geof

The notion that if "one has to ask one cannot afford" is silly. The majority of people who have accumulated sufficient means to be able to afford these cars only did so because they established good habits with finances (personal and/or business) which undoubtedly includes running the calculations in one manner or another. The exceptions are people who either inherited, won the lottery, were hard working and calculating in some other manner that paid off, or were just plain lucky. And so for someone to ask calculating questions with a purchase like this- well- fortunately good habits die hard.

I know someone who can afford 100 new Porsches, yet he still uses a $2 off coupon for his favorite sandwich place. He consciously thinks about two dollars- does this mean he can't afford to take his family to Outback Steakhouse???

The OP is quite likely someone who has the means, but recognizes that this purchase would be quite a bit different than a Honda, and is sorting things through. This is good.

Regarding the numbers: My insurance went up $1600/yr (USAA, late 30-something married male with good record), Gas- I am guessing a few $10s/mo more than what another car would be, Tires- yes these aren't cheap- $1100 for the rear pair every 10k miles, same for the front pair though you may be able to stretch that a bit more as the rear tires get most of the wear, maintenance- $300 or so every 5k miles for oil, $800 for the 20k mile service. When the warranty runs out I would expect other issues to crop up and so maintenance goes up- agree with getting CPO if you can. Depreciation: As far as I'm concerned when money is spent on a car it is gone so I don't factor this.

Emotion: Damn, I am happy when I drive it, anticipate driving it, and think about driving it!!!!!!!!

It would be an irrational purchase. It can't be anything but this. But it is perfectly rational to let a little irrationality in your life. (Only you can decide the amount though.)

surfer

I own a C2S and a Honda Element. The C2S is my DD and has been bulletproof. I'm at 11K miles, the 911 just turned 3 years of age and tire tread is still fine. I get raped on my annual service ($800) but there's only 1 Porsche dealership in town and for a 100K car, it's a small price to pay. I spend more at the gas station (91 octane, 16 mpg mostly city driving) but most of that is my lead foot.

The Element is also bulletproof, servicing is ridiculously inexpensive, and mileage is phenomenal. Acceleration is less than desirable and I may trade it in for an FJ Cruiser. I drive the Element because I can't fit my surfboard in the 911 and the 911 only holds a couple cases of beer and toilet paper at Sam's Club whereas the Element has spacious cargo.

yemenmocha

It's not silly. There's no high horse.

This is not a car in the traditional sense. It is a $100k TOY. It is an inessential toy. Pulling out a legal pad of paper and calculator, doing your montly budget, and seeing that yep... you've just got $1900/month for the payment for 5 years is being reckless. You don't need a $1900 surplus in your monthly budget - you should have a lot more. This is a gratuitious use of money for a toy, a high dollar toy that is a rapidly depreciating "asset".

I don't think that people get this point. Occasionally I'll see a working college kid with a $9k Rolex. WTF? It's not really a watch. It is jewelry/bling. His budget shouldn't be apartment rent, food, Kia payment, and Rolex payment. This kid shouldn't be owning a Rolex when it snugly *just* fits into his budget. It should be on his wrist when it is not a big deal to blow $9k on a wristwatch. Same with $100k TOYS like Porsches.

It seems incredibly foolish to me to not see these luxuries as they are, and to not give sane advice about being able to "afford" one.

niner niner seven

biting my tongue long enough, i cant believe how many hits this thread is getting. this is a NON-ISSUE. hey guys should i go fossil or rolex?

mdrobc1213

Concur...Geof. Hope all is well in DC. Got some nice pics of your Targa to send you. I digress. A Porsche is not a rational purchase but one which makes no sense $$ wise no matter what your income level. Remember you're paying $50k+ for a 997 CPO and anywhere from $80-90k+ for a new 997 so its not just a transportation issue...cause if that's the case then a Honda Civic or hell a Mini or a Smart Car or a Jetta TDi would be the better choice in terms of maintenance, fuel, comfort etc.

