Cuda911

OP, read this thread (if you have a bunch of time). It will outline all of your options.

https://rennlist.com/forums/996-foru...today-and.html

Woodman71

I'm tempted to sell the house and buy 8 on the same street in Ohio and rent 7 of them.

But, Ohio...

TonyTwoBags

Oh that's ok. Over-leveraging your book is ok if it's done with 'investments'. It's only when you take a loan worth a few paychecks to snag a car that you fall into grave financial danger.

Signed,
Old Farts of Rennlist

NOW GET OFF MY LAWN WITH YOUR AUTO LIENS!

Hotrodaxel1976

So what all needs replacing?

C4911

FWIW I have driven my 4S about 7K miles on the rebuilt engine I bought from Vertex without any problems. I don't know details about the rebuild except they use their own solution to the IMS issue and with purchase you get a year warranty or 12,000 miles.

mrjonger

Do you mind sharing the cost? The engine, installation, and core charge and the extent of the damage your old engine had.

C4911

Not really comfortable posting numbers but if OP wants to pm me I would share more info....

kbollaert

To the OP: by now, you should have noticed that this forum contains some folks with, shall I say, "strong" opinions (think sharks smelling blood in the water).
That said, there is a wealth of good information here.
Was it me, I'd rebuild the origional motor, if it's salvageable. My reasoning is that when you are done, you know that you have a proven commodity. The failure modes of this motor are well known, with proven fixes that can be applied.
My engine cratered after three years of ownership. I rebuilt it myself for a cost north of 8k (quit counting after that). I'm comfortable with this motor now, after the LNE IMSB fix, along with the other improvements made. Now if only I can figure out that vibration at 3k rpm while decelerating...

Slakker

I agree with you and AWD. It sucks what happened to the guy but at least he's come to a good place to find out his options. He just has to ignore the arrogant ***** who thinks somebody give a f@ck whether they are sympathetic or not.

996AE

Funny.

996AE

Does anyone think its odd that no details; name of dealership that sold car? No PPI info? No Indy name that confirmed IMS toast?

rudydude

How quickly old farts forget the housing bust in 08/09. Overleveraging in real estate can sink you pretty fast and a lot harder than a little car. The assumption of is is that houses will increase in value but there is no guarantee of that.
On the other hand the 996 is guaranteed to increase in value over time! Yes!! -that was a joke of course...

Splitting Atoms

Since we are taking a tangent in finances, I will throw my two cents in.

I paid cash for my car using part of my annual bonus, which was pretty good this year. The primary reason was that you can't get traditional low interest rate financing on a car that's more than about 8 years old. Since I haven't quite paid my house off, I owe money on a piece of rental property I purchased last year, and I have some other miscellaneous debt, I think of it as financing my 911 at the highest interest rate I currently pay.

Unless you are completely debt free, then you are paying some interest on your car, even if you paid cash for it. If you are debt free then you have to consider the operation and maintenance costs on your car, and any potential loss associated with not investing the money spent on your car. Then again, I can think of two people off the top of my head who died self made millionaires, but should have spent some of that money enjoying life.

If otterteeth financed his 911, he probably owes more than it is worth right now. A tough spot to be in if you need to come up with another 10k+ to fix it. Walking away from it will ruin his credit for years. If he sells it as a roller, he will probably have to come up with cash to pay the balance of the loan.

He might just end up making payments on a car he can't drive until he can save up the money to fix it. I know at least one person who made years of payments on an uninsured car that burned up in a fire.

TonyTwoBags

It's pretty normal here. Lots of random, lightly detailed accounts related to topics that generate a lot of churn. Could be Rennlist interns driving page views for all I know.

"He just has to ignore the arrogant ***** who thinks somebody give a f@ck whether they are sympathetic or not."

^^sense, this statement does make not so much conjugation.

rudydude

Who said this was a toy? A Porsche 911 is a legitimate daily driver. I'm pretty sure that's what it was built for!