Sadiq

side note (not sure if it's relevant to the original question) the 997 is financed at about 1.5% less than the student loans so the student loans take precedence over the 997 payments.

that being said, i think (most of) you guys gave me the advice i was looking for, which is don't do it.... not yet anyway.

BUT - a new perspective: i'm 26, single, unmarried, no kids, no mortgage. once i get bogged down with that kind of stuff, does it get harder to make big purchases (multiple cars) on a whim? ie, justifying to your wife that you want to buy a car with your own money, justifying to yourself that your new toy is more important than your kids' college fund, less time to drive/enjoy the cars? might it be a good strategy to have 3-4 cars before I get married, and that way i kind of set a baseline of "i am always going to have 2-4 cars and if i sell one, that means im probably going to buy a new one to replace it - live with it" ?

Jetpilot

Pay off you student loans man. Cars will always be there.

bave

Paying off student loans is not a great idea generally. They are usually low rates and tax advantaged. Generally the cheapest debt you can find. Some debt is good.

Sadiq

i dont qualify for the tax writeoff on the interest

jago

sell the 997 as the depreciation is like a double digit credit card balance.
then pay off your loan AND buy the 964 if you can swing it.
both that car and the old M3 will hold most of their value.

Sadiq

best advice i've heard so far

peterm

debt is a tough thing- your starting a lifelong battle that you will lose unless you use prudent judgement. Everyone here agrees that to live a comfortable stress free life eliminate as much debt as you can. Yes there are benficial debts ie tax deductible interest and 0% financing that make fiscal sense but you can never accrue capitol without some savings- home,retirement,college all take precedent if your not paying off loans your saving. Buying a 3rd or 4th car without discretionary income is foolish and a bad habit to start your life. Illness and other priorities can quickly supplant "stuff"

Re 280 sl - my 71 was the result of a 5 year search- now with a repaint its a show car and rarely ventures from its cocoon

Da Hapa

My opinion, this is really easy.

Pay off the debt. In fact, if it were me I'd sell the M3 too to pay down debt. The freedom that comes from eliminating debt can't be matched. And down the road, it will open up a lot more doors.

I have three cars:
2008 997s
2006 Lexus LX470
1996 Lexus LS400

The P car is the weekend/toy. The LX is the dog transport. The LS is the car I take the Angel games, the airport, or days when I'm going someplace that I'd really rather not park my other cars.

I only have the freedom to have those three cars at night, still invest every week, and sleep well at night because for my first 10+ years out of college I busted my *** to pay off debt. There were years when I was driving a Honda Civic while my peers were leasing new BMW 328s but now I own my house, have not student loans or credit cars, and have a set of great cars while those same buddies are still living pay check to pay check and leasing 3 series.

Just my experience and my 2 cents.

Da Hapa

Not if you marry the right women.

My wife knows cars are my vice. We work together on our budget and I do my thing while she does hers. There's trust and balance and never any ill feelings or misunderstanding. Like any thing worth doing, a good relationship takes work but it's also very much worth it.

997, esq

Agree with much that has been said here.

Student loan debt typically has no tax advantage. You cannot deduct any interest unless you make less than $75K or so, I believe. Also, the rates on private (non Stafford, Perkins) loans float at a rate of prime plus x. They are unsecured loans (essentially regular consumer debt), and accordingly have pretty damn high interest rates. So, you generally want to pay them off asap. The subsidized loans can have surprisingly high rates too, depending on when they were consolidated.

I got a pretty big bonus a few years ago, and my boss jokingly handed me the check and said "don't go buy a Porsche." I told her, "No, I am going to pay off my law school loans." She remarked that was "so boring," but I paid off all of my loans in their entirety. It was a very sweet feeling, more satisfying than any purchase I have ever made, including the Porsche, to know I would have a mortgage and no other debt. A couple of years later, I had saved some money and could pay cash for my Porsche. Again, very nice to know I wouldn't need financing.

If you already have a financed 997 and non-mortgage debt, buying any more cars is not well advised. Get debt free, and then buy another car when you can truly afford it and you have a good cushion of cash in the bank to handle the unexpected. Peace of mind is worth a lot. Knowing that you can maintain your lifesyle even if your income drops is a very nice feeling.

As for the wife, you really need to find someone who will allow you to responsibly indulge your love of cars. Avoid gold diggers ...

Ucube

Niiiiice! You must be too much of a man for just one woman.

lig

+1

Married - 4 cars - 1 motorcycle and a great wife.

I learned the most important words a married man can utter: "Yes, dear"

She gets what she wants - I get what I want and we're both happy. 13th anniversary coming up in a couple of weeks.

abe

Marry the right woman....marry rich.
abe

boolala

Better yet, don't get married at all and then you won't have to comprimise.

Crazy Canuck

Why multiple cars?

Well ...

My dad died in 2003 at age 55. I inherited both his 2000 Corvette Convertible (save the Corvette jokes) and his 1973 Triumph TR6 (same age as me), the car I learned to drive a manual with.

I always wanted a 911 when I was a kid. I said F**K IT and ordered a 2005 Carrera S. It's a beautiful car.

Then I started to go to the track. My oh my. I'm a tall guy and with a helmet I couldn't get comfortable. My head was rubbing the ceiling liner (stupid mandatory sunroof) and I had to recline the seat just to fit so my arms were nearly straight. My back would ache after every event. It was quickly becoming more painful than fun. I was going to put racing buckets etc. as GT3 seats are not comfortable for me but I stopped. I didn't want to butcher the car.

So then I was going to trade on a 2008 GT3. I put down a deposit and had an allocation but passed. See I did some math. Trading my '05 Carrera S for the 997 GT3 was nearly the same money and buying a used 996 GT3 and keeping the 2005. After driving another Rennsport member's GT3 on the track at Mt. Tremblant I was hooked so buying a 996 GT3 is what I did. I figured if I wasn't using the S I could sell it and all would be good. I love the S. I love the GT3. Great cars. Different cars. I'm keeping both.

Then last summer a friend of my dad's was selling his 2003 BMW 540i manual with the sport suspension. I told him long ago if he sold it I'd buy it. It only had 70,000km on it. Never winter driven. Someone has sat in the back seat only a handful of times. Nice car. Great on the highway. Price was right so I bought it and use it to drive to work in the summer. I'm not comfortable driving the Porsches to work and parking them out front. I don't think it looks good. The black BMW is much less conspicuous.

In the winter, and towing, I use a company truck.

Storage is a bit of a PITA. I put in a lift in my 2 car garage so I can keep the Vette, Carrera S and BMW at home. Truck is outside. GT3 I keep at work. We have a bit of room.

The TR6 is up for sale.