Which bank/credit union are you guys financing your 993 through?
#18
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I've used XCELfcu.org twice. 2.99% for 60 months.
#19
People finance these things? Crazy...
The 1998 Turbo S is probably the best looking Porsche ever built, past or present.
Perfection:
#20
Race Director
#21
Drifting
#22
Burning Brakes
I'd agree financing an investment doesn't make much sense, especially an investment that doesn't generate any cash flow, but financing a 993 can be a good option at low borrowing costs. I get the feel some guys sh*t on the idea as a show of wealth, like if you can't afford to pay cash you shouldn't have one. That's BS.
#23
Race Director
If you have the cash and intend on using it for a higher yielding liquid investment, it may make sense to finance, but me personally, I couldn't stomach having to make car payments, so I buy my stuff in cash. Tried financing a portion of a car once at a very low rate, and I hated it.
#24
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I'd agree financing an investment doesn't make much sense, especially an investment that doesn't generate any cash flow, but financing a 993 can be a good option at low borrowing costs. I get the feel some guys sh*t on the idea as a show of wealth, like if you can't afford to pay cash you shouldn't have one. That's BS.
I always find it funny how people are so dead set against financing a toy, but most of those same people drive new, financed cars (leases or loans) and a new car drops in value like a rock.
To me, if interest rates are low, then that's leverage. Just don't get into hock in the process of course.
#25
Drifting
^Agreed. Rates are low and cash has better yield options. It is funny how there is less debate about financing or leasing new cars that depreciate immediately and heavily.
#26
Drifting
I tend to agree with this. Plus, if you pay cash for a car, and forget for a moment if that car will go up or down in value, but if you pay cash you are removing that cash from other investment vehicles. If you are earning 6-12% right now in the market, why lose out on that when auto interest rates are 2-5%. Plus, your money is liquid rather than being tied up in something harder to sell like a car.
I always find it funny how people are so dead set against financing a toy, but most of those same people drive new, financed cars (leases or loans) and a new car drops in value like a rock.
To me, if interest rates are low, then that's leverage. Just don't get into hock in the process of course.
I always find it funny how people are so dead set against financing a toy, but most of those same people drive new, financed cars (leases or loans) and a new car drops in value like a rock.
To me, if interest rates are low, then that's leverage. Just don't get into hock in the process of course.
#27
Rennlist Member
A car is a depreciating asset period. Maintenance, upkeep, storage etc... Bottom line is if you don't get a sub 30K mile car and park it you will maybe break even at best after everything else. The 993's have doubled in value over the last 6-8 years and now have leveled to slightly down in price. If you have the cash and have maxed out all investment avenues then good for you ... but for the average Joe this investment (if you want to call it) is not a wise use of funds.
#28
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Right, it's a hobby, not an investment. If you play golf, do you look for an ROI on your new clubs or the greens fees?
#29
If everything you own, including your home is paid for, there is absolutely nothing wrong with financing the right 993 at the right (low) rate. The subject was financing 993's not "any toy". The right 993 is similar to a marker, stock, real estate, or CD you hold for a period of time. Sure its an "extra" and not producing cash flow but I've never had fun owning a "stock". The right 993 can be enjoyed even if its parked inside and not driven. I think the 1998 993 Turbo S in top condition is estimated to be worth half a million? Not bad.
There's also those that believe that sometimes you have to enjoy life and live each day like its your last. I wasn't aware anyone had figured out a way to take cash with you when you croak without warning.
There's also those that believe that sometimes you have to enjoy life and live each day like its your last. I wasn't aware anyone had figured out a way to take cash with you when you croak without warning.