It is an emotional decision as many have already said. You buy a 997 cause you love the car and love driving it and to buy one and worry about gas, or mileage, or parts, or whatever and let it sit as some do or protect the car like it needs to be in an airtight bubble or have a force field around it is just wrong in my opinion. Do I take extra care with my car...hell yes! I watch where I park it. Do alot of the maintenance myself (oil change, air filters, etc) and look at how much things cost for it (gas, parts, etc). If the dealer has a special going hell yeah I'll wait and get 5% or 10% off or whatever. Do the same for my BMW which is my DD. But to analyze and pinch $$$ down the last dime is just not feasible with these type of cars.

Whatever you forcast it will come up likely slightly higher...that is just how it is. If you can accept that..great. Press on and IMHO buy a good CPO car a recent as you can afford optioned how you want with as much CPO warranty left on it as you can find. However if any of your questions anwsers will have you either wondering all the time about resources or if you're stretchin $$ or defering other important things (retirement, college education, food for the household) then defer the Porsche or step down to a Cayman or Boxster. You can get a 1999 Boxster for less than a brand new Accord now and a 1999 911 Carerra for a little more...cut your teeth on one of those (I did..started with a 6 yr old 911 in 2004 as my 1st Porsche) and see how it goes...you can always step up you game latter on as you gain an idea of what ownership and logistics are like afterward!! Good luck!

SeanInLA

I won't quote anyone instead I will paraphrase what I learned from this thread.

Finances
I can pay cash for a C2S, my intent was not to figure out if I can fit it into my budget. I earn a decent living, I don't have children, and I am not in dept. (And yes, I agree you should always take care of your family first.)

With that said I am not extremely wealthy by SoCal standards, probably above average and smart about spending. Also, every dollar I have - I earned. But I have worked hard and I should do something for myself.

Investment
I am aware a Porsche is not an investment. Many of my investments over the past 10 years have lost more in actual value than a 911. (worldcom, global crossing, cisco, citi, etc.) So if I had bought a 911 and it lost 50% of it's value I would still be ahead and I would have had a lot more fun!

Analytical
I picked an Accord because that is my baseline and I could provide facts; I was attempting to show I did my homework before throwing out a question. It also was an attention getter! Getting people to read your thread is part advertising.

Passion
I do understand driving a Porsche is about passion. But it's like picking someone to spend time with...it's always fun the first month, but over time you find out the rest of the story. I just wanted some insight into the future.

Ferrari
I would like a Ferrari too, but they seem extremely high to maintain with some $15K services! So a Porsche seems like the sensible sports car and part of my passion is getting a good deal.

When to buy
Yes, I have been here a few years thinking about a Porsche. I would more than likely own one if I had a place to park an extra vehicle, but I only have one parking spot. (It's rare for most people in LA to have extra car parking spots.) Thus, this car would be my daily driver and my only car. I would have access to another car but only if I trade the 911 for it as needed. Does any ballars in LA want to offer me a garage spot? All of the storage places are 150-300 month that hold a car and that's just not worth it.

Cost
It seems that Porsche will cost 3-5x more to maintain. Mostly tires and parts. There are a lot of local shops in LA so after the warranty I should be able to procure a good mechanic.

Boxster/Cayman
That might be a good alternative. But I have never liked the styling of those as much as the 911; however, they might make a better daily driver.

CPO
That might be a good idea too. I usually suck at buying used cars.

Watches
You can't compare a watch. A good watch holds its value. That said I own a typical middle of the road watch. It works and I don't panic when I realize it left it on my desk or in my computer case. I wonder if I would worry when I park my 911 at Ralph's grocery or Costco. (Yes, I shop at Costco)

Daily Driver
I am getting that this might not be the best idea. As I will need to leave it at the airport when I travel. I would need to find secure parking at LAX and I can't use the Southwest park and fly lot.

Honda Timing Belt vs Chain
It think the 4cyl has a chain; the V6 still uses a belt.

Conclusion
I need a 30 day test drive (at a cost). This will allow me to see if this car is something I really want to before committing $50-100K.

