If you only got to keep 1 car due to buying a house, would you sell your 993?
09-20-2007, 10:37 AM
#31
Seared
Rennlist Member
Rennlist Member
Steve,
I'm in Real Estate and I would NEVER advocate a client selling his/her 993 in order to purchase a home
We recently sold our very affordable home in order to buy a unique home in a peaceful setting. We wanted room for our daughter to grow, more property for our dog to fertilize, and a garage/workshop to ensure my continued sanity. Never once did the future of my 993 come into question. My wife knows that owning the 993 is the result of a lifelong passion with 911s. It will be with us until it gives up the ghost, or I assume room temperature. Our 'new' house will change our lifestyle & spending habits, but will not keep us from pursuing our interests.
I think I know you fairly well, and feel that you have a strong passion for your car. While very nice, the 7-series is not iconic. The 993 is. If I were in your shoes, I would not hesitate to keep the 993 and purchase a dependable, reliable daily driver. Take your pick. There are dozens of affordable, new cars on the market today that offer safety, efficiency, reliability, and even some style. If this is THE house for you, do what you can to keep the 993.
Good luck with your decision.
Andreas
I'm in Real Estate and I would NEVER advocate a client selling his/her 993 in order to purchase a home
We recently sold our very affordable home in order to buy a unique home in a peaceful setting. We wanted room for our daughter to grow, more property for our dog to fertilize, and a garage/workshop to ensure my continued sanity. Never once did the future of my 993 come into question. My wife knows that owning the 993 is the result of a lifelong passion with 911s. It will be with us until it gives up the ghost, or I assume room temperature. Our 'new' house will change our lifestyle & spending habits, but will not keep us from pursuing our interests.
I think I know you fairly well, and feel that you have a strong passion for your car. While very nice, the 7-series is not iconic. The 993 is. If I were in your shoes, I would not hesitate to keep the 993 and purchase a dependable, reliable daily driver. Take your pick. There are dozens of affordable, new cars on the market today that offer safety, efficiency, reliability, and even some style. If this is THE house for you, do what you can to keep the 993.
Good luck with your decision.
Andreas
09-20-2007, 10:38 AM
#32
Burning Brakes
Join Date: Apr 2003
Location: Los Angeles
Posts: 750
Likes: 0
Received 0 Likes
on
0 Posts
Steve,
I've read the posts and have to agree that there's nothing worse than being house-rich and cash-poor. Like you, we have paid off our mortgage and there isn't a house out there that would entice us to move and take on a mortgage.
I understand that there's a willingness to see your step-daughter more often, but as she progresses in her teen years I would imagine that she'll want to hang out with her friends more than anything else.
Also, I sold my 993 and regretted it immediately - even though I had just taken delivery of a brand new 997! There's something about these cars that makes you love 'em or not - and we all know you love your 993.
If you use all of the equity in your current home to purchase the new house, I can't imagine that the new mortgage will be so large that you have to free up $3k/year in savings from getting rid of the 993 in order to ease cash flow concerns. If that's the case, I personally wouldn't stretch that far to get into a new house.
I've read the posts and have to agree that there's nothing worse than being house-rich and cash-poor. Like you, we have paid off our mortgage and there isn't a house out there that would entice us to move and take on a mortgage.
I understand that there's a willingness to see your step-daughter more often, but as she progresses in her teen years I would imagine that she'll want to hang out with her friends more than anything else.
Also, I sold my 993 and regretted it immediately - even though I had just taken delivery of a brand new 997! There's something about these cars that makes you love 'em or not - and we all know you love your 993.
If you use all of the equity in your current home to purchase the new house, I can't imagine that the new mortgage will be so large that you have to free up $3k/year in savings from getting rid of the 993 in order to ease cash flow concerns. If that's the case, I personally wouldn't stretch that far to get into a new house.
09-20-2007, 11:15 AM
#34
Feral Cat
Rennlist Member
Rennlist Member
Sell the BMW and buy a $2500 Volvo station wagon with snow tires.
