how much income do you need to buy a 997
02-12-2008, 01:49 PM
#286
I haven't read all of the posts, and if I'm repeating someone, sorry. I don't particularly get the point about not investing in a depreciating asset. I hope none of us are "investing" in our Porsches. If you are, you need serious help. In my mind, the Carrera is an expense or liability that we are willing to take on for the benefits of owning and driving these cars. Since the decision already has been made to take on this liability, the question then comes down to what is the least expensive way enjoy the benefits of owning one on these cars. For me, in order to make leasing or financing make any sense, I need to be able to earn significantly higher than the interest I would have to pay for a bank loan or a lease, since I would have to pay taxes on any interest I earn on my investments.
Maybe I need better financial advisors, but my investments have not yielded returns that would be sufficiently higher than the interest rates for a loan or a leas. This is a long way of saying that I think it makes more economic sense to pay cash, which is what I generally do with all or our cars. Having said that, I agree with some of the others here that if you want the car, and you can swing it, just do it, so long as you are not going to have to take money out of your kids' college savings accounts or live in a dumpster to afford the car.
Maybe I need better financial advisors, but my investments have not yielded returns that would be sufficiently higher than the interest rates for a loan or a leas. This is a long way of saying that I think it makes more economic sense to pay cash, which is what I generally do with all or our cars. Having said that, I agree with some of the others here that if you want the car, and you can swing it, just do it, so long as you are not going to have to take money out of your kids' college savings accounts or live in a dumpster to afford the car.
02-12-2008, 03:06 PM
#288
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This thread has gone on for 20 pages and everyone is still fighting. I don't care what anyone of you thinks about anyone else's ability to buy/own a Porsche. And I doubt any of you care what I think about your ability to buy a Porsche. Let's just enjoy what we have.
Carpe diem
Carpe diem
02-12-2008, 08:19 PM
#290
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For the love of God, please let this go. I still don’t agree that financial over-extension is a victimless crime – and – clearly, most (all) of Wall Street agrees with me; except the “over-extenders” who aren’t in the market anyway. 
BTW, I noticed that fully 1/3 of your 22 posts are in response to threads regarding "how one affords their car" - that seems a bit odd, and strangely telling of why you've copped this defensive attitude - enjoy your car.
BTW, I noticed that fully 1/3 of your 22 posts are in response to threads regarding "how one affords their car" - that seems a bit odd, and strangely telling of why you've copped this defensive attitude - enjoy your car.
02-12-2008, 08:36 PM
#291
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On the subject of imitation is the sincerest form of flattery (MauiJim: "this ain't shelter or food"), my Maslow observation certainly has you thinking, if only subconsciously, about where a car falls in the big scheme of things - congratulations on a lesson well learned.
02-13-2008, 05:49 AM
#293
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still going? u guys are all rich... my poor *** is still working right now late into the morning... maybe one day ill be as rich as all you guys and argue how much we should all make... just kiddin... but seriously, is all this necessary?
02-13-2008, 09:14 AM
#294
Hey, u-all:
With my unemployment checks, workman's comp. checks and food paid for by the local churches I don't have any monthly expenses so with the earned income credit from uncle I was able to make a down payment on a 997 (base model-no upgrades). Asked the local bank for a 120% interest-only loan on my park bench, but they actually denied my request, so now I'm hiring me a lawyer to sue them uncaring church going high net worth folks. Only problem is I don't have no money for $3.25 premium gasoline. Those of you willing to help with this, please inform me of your credit card number..I promise to only put in $5.00 at a time. Be creative...don't take much income to run a 997!
With my unemployment checks, workman's comp. checks and food paid for by the local churches I don't have any monthly expenses so with the earned income credit from uncle I was able to make a down payment on a 997 (base model-no upgrades). Asked the local bank for a 120% interest-only loan on my park bench, but they actually denied my request, so now I'm hiring me a lawyer to sue them uncaring church going high net worth folks. Only problem is I don't have no money for $3.25 premium gasoline. Those of you willing to help with this, please inform me of your credit card number..I promise to only put in $5.00 at a time. Be creative...don't take much income to run a 997!
02-13-2008, 09:35 AM
#295
Those of you willing to help with this, please inform me of your credit card number..I promise to only put in $5.00 at a time. Be creative...don't take much income to run a 997!
Uncle Sam will help you. Rebate checks will be mailed out in a couple of months.
Uncle Sam will help you. Rebate checks will be mailed out in a couple of months.
02-13-2008, 12:22 PM
#296
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I think your spin on Rick's thread is well beyond a stretch. While Rick clearly questioned the fiscal responsibility of some 911 purchasers, your inference that he is only concerned about the car becoming a "depreciated status symbol" is not at all a reasonable inference. While the means may be suspect, a high school dropout drug dealer driving a Ferrari makes it no less valuable. I don't see how a person living in a modest home owing a 911 makes it any less valuable. Rick's mention of "victims" was clearly a reference to those who end up picking up the tab, such as creditors, other consumers, etc. Just like with shoplifting, "the rest of us", including the fiscally responsible middle class folks, pay for the indiscretions of people who overextend themselves, default on loans and file bankruptcy or otherwise hit rock bottom and seek various forms of government assistance. Clearly, this recklessness is not limited to individuals with modest incomes. How many headlines have you seen over the years of a rapper, ball player, etc. going from having millions to bankrupt in a short amount of time? Personally, I fail to see how it is inappropriate to talk about it. Uncomfortable for those afflicted? Yes. Inappropriate? No.
02-13-2008, 01:33 PM
#297
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True for DD, but certainly not true for collectibles/exclusive Porsches. I would buy a 73 RS as an investment. Heck, my 94 Speedster is worth today what I paid for it 8 years ago (excluding inflation).
I certainly understand your point. Just needed to make that clarification...
-Blake
I certainly understand your point. Just needed to make that clarification...
-Blake
02-13-2008, 01:51 PM
#298
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I think your spin on Rick's thread is well beyond a stretch. While Rick clearly questioned the fiscal responsibility of some 911 purchasers, your inference that he is only concerned about the car becoming a "depreciated status symbol" is not at all a reasonable inference. While the means may be suspect, a high school dropout drug dealer driving a Ferrari makes it no less valuable. I don't see how a person living in a modest home owing a 911 makes it any less valuable. Rick's mention of "victims" was clearly a reference to those who end up picking up the tab, such as creditors, other consumers, etc. Just like with shoplifting, "the rest of us", including the fiscally responsible middle class folks, pay for the indiscretions of people who overextend themselves, default on loans and file bankruptcy or otherwise hit rock bottom and seek various forms of government assistance. Clearly, this recklessness is not limited to individuals with modest incomes. How many headlines have you seen over the years of a rapper, ball player, etc. going from having millions to bankrupt in a short amount of time? Personally, I fail to see how it is inappropriate to talk about it. Uncomfortable for those afflicted? Yes. Inappropriate? No.
Last edited by swajames; 02-13-2008 at 02:07 PM.
02-13-2008, 02:08 PM
#300
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And by the way, my super hot wife just called from the passenger seat of our super expensive sports car, parked in the 10-car garage of our multi-million dollar mansion, and wanted to make sure that I put one vote in for myself. Thanks, honey!