THPorsche

I will be working in Hong Kong for the next 5 years startling August 2009 and am wondering if I should keep or sell my ’06 Cab. I probably will be traveling back to the States twice a year for a week to a month for each stay. So I am looking at a maximum 6 weeks of driving time each year. I currently have 10K miles on it (no, it wasn’t my DD until this year). I hate to sell the car but I don’t think it makes sense to keep it. By the way, my family will be going with me but the car can stay in the garage. Thanks!

spiderv6

what will it be worth in 5 years time?

what would you get if you sold it now and put the money in a CD for 5 years (and bought a replacement when you get back)?

Keeping it for a handful of days driving each year doesn't seem like a great plan.

can't you take it with you?

Stephenkng

I am looking at the same situation as well. The wife told me to sell it and I think I will. Maybe I can get a Honda in Hong Kong after I sell the P car here.

Coochas

Well the really good news is you still have a year to enjoy the car!
I think if I were heading out of country for a 5 year stint, I would sell my p-car rather than box it. At about the 4 year mark I would start the prelim specs on my next p-car and try to time it's arrival with my return to the States.
If you don't mind me asking, what kind of work do you do that will bring you to HK?

kw_1055

Have you looked into taking the car to HK?
Can you bond around it and promise to ship it back out in 5 years and avoid the heavy duty? There are a lot of nice cars in HK and you'll fit right in.

Stephenkng

I think you have to change the steering wheel to the right side if you want to do that and I will cost a lot.

Targa Tim

Definitely sell the car. 5 years is a long time.

Owning a car in Hong Kong is a problem. Car price is double compared to US. Gas price is high. Car depreciates much faster. Traffic jam everywhere all the time, and you can't find parking.

Stephenkng

All those problems are not really a problem except double the new car price and VERY VERY fast depreciation.

jcnesq

I'd sell it, just too much depreciation to let it sit. Like others have said, put the money aside for your next p-car in 5 years.

Stephenkng

Just look at the information for the Porsche service center in Hong Kong and I don't think you want to take your P-car there for service.

MUSSBERGER

I think you should buy another one to keep it company while you're gone!
Get Real! Sell the silly thing.

rmillnj

Porsches tend to hold up better when they are driven regularly. Sitting in a garage for 5 years with only a couple of weeks of driving a year is a real waste of the car. Best sell it and bank the money to buy new when you come back.

Ucube

I see no logical reason at all to preserve it for 5 years while you're away. Unless that particular car has some special sentimental values, you're better off just buying a replacement upon your return.

OCBen

Tom, it's a tough call if you're really attached to your sharp looking Speed Yellow cab, and I can thus certainly appreciate the dilemma.

There are several factors to consider here to help make your choice. Will it be a firm 5 yrs or more that you'll be staying there? Or did they say "up to 5 yrs" meaning you could come home for good after only a few yrs?

If you had planned on keeping it forever knowing that family obligations later on as your little daughter grows up and any additions to your family that may come along will make it tough to justify buying a new one in 5 or more yrs, this should factor heavily into the reason for keeping it. You'll be keeping your house and will be coming home every now and then, so it won't be difficult to maintain your car during that time.

If you sell it, you're going to take a big hit on depreciation, as you know. But if you plan on selling it eventually 'cuz you don't plan on keeping it forever, you'll take an even bigger hit on depreciation when you do, even though you'd have super low miles that won't count for much. So it's best to sell it now.

Maybe you just have to ask yourself if this is the car that you'd want to keep for as long as you can and maybe pass it on to your daughter on her 16th birthday, or do you plan to eventually replace it with another newer 911? Your answer to that question should answer your question about what to do with your car.

THPorsche

Thank you all for the input. No, I wasn’t planned to keep the car forever but was going to keep the car for ten years then get the 99X. I guess I will start selling the car sometimes next spring and hope to get $50K out of it. HK’s Porsche’s website hasn’t updated to 997.5 yet but I noticed the regular metallic colors are free! It’s hard to swallow that 100% first time car registration fee though. My $50K can barely get me a Honda.

Dave, our company is a contract manufacturer in China and has an office in Hong Kong.