notyetporschedad

I'm thinking of getting a ~$130,000 Carrera. Situation is $600,000 HH income and wife and 2 young kids. We're in tech, so this is volatile and could be $450,000 next year, but certainly not less. Our net worth hovers around 1 million and we are in our early 30s.

If you asked me a few years ago, I'd say this was extravagant. Now, it doesn't seem so much. But I find it hard mentally to get past the idea of spending over 100 grand on a car. Just to give some perspective, the family SUV cost us 60 grand and I found it too much at the time but now think it was actually rather frugal.

Would you recommend buying a 911 in my situation? If not, would you recommend any alternatives?

McNamara

I think if you have to post this, that should tell you something.

notyetporschedad

I say the same thing when I order delivery versus pickup for food orders. So I have a hard time relying on this mantra

Shogunade

How much are you putting down and what percentage of your monthly overhead would this be? Anything over 10% is too much and 10 is being generous.

If OTOH you're paying cash, go for it. On the flipside, you could lose $100k in bad investments and have nothing to show for it.

Either way, YOLO. I think many ppl in your shoes are just pulling the trigger and this is a big reason for the imbalanced supply/demand.

HudsonOH992GTS

Hard to say. I would keep saving and investing and when you have high net worth, think about it. I am 56 and just took delivery of my 911. I think the $130k and anything else you can invest up until 45 is the right call. The time value of money and the return over 10 years is a big difference maker in the long run. Get those kids college fully saved for and delay some gratification.

McNamara

I can confidently say I was one of those who just ‘pulled the trigger’. Hard. Overpaid a bit for my S. Here’s the thing though, I had absolutely not a doubt in my mind that it would impact my finances in any meaningful way. Incidentally I’m in a similar boat as the OP minus the kids (and different industry). Goes without saying these toys shouldn’t be a source of stress.

HudsonOH992GTS

Also, turn on the direct message feature and you may get some more honest specific feedback.

Fishah

I would get the car.

McNamara

I feel you. Sometimes feels like I’m single-handedly keeping the economy afloat with the fees I pay to Uber eats.

R N M

I would say follow your passion and you can’t go wrong.

You work so you can enjoy things you want to do whether it’s traveling, fishing, or driving a 911.

When you’re 80 yrs old with $130k less, I doubt you will say oh how I regret getting that 911.

rk-d

Yes you should be fine.

B194HR

Whatever you and your wife agree on, is the right decision.

This is the way.

AlterZgo

On the surface you make a good amount of money and won't have any issues getting a $130K Porsche. With that said, if you live in Silicon Valley and have a $3 million mortgage, and a bunch of other debt then it may not be enough. Only you can decide.

I would say there many are people buying $60K cars that don't make 1/4 of what you make and have no issues affording that car as well as a mortgage, etc.

As for the mental block thing, you have to find a way to get over it. I will say this... you are in your 30s, I am in my mid 50s. The older I've gotten the more I realize stacking dollars endlessly is pointless. At some point you realize you have more than you can ever spend and you should have been enjoying life more as there are definitely things in life that are best enjoyed when you are younger. For example, I've been buying expensive road and mountain bikes and cars since I was in my 20s and I have zero regrets. While I would be worth millions more if I saved all that money throuhgout my 20s 30s and 40s, the experiences I had with friends enjoying these hobbies are priceless. I cannot imagine myself doing downhill mountin bike runs at ski resorts or aggressively banging a manual transmission 992 through the gears into my 70s. Heck even in my mid 50s, it's not as fun driving because my eyesight isn't as good and it's not as enjoyable. Despite me spending money on toys and experiences all this time, and having millions less dollars, I still managed to make and save a good amount of money and more than I will need to support my lifestyle for the rest of my life and my spouse's life.

As for lower cost alternatives to a Carrera, I'd probably get a Lotus Emira for about $100K, or a M2 Competition for $70K or so. You can also buy a used 992 but those aren't selling for much less than a new one anyway.

detansinn

Your “circumstances” are light on details.

Personally, I think that anyone buying a new 911 should already own a house with a garage. Don’t own a house? Do that step first. I am not saying that it has to be paid off. I do think that people should focus on that personal finance milestone before blowing six figures on a depreciating asset. Again, your financial responsibility may vary, but you did ask for advice in a forum.

You casually mention that your household income may drop by 25% next year. I presume that you’re taking on debt to buy this car, because the question as to whether or not you can afford something is far less complicated when you simply have the cash. If your situation is that volatile, I wouldn’t be taking on new debt. You most certainly should not be touching retirement money or savings to make the car happen, especially with such a drop in income on deck.

If you’re deliberating over your Uber Eats/Doordash expense decisions, I am going to presume that your monthly expenses/bills are already high. Are you carrying credit balances? It doesn’t take that much discipline to get your financial house in order. At your age and income level, you should be maxing out your 401k and IRA contributions — you’ve got so many years ahead of you that you can build nice beachhead for your retirement. With a household income of $450-600k, if you’re not living super comfortably, anywhere in this country, something is amiss with your spending habits. It’s all about your current expenses.

rwbern

I hesitate to respond because I am not the average 911 jockey on the forum. Approaching 80, a P-car has been in the driveway since 1966. the first 911 in 1972. In reflection, I have been Porsche poor for most of the journey. A financial planner would consider each purchase an ill advised decision. There are some things that cannot simply be appraised. Yes, the 911 has a value, but for me, I cannot measure the worth of the experience every time I turn the key.

The car will affect your lifestyle. I still look forward to the annual, hopefully, solo, long road trip each summer. I remember the trips with whichever spouse & each of the kids. I can recall the track days of my youth, autocross & a rally or two. The kids just smiled as I dropped them at school or practice. “Can we take the 911 Dad”, was an often asked question:-) Sharing a Porsche Experience with them, now in their 30’s, was unforgettable.

Through it all, I managed to pay the mortgage, feed the dog, put four through college & yes, change the oil. Although I must admit, at different times, not necessarily in that order! The decision is yours & in the end, will not be, hopefully, directed by any opinion here.
I would not change a thing. My Porsche journey is priceless.