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Bought my GT2 a decade before you, it's my spring-fall daily...
Work on it yourself and it's 'cheap' to own...
996 is much more fun to drive vs 997, except for a few technical specs, have zero desire to have a 997...
The save for retirement theory is safe and sound, but there are two sides to every equation. I bought my GT3 at 27, financed through my business as a tax write off, tracked it for 2 years and sold it for a profit of $60,000. Had I waited, the price increase would have meant I'd never had been able to own one. Did the thought of a total loss from track damage play on my mind at times, yes it did. It did hamper my enjoyment of the car a little but in retrospect, I'm very glad that I took the risk. Although in my case, the tax write off meant I was able to justify the purchase a little more and eventually coming out in the black like I did had a lot to do with the lucky timing. I doubt you are basing your decision to purchase or not solely on what a few guys on the internet have done, but it might give you a bit more perspective. I would say that for your use case, you could probably maintain the car annually on a budget of $2,000-$3,000 depending on the condition of the car you purchase. But, if something breaks, that figure could treble or quadruple pretty quickly. The likelihood of this is low given the mechanical soundness of these cars but when things break on a GT car it's not cheap.
I think it's also worth noting that we can say with a fair degree of certainty that these cars WILL appreciate significantly in the long term. They are the last of their kind (no nannies) and were produced in low numbers globally. That's a receipe for growth according to what has happened with previous Porsche models. With this in mind, you could view your purchase as a bit of a nest egg for the future, if you plan on keeping it long enough. Yes, it's an investment that costs money to maintain, but that makes it a case of "forced saving". I'm not saying there aren't better investments out there, but if you are looking for a material good as a source of enjoyment, there are worse things to spend a dime on.
I somehow agree but i know that with that logic i won't see a Porsche before 50, if i make it to that number (it does sound pessimistic).
Motorcycles are great to ride, great experience. If only we were alone on the road...
Don't think like that.
The point is you are far, far better off buying a non-essential vehicle with cash than any loan.
You can start a savings fund now and invest that money in an interest bearing account, too. You will be earning the interest instead of paying it to some lender.
That being said, we had to buy my wife a new car and had to take a loan, but aggressively paid it down/off in about one year. There is nothing like being debt free.
The fact that you are 33 gives you a HUGE advantage if you adopt this philosophy now instead of waiting until retirement looms. You pay a little upfront getting yourself financially secure, but the dividends will amaze you in the decades to come.
It has been claimed that 46% of Americans said they did not have enough money to cover a $400 emergency expense!
The reason is that we are groomed to buy everything on credit and live at the edge of our income. With the future of automation taking income away from the working class this problem will only get worse.
The idea of a universal basic income will, if it ever succeeds, barely cover meager living expenses at or about the poverty line. Who wants to live like that?
My point is to not reject some of the sage advice here out of hand. These people didn't get to own the wealth they have by chance.
I will add my two cents since a) I'm younger than you, b) my 996 GT3 is my first Porsche, and c) I'm in the "worst case" stage of ownership that you want to be in (totaled car on track with no insurance coverage).
The comments from Macster and powdrhound may have come off to you as harsh, but they are 100% true. I reached a little bit financially to get mine because I, like you, am impatient in nature and always think about "will I really be around in 50 years?" I selectively manage to that, but I also work in finance so I always consider downside risk. When I purchased my GT3, I still made sure that I'd have myself covered in the event I had to write the car off which has proven wise. Plus, owning a car free and clear (or knowing you could) is just flat out less stressful. I wouldn't discourage you from buying the car and getting a loan if you either had the cash in hand or could easily liquidate some less important asset to pay off the loan if necessary. But otherwise, I think it would be in your best interest to consider a "cheaper" Pcar as your first one and look at upgrading/adding later. Plus, pick the right one and the appreciation in value may pay for the GT3 later.
Well this sums it up perfectly i guess. Thank you for the insights ! Your last idea is good i guess but i'm not sure it'd work. The 996 gt3 will (should?) increase in value so it's a never ending chase. Nevertheless i hear you..
You-pay to play no matter the vehicle. Here were my old steeds till I was 35, nothing inexpensive about these either.
Aprilia V4, yummy
Don't think like that.
The point is you are far, far better off buying a non-essential vehicle with cash than any loan.
You can start a savings fund now and invest that money in an interest bearing account, too. You will be earning the interest instead of paying it to some lender.
That being said, we had to buy my wife a new car and had to take a loan, but aggressively paid it down/off in about one year. There is nothing like being debt free.
The fact that you are 33 gives you a HUGE advantage if you adopt this philosophy now instead of waiting until retirement looms. You pay a little upfront getting yourself financially secure, but the dividends will amaze you in the decades to come.
It has been claimed that 46% of Americans said they did not have enough money to cover a $400 emergency expense!
The reason is that we are groomed to buy everything on credit and live at the edge of our income. With the future of automation taking income away from the working class this problem will only get worse.
The idea of a universal basic income will, if it ever succeeds, barely cover meager living expenses at or about the poverty line. Who wants to live like that?
My point is to not reject some of the sage advice here out of hand. These people didn't get to own the wealth they have by chance.
I appreciate the time you took to replied and i'm definitely not rejecting your advice, it's just that i thought about this and weighted the pros and cons (not specifically the Porsche thing). Overall i think you have to live and try what you can whenever you can and not push back to retirement or something. You are alive now, this is now that you need to make things matter.
That being said, i'm not reckless and i would calculate things before doing anything. I realize that a GT3 over a loan + the annual maintenance cost + taxes will be super tight.. probably a bit too much for my taste.
