davethomas

I just turned 29 years old and beginning my car quest. I know there's no such thing as an inexpensive Porsche. But I ran the numbers and it seems to be well within my means (for maintenance I'm assuming $2000/yr average, which may be perhaps a high figure). Overall I'm feeling good that after years of hard work I'm still not 30 but I can reward myself with something _I_ really want. As opposed to what society says would be more responsible with my money, like buying a house or getting married or both.

Financing the sucker's proving to be a pain since the bank that has the best rates will only loan out the Kelley Blue Book rated private party value for a "good" condition vehicle. I don't know if it will help me convince the bank, but I'm trying to establish that the blue book is wrong, plain and simple. Having spoken to several owners that have recently sold their cars, they were sold for $5-6000 above book value, sometimes more.

May I ask what some of you paid for your 993s, compared to what they were on paper? I've been using this reference:
http://www.kbb.com --> Get Blue Book Values --> Private Party Value

I hear a good alternative valuation may be gotten from the PCA, who has a "Porsche Market Letter" or otherwise from an appraiser. I don't know how to get a copy of the PCA material, or how to find an appraiser in San Diego (this sounds like a hassle, esp since it's unclear if the bank will accept the valuation).

Thanks!

911

Yeah, KBB values are way off. I haven't looked at one since I bought my 993 in 2003, but it was no where near what the market was asking! Good luck getting your 993.

PS: Have you tried a Credit Union? I believe my CU gave me a break on the condition and gave me the highest value on the car.

Leland Pate

I apid $35K for my average '95 C2 coupe with 49K miles last October. I managed to find a bank (WFS Financial) who got me 72 months @ 5.5%. I needed the long term to lower my payments until I sold my other toy car. Even still, 5.5% is pretty darn good for a 10 year old car.



I agree with you that KBB is absolute ***-paper to the Porsche owner. They should stick to appraising Cavaliers, Intrepids, and Plymouth Voyagers.

davethomas

Yeah, it's actually a credit union that I'm working with now. Their board hasn't approved me for anything more.

Guys, I thought I'd post an image of my current vehicle as my avatar so you know where I'm coming from. I gave up a nice Audi A6 and have been humbly driving this ever since in preparation for getting a 993 I know, I'm a loser.

Dan V

Kelly's pulling numbers out of his a$$. Kelly doesn't know how much I paid the pri seller -- nobody knows except the seller, me and my insurance agent since I paid cash. Kelly also doesn't know what the condition of my 993 is, nor what options it has, nor the history of it.

911

davethomas,

I don't think you'll find anyone here who would think that. The guys on this forum are primarily diehard, Porsche enthusiasts who happen to own 993s. If it makes you feel any better, I have a '94 Nissan Sentra XE that I use as a beater & airport parking lot car! Keep us posted on your search and good luck w/ the financing. Take care.

Rich

97Targa

Buy the house 1st. Then get a equity /mortgage loan for the Porsche.
If you lust for a Porsche, you're setting a admirable goal.....and far from being a loser. Most of us had to work our way up to a Porsche.
Best of luck in your quest.

JimGinKC

Hey Rich,

my airport beater is an 84 Cadillac Cimarron, with the 4cyl! talk about slow, but its great in the snow ;-)

Bull

KBB gets their numbers from published sources, which are not you and me....but, are mostly auction lots where dogs are sold at sub-wholesale prices.

Anyway, the money is out there....go find it. It may not be at the very best rate the first time around, but do you really want to continue driving a Nun Mobile?????

I bought my first 911 (4th Porsche) with a student loan + some real money, a 1968 911L in 1969, when I was in College (yes, they existed back then!). Well you see, I was on a football scholarship and they kept offering me these cheap Student Loans anyway......(I'm one of those who paid it back).

FGL28

Dave,
Get your financing inline first. I have no affiliation but friends tell me that The Pentgon Federal Credit Union has deacent rates. I would also start talking to independant Porsche repair places so you can get a good PPI. A through PPI will save you money in the long run. Also they will know of guys who are selling Porsches and they could put a good word in for you.

Patience is the watch word. There is the perfect Porsche out there but you need to find it.

Good Luck.

trojanman

I agree with this comment... your house (investment) should come first, then use it as a lever down the road.

From a financing standpoint, look into AAA if you're a member... I understand that Capital One is their exclusive lender and that they'll finance 100% of a 993 at a decent rate.

Good luck and remember, a 993 is a tad small to live in.

ed devinney

I dunno, driving a sensible everyday car in order to get a 993 before you're 30 is winning in my book.

TroyN

Dave Thomas? Aren't you the guy that founded Wendy's?? I'm sure you haven't heard that one before...

Anyway, no real advice or anything, just loved you avatar. Good luck w/ the search.

Well, maybe one comment. You're right about the "responsible" thing, but the truth is, the older you get the less time you seem to have to do certain things, so if you want to get the car now, good for you. Life is short, enjoy it. (and no I'm not old or anything, I'm only 34, though hitting 35 this year...)

davethomas

Bull, those must have been heydays. College loans, football scholarships. I think I saw your movies from back then -- you have a great *****.

davethomas

Tried them, they'll only give me 80%. Fight on! I'm class of 2003.