Sad News
10-24-2011, 06:36 PM
#32
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Congrats on the new baby....I agree with last 3 posters comments. Although I know life is short and everything...but when it comes to baby care, the cost will only go up and you have to consider the QUALITY of the care too(i have a 4.5 yr old) plus you want some cushion too. I don't want to turn this into a financial planning session...maybe you have plenty other assets you can liquidate later if needed....but in general , if it's that tight, sell the P car. The value of the car will keep depreciating while the cost of day care, music lesson/kumon school/swimming lesson will only go up. But really, big congrats on the baby. Family first and everything comes after that. Just my 2 cents....Enjoy being the new parents; it's different phase of life...it may seems hard initially but savor it nevertheless.
10-24-2011, 07:33 PM
#33
Drifting
Thanks to everyone for the great response to my post. In an attempt to answer everyone's questions, here's some more information.
My wife currently drives an '98 Chevy Venture minivan that was a handme down with many moons ago. It's now pushing over 160k miles on it and things are starting to crap out on it.
I'm looking to sell the Porsche, not because it's not convenient with the baby but because I can't afford to make daycare payments along with the new minivan for my wife and my p-car payments. When I say I can't, I mean I would be living from paycheck to paycheck and I prefer a little more financial stability.
Recently though, I may have found a free daycare option through a nearby relative and through the inlaws. If that pans out then I might keep the car. If I have to sell it, my game plan is to pay off the minivan in two years and buy another Porsche after that.
My daily driver is an '03 Saab with 200k miles on it and it took may not last too long. My daily commute to and from work is over 110 miles so I wouldn't want to use the p-car that much.
So I think my most realistic option is to sell the porsche, finish off the new minivan in two years, get myself another daily driver and in two years buy another porsche at that time. The way I look at it is that at least in two years I'll have a never porsche.
Thanks again for all the help.
My wife currently drives an '98 Chevy Venture minivan that was a handme down with many moons ago. It's now pushing over 160k miles on it and things are starting to crap out on it.
I'm looking to sell the Porsche, not because it's not convenient with the baby but because I can't afford to make daycare payments along with the new minivan for my wife and my p-car payments. When I say I can't, I mean I would be living from paycheck to paycheck and I prefer a little more financial stability.
Recently though, I may have found a free daycare option through a nearby relative and through the inlaws. If that pans out then I might keep the car. If I have to sell it, my game plan is to pay off the minivan in two years and buy another Porsche after that.
My daily driver is an '03 Saab with 200k miles on it and it took may not last too long. My daily commute to and from work is over 110 miles so I wouldn't want to use the p-car that much.
So I think my most realistic option is to sell the porsche, finish off the new minivan in two years, get myself another daily driver and in two years buy another porsche at that time. The way I look at it is that at least in two years I'll have a never porsche.
Thanks again for all the help.
After reading this, you are way out of your league here. In no way financially, should you own a Porsche. Family comes first, I know and have 3 kids from 7yrs to 3. In comparison, look at my other cars in my signature compared to yours. Not to say all the properties I own and my business is worth, etc. I am not gloating and not saying it's textbook, but hopefully get the idea. Sell the P-car, junk that rolling coffin of a minivan and get yourself a stout SUV for the fam dam. Establish yourself financially and then it's Porsche time!
10-24-2011, 09:06 PM
#34
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Mj,
After reading this, you are way out of your league here. In no way financially, should you own a Porsche. Family comes first, I know and have 3 kids from 7yrs to 3. In comparison, look at my other cars in my signature compared to yours. Not to say all the properties I own and my business is worth, etc. I am not gloating and not saying it's textbook, but hopefully get the idea. Sell the P-car, junk that rolling coffin of a minivan and get yourself a stout SUV for the fam dam. Establish yourself financially and then it's Porsche time!
After reading this, you are way out of your league here. In no way financially, should you own a Porsche. Family comes first, I know and have 3 kids from 7yrs to 3. In comparison, look at my other cars in my signature compared to yours. Not to say all the properties I own and my business is worth, etc. I am not gloating and not saying it's textbook, but hopefully get the idea. Sell the P-car, junk that rolling coffin of a minivan and get yourself a stout SUV for the fam dam. Establish yourself financially and then it's Porsche time!
