jury_ca

I bought my 911 4 yrs out of college, but I'm also making decent coin. If I were in your situation, I'd buy a more reliable Japanese car like a G35 coupe, which is 75% of the fun of a 911. If you can't afford the maintainence/repairs on an aging 911 you will never be happy always wonder what will go wrong. I hardly drive my car (travel too much) and it is still a very expensive car to maintain. Tires are 10K mile items (lead foot), parts have an outrageous markup, you have to use premium gas etc, etc. If you're not earning 6 figures, forget about it.

Van

My first car after college was an 11 year old 944. I'm glad I did it (I'm pretty mechanically inclined, and learned a lot about working on cars on that one.) It was an excellent spring-board to what has, so far, been a lasting love of Porsches.

A few questions you may want to ask yourself:
-how much work are willing to do yourself?
-what do you hope to get out of the car - just drive to work, autocross, driver's ed, etc.?
-is a 996 the only one that piques your fancy - what about boxsters, 951/968, 964, etc.?

64_Comet

College...the best 8 years of my life.

So, now I am 3 years out of college, 29, bought a house and the BIGGEST mistake I feel I made was buying a car on payments. Add to that a house which was a "fixer-upper" (we knew that going into the deal, bought the house real cheap so that was a GOOD $30k to spend) that I have put $30k into int the last 2 years and basically I wish that I had bought a cheaper, USED car fresh out of college car.

I have vowed to never buy another car on payments again. Between my wife and I we make a decent coin, no kids and we still think that $25k cars are expensive. Add to that a new car which you are "stuck" with due to depreciation...

A used 996 is going to be about the same price as my new car. At least the bulk of the depreciation is done, but the maint. fees are going to start to add up.

In short, I would have to agree with the older and wiser members who said to save now, and don't buy until you can pay cash.

Maybe keep the beater and buy a 911SC for cash in a year? That is the route I wish I had taken. I love my DD, but it's not the same. I'll keep that as my "beater" for a long time and pick up a used 911 in a couple years...for cash...and have BOTH cars paid off and fully depreciated.

ElTorrente

^ Good post 64_Comet

The main problem with youngsters - or Americans in general - is instant gratification and refusing to just wait a few years until you can afford an item. So many people assume that it's the American way to always have car payments, to buy things on credit, and to have payments sucking the life out of you. Years go by and you're no better off than when you started, and all that stuff you accumulate doesn't bring you happiness or peace of mind.. it's just "stuff".

Unfortunately most people don't realize this until it's too late, and they've lost precious years throwing money away on monthly payments before they realize that they could have had a huge nest egg built up, but instead they wanted to show off by driving some car, or buying an expensive watch, or whatever. By delaying buying expensive toys, they could buy nicer toys and pay for them in cash, but they'll never get there by throwing money away when they really can't afford it.

hwk72

^ That's true and is one of the reasons why the US is one of the few countries in the world where people have a negative savings rate. I experienced that it's not a bad thing to start with debt as it teaches to monitor your housekeeping bill better. However, you have to be selective with which goods you finance. Everything that depreciates over time should be bought cash. Appreciating assets can be leveraged - like houses (yeah, sometimes their prices seem to appreciate ).

Al-x

If you feel comfortable with the purchase, and have a fair amount of savings for yourself and the p-car just do it. I bought my first and second 911 this year at 29, but I have compiled a good amount of savings and my investments are definitely in order. Enjoy it while you are young, but make sure you are still able to enjoy it while you're old.......

photo25

You have 80 years to play with toys ! Wait save your cash,
buy a 3 family rental income property within the next 2 to 3 years. Find one with positive cash-flow after your mortage.
When you have saved enough to pay cash for a 911 go for it prices will be lower on P cars and you will find a newer model year. The rental income will help you cover Tires/Insurance and repairs. The property can save you taxes and will increase in value also be insurance for the ups and downds of the job market.

