dennis hiip

What would Suze Orman say?

hf1

Don't sell yourself short. You can't be all that bad at saving if you managed to save up 25k on a 35k/yr salary.

I still wouldn't buy a Porsche if I was you, though. Of course, each of us has different priorities but consider how important freedom is to you before you commit to a large financial obligation. How much do you value having the option to say "F U" to anyone whose face you don't want to see ever again, including your boss/employer? How much do you value having the means to take a nice trip with someone fun wherever you want on a whim? How much do you value the ability to enter into a screaming deal/purchase/investment when/if it presents itself to you? (You won't be able to take advantage of such opportunity with only $1000 in your bank account).

Consider the above before you buy the Porsche.

RF5BPilot

Part of the issue is to understand why you want a Porsche, determine whether you have the means to handle the unexpected and decide if your environment is conducive to owing one.

- If you want track/autocross time, then you'd be in a situation of dedicating your resources to getting the car with little chance of meaningful upgrades or keeping up with tires. Starting with a Miata now that you can play with and have room to customize for your track interests might be a better alternative.

- If you mainly just want to have one, be seen in one....that's a different issue.

- Be realistic about reserves. You'd hope you wouldn't use them, but the old wisdom for performance cars was to have at least half the value of the car in savings to handle the unexpected. But also expect that you'll be paying extra for all parts & maintenance (which is based on the car's new value, not what you paid....which is why there are a LOT of used Rolls Royces for sale needing maintenance).

- Also be realistic about where you live & drive. The kids/crooks/jealous-tenants that would never look twice at a Miata might see a Porsche as great sport.

I got my first 911 at 23. There really is nothing like them. But when I decided to go grad school, I sold mine as I knew I wouldn't have the funds nor the living environment to care for it properly. I miss it to this day (despite having had several since then), but I still did the right thing at that time.

So, it's the old struggle of emotion over logic. But that fact that you're even asking this means that you have justifiable concerns. (Is she pretty enough that you don't mind spending money on her that you'd rather spend elsewhere and put up with her being a diva?)

white out

FYI, I bought a Lamborghini instead of a house. Financially, according to others' I shouldn't have spent so much on a car. But I wanted it and I don't want a house at this point in my life, so I bought the car and I couldn't be happier with my decision. Put your priorities in front, not how others' think you should spend your money.

Porsche maintenance (or any German for that matter) is the most expensive of any country. So you have to budget that. Look around in your area for a good independent shop that works on Porsches because you really want to avoid the dealer hourly rate.

To top the maintenance, the 996 is notorious for the engine letting go on a whim, which is why 996's are a gamble compared to other cars in the price range.

Boxster has the same issues as 996, so don't 'downgrade' to a car you don't like that has the same requirements to keep it on the road.

In my honest opinion, for $30k, I would also look at:
996T
Corvette C5/C6
GenII Viper
NSX
M3
135
BRZ
370Z
SKY/Solstice turbo
Mustang with Track Pack or Boss


I would avoid:
Boxster/Cayman
TT
RX8
G35/37
Challenger
Camaro
anything you really don't want

white out

I forgot to add, a 996 isn't a big risk. There is the engine failure issue. But if you replace the clutch/IMS/RMS/slave cylinder & oil/trans & brake fluid change right when you get the car; it will be hassel free for the most part and it shouldn't require much besides filters, fluids, and normal consumables.

Also, financially, the 996 prices are low. I don't know how much lower they will go, but at this point in their age, they have already taken the big drop. So whenever you go to sell it, you will not have as much of a loss as a newer car.

CDLVancouver

Gonna be totally blunt:
Im guessing that $35k is around $20/hr?
If so you should be looking at a $5000 used civic or leasing a new civic, not sinking $25k into a potential money pit.
You dont see many folks making $20/hr buying $25-30k cars for a reason...its because they cant afford it. If you do see it its because they arent paying mom room and board to live in the basement or theyve recently inheritted money.

