the Porsche can be a practical daily driver.
Some people like white cars, some like red cars, some are comfortable owning a nice car and living in an apartment, some would rather have a nice home and a used Toyota, you know whats best for you!
Life is short, enjoy the ride!

MJBird993

If you have to ask about financing, then I'd suggest that you make sure that you qualify for financing before you put down a deposit. Because maybe you won't qualify?

As for Porsche financing - do your homework, talk to your bank, see what the current rates are and decide for yourself. It will depend on your relationship and credit rating.

Is park assist worth a grand? Absolutely not. Unless you can't drive. Or you intend to let people who can't drive borrow your car. That said, if you have a tight parking spot or small garage, then it is nice to have.