DCP

Man, you need to drive some cars. I can't even put a SC430 and a - - Porsche, any Porsche, in the same sentence. Such totally different cars. Take once huge step back and decide what you want in a car. If it is status, forget the Porsche. It has it, but it comes with a cost. If it is a sports car experience, then okay, consider a Porsche.

P-Car fanatic

Excellent suggestion

My car history went

Alfa Romeo 164 (cheap first car) -> BMW 325 coupe (E36) -> Porsche Boxster -> Porsche 996 -> ?997 GT3/Cayman 'S"

The whole time I have bought cars that have been below what my friends perceive to be my level of affordability. I have done this so I could invest for the future and with patience get a comfortable lifestyle with less stress.

My current 996 is I think my last 'patience car'

Instead of rushing out and spending that $23k on a depreciating liability that gives you lots of fun, why not use it as a downpayment on an investment property that will give you money every month? I put down about that amount of money on each property I purchase and get about $600 a month after repairs etc in free cash (before income tax)

justinmm2

ahayvi,

You and I are in somewhat similar situations, except that I didn't consider an SC430. I put down 22k on my 911, and took out a 14k loan for the rest. And as of yesterday, I've gone through a failed engine. Oh, and I just restarted my college career in September.

Let me just say that my CPO warranty was an absolute godsend. Had my engine gone without the warranty, a replacement would have been an extremely severe hit to my finances - I do not think I'd be in a 911 anymore.

I bought the car with 42k on the clock, and it's been trouble free. The 60k service was a little expensive - and I got a superb deal on it, but other than that it's been oil changes and tires. I had some sort of electrical problem with my passenger side tail and headlights, but the dealer fixed those free of charge in about a half-hour under CPO. Cosmos makes a good point about there being several big ticket items that can put a big dent in your wallet.

Honestly, I'm spending more money than I should on a car. I decided to pay off the loan in a few months, which was a very good decision. If I still owed money on it, I'd feel a lot worse when taking it in for big ticket items.

My best advice would probably be to save up until you can take out a smaller loan. Of course, you could be in the same boat I was: I knew if I didn't buy before I started school, it would be a terrible idea once I did start

Just some thoughts.

Edit: Oh, yeah - having a loan on the car makes modding a ridiculous proposition Just more to consider.

Truble10

At your age it is just not rational to spend $23K plus another $10K-$15K in loans on a vehicle. Not that Porsches are rational but financially it just does not make sense. Invest your $$ - you are going to need it, buy something cheap that you can afford. Get something newer that has a warranty and you will not worry about maintenance costs. I agree with the BMW 3 series suggestion. Look for a used 04 or 05 and it should have a maintenance package along with the warranty. Wait until you get a job, then get a nice car.

I know the $$ is probably burning a hole in your pocket but trust me, spending your wad on a car + gettting a loan is just not a responsible thing to do.

Palting

You can't enjoy a car, any car but especially a Porsche, if you are continually worried it could "break you". Not worth it at this point in your life. There will be enough pressures in the near future, cost of the car should not be one of them. Buy a "FUN" car, a worry-free car. There is a lot to choose from. WRX, GTI, S2000, heck, even a Miata. I had a fun little VW Scirocco, then a fun Honda Prelude. Have fun, with no worries from the car. Then, when the time comes, buy the dream car worry-free and enjoy that as well.

fast1

I am leaning toward the sc430 and am now posting here so you guys can convince me that I am making the wrong move.

I have to admit that I'm always puzzled by posts like this. To me it's no different than saying that I'm dating a blonde and brunette, please help me decide which one I should marry.

The SC 430 is a great looking, well made, and very reliable sporty car. The 996 is an all out sports car. These cars are so different that I'm surprised that anyone would have trouble deciding between the two. Now if you said you had trouble deciding between a C6 Z06 or a Viper or a 997, we could offer our views and you could compare them with what the guys offered on Vette and Viper forums. But at least these are all sports cars aimed at enthusiasts.

delirium

This is not one of your concerns, but I have both cars, and I get looks & stares in the SC430 (especially when the top is down). Children will point at me like im a celebrity & people will turn their heads when i drive by. I dont get the same attention in the porsche, maybe people think im a stuck up a-hole in the Porsche.

