Realistically speaking, if someone made 35K a year and is single...
06-22-2013, 04:18 PM
#31
Rat Balls
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If I made $35k a year, and didn't live in my parent's basement, the last thing I would buy would be a Porsche. There is plenty of time for that. Chicks dig guys with money. Not broke guys who drive a 911.
06-22-2013, 04:47 PM
#32
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Pretty much impossible to determine without some idea of your current cash flow and debt, but should be more than doable assuming you don't expect to pull the car into the shop every time you need something checked out or an oil change... If you don't want to or don't think you are able to work on your own car, I'd skip it.
This budget should be more than sufficient...:
This budget should be more than sufficient...:
- $20K for the car (and makes sure you are patient and get a GOOD one!)
- $1,000 for tools and a service manual
- $1,250/yr for parts and supplies
- $1,250/yr towards a reserve for large, unexpected repairs.repair reserve. Some years it will be much more, some years $0.
- Shave $2,500/yr ($50 each week) off your current discretionary budget
06-22-2013, 05:24 PM
#33
Burgled
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.............................
This budget should be more than sufficient...:
This budget should be more than sufficient...:
- $20K for the car (and makes sure you are patient and get a GOOD one!)
- $1,000 for tools and a service manual
- $1,250/yr for parts and supplies
- $1,250/yr towards a reserve for large, unexpected repairs.repair reserve. Some years it will be much more, some years $0.
- Shave $2,500/yr ($50 each week) off your current discretionary budget
$50 off each week
06-22-2013, 06:05 PM
#34
06-22-2013, 08:00 PM
#35
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If you have to ask the question, you already know the answer. Buy experiences first, not things. Take $3,000 of your money and a week of your time, fly to Stuttgart and go visit the Porsche & Mercedes museums. That's a trip you'll remember and enjoy the rest of your life and won't cost you a dime in maintenance. I've filed over 11,000 bankruptcies in my career and seen lots of people who've regretted buying stuff (rental property, timeshares, expensive vehicles). No one regrets taking a dream trip.
06-22-2013, 10:37 PM
#36
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I have owned Porsches usually 2 at a time for 30+ years and have never needed to stick money away in those amounts. Service manuals are on line and you can borrow about any one time use tool from most big box auto stores. You dont need $1000 a set ratchets to work on these cars.
$50 off each week
$50 off each week
A $1,000 tool budget if perhaps you have nothing and you want to buy semi-decent sockets, wrenches, screwdrivers, torque wrenches, measurement tools, pry bars, hammers, pliers, punches, other general hand tools, small toolbox, magnetic parts trays, some specialty tools, floor jack, jack stands, small compressor, work light, etc.
06-22-2013, 10:39 PM
#37
I was trying to be generous with the amounts...
A $1,000 tool budget if perhaps you have nothing and you want to buy semi-decent sockets, wrenches, screwdrivers, torque wrenches, measurement tools, general hand tools, small toolbox, magnetic parts trays, some specialty tools, floor jack, jack stands, small compressor, work light, etc.
A $1,000 tool budget if perhaps you have nothing and you want to buy semi-decent sockets, wrenches, screwdrivers, torque wrenches, measurement tools, general hand tools, small toolbox, magnetic parts trays, some specialty tools, floor jack, jack stands, small compressor, work light, etc.
06-22-2013, 11:21 PM
#39
Pro
When I was growing up in the early 70's a friend of mine bought a used Lotus Europa. What a bleeping nightmare keeping that POS running. He didn't frigging care he was a God damned TEENAGER driving a frigging LOTUS!!! I say it was money well spent. All my cash back then was wasted on beer and weed. My car? A 1960 Bugeye Sprite. Go for it!!
06-22-2013, 11:25 PM
#40
You know the answer. Sit down with a financial specialist and make a plan, both short and long term. Then, with realistic budget in hand, figure out what the coolest car is that you can afford. There are lots of attractive options, including used Miatas, Mustangs, and VW GLI/GTIs. Most of us started there and gradually moved up.
There are no cheap Porsches.
There are no cheap Porsches.
