FWIW, I bought my 993 first, and the home a year later. I toyed with being financially responsible but being involved with a local car club has always been part of my life. Being new to the Philly area, the p-car allowed me to gain access to a great bunch of people (inc. my virtual friends on rennlist!).

I used to live in the SF Bay Area so I know what it feels when home ownership is such a long shot. Having said that, I'm glad I got in the market as waiting only makes it harder. There are always other options to get in, and as nice as SD is (I've got a soft spot for the La Jolla area), I'm sure there's affordable stuff in perhaps less primo locations (I'm sure not everyone has Qualcomm stock options up the wazoo).

Congrats on taking an entrepreneurial risk. My condolences for it not working out. This may sound harsh but the bank is trying to help you manage your finances. The fact that they are not willing to lend 100% (vs other folks who've gotten it approved in 5 minutes) says something about how they perceive you as a potential lender.

While I have met many people, inc. well-to-do P-car owners, who are successful with nary a degree, it's always a good thing to get your quals squared away. My 2-yr MBA cost me a total of over USD 100K, inc. tuition and living expenses, and not excluding opportunity costs. Every month, I get a reminder of what it costs! (The joke we had in B-school was "The reason we go to B-school is to get the higher paying jobs that help us pay back the loans we took on.")

I guess it depends on what you want. I've had gf's who are car enthusiasts, and those who at the minimum, appreciated a nice car for what it is. But none fell for the car. In fact, I get a little conscious showing up the first time in the 993, fearing that they might think I need the car to make up for other deficiencies! As a friend of mine put it, "Women in general don't care for the car and for those that do, you might not want to go out with those anyway" My car does not define me, and if I had to lose it tomorrow, I would still be the same person.

Yes, a house might anchor you, but some are rentable should you choose to move. You underestimate the hassle in selling a car and the financial hit you might take, even if the car's value is starting to flatten out.

If that's the logic, then buying a p-car goes against it as it is neither an investment nor a tax shelter.

What I'm seeing here is a process of trying to justify why buying a p-car may make sense for you. I suspect that you'll eventually talk yourself into whatever outcome you wish.

Buy a 993 if you must, but understand that it is discretionary and hedonistic purchase. It is not an investment but your returns may be in the number of smiles and grins per mile. But like anything else, remember, your mileage may vary

Good luck in reaching whatever conclusion.

Btw, for reference, bought my '95 in May, 2003 with 51xxx miles in excellent condition and about $8K in "slippery slope" stuff included for $35K from a fellow rennlister. Got 90% financed through Capital One and the rates were a lot lower then than there are today. (Would've paid of everything had I not sold my Apple stock so soon ) Having a beater car keeps the 993 mileage low, and combine that with DIY maintenance (courtesy of Robin's p-car website), maintenance has been very low.

 

For further reference, Cap 1 gave me 100% (plus for tax), at 3.9% for 60 mo. Their stip was that the car had to be under 80k mi.

Good luck in your search!

 

Move to GA. With $500K, you could buy a damn nice single-Family in the City of Atlanta and not have an association fee. If you want to spend less, move a little farther out and get a new house for $300K-ish. Our taxes are also much less than California Taxes [And we have real 93 Octane Gas and no "California Emissions"].

My $.02

 

Quote:
Originally Posted by davethomas
"Owning a nice car may have intangiable, unquantifiable returns when one is on college campuses (agree, Bull?)".


Quote:
Originally posted by Rezal
"I guess it depends on what you want. I've had gf's who are car enthusiasts, and those who at the minimum, appreciated a nice car for what it is. But none fell for the car. In fact, I get a little conscious showing up the first time in the 993, fearing that they might think I need the car to make up for other deficiencies! As a friend of mine put it, "Women in general don't care for the car and for those that do, you might not want to go out with those anyway" My car does not define me, and if I had to lose it tomorrow, I would still be the same person".

Exactly! And just for the record, I bought my first 911 because I wanted it, and I wanted to get involved in SCCA racing. I also never ran across anyone on their death bed who has said "damn, I wish I had had the chance to own a house"!

 

I know a lot of people here will hate this idea (don't get upset), but since $3k a year on maintenance is almost $300 per month before the car payment, you might just consider leasing a new Boxster for $562.85 per month. Check out the screen capture from the Porsche website.

 

$300 per month on maintenance? Maybe it averages out to $300 a month of maintenance PLUS modification. I have a stock car, driven about 4k miles per year and my maintenance is no where near this. The costs of modification don't need to be factored in for everyone. When the car is paid off, THEN I'll drop 2k on shocks.