Canyon56

Actually most people who live in LA (and own a Porsche) have a house with a 2-3 car garage. It sounds like you live in an apartment with a communal parking lot underneath. I personally would not want to own a nice new Porsche if I lived in Hollywood. And I sure as hell wouldn't park it on the street. And if the crappy streets don't trash the car, then the "neighbors" probably will. At least a much less expensive used CPO 997 might deaden the anxiety a bit.

From reading your post to the responses, it seems to me maybe now's not the right time to get one. Because it doesn't seem like you're really sure yourself. I think you perhaps should think a bit more about why you want to buy a Porsche. I'm not certain a "30-day test drive" will even do the trick. In my experience, usually when someone buys one, they know why and don't need to ask so many "scenario" questions.

Zipgun

Well said!

ryangambrill

If you have to ask these questions about a Porsche, you should never consider a Ferrari or Lamborghini!!!

In all honesty. A Porsche is not cheap. But, in my opinion it is the most cost effective vehicle that is close to an exotic. Including the fact that it can be driven everyday.

Some people are so paranoid, that I wonder how they can truly enjoy the vehicle for what it is. Yes, you should not squeeze your car into a tight space if another is available. But, I am careful with all of my cars. If I worried about parking at Costco, then I am taking the fun out of owning the car.

I have a close friend that owns a 2001 996. He has had the car 4 years and only put 3,000 miles on it. My wife and I joke that he owns the Porsche, just to own it. As compared to owning it to drive it. I have had this 996 since April of 2009. 10k miles have been put on the car, and I have loved every one of them.

At the end of the day, you can make these vehicles quite cost effective to maintain. Oil changes can be completed yourself. Parts and material are $100. In comparison, I use the same oil in my 2008 Jetta. Oil and filter for that car is $60. The extra cost for the Porsche is that is uses more oil.

You will go through more tires in the Porsche. But you do not HAVE to purchase the Michelins @ $1400. The Sumi's are great street tires @ $500 per set. In comparison, the same Sumi's for the 2008 Jetta cost @$400 per set.

Major cost differences will occur when and IF you have major problems. That is just because you are comparing two vehicles with vastly different prices when they were new.

Just my $0.02

Kuhan

I use mine as a DD and I just take a cab to the airport. If you're travelling on business then you're not paying for it. I would rather have the slight inconvenience of a cab than risk leaving my car in an airport lot for days or weeks.

I also make a point of parking at the far end of the carpark when I go to the shops. Usually amongst like minded drivers! At work, I make a point of parking next to the guy who has Boxster at home.

swajames

The point that some seem to be missing is that not everyone understands that maintaining a modern Porsche isn't all that expensive. If you don't know any better, and this is likely to be true for most who don't own a 911, you might expect maintenance costs to be much closer to that of the higher end cars. That's all the OP is really asking, and for a non-owner it's a perfectly reasonable question. As others have said, the point of mentioning the Honda was simply to put things into context. Some of the replies here are over the top... As for the "if you have to ask you can't afford it" brigade, it may be better to remember that we're only in the middle tier ourselves. Anyone who can get themselves into a higher end BMW 5-Series or an MB E-Class can get into a 911. It's not an exclusive club, and it's not an exclusive car.

At Law

I highly recommend the Rolex.

However, the cost to own it per minute is significantly higher than a Fossil and you can't just throw it away when it stops running.

Although, they both tell the time of the day. Now I'm confused about which
one to own.

At Law

In my simple mind, any vehicle over $100,000 is an exclusive car and
very few people can and should own one.

A BMW 5 series should never be compared to a 911.
Even an M5 doesn't come close to the price of the average 911.

SARGEPUG

Agreed, you cannot compare cars, so far apart on the opposite side of the spectrum.

boolala

The attitude that "I'll just stretch my budget to the breaking point in order to buy XYZ" is preciesly what has gotten us into the real estate meltdown in the first place.

And, historically, stretching to buy a home has always (until recently) been a good investment. At least compared to buying a car.

The fact is a great many people have no business buying a Porsche or even anything close to its price range. You should spend no more (on average) than 4 months income on a car.