First Porsche - allocating 60k for it, what should I get?
10-13-2009, 08:12 PM
#31
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I'd buy a 2001 996 TT with the same performance thereabouts as the 993 TT for 35k and do half of what No HTwo O recommends! Still have a kick *** car and also doing the "responsible thing"
10-13-2009, 08:38 PM
#32
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Here is some sage advice before you purchase any $60K Porsche model:
1) Have about $5K in the bank (cash) for unscheduled maintenance and sorting-out of a used car
2) You should have ZERO credit card debt (in fact your only debt should be your mortgage, and that should be 0 too in a perfect scenario)
3) Is your 401K fully funded for 2009 ($16,500)? If not, do that first.
4) Kids? Are their college savings funds up to snuff?
5) Put another $5K away for your supplemental self-funded IRA
6) Spouse? Do #3 and #5 for her too
Now, I realize this is not the "fun" thing to do, but it is the "responsible" thing to do. Yes, I have been rightfully accused of being more responsible than fun. Sorry! It works for me, and no one can take my toys away.
1) Have about $5K in the bank (cash) for unscheduled maintenance and sorting-out of a used car
2) You should have ZERO credit card debt (in fact your only debt should be your mortgage, and that should be 0 too in a perfect scenario)
3) Is your 401K fully funded for 2009 ($16,500)? If not, do that first.
4) Kids? Are their college savings funds up to snuff?
5) Put another $5K away for your supplemental self-funded IRA
6) Spouse? Do #3 and #5 for her too
Now, I realize this is not the "fun" thing to do, but it is the "responsible" thing to do. Yes, I have been rightfully accused of being more responsible than fun. Sorry! It works for me, and no one can take my toys away.
10-13-2009, 08:48 PM
#33
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Get a low mileage C2S!!!
Here's a beauty for $59,900.... http://sloancars.com/557/1997-993-ca...k-24112-miles/
Here's a beauty for $59,900.... http://sloancars.com/557/1997-993-ca...k-24112-miles/
10-13-2009, 08:49 PM
#34
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May be a bit shy for a Turbo 993. Should have enough for a 996GT3
. Nice thing with the GT3 is that it runs the 964/993 case with watercooled heads - so no IMS issues.
But I'd fund the IRA and pay off the beemer first!
Vince
. Nice thing with the GT3 is that it runs the 964/993 case with watercooled heads - so no IMS issues.But I'd fund the IRA and pay off the beemer first!
Vince
10-13-2009, 08:50 PM
#35
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And I think people over the age of 55 can contribute an additional amount ($5K) into their company 401K (or Roth 401K) plan. Maybe Parnelli can tell us more. I am NOT a financial planner or advisor.
I would imagine since you are not participating in your company plan, that you are also missing out on any company provided matching fund (if they have it...most do). This is also bad for you. Free money!
10-13-2009, 08:54 PM
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10-13-2009, 09:26 PM
#39
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10-13-2009, 09:26 PM
#40
haha, great advice indeed.. yes.. surely would stop me from getting the porsche, but i think i can still have some fun while being responsible, maybe not too much responsible..
1. can be done
2. i never believe in credit card debt so that's taken care of. i have 2 debts.. mortgage and the m3 payments. bought the m3 new so it's financed, but i probably won't finance the porsche, so i can keep it at 2 debts even with the porsche
3. still long way from retiring, so i think 401k is just something i put aside for a long time..
4. no kids.. no gf yet even hehe.. kinda good and bad i guess
5. can be done
6. as single as i was born!
hope above will still enable me to have fun hehe =)
1. can be done
2. i never believe in credit card debt so that's taken care of. i have 2 debts.. mortgage and the m3 payments. bought the m3 new so it's financed, but i probably won't finance the porsche, so i can keep it at 2 debts even with the porsche
3. still long way from retiring, so i think 401k is just something i put aside for a long time..
