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I still say save your $55k. That money, invested for the long term in, say, an S&P index fund - will be worth $250k in 20 years.
He could be dead in 20 years too. Gotta enjoy life while you can
Yes I agree with the general assessment of making sure one is financially sound both now and in the future before spending that kind of money on a car, especially a used one. If he already has that in order, however, have fun with what you have while you can.
To the OP:
I've been a lifelong car nut. I made a list the other day and discovered I've bought/owned
then sold over 70 cars including 7 911s (oh and one 912 a '68).
For most of those years we maintained a home in New Hampshire in addition to one in Mass.
As NH has no sales tax, I would register each new car in NH. About 10 of these well used cars were for my three kids. Let's see: An '80 mustang, a '98 Mitsubishi Eclipse, a '78 Mercedes Benz 300e (European model - wow was that fast!), a Ford Fairmont, a VW bug, a Mazda 626, a Toyota Coupe, etc. All of these cars other than on-going maintenance - were sold for at least what I paid for them.
In all these cars, except for the new ones I purchased for my wife (at least 10 Honda Accords, and now probably 6 BMW 3 series - all leased)
Other than the wife's new cars, I always made money (that is not losing money) on the used
cars I bought. I'd "buy them right, fix them up, keep them a year or two, then sell them".
For example, my 911 before my current 996, was a '95 993 cabriolet. I definitely sold that too early. I paid about $20k for it, drove it for 7 years, sold it for $19.5k about 18 months ago. If I still owned it today, I'd probably get at least $25k for it.
I relate this information to you to say watch your money. Yeah, you have to live in the present, but the future has a nasty way of sneaking up on you. I've been retired now for almost 15 years and I got to drive a great number of very interesting cars without significant expense.
I simply can't understand someone paying almost $100k for a new car that in 5 years would be worth maybe half of that.
Old New England Proverb: "buy it old, make it new, wear it out, do without". Yankee frugality.
I was at the Bonham auction in Scottsdale a couple of weeks ago and saw a near-perfect 2010 Panamera Turbo S with about 1K miles sell for $58,000. It belonged to a museum that was turning some inventory. Someone got a good deal!
I simply can't understand someone paying almost $100k for a new car that in 5 years would be worth maybe half of that.
Well for us it was because we had the money (and being 25 at the time, less sense of the future but it's worked out) and having a 911 was her dream car. Buying new let her get the car as close to how she wanted it as Porsche would let us.
At the time a moderately spec'd 4 year old 993 was selling for about the same price as a stripper 996 so it looked like it would have held its value better than it did. It didn't and such is life, but we've enjoyed every one of the 70k miles and 80k depreciation. We, obviously, didn't take the depreciation hit since it was always intended to be a life time car.
I agree in general though. It boggles my mind that people flip new cars every 2-4 years and even worse when they start complaining about depreciation
I have owned an incredible amount of cars in the past 12 years.....
Reading this thread a few cars pop into my mind
-997.2 Carerra S (My personal preference, but also a car on my wishlist after my 996.2 is done)
-BMW M3 (Sedan)
-Audi S4 (Tune and Pulley) 400 WHP
-CTS-V
Interesting post. I keep thinking about selling the '99 and getting something more practical like the Panamera, but it sure is nice not having a car payment.
Thanks guys
I'm skipping 997's because it's the same interior volume and I need something that will accommodate growing kids. Both my wife and I are tall - so consequently kids are tall too
991 C4 or Panamera Turbo are the two alternatives at this point - but I may wait till the second generation arrives to see price depression and get a 2012 Panamera turbo at the same price
With respect to money I guess whilst I appreciate many of your comments regarding how to save and spend - it is somewhat dependent on each person's overall financial situation and whilst I could actually comfortably buy a brand new Panamera Turbo - I thought I was actually being frugal by limiting myself to $55k and buying used !! lol
Man - the new hardtop is amazing - can't believe I waited this long - best $2k mod I spent ever !!
02-08-2016, 03:15 PM
