Financing a 16 year old car
#17
Here is what I did. I put 50% down and financed the other 50% against myself from my 401K. I was not super concerned with losing my job since we have been crazy busy the past two years and are actually hiring allot of people even still. On the ~14K I borrowed against myself I am paying it back to my 401K at a rate of 3.5% interest (also to myself) My 401K management company only charged me a small fee for the paperwork to set it up. I took the loan against my 401K for three years and have already paid back about two and a half years worth of my "loan". What I owe myself is getting smaller n smaller I only have about 6 months left to pay myself. It could have been a bum deal if I had lost my job 6 months after I purchased the car because I would have had to pay the balance back to my 401K within 60 days. I would then have had to finance another way or sell the car. Since the 993 is holding it's value pretty well I wasn't worried as worst case was I sell and re purchase another later. Not a problem as I have the title for the car in hand since day 1. Not a good idea for many but I had the ***** to do it this way and it's worked out great. On top of it on that 14K I guaranteed myself a 3.5% return on my money when my 401K was at a -6.5% return. I'm providing the return to myself so it doesn't really count but as long as I don't loose my job all is well in the end. I kinda look at it like that's 14K from my 401K that at least isn't in the crapper right now.
Nick
Nick
#19
Ya, if you can't afford to pay cash for a 13+ year old Porsche you shouldn't have one.
But I borrowed money from my local CU for mine at their best rate. No issue with the age of the car. I did pay it off early though because I needed that interest money for mods.
But I borrowed money from my local CU for mine at their best rate. No issue with the age of the car. I did pay it off early though because I needed that interest money for mods.
#20
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Who had post #19 in the pool? Congrats you are the winner!
#24
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You were kidding? : thumbsup:
Sweet, everyone take their $100 bucks back. Game is still on!
Side note: Did you end up doing a wrap or the stripe graphics? Or is that just a modified pic in your avatar?
Sweet, everyone take their $100 bucks back. Game is still on!
Side note: Did you end up doing a wrap or the stripe graphics? Or is that just a modified pic in your avatar?
#27
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You were kidding? : thumbsup:
Sweet, everyone take their $100 bucks back. Game is still on!
Side note: Did you end up doing a wrap or the stripe graphics? Or is that just a modified pic in your avatar?
Sweet, everyone take their $100 bucks back. Game is still on!
Side note: Did you end up doing a wrap or the stripe graphics? Or is that just a modified pic in your avatar?
#28
The pic is a rendering done by the place that I'm going to have put on a stripe. I was going to do a retro stripe as in the image but recently I've been leaning more toward the gt3rs4.0 style. Maybe next week.