Nutbeem

SC430? Where'd that one come from?

I'd go 2002-2003 330Ci, or iC if you want the convertible - P-car's no good if you can't afford the maintenance.

arenared

From the way you pose the question, my interpretation is that you are getting in over your head financially. Then, ask yourself what you want out of a car. Is it luxury or sport? IMNSHO, an SC430 is only sporty when compared to a Lincoln by its target demographic of retirees. Unless you do your own maintenance, Porsches are not cheap to maintain. If you want to enjoy it and not have to worry about it all the time, you should also have $5K to $15K available that would not "break" you. I don't think anyone will give you an extended warranty on an old P-car. For sport and reliability, I would take a serious look at an S2000 which is at least getting close to Porsche territory.

Frank Courts

Boxster!!! Great driving car, reliable, and you can have it with no payments. Five year old boxsters have gone thru most of their depreciation and will hold value. Most of all it is a blast to drive!!!

P-Car fanatic

[QUOTE=arenared] IMNSHO, an SC430 is only sporty when compared to a Lincoln by its target demographic of retirees. QUOTE]

P-Car fanatic

I know a lot of people on here are older and say buy the car outright, and although it is a very nice feeling of not having car payments, at your age, you can do well through investing

car loans are CHEAP secured money

you can easily get a loan at 6%

If with a bit of effort you can't get more than that rate of return by investing (after capital gains or income tax) then you probably have no business driving anything more high end than a hyundai sonata or chevy impala

I live very comfortably within my salaried income. My separate investment income could very easily pay for a lease payment on a Lamborghini Murcielago, but I choose not to at this stage of my life.

Try to look past the short term and look to the 5-10 year plan.

I'm not saying buy a honda civic, but definitely look at a 3-5 year old BMW coupe, put 10% down and finance the rest. If you don't qualify for this loan then that should tell you something

arr0gant

Not very smart to be spending all of your money, PLUS an extra $10 to $12 (and will easily turn to $15 to $17K). The smart move would be, to get a broker, start investing and don't buy a P until you are at an age and point when it is smart.

Most people who buy P's can buy them outright. Having car-debt is one of the stupidest things you can do, any money person will tell you this. Especially when it's a car that's 7 years old and high miles that you should expect to have issues.

My BEST advice is to spend about $10k of your money, and invest in a good, solid Honda Civic and drive it into the ground. If you are smart w/ your dollars now, you will have the P of your dreams when the time is right.

P-Car fanatic

I think this is a bit of a gross generalisation.

I actually just bought a $45k truck/SUV for cash and although its nice to feel right now that I don't have a payment, I have a couple of real estate income opportunites that are coming up that will give me a 25-30% cash on cash return if I put $20k into each one. So i will be getting a note at 6% on the truck that I currently own outright.

Would a 'money person' really think its a stupid to exchange 6% interest rate cost on $40k car loan into a 25% return on a $40k investment?

after all taxes and costs I am still looking at a very decent 15% return that would not be possible without releasing the cash equity in my vehicle....

CosmosC4S

Gentlemen,

I think some of you are getting out of topic here. As always, some of you are ever trying to tell everyone that "buying a car cash is the only way to go for a P, otherwise you shouldn't drive one".
"Taking a loan on a car is bad, and investing money elsewhere is better"...
Come on...this is a young gentleman here, with dreams just like us back then. I was impatient and went for what I wanted when I was young. He asked for opinions on the cars he wanted, NOT for the best way to handle the money he has! Let him have your opinions on the cars and answer his questions. Let him do with his hard earned money as he wishes.

Damn, that's what car loans, mortgages are for. For those who want things that they cannot immediately afford. Some of you, from previous posts, make it seem like Porsche owners are an elite group, that if you can't buy it cash, you don't belong to the group.

Life is short, just do what is possible within your means, as long as you don't end up in deep financial difficulty. Realize you dreams if possible, and be happy, you might not be around long enough.