06-23-2013, 12:00 AM
#41
I think one "could", and I believe it was a question of could rather than one of should. I had my first 911 at 20 and I think I made $2.70 per hour and chose to work part time. I lived in a mobile home in Tampa and almost 40 years later it still stands out as possibly the absolute best time of my life. Times were quite simple for me then, as for me, I think I was born with the disease of automotive addiction, it drove my frugal Father nuts. He often reminded me of the homes I could have owned and the money I could have had in the bank if not for all of the Mustangs, Corvette, Saab Turbo, Porsches, etc. My Fathere ended up in a skilled nursing home and suffered for years, his most severe source of agitation? That instead of "living" he saved for someday when, and for him that day was in a wheel chair and I don't think he ever came to terms with exchanging the majority of what he had saved for so-called life time "care".
I wasn't into cars for the "chicks" or for the attention of others, I just enjoy the hell out of them. Value add forty years ago that I didn't anticipate, yet thoroughly enjoyed, was the girls who dug the Porsche, cruising to the beach, and then going to my "mobile home" to round out the day. You know, not one ever seemed to mind going to my trailer, and usually on a frequent basis. I sometimes wondered if I was driving an MG Midget or something of that sort if any of them would have ever learned where I lived. I hope that wouldn't be the case, but.............
And I actually know a few people who are driving 2012 911 variants, making obscene amounts of money, and in my not so humble opinion, a Yugo would be too classy of a machine for them. You are not what you drive, what you earn, or where you live.
And the only time you can truly count on is right now. Plan as you might, too much is beyond your control, ask me how I learned that one.
I wasn't into cars for the "chicks" or for the attention of others, I just enjoy the hell out of them. Value add forty years ago that I didn't anticipate, yet thoroughly enjoyed, was the girls who dug the Porsche, cruising to the beach, and then going to my "mobile home" to round out the day. You know, not one ever seemed to mind going to my trailer, and usually on a frequent basis. I sometimes wondered if I was driving an MG Midget or something of that sort if any of them would have ever learned where I lived. I hope that wouldn't be the case, but.............
And I actually know a few people who are driving 2012 911 variants, making obscene amounts of money, and in my not so humble opinion, a Yugo would be too classy of a machine for them. You are not what you drive, what you earn, or where you live.
And the only time you can truly count on is right now. Plan as you might, too much is beyond your control, ask me how I learned that one.
06-23-2013, 06:41 AM
#42
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@TheLastTemplar
I'm pretty much in the same boat that you are, not sure your age but I'm 22, single, no kids, not a lot of bills, making close to $40k a year. Almost a year ago when I was 21 I bought a 2001 C2 for under trade in value and paid cash for it so no car payments. I had a lot of maintenance records so knew what it may need and what was already done on it. In the 4-10 thousand miles before I bought it the clutch was done, all 4 pads and rotors, alternator, drive belt, front tires, left radiator and a few other things. First month I had it I did a small tune up and had the dealership go over the car ($500). I was recommended to do a coolant flush so went ahead and did that along with the water pump the second month ($450). Month after that I got some new Michelin PS2's off craigslist for $300 on the rear. Also found out that the RMS was leaking so did that along with the upgraded IMS the next month ($1700). After the 4th month everything was up to par on the car. Each month after that I started doing some mods to the car. New Victor black wheels ($1,100), next month got window tint ($250), month after got a K&N CAI kit ($270), painted side markers black ($7), and some smaller stuff. Went a couple months with no problems or mods. Last month I took the front bumper off and cleaned out the condensers and radiators ($0). Next month I will attempt to do the motor mounts, spark plugs and spark plug tubes myself just for kicks. Having free access to Alldata really comes in handy as the plugs may be a little more difficult than my 68 Camaro. I have enough money on the side to cover any big repairs, and also have another car to drive if it needs to be in the shop for any extended period of time. Luckily I have had no problems besides the RMS leak so I am very happy that I got the car. Also, the girls love it haha. So in your case I would say get a online subscription to Alldata so you can do the small jobs yourself, and if you can find one similar to how I did with maint. records and a good PPI then I would say go for it!
