man what a bunch of preachy responses. i'll weigh in against the flow here - 20s - 30s me borrowed heavily from future me. as a result, my family and i lived well above our means, enjoying vacations, house, toys that the vast majority of folks in this thread would have frowned heavily upon. guess what? future me was worth the bet.

life is short. enjoy life while you still have the health to enjoy it. spending in your 30s, 40s is way more fun than spending in your 50s, as your health and mojo start inching their way towards the door.

beyond your ignorance about the credit system, sounds like you've done pretty well for yourself. good for you. don't let the old folks hold you down. if you **** up, you've got plenty of time to pick yourself up and get back on your feet. further, sounds like your wealthy girlfriend's got your back - don't **** that up.

cheers!

 

A lot of good, fiscally responsible advice on this forum. I concur with much of it though i am a firm believer that sometimes you gotta say WTF. Life is short. While having the best balance sheet out of anyone in the coffin may be the goal of some folks, it’s not for everyone.

That said, this is NOT the time to say WTF. Renting an apartment while putting a hefty down payment on a 6 figure car is ludicrous.

Buy a property first, you will build equity, reduce your your taxable income while taking advantage of what might be once in a lifetime low interest rates.

Once you own a property, if you still have the desire for Porsche, buy a preowned Porsche. For 50-90K you can get a loaded 991.1 or a base 991.2. The 991.1 (with the exception of the GT3) has been fairly bullet proof and provides the classic 911 flat 6 NA wail. The 991.2 Carrera T is a truly delightful car that provides a somewhat throback ethos with all the modern conveniences you could want.

If you must buy new, the soon to be released Cayman and Boxster GTS 4.0 mark a return of the big NA flat six to Porsche’s midengine platform. These cars represent incredible value and with the NA flat six, they may even pick off a few 992 buyers who prefer a car with a little more edge.

 

I notice that the OP hasn't been back. Probably wasn't looking for all of this financial advice, mostly telling him not to buy the car, but rather how to go about securing the financing after being turned down.

 

agreed. that said, part of learning how to adult is navigating things like car loans. he himself said he was venting more than anything else. he'll figure it out.

 

I tossed the phone to my wife and had her read the OP’s post. We are always amazed at the cars our neighbors drive in with, knowing what they do for a living. I make more than double what OP makes per month and have not been able to convince myself to drop the coin for a Porsche (yet)—and I’ve only been considering used cars!

OP- I know you’re not reading this but dude, Don’t do it! Think about it - Porsche makes money by financing people cars. They don’t even want your money. You have to ask yourself Why (not How). I’m not a financial adviser but I’d make sure your all of your tax advantaged retirement accounts are maxed out first. How much of an emergency fund do you have for yourself? Anyways. Enjoy your 992

 

I didn’t realize being 51 I’m inching towards the door ... life is not that short and planning ahead definitely pays off ... I had amazing cars in my teens, 20’s, 30’s, 40’s and now in my 50’s and I also planned ahead so my kids will enjoy it as well ... yes you live life once but also you have a family and you want the same for them.

There are so many amazing cars to own and they don’t start at a price tag of $100k plus ... I just drove my friends sons Subaru WRX and it was an amazing car ...

I’m all for fun but don’t strap yourself into something that will prevent you from growing and enjoying even better things as you get older.

 

Questions to ask yourself:
Why do I want a Porsche?
is it ego? (i.e., I drive a flashy car)
is it a desire to have a high performance car? if so, what is your M4 lacking?
is it because I have always felt that Porsche is the pinnacle of performance? If so, you've come to the right place
Why do I want a NEW Porsche?
is it ego? (i.e., I drive the NEWEST Porsche)
is it a desire to have a new car? Can I afford a NEW Porsche? Remember, you have other things going on in your life.
what is the downside of owning a used Porsche? Most people can't tell the difference between a CPO'd 991 and a 992.

Some fatherly advice that I would tell my sons:
CPO Porsche's have the advantage of having someone else take the depreciation hit (as you observed in your M4)
If you want the 911 experience, start "small". Unless you are a dedicated track guy already having loads of experience, you won't be able to drive this (or any 911) to anywhere near its capabilities.
You might want to consider going with a 997 and save yourself 100k$ or so (even more if you go with a 996 and don't mind the headlight shape, etc.). An older 911 will give you the Porsche experience and set you on a learning curve that will teach you more than you realize.

Your girlfriend sounds like a keeper. Take the above advice, buy an older 911 and use some of the $$ you've saved for an engagement ring.
Then, when you've taken delivery of the car, enroll in a PCA Driver's Ed weekend and have your girlfriend/fiancé also participate.

Finally, if you aren't already doing it, fully fund your 401k NOW! To quote Einstein "compound interest is the most powerful force in the universe."

 

A whole lot of truth right here.

 

Just wanted to say that you are wrong, I have been reading every comment and taking it all in; every few hours I have been checking in on the post. You all make valid points, even the people being unkind. I have decided not to even try and get the loan; my lease ends in 10 months on my M4. I'm going to ride out the lease, and I told myself if I have 150k in the bank after taxes this upcoming January I will finance a lightly used 992 S with some lesser options at around 110-115k.

The reason I have not responded yet is because I have been super overwhelmed with over 5 pages of comments and not sure even where to start!