10-24-2011, 09:11 PM
#35
Rennlist Member
Congrats on the change of events. Only thought would be that yes Porsche payments today mean paying less in the future as I don't see these wonderful vehicles getting cheaper in the future but if you are having trouble covering your car, family expenses and putting some funds aside as one always should do for a financial cushion (as you would if driving any vehicle) then it may be time to reconsider. If the free child care goes away or a new kid or the other car/vehicles go kaput or any other life changing event occurs you may as we say in the aviation community quickly run out of airspeed and altitude which is never a good place to be as it means also quickly running out of options. So tread lightly and have a good plan B also! Good luck.
Last edited by mdrobc1213; 10-24-2011 at 09:36 PM.
10-24-2011, 09:49 PM
#36
Burning Brakes
Join Date: Jun 2011
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A 911 is a great family car !!!!!!! Here's an old pic of my daughter, she's 16 now !
You might want to consider selling the Porsche and buying an older 964 for cash just to eliminate the car payment.
Personally, I only pay cash for cars, unless it is a business lease.
You might want to consider selling the Porsche and buying an older 964 for cash just to eliminate the car payment.
Personally, I only pay cash for cars, unless it is a business lease.
10-26-2011, 02:50 PM
#37
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Thank you for all your messages. Financially I'm more than stable. I was considering selling the p-car to maintain the stability since I would have the added expense of daycare to consider along with two other car payments. My mom and mother-in-law will split the baby sitting duties, hence the free day care. Without that $1,000 a month, I have more than enough to make the payments.
Believe when I say that my finances and my family are way more important than the porsche. Things have just worked out so I can have it all.
I'm not in danger of missing a payment on anything. I quite surprised that people thought I would do that for a car. Even with daycare costs I can afford everything so I was already making the decision on my own to free up as much cash as possible to keep my family in the best situation.
Believe when I say that my finances and my family are way more important than the porsche. Things have just worked out so I can have it all.
I'm not in danger of missing a payment on anything. I quite surprised that people thought I would do that for a car. Even with daycare costs I can afford everything so I was already making the decision on my own to free up as much cash as possible to keep my family in the best situation.
10-26-2011, 03:35 PM
#38
Burning Brakes
Hi Everyone,
It's been a while since I've last posted on this site and it's with regret that I have to make this post. We recently had a new addition to the family and my wife badly needs a new car, which means there's no room for my weekend toy.
I have an '06 Carrera S Cab in Guards Red with roughly 36k miles on it. The car is practically brand new. I believe there is a tiny bit of curb rash on the passenger side rear rim and there are a few options on it like colored wheel crests, porsche sport exhaust, bose audio and PCM2, red dials on the dash.
I'm considering selling it private rather than trade in so that I can a) get my money's worth and b) ensure it goes to a nice new owner.
What would be a reasonable asking price?
It's been a while since I've last posted on this site and it's with regret that I have to make this post. We recently had a new addition to the family and my wife badly needs a new car, which means there's no room for my weekend toy.
I have an '06 Carrera S Cab in Guards Red with roughly 36k miles on it. The car is practically brand new. I believe there is a tiny bit of curb rash on the passenger side rear rim and there are a few options on it like colored wheel crests, porsche sport exhaust, bose audio and PCM2, red dials on the dash.
I'm considering selling it private rather than trade in so that I can a) get my money's worth and b) ensure it goes to a nice new owner.
What would be a reasonable asking price?
FWIW, my wife and I have an 11 month old son and I just sold my 2008 997s (which was our third car and a weekend driver) for what appears to be the same reasons you're thinking of selling. I loved that car but not like I love my son. Fret not, if the Porsche is important to you, you'll get another one at some day.
To those of you suggesting he keep the car and use it to transport a child, let me say this... despite Porsche's current ad campaign... that's not realistic. It's simply not practical to put a rear facing child seat in a 911. You can do work arounds and put the child in the front seat but as safe as the 911 is, that's just not as safe as putting your child in the middle, rear seat of most modern sedans, wagons, SUV's or vans.
When your child is older and can fit in a forward facing, rear seat, it's more feasible but still not that easy.