Good Luck !!

dmw

Houses and stocks are on sale right now. Save and buy a house/condo. Before you do anything else make sure you are maxing out a 401k and Roth IRA. You will probably grow out of the latter after 5-10 years. Go test drive a Boxster or 1995-99 BMW M3. Either of those cars will be a blast to drive and a better intro into a 911.

fast1

First, I have to commend the previous posters for their mature responses. On most car forums the advice would be to buy the car and don't worry about the economic consequenies.

Although you can buy a 996 for the price of a G35, the maintenance cost for a 996 will be consistent with its initial price of around $85K and not the $30s of a G35. This doesn't necessarily mean that you will necessarily incur substantial maintenance costs, but you have to be financially prepared for it.

I know that this isn't the advice that the OP wants, but the prudent thing would be to buy a car that you can easily afford, and spend most of your income on either buying or saving for the purchase of a house or condo.

Rivarama

I actually say that you have 80 years to save money (in fact 35 from 25>60), but you will probably enjoy your porsche better between 25 and 40...

Go with the porsche as long as you don't have to live in it... you already made some sacrifice in college to buy your dream car... go to the end of your dream - savings can wait as long as you don't put a rock around ur neck

ElTorrente

^ best to start investing as soon as possible - compounding interest doesn't like to wait.

jcalhoun

I bought my 99 996 2 months after graduating college- first, I bought a house. Of course my wife and I graduated together with our engineering degrees. If you can afford it and still be able to put money back, that would be best. Had I waited and saved up the $ instead of paying it off over 3 years, I would have been much better off. For the same price that I paid in 2004 for the 99 (and earned interest on my savings) I would be in the market for a 01 turbo by now. But then again, I have really enjoyed my ownership for the last 4 years

tooloud10

Not sure why people keep saying this...the maintenance on my 996 is remarkably less than the maintenance on my pseudo-G35 truck. Sure, tires cost money, but I've put 10k miles on my tires and they're not even close to needing to be replaced. I guess I don't count any of the "unexpected" stuff as "maintenance"...

In any case, I'm not sure why it's gotta be an "all or nothing" type of deal...find one with a replaced engine for less than $30k and go for it if it fits into your finances along with proper investments. I do agree that one shouldn't buy a 996 if they can't afford to put something away each month, but those people wouldn't even ask if they should buy the car...they'd have just done it already.

In my case, I bought the car when I was 28 and don't regret it for a second. As I implied in a previous post on the subject, since the 996 came down in price so quickly, I think a lot of owners are biased against saying that it's OK to buy one when you're younger, 'cause the price of entry didn't allow them to. IOW, someone buying a 996 in their 20s right now isn't nearly the same kind of situation it was even five years ago, and I think some people are afraid to admit that 20-somethings can gain entrance into the little "club" these days.

Bottom line? Put me down as "go for it"...you've probably already put more thought into it than half the people in this forum. Buying a P-car doesn't have to be the difference between financial success or failure...do your due diligence, get a PPI done, get an extended warranty (that actually pays) if you're really worried, and make your decision. And hell, if your lifestyle permits, just get a Boxster S as recommended in a few previous posts--it would be even cheaper. I couldn't, however, rightfully recommend buying an older, air-cooled 911...THAT maintenance WILL surprise you.

YMMV.

Quadcammer

Im a young guy (been outta college 3 years), and Im a huge fan of saving and investing, but come on folks, we are talking about a $20kish vehicle here. He trades in his exploder, and spends maybe $16k. Decent salary may be like $55-60k. Unless he lives in the nyc or socal areas, that will cover rent, utils, food, etc, and have a lot left over. If he wanted to purchase a $60k GT3, I would be all over the "save the money" bit, but since he is buying a new car anyway, he may as well get a 911. Repairs may be pricey, but a $5k slush fund should go a long way assuming no major blowups.

arr0gant

I would recommend buying the G35/IS350 and wait to buy a 911 when you can also buy a beater to go along with it.

A 911 that old, out of warranty can cause serious problems for someone who's not ready for it. You probably need a reliable car you can count on.