For the record Marv the one i've been eyeing looks very much like yours
See in PM.
Well this sums it up perfectly i guess. Thank you for the insights ! Your last idea is good i guess but i'm not sure it'd work. The 996 gt3 will (should?) increase in value so it's a never ending chase. Nevertheless i hear you..
The market is a funny thing - aircooled is a perfect example. In the US market anyways, if you had picked up nearly any variety of aircooled Pcar car prior to 2014 you probably would have doubled your money by now. The "best" cars aren't always the ones that get appreciated first. Still plenty of people out there complaining about the fried egg headlights and favor the 997 for its looks or don't need to "settle" for a 996. Most new money out there is chasing GT4s and the like. One day people will really take notice of the 996 GT3 value compared to its production numbers and realize how many have been converted to racecars/track ****** because they used to be cheap. But that's long term. I think in a few years you'll still be able to buy a 996 GT3 if you wish and wouldn't be significantly (if at all) worse off in terms of purchasing power then if you save/invest now.
The market is a funny thing - aircooled is a perfect example. In the US market anyways, if you had picked up nearly any variety of aircooled Pcar car prior to 2014 you probably would have doubled your money by now. The "best" cars aren't always the ones that get appreciated first. Still plenty of people out there complaining about the fried egg headlights and favor the 997 for its looks or don't need to "settle" for a 996. Most new money out there is chasing GT4s and the like. One day people will really take notice of the 996 GT3 value compared to its production numbers and realize how many have been converted to racecars/track ****** because they used to be cheap. But that's long term. I think in a few years you'll still be able to buy a 996 GT3 if you wish and wouldn't be significantly (if at all) worse off in terms of purchasing power then if you save/invest now.
We will see what the future holds ! The 991.2 GT3 is a hot thing right now so it tends to lower the prices of 997 gt3.
I feel like the 996 is underrated but at the same time can't really justify throwing more than 80k or so.
I think buying a 996gt3 isn't a horrible financial move. There are so many worse choices out there that are depreciation monsters! There is a half way decent chance given the relatively rarity and great desirability that you make a couple bucks during your ownership horizon.
Not the greatest investment in the world... but if I wind back the clock to 2004 when I was in a similar position contemplating buying a used 1996 993... I spoke to my dad on the phone (at this point I was well on my own but still liked getting my dad's opinion on things).. after a long discussion.. we decided that buying an 8 year old porsche without a warranty for a price that I could buy a nice new BMW was the "wrong" decision.. The next day I went to the dealership and bought the Porsche. One of the best decisions I have ever made (regarding a material possession)... It has brought me so much joy in my life.
They will bury me in that car.
Many others have come (fewer have gone, and they're all piling up)... but I say follow your heart. Life is indeed short and fleeting... and so long as you're not being wreckless...
As the owner of a 997gt3 and a 997gt3rs... I recognize that I am on the 996gt3 board... but I'm not convinced the 996 gt3 will outperform the 997gt3 with regards to value retention/appreciation.... but I'm entitled to my own opinion. In both cases, they just didn't make that many mezger gt3s and I think any of them would be a great choice.
I am at the same age as you, and had the chance to buy a 996 mk1 gt3 with club sport option a few years back, and I love the car! I would say go for it if you feel that you are not completely reckless. You could always sell it again if you find out that this car is not for you. Cheaper than buying a new "family car" that decreases in value every year. You always have a beater for your daily driver
Hi, I'm also from Belgium, a bit older but driving a 6/3 Mk2 now
i was in doubt of buying a 6 or a 7
I chose the 6 because it was less sophisticated (less electronics) but I came from a 964 RS
it is a really fun car to drive, but indeed costs some money to keep it rolling
if you can find a good one that is just been serviced, it will only be oil in the next years, so not too expensive
on the circuit is needs good tires and brakes, so doing that will get the costs up.
but you can do 2-3 track days with a new set
I've seen some circuit crashes in Europe, but never another car hitting a car.
always a bit over enthusiastic drivers going off.
if you do not buy a M003 car, the price will be lower now in Belgium. and you do not need a M003 for one circuit day/year
I bought my first Porsche when I was 22, also on a tight budget, but it worked out.
go for your dreamcar, but do not overdo it, a 996 with aerokit and X51 powerkit is almost as fast for 1/3 of the price, this can be a good option to start with
good luck with the search
regards
Hans
I bought my 6gt2 when i was 27 and it was one of the best choices ive ever made. So IF you can afford it, go for it. They won't get cheaper in the forseeable future.
Now how much will it cost?
The price of the car obviously
+30-50% reserve for repairs
Tires: 1000 eur/set, which will last for about 10k km
Oil: 100 eur per change (per year or every 5k km)
Fuel: expect 15-20L per 100km
Service: 1000 eur/year, maybe thats different in belgium though
Insurance & taxes: you will have to check that for yourself, but you probably want an insurance that covers everything, even gross negligence.
Gold diggers: might cost you half of everything you got, if you fall for that one. But thats more like an associated side risk and not maintenance costs directly.
Obviously the numbers heavily depend on your driving style and mileage, but i think its good enough to get a feel for it
edit:
Things i like about the 6: the "race mode" is activated simply by turning the ignition key. launch control, esp and traction are controlled with your feet. The steering wheel is used for steering the car and not for managing your smartphone, tv and playstation. Rather refreshing in an age where everyone else raves about teslas and autonomous driving. Not as fast as the 7 though and probably less forgiving
05-26-2017, 02:20 AM
