996 Owners: Do you Rent or Own a house?
04-07-2006, 11:11 AM
#46
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04-07-2006, 11:25 AM
#47
Race Director
Join Date: Oct 2004
Location: KC ex pat marooned in NY
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House first, rent is like pouring money down the toilet. If for no other reason than taxes, house first. Porsche, when you (not your parents) can afford it. Took me years to get my first one, I'm with Rick about the twenty-something kids with all 'their' net worth, get out the compazine.
04-07-2006, 11:39 AM
#49
Drifting
Join Date: Jul 2005
Location: Prince George's County, MD
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Right!
We need to talk.. I've been looking for some ATL property.
We need to talk.. I've been looking for some ATL property.
Originally Posted by Andy (Atlanta)
I own 13 houses. 1 primary, 1 vacation and the rest are investment. I am a firm believer in using OPM to finance my P-car habit. The down side is being a landlord and having a full time job can be a PITA.
04-07-2006, 12:04 PM
#50
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Originally Posted by C4S Surgeon
House first, rent is like pouring money down the toilet. If for no other reason than taxes, house first. Porsche, when you (not your parents) can afford it. Took me years to get my first one, I'm with Rick about the twenty-something kids with all 'their' net worth, get out the compazine.
whats a compazine?
i'm a twenty-something kid who moved out 10 years ago with no financial backing
not everyone has an aversion to living independantly
04-07-2006, 12:04 PM
#51
Advanced
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Location: NJ
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Buy a house, get an equity loan and then buy the pcar using the equity of your home. Any interest you pay on the equity loan is tax deductable (it's like a 2nd mortage). Payments are also cheaper.
04-07-2006, 12:21 PM
#52
Race Car
Originally Posted by bimmerbob
Buy a house, get an equity loan and then buy the pcar using the equity of your home. Any interest you pay on the equity loan is tax deductable (it's like a 2nd mortage). Payments are also cheaper.
04-07-2006, 12:59 PM
#53
Chandler!
Rennlist Member
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Originally Posted by 1999Porsche911
Only up to $100,000 is deductable. IMO, autos should be bought with cash only. If you don't have the cash, don't buy the car.
04-07-2006, 01:13 PM
#55
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Originally Posted by riad
I wouldn't make a blanket statement like that. If you could get more ROI than the interest on the loan, or you own a business and lease the car through the corporation you'd be better off not paying for the car in cash.
Yup, although I don't know about the benefits of leasing so much, if I can get a return of 30% cash on cash from property investments or save 5.5% a year on a car note, i know which i would rather do
04-07-2006, 01:16 PM
#56
Three Wheelin'
Originally Posted by riad
I wouldn't make a blanket statement like that. If you could get more ROI than the interest on the loan, or you own a business and lease the car through the corporation you'd be better off not paying for the car in cash.
04-07-2006, 01:20 PM
#57
Originally Posted by pongobaz
Buy house, renovate like crazy (to her liking), landscape (for her), furnish it (for her), pay it off completely... then and only then buy a porsche (with her approval and encouragement of course! 
)= perfect recipe for a happy marriage and p-car ownership experience.
Let's face it gents, if it wasn't for the women in our lives we'd all be driving AND living in really nice cars!
)= perfect recipe for a happy marriage and p-car ownership experience.Let's face it gents, if it wasn't for the women in our lives we'd all be driving AND living in really nice cars!
04-07-2006, 01:27 PM
#58
Burning Brakes
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Savvy
Originally Posted by mjet
I surprised at some of the responses in this tread. I thought P Car owners were more savy with thier $$$$$$$.......
04-07-2006, 01:38 PM
#59
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I agree with Riad. If you can lease the P-car for business purposes there are tax advantages to doing so that usually make that a better option than paying cash.
In my case I waited a long time for my first P-car and didn't get one until i was in my mid 50's! It has been a great father-son joy as we do track events together etc. My son helped me pick out the car and he helps me take care of it. The experience is priceless. Having this car is no financial burden at this point in my life and if the P-car expense would impact family budget, house, vacations or ______________(fill in the blank) I wouldn't do it. So for me it's house first.
But to be completely honest, if I worked my whole life, invested as best I could and woke up one day being mid 50's and I still couldn't afford the P car I'd probably buy one anyway.
In my case I waited a long time for my first P-car and didn't get one until i was in my mid 50's! It has been a great father-son joy as we do track events together etc. My son helped me pick out the car and he helps me take care of it. The experience is priceless. Having this car is no financial burden at this point in my life and if the P-car expense would impact family budget, house, vacations or ______________(fill in the blank) I wouldn't do it. So for me it's house first.
But to be completely honest, if I worked my whole life, invested as best I could and woke up one day being mid 50's and I still couldn't afford the P car I'd probably buy one anyway.
04-07-2006, 01:46 PM
#60
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Does any one around here own, or lease, fur coats? And if the answer is positive, could we have a sort of statistic if same were purchased, or leased, before or after p-cars? what would be the pros and cons of before or after p-car?