Cowhorn

Could you guys please quit with cancer references? It hits a little too close to home. I come here to escape, not be reminded of, the heavy side of life.

quantimouse

Exactly, its not something that "has been possible for most people over the past 5 years".. But I'm not most people, and then again neither are those of us who can afford to outright buy such cars. Therefore the rest of the people who make solid incomes should be deprived of the experience?

It is elitist, and I'll call out the BS when I see it.

boolala

Well if you're not "most people" then there is no need to be defensive about it, is there?

Putt-Putt

To say, "don't buy a car you can't afford" is not the same as saying "if you can't afford to pay cash don't buy one" ( If that were true most people would not buy any big ticket item). It is not elitist. It is pragmatic.

Fred2

The two polls on this site show that people lease about 15-20% of the time.
How did you come up with 65% ?

Given the lack of pride in ownership that I see in most (maybe not all) people that lease, I still think avoiding off lease vehicles is wiser that considering them the equal of one that was paid for by the original owner.

If one were to post this question in the 996 forum, I think that you would see that peole who purchased a used 996 would prefer private ownership to an off lease car.

markfei_ca

Hi

This is my first post, although I've been a Porsche driver for a number of years (first a Boxster, now a 997) and I found this thread interesting more as a look into some people's thoughts on why they bought the car.

I know a few posts were just people dying to tell others on the board that they have the personal wealth to buy the car outright without a second thought, however I believe there are many reasons why people bought the car and even more why people are so enthused at disclosing (to us??) at how they paid for it. That being said, to judge others who lease or finance without considering personal circumstances just struck me as odd.

I am in Canada and first, the price of this and all cars are significantly more here. I just purchased (yes leased) two months ago a '05 C2 with 10K miles, no options (well heated seats) and it was over six figures. I felt neither less excitement nor did I feel void of "pride of ownership" by leasing.

If the car was bought outright you'd be looking at probably an immediate outlay of $20,000 in sales tax (14% here) which is a consideration in favor of leasing. As far as the tax deductibility, the depreciation on a $30,000 car is the maximum allowable business deduction for a purchased car (or compared to a max $800 lease payment deduction). To make the money to pay outright for the car, we have income tax at 46% rate on over $100K of income with no deductibility for mortgage interest, property taxes, etc. etc., so you'd need probably over $300K pretax income just to buy this car outright. I suspect the vast majority of people finance/lease any cars here and aren't looked down upon for doing so.

Interesting though, my profession is in income and estate tax planning for wealthy US citizens in Canada (I'm a US CPA/Attorney), and of all my clients who are truly wealthy, (say over $10mil in wealth with no debt), only one of them has a Porsche, or any car that would be considered luxury for that matter; most live in modest homes and live simple lifestyles but have huge personal savings. Maybe we are all nuts spending our money this way, but that’s why we all make our own bed, and live with the results.

Sorry to be long winded. Its one thing if people want to post their own philosophies, or to boast needlessly, but I think it’s wrong to judge others without walking a mile in their moccasins...

Baggerdude

Mark .... you are correct, sir. Especially the last sentence.

BTW, with all the taxes in Canada, it makes my US taxes (and fees) seem almost trivial. Albeit, they still sting my wallet.

Thanx for the post.

BAGGER

multi21

I totally get where your coming from. Good post. And what you are saying about the people with $10M+ net worth is something I've heard of before. Trust me I felt a little guilty in buying my Porsche, because, "do I really need a Porsche". But then I think about something someone once said, "I don't want to be the richest guy in the cemetery".

quantimouse

I have a reason to be defensive about it, because I grew up without money. The fact that I came into it through my own means hasn't led me to forget how obnoxious I find such sentiments.

quantimouse

I'm not objecting to that. But then again that was not the essence of the earlier comments on this thread, which clearly stated that if you cannot afford cash, don't buy.

Let's not move the goalposts here. Clearly if you cannot "afford" the car, don't obtain it. Afford means different things. If someone makes a good income (175-250k) and has a long term steady career but can't afford to buy cash, if they lease I would think no less of their pragmatism.

Edgy01

If you have to resort to an online forum for financial advice, then you better hold off on any Porsche purchase...

soldmystang

so if i am reading this correctly, wealthy, practical minded individuals do not readily purchase sports cars. as sports cars are really a folly of misspent youth, midlife crisis, and various other selfish personal reasons. huh, whoda thunk?

tdub

Driving a Porsche is cheaper than a bad cocaine habit.
That's how I rationalized it in my 20's.

Now, it's driving a Porsche is cheaper than going to therapy.

I had a friend who drove a Turbo and he said it made his ***** bigger.

I've always worked harder after I bought something I couldn't afford.


etc.


TW, out

John Velasco

If I had children they would be going to collage. But since I don’t, I will buy a GT3 (March build).



jv

kauai_diver

ouch that struck a nerve, so true... Never in to hard drugs but if I added up all the money I spent on booze and marijuana up to my early 30's I could have easily bought a 997 turbo with money to spare!

Also good therapy is driving a Porsche, I've never had a panic attack in one at rush hour coming home