Do you think the RE market has bottomed yet? We're interested in a larger house, but plus or minus 25% pricing variations make me more than just a little nervous.
(Plus or minus 25% in most of the northeast is plus or minus a new Porsche turbo.)
Do you think the RE market has bottomed yet? We're interested in a larger house, but plus or minus 25% pricing variations make me more than just a little nervous.
(Plus or minus 25% in most of the northeast is plus or minus a new Porsche turbo.)
09-20-2007, 12:31 PM
#36
Race Director
Folks,
I'd like to throw in my 2 cents here. We are all very connected to our 993s. But reading Steve's posts above, I realized that the big picture includes his 13 years old daughter and his wife. The prime motive to move is to be closer to their daughter.
I have stretched myself many times when we up-graded our family homes. The first year or 2 afterwards were always a squeeze. Then the financials would straighten out, and life was good again. I'd expect that to be true for others. Likewise, I have a daughter, who is now 22, but I vividly remembered how she faced very difficult times when she was 13/14 years old. If I was in Steve's shoes, I will do anything to be close to his daughter because these could be her most difficult years. Being around for these years bonds them closely for life. It is not something to be taken lightly. This is not to mention that Steve's wife's desires needed to be considered as well.
I was extremely thankful that when my daughter was in her teen years and needed a lot of attention, we were financially capable. I could not imagine the stress on the family if we had to worry about finances as well. So if Steve's family wants to lower their expenses for this big move, I admire their wise decision.
Steve, despite of all these rambling, I agree with most here that the right car to sell here is NOT the 993. I'd ditch the BMW. I used to own a 745i, and it is a great car. I remembered your threads on loosing your prior BMW, and the hunt for the new one (a Dinan version if I recall correctly). But BMWs are notorious money-pits once out of warranty. I'd sell the BMW, and pick up a cheap, cheap Suburu WRX Sports Wagon as a beater for the interim. It'll haul anything you'd want, thrive in any weather element you'd face, and run forever. I firmly believe that in 2-3 years your financial picture will improve and you can get another BMW at that time.
In my book, family ALWAYS comes first. If one day, I need the finances to make my family happy, I will sell my Porsches (Ruf and Cayman) in a heart beat, and I would not think twice.
Good luck with whatever you do.
CP
I'd like to throw in my 2 cents here. We are all very connected to our 993s. But reading Steve's posts above, I realized that the big picture includes his 13 years old daughter and his wife. The prime motive to move is to be closer to their daughter.
I have stretched myself many times when we up-graded our family homes. The first year or 2 afterwards were always a squeeze. Then the financials would straighten out, and life was good again. I'd expect that to be true for others. Likewise, I have a daughter, who is now 22, but I vividly remembered how she faced very difficult times when she was 13/14 years old. If I was in Steve's shoes, I will do anything to be close to his daughter because these could be her most difficult years. Being around for these years bonds them closely for life. It is not something to be taken lightly. This is not to mention that Steve's wife's desires needed to be considered as well.
I was extremely thankful that when my daughter was in her teen years and needed a lot of attention, we were financially capable. I could not imagine the stress on the family if we had to worry about finances as well. So if Steve's family wants to lower their expenses for this big move, I admire their wise decision.
Steve, despite of all these rambling, I agree with most here that the right car to sell here is NOT the 993. I'd ditch the BMW. I used to own a 745i, and it is a great car. I remembered your threads on loosing your prior BMW, and the hunt for the new one (a Dinan version if I recall correctly). But BMWs are notorious money-pits once out of warranty. I'd sell the BMW, and pick up a cheap, cheap Suburu WRX Sports Wagon as a beater for the interim. It'll haul anything you'd want, thrive in any weather element you'd face, and run forever. I firmly believe that in 2-3 years your financial picture will improve and you can get another BMW at that time.