I'm pretty much in the same boat that you are, not sure your age but I'm 22, single, no kids, not a lot of bills, making close to $40k a year. Almost a year ago when I was 21 I bought a 2001 C2 for under trade in value and paid cash for it so no car payments. I had a lot of maintenance records so knew what it may need and what was already done on it. In the 4-10 thousand miles before I bought it the clutch was done, all 4 pads and rotors, alternator, drive belt, front tires, left radiator and a few other things. First month I had it I did a small tune up and had the dealership go over the car ($500). I was recommended to do a coolant flush so went ahead and did that along with the water pump the second month ($450). Month after that I got some new Michelin PS2's off craigslist for $300 on the rear. Also found out that the RMS was leaking so did that along with the upgraded IMS the next month ($1700). After the 4th month everything was up to par on the car. Each month after that I started doing some mods to the car. New Victor black wheels ($1,100), next month got window tint ($250), month after got a K&N CAI kit ($270), painted side markers black ($7), and some smaller stuff. Went a couple months with no problems or mods. Last month I took the front bumper off and cleaned out the condensers and radiators ($0). Next month I will attempt to do the motor mounts, spark plugs and spark plug tubes myself just for kicks. Having free access to Alldata really comes in handy as the plugs may be a little more difficult than my 68 Camaro. I have enough money on the side to cover any big repairs, and also have another car to drive if it needs to be in the shop for any extended period of time. Luckily I have had no problems besides the RMS leak so I am very happy that I got the car. Also, the girls love it haha. So in your case I would say get a online subscription to Alldata so you can do the small jobs yourself, and if you can find one similar to how I did with maint. records and a good PPI then I would say go for it!
However, I am disciplining myself and going back to school and hopefully get a 50K job after 12 months of schooling, assuming I graduate/find a new job right after.
your post is a relief, since it IS possible to get one without being in a financial hole or ruin.
06-23-2013, 07:50 AM
#43
Three Wheelin'
Not recommended. I have spent $3000 in the last 2 months, and I'm sure many $1000's more over next year. My first Porsche was a very inexpensive 914 at 19 that I drove for one year, then took a summer to fix rust problems and paint 14 times with black lacquer. Made money on it. Next Porsche was a 74 911 Targa at 26, got a deal, but only because it needed a ton of work, by that time I had time to tear it down and repaint it. Figured I would buy one that needed work and budgeted for the tools as well. Never really drove it though due to electrical problems and getting married. Made money on it when I sold it (not running). Then life and family and career and budgets got in the way. Next was a 964 Carrera 4 at 43. Spent very little on it, and made money on it when I sold it. Bought the C4S at 49, great car, but I've never spent more money on any car that I've ever owned...that said, I can afford to have the work done nowadays. Some lessons here... I did spend a lot of years in between ownership, wishing I had a Porsche, dreaming of the 911 that would be sitting in my driveway.
Start cheaper, used nice 944S or similar, under $10K. Plan to do most of the maintenance yourself. Own it and drive it until career lets you afford more car! Plus you will either get the true Porsche bug, or forget about it.
Start cheaper, used nice 944S or similar, under $10K. Plan to do most of the maintenance yourself. Own it and drive it until career lets you afford more car! Plus you will either get the true Porsche bug, or forget about it.
06-23-2013, 09:50 AM
#44
Race Director
That is VERY impressive-- the fact you own a 911 at only 21. Freaking amazing and congrats. I am a few years older than you and have been HORRENDOUS with my finances and don't really know how to save. I understand the concept of saving, but I am addicted to spending.
However, I am disciplining myself and going back to school and hopefully get a 50K job after 12 months of schooling, assuming I graduate/find a new job right after.
your post is a relief, since it IS possible to get one without being in a financial hole or ruin.
However, I am disciplining myself and going back to school and hopefully get a 50K job after 12 months of schooling, assuming I graduate/find a new job right after.
your post is a relief, since it IS possible to get one without being in a financial hole or ruin.
go to school, get the job...THEN buy the car.
06-23-2013, 11:03 AM
#45
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This. Use the car as your goal to get through school and get the better job. Once you have accomplished both, then look for a 996. There is no reason to make a poor decision now that could negatively impact you for years down the road.