**Disclaimer** Please do not read this as a sob story, I just wanted to make a few points about what people have been assuming. First of all, the "red flags" of me having 40 inquiries on my credit report. I have always been a very honest person and when I ask for advice I don't sugarcoat things; everything I said is the truth. I come from a very strict Iranian family, my dad forced me to get good grades... my dad never wanted me to pursue my passions, skateboarding and the arts. When I got to UCLA I got a 13% on my first general chemistry midterm. I started posting my artwork online and slowly building a following for myself. During this time my dad was threatening to take his names off of my student loans and cussing me out every day on the phone. Learning about credit, running a business, taxes, etc. was never a conversation I had with anyone so I had to learn it by myself while my business grew and I dropped out of UCLA. When I said I didn't know what credit even was at 23, I wasn't lying! I've just now been doing research and learning a lot about it. The 40 inquiries comes from retail credit cards, actual credit cards just to see if I'd get approved for fun, random car dealerships (literally submitting random credit apps on used car websites, wanting to get an M6 after I got my M4, etc.) I would always get denied so it was just something I would do as a pastime when I'd be interested in a car. It would probably be at over 100 inquiries if they didn't disappear after two years.

While I may be young and stupid to a certain degree, I chose to give you my story with nothing left out; otherwise, it wouldn't be real advice that I'm getting and would not technically apply to my story. I love being on car forums and talking about cars. I've seen a lot of the financing threads in other forums and in this one, one thing people always say is "you'd have to be crazy to let your girlfriend co-sign for you!!" and other rude comments. I knew the response that it would get and I still said it; but I know my relationship with my girlfriend and while, sure, it may be subject to change in the future but we have been together for 5 years, before I even had a penny to my name and the M4 co-sign was never an issue. I also didn't ask for her to co-sign, she offered. I know people here love to give their opinions, and it's fine because I asked for it, but everyone's situation is different and for some, like me, I don't see why my girlfriend co-signing is a bad thing. It helps her credit and she knows that I'm good for the payments.

In my line of work, your appearance is everything. Whenever I meet with a client, they are always impressed by my M4 and make a comment about it. I'm a GRAPHIC DESIGNER, I'm supposed to be a starving artist. I'm supposed to charge $100 for a design that takes me 8 hours to do with 5 revisions. Nope. I built a name for myself, my work is incredible, and I charge what I want. I was talking to my uncle a few weeks ago, a very accomplished lawyer. He was telling me how I'm lucky that in my line of work having a nice car gets me more business, while in his, if he pulls up in a Bentley people think that he's charging too much and try to get a better rate. He said something along those lines, I forget exactly what he said. Basically, when people come to me, they're coming to a "symbol of success" in a way. I made it from nothing through art. So when they see that, they can relate with that and want the same for themselves. It's a bragging right for them to have a design made by me featured in their clothing. Sorry if it's hard for me to articulate my point here, I'm not very good with words.

Another thing. I don't drink, I don't smoke, I don't go out, I've never done drugs. I love my job. I love my family and I'm a home body. I don't spend money on much except clothing. I don't travel or do "vacations" because I don't need a break. The one thing I really enjoy more than anything is getting in my car and driving around. I love driving everywhere, it puts a smile on my face. I love paying 1320 a month for the worst M4 lease deal you'll ever see in your life. I've never thought about retiring because I've never actually worked, I truly love what I do. It's been a wild ride and I'm looking forward to growing more and more. Do I need to be more financially literate? Of course! Is buying any new sports car a bad idea? 100%. I'm sure I'd be just fine in a Toyota Corolla but I don't want a Toyota Corolla, I want to show people in my line of work that I can afford something that they cannot and I'm successful but that I worked hard to get it.

Sorry my mind is all over the place but I guess the biggest point to take here is I will wait to get a 992. Thank you guys so much, specifically to the people defending me in this thread. It means a lot to me. As far the rude and back handed comments, I was totally expecting it. I see it in so many threads here, don't worry I have thick skin! Even though I feel like you could have said things in a nicer way, I definitely took the advice.

Also here's my artwork if anyone is interested in seeing what I do: instagram.com/crimewave This is just my style of artwork that I like to showcase but I'm a Swiss army knife of design; this type of art is not everyone's cup of tea but hope you find something you like even a little!

 

Thanks man, I would bet on future me all day. I really appreciate it.

 

make the best choice for you, and I do think many are trying to help just didn’t come out right I would assume for some. I love the comment 50 is old by someone ...........I’ve enjoyed my life to fullest since 40 after I paid off the ex-wife. Many things happen in life, and I never thought I would start over at 40, post 11 cars and 3 houses all paid with good planning. Live your life, and many are really trying to help from experience. I have several friends that are 8 figures living paycheck to paycheck ......it’s not always about what you make ......best of luck.

Be well

 

It's a free country. Do what you want. You don't need to apologize or explain about how or why you spend your money. That's the beauty of capitalism. Enjoy it while it lasts. That said, if you ask financial advice, you are going to get opinions and sometimes those opinions aren't nice, because the truth can hurt.

I'm a firm believer that you can't take it with you . There is a trick to finding the balance - and we all have different comfort levels with debt.

Good luck. And don't lease the Porsche.

 

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You are a cool dude and it’s easy to see why you have been successful. Best of luck in all you do!

 

We in the peanut gallery don’t deserve your life story.

 

I have no doubt you will get the car eventually, and it will be that much sweeter. I’m 42 and just got mine, and it feels so good because I feel I finally reached a position where I could justify it comfortably. I’ve made mistakes with cars and blown money, because it’s a passion. I agree with everyone who said balance is key and everyone who said you can’t take it with you. Only you can decide what you’re comfortable with and how important the car is to you. It’s true buying property and saving for retirement are more important. I am looking forward to the pictures when you do eventually get the car, even if it’s next week!