cmartin214

Managing my finances well is the main reason I have been able to afford my cars. My Porsche is both a toy and an investment. When I sell it I will most likely get a good amount more than I paid for it. In the last 6 years since I turned 16 I have had 15 cars, and with each making a profit of $2,000-$16,000 PROFIT on each sale. I now own an 01 C2 and a 1968 Camaro RS/SS outright, with more than enough money in savings to pay my house rent for a year without working incase anything happens. My monthly bills (rental house, insurance, food, entertaining the ladies, ect.) is about half my monthly income so I have a good amount of money going into savings and investing. Because of that, I am still able to splurge money when I feel. Write out a financial plan that works for you and stick to it for awhile before you make a purchase like that so you can see what your able to afford. I would also like to add that I don't live with the parents nor had any money given to me to help purchase my cars.
Keep in mind all cars will require maintenance and repairs. I've had other domestic vehicles that I had spent more in repairs than I have on my Porsche. The cost differences on repairs and maintenance on a Porsche compared to owning something like a Mustang are well worth the joy of owning these cars. Most of the routine maintenance you can easily do yourself on these cars as well.
If you have to have a Porsche, try finding a higher mileage 996 that's been well taken care of for around $15-18k. Then put the remaining amount of the $25k away for emergencies.

dph928

I think it depends whether you want a long term hobby or a daily driver really.

I bought my black 928 s4 when I was 22 and it has been a great hobby over the years, giving me and my friends a lot of challenges and fun. It's parts are more expensive and it's harder to work on in my opinion than the 996, so the 996 would have been a better choice had in been in my price range back then.

The first thing I did was get the workshop manuals and pet. It was such fun learning how to work on a car (it was my second car after a fiat cinquecento, which I continued to use as an inexpensive daily driver). As long as you have the apptitude for repairs, somewhere to store it when necessary if it's off the road, and commissioning / storing correctly.

I still have my 928 and after 15 years I can't imagine selling it now. Over the years I've rebuilt the engine, gearbox, suspension, interior... Everything was a first time experience for me, done carefully by the book, never had a problem. I have a 996 now as my daily driver but have a lot of good memories over the years from the 928, so my advice is to think about why you want it, consider the compromises you might have to make, and whether you'd want to keep it indefinitely. I always wanted the 928 when I was a kid and I'm still happy taking it out for a blast,had it not been the right car though and I'd not considered it a hobby my view of the effort and expense would be different.

Good luck!

Gonzo911

Quit renting. Go buy a house.

NineEreven

depends on the car.

My buddy has a 996 c2 and makes 40K a year. Its super clean and he can afford it just fine. I think on a 5 year loan his monthly payments are like $350. Very low in my opinion.

LOL at the buy a miata and learn to drive it fast. dont do this.

cmartin214

Ah yes that is my next step. Once I sell the Camaro and our lease is up I'm using the money for the down payment on a house and leasing out a couple rooms to some friends. I plan on flipping and renting out houses on the side instead of flipping cars, already got my real estate license

On a side note:
Anyone interested in buying a freshly restored 1968 Camaro RS/SS with a built 454? I will be putting it up for sale in about 3 weeks. PM if interested.

Sue Esponte

No, you should not. You've been asking questions like this for weeks fighting your instincts which are clearly telling you that this is a risky purchase for you. You know its true. Porsches aren't going away. Save your money and put it into something more long term. Buy the Porsche when you don't have to worry so much about whether a few grand will break the bank.

-Eric

dallison28

I have made a few dumb choices and i am on the fence on this one.
If you have never worked on a car before, i would seriously say no. I am very efficient with fixing cars and have saved tens of thousands of dollars and making only 35k a year would make me nervous.
I would recommend buying an older honda or toyota product and then learn to repair them since they cost much less to fix.

NineEreven

its just money? right?

shyamvenky

Ok, I'm one of those guys who bought a Porsche (86' 3.2) at 21 four years ago, and am running my second Porsche (99' 996) for almost a couple of years now. I've wanted a Porsche ever since I was a kid. While it is exciting to take risks when you're young, you always need a fallback plan. I can say this.. that its definitely possible to own a Porsche at a young age, so long as you know what you're getting into.

I'd say finish college; get that better job and then plunge into Porsches. Get into better spending habits so that you're confident of dealing with expensive repairs. Controlled spending and saving would help a lot in other avenues as well. If you're really that passionate about a Porsche and want to own one for years, the one year wait shouldn't be hard Finding 'the' Porsche you want can itself take a while, so you can actually get started with your search in 6-8 months. That will keep you motivated to find the big job and finally buy the car.
Good luck