cviles

Good luck with this. A lot of people, myself included, don't go around advertising our net worth. It attracts the wrong kinds of attention, and well, it's crass.

Jerry Fisher

I agree with Gary from 2 posts above. Its all about priorities. I am not in Porsche's "demographic".
I just love cars. This is my sport/hobby.

Soulteacher

I think people sort of tried that in the past:
https://rennlist.com/forums/997-forum/217158-income-level.html
https://rennlist.com/forums/997-forum/274210-how-much-income-do-you-need-to-buy-a-997-part-ii-survey.html
https://rennlist.com/forums/off-topic/339821-income-after-taxes-poll.html
https://rennlist.com/forums/996-forum/291480-income-of-a-911-owner.html

geof

HNWI (high net worth individual) = You can afford
BMRR (barely millionaire riff-raff) = You can afford, but should do the numbers and prioritize against your other life's goals first.

EDIT:

I hope people appreciate my dry humor...

EDIT #2:

I am riff-raff. Not gonna say what type of riff-raff. Not that it matters. Riff-raff is relative. Bad joke. Sorry.

jplanaux

What exactly is HNWI? Am I HNWI? And isn't that subjective???

Maybe I am HNWI riff raff???? I have to get the accountant and financial planner on the phone and find out if I am this riff-raff.

If you exceed 1 mm, then are you beyond BMRR?? 1.5mm > BMRR? 2.0mm > BMRR??

How many millions EXACTLY does it take before I am not riff-raff and Porsche worthy?

What about where I live? If I lived in California, I would be spending a million just on a decent house. Mine is paid for already for less than $300k.

I already bought the damn car and now I may be riff-raff! Cause I don't know where the damn line is!
And I am finished paying for it! Another sleepless night!

Dave07997S

Well, I will admit it...it was a huge stretch for me financially to get this car. I make almost $150k and it is still a stretch. I have quite a bit of equity in the house and some money saved, but the payment is still hard to swallow and wonder if I made a mistake. Of course that feeling goes away as soon as I start to drive the beast. If it happens I can't keep it, I'll sell it...end of story, it's only a car...

No matter how you slice it a new car is a terrible financial decision. I lease my vehicles as I get the full tax advantages of a lease. Also, with the right lease and vehicle you can build quite a bit of equity in a car. I sold my 04 M3 for 40k,and my payoff at the end of the lease was $30k, so saying you are just renting a vehicle when you lease really isn't correct in all situations. That's why it is so important I got a great deal on the car..Thanks Chris and Brad at N.Olmsted.

Dave

Jerry Fisher

thanks for the clarification. Alot of us are "riff raff " and lucky to be there.

Bottom line guys--We all love these cars and while that continues, we will find a WAY...

Dr_KarlB

This is a really good point.

I began years ago buying a 3-year old NSX with the great gains from company stock options.

Sold that a 5 years later for only $10 less than i payed,

put that money towards the 996 (3 1/2 years old C4 Cab) and added another $14k

Now 3 more years later i guess i'll sell the 996, add another $25k or so and upgrade to a 997.

So after the initial investment its actually pretty resonable to own one of these.

I figure a brand new Camry will cost $10-15 over 4-5 years in depreciation and i dont get to enjoy my time spent in the car... oh and no-one takes their Camry to the track for fun

Maxsar

I am definitely "HNWI riff raff" and perhaps even worse.

For me the question isn't what can I afford, its what I feel comfortable spending. I have waited a long time to feel comfortable enough to get a Porsche. I had one 20 years ago and now I am getting another. Kids, family, and business took priority.

Kevin K

Geez,

I just never went into such detailed analysis on my buy, and I'm a CFO.

To have purchased just another "luxury sedan" would have cost me about $60K or so. My nice brand new 2006 997 Porsche (C2 cab) was about $88K. True, I didn't spring the extra $$ for the "S," but it wasn't that big a deal to me (my practical side). So at the end of the day, I was paying an additional $28K plus tax for my "impracticality." If I hold the car 7 years, I paid an additional $4K or so a year to buy something special. That just didn't seem all that high.

I'm 49, the kids' college costs are covered and my financial house is in order, so I didn't look at the Porsche as any more than a $28K indulgence. I wouldn't have batted an eye over the $60K sedan. Maybe that's just rationalization and the accountant in me knows all too well about depreciating assets, etc., but in that case, even an upper end Acura is a foolish buy. And if I sell the Porsche, even some of that $28K comes back (yes, I know it needs to be discounted, etc.).

Now add to that a diagnosis of progressive eye disease a couple of years ago that could impair my ability to drive in ten years or so and the $28K to own a Porsche for once in my life seemed downright sensible.

Kevin

stubenhocker

A business partner of mine had some great advice;

"if it, flies, floats or Fu%*s, RENT IT!"

jimmc8

I guess that it comes down to, if one is sensible, HOW MUCH IS ENOUGH - and this is different for everybody. I played golf with a good friend whos "number" is 5M net worth before he thought he could play.

Right then I decided that, even though I'm definiely BMRR, I was finally Porsche worthy! Haven't regretted the decision for so much as a heartbeat.

todd.

It does not really matter. If you love the car, get it. Cash, finance, lease. Who cares. You and only you know if you can afford the car. Everyone's comfort level is different. Bottom line - start living, risk is living. I'd rather see someone lease or finance a 911 and enjoy it now, rather than waste all those years saving and lose precious time. The future could suck, enjoy life now. The whole concept of buying cars outright is pretty outdated. I buy all the time, but it makes no more sense when you pencil it out considering most of us put very few miles on our 911's compared to our daily drivers. If you pay cash and wreck it, what a personal loss. Your pride and joy will never be the same, and who else will want it. However, if it was leased your only obligation is to get it fixed and lease a new one in a few years, no devastating loss. I am sure many on this site will want you to know that they paid cash for their 911, but who really cares. I have had four Porsche in that past 10 months and have lost enough cash to nearly pay for one. Does that make me special, not at all. Can I afford it, sure. Is it still stupid, you bet. Just get your 997 somehow and enjoy it. Believe me, you will enjoy it.

Edgy01

You're taking financial advice from US?? Stop now while you can. Just go down to a dealership and do what you want. You could die in a week. Or, you could die when you're 95 and destitute, a ward of the state...

waiting for PDK

From Forbes: "Take the Porsche 911. Its buyers are 86.8% male with the average age of 51 and median income of $390,000."

Sorry, I just had to post this and shake things up. The thread had gone quiet (although something similar pops up every so often).