4. no kids.. no gf yet even hehe.. kinda good and bad i guess
5. can be done
6. as single as i was born!
hope above will still enable me to have fun hehe =)
The whole benefit of 401K is leveraging your age. I saw a comparison once where a 23 year old and a 30 year old put away the same amount in 401Ks. The 23 year old could retire 10 years earlier with twice the money.
So if you still have $60K to spend, I'd diversify and get a $20K '87-'89 3.2 G50 cab and a $40K 996TT. Best of both worlds, but that's me...
996 GT3 is also in the price range, but still depreciating. The 993TT is the best "investment" (OK, I said it) of the bunch.
So if you still have $60K to spend, I'd diversify and get a $20K '87-'89 3.2 G50 cab and a $40K 996TT. Best of both worlds, but that's me...
996 GT3 is also in the price range, but still depreciating. The 993TT is the best "investment" (OK, I said it) of the bunch.
i started my 401k at 19 while in college (worked full time) and then began a mutual contract at 23. i'm 24 now and depending on the month 25-30% of my income goes into various investments.
if you want a fun track toy buy a 944 and invest for your future.
10-13-2009, 09:45 PM
#41
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The e46M3 and e92M3 make normal drivers feel as though they're invincible. They're very nice, fast, numb sports coupes with no soul. Any 993 will have more character....but you won't feel invincible in it. You'll have to actually drive it...and it will be fun...mile after mile. I guess my question has been posed by others but I'll say it again: Why do you have to spend $60K? Keep your options and your mind open to any 993 because there are benefits to all years and variations. Condition, mileage, color, options, modifications...They all play into the equation. The more you look, drive and evaluate, the more knowledgeable you become and, like looking for the right woman, when you find her, you'll know!
10-13-2009, 10:17 PM
#42
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Here is some sage advice before you purchase any $60K Porsche model:
1) Have about $5K in the bank (cash) for unscheduled maintenance and sorting-out of a used car
2) You should have ZERO credit card debt (in fact your only debt should be your mortgage, and that should be 0 too in a perfect scenario)
3) Is your 401K fully funded for 2009 ($16,500)? If not, do that first.
4) Kids? Are their college savings funds up to snuff?
5) Put another $5K away for your supplemental self-funded IRA
6) Spouse? Do #3 and #5 for her too
Now, I realize this is not the "fun" thing to do, but it is the "responsible" thing to do. Yes, I have been rightfully accused of being more responsible than fun. Sorry! It works for me, and no one can take my toys away.
1) Have about $5K in the bank (cash) for unscheduled maintenance and sorting-out of a used car
2) You should have ZERO credit card debt (in fact your only debt should be your mortgage, and that should be 0 too in a perfect scenario)
3) Is your 401K fully funded for 2009 ($16,500)? If not, do that first.
4) Kids? Are their college savings funds up to snuff?
5) Put another $5K away for your supplemental self-funded IRA
6) Spouse? Do #3 and #5 for her too
Now, I realize this is not the "fun" thing to do, but it is the "responsible" thing to do. Yes, I have been rightfully accused of being more responsible than fun. Sorry! It works for me, and no one can take my toys away.
You never know that the future holds, so try and live a little too! 
Along these lines, buying a used Porsche (especially a 993) is a more responsible move because the depciation curve is pretty flat so you should be able to get much of the money back if you need or want to sell. A new (or newer) Porsche, on the other hand, has a huge cost attached to it in the form of deprciation. Your $60,000 will be $35,000 in no time.
10-13-2009, 10:39 PM
#43
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a 996 GT3 is a real possibility. It may not have the looks of the 993 but the driving experience is awesome. Excellence or some other mag just compared the 996 GT3 to the 997 GT3 and the 996 was deemed more fun to drive.
Best of luck,
chuck
Best of luck,
chuck
10-13-2009, 10:40 PM
#44
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996GT3 is an exceptional value and great car to drive.
10-13-2009, 10:58 PM
#45
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993 turbo would be my first choice, spend $55k, and plan an additional $5k for suspension, rims, misc, and it will be to die for!
996GT3 only if you are planning on going to the track very often, but then it will get expensive...
996GT3 only if you are planning on going to the track very often, but then it will get expensive...