In my book, family ALWAYS comes first. If one day, I need the finances to make my family happy, I will sell my Porsches (Ruf and Cayman) in a heart beat, and I would not think twice.
Good luck with whatever you do.
CP
09-20-2007, 12:37 PM
#37
Rennlist Member
Join Date: Aug 2005
Location: North Shore
Posts: 3,984
Likes: 0
Received 0 Likes
on
0 Posts
Selling your 993 to take out the equity and invest it in a better home seems like a worthwhile thing and it is something I would do if I were in your situation.
However, selling it because (speculative) repair bills to your car of $3-4K will make the difference in being able to afford the house, or not, is another story. Sounds like there is not much margin for error if you need a major repair, or if something else comes up.
However, selling it because (speculative) repair bills to your car of $3-4K will make the difference in being able to afford the house, or not, is another story. Sounds like there is not much margin for error if you need a major repair, or if something else comes up.
09-20-2007, 01:09 PM
#39
Burning Brakes
Join Date: Apr 2003
Location: Los Angeles
Posts: 750
Likes: 0
Received 0 Likes
on
0 Posts
Likewise, I have a daughter, who is now 22, but I vividly remembered how she faced very difficult times when she was 13/14 years old. If I was in Steve's shoes, I will do anything to be close to his daughter because these could be her most difficult years. Being around for these years bonds them closely for life. It is not something to be taken lightly.
CP
09-20-2007, 01:10 PM
#40
RL Community Team
Rennlist Member
Rennlist Member
Very well said, CP. I totally agree with you. Not to hijack the thread, but I am in the exact position you describe. I need the funds to effect massive repairs on our house, and I was hesitating to sell the car. I was 99% sure that I needed to sell my 95 c2, and now I am 110%. I will post the details in another thread. Thanks for your insight, all of you.
Last edited by TomF; 09-20-2007 at 02:03 PM.
09-20-2007, 01:26 PM
#42
Race Director
a house will always be more important than a car.
If you could afford a 993 once, you will be able to afford one again.
I would suggest selling both the BMW and the 993, and leasing something like an Audi a4 Avant. Lease rates are pretty cheap ($350-400 a month). And with the sale of both cars, you should rake in about $65k in proceeds.
If you could afford a 993 once, you will be able to afford one again.
I would suggest selling both the BMW and the 993, and leasing something like an Audi a4 Avant. Lease rates are pretty cheap ($350-400 a month). And with the sale of both cars, you should rake in about $65k in proceeds.
09-20-2007, 01:30 PM
#43
Rennlist Member
Life/family>993>BMW
Take care of your priorities, which it sounds like you are. If it turns out you HAVE to sell one of your cars, my vote goes to selling the Bimmer (coming from a BMW owner). But if you decide to sell the 993, there is no shame in that as it is obviously for good reasons. 993s are rare, but you can always buy another one in the future. There are still plenty of garage queens sitting around waiting for a new owner down the road.
As stated before, the 993 is iconic and it seems you are quite passionate about yours. If it can satisfy 80-90% of your needs, it is worthy of being a DD. You can always rent, buy a beater, or find other solutions to get around the other 10% of the time that the 993 doesn't suit your needs. Life is short. Enjoy every day you have with your family first...and with your Porsche. ;-) Good luck with your decision. Jim
Take care of your priorities, which it sounds like you are. If it turns out you HAVE to sell one of your cars, my vote goes to selling the Bimmer (coming from a BMW owner). But if you decide to sell the 993, there is no shame in that as it is obviously for good reasons. 993s are rare, but you can always buy another one in the future. There are still plenty of garage queens sitting around waiting for a new owner down the road.
As stated before, the 993 is iconic and it seems you are quite passionate about yours. If it can satisfy 80-90% of your needs, it is worthy of being a DD. You can always rent, buy a beater, or find other solutions to get around the other 10% of the time that the 993 doesn't suit your needs. Life is short. Enjoy every day you have with your family first...and with your Porsche. ;-) Good luck with your decision. Jim
