WCE

I was sort-of in a similar situation to you. HAD to have a Porsche, but really couldn't afford to do it right. Ended up with a 6 year old, 40k mile 928 (60% depreciated at the time) as my daily driver when I was 25. The equivalent car for you now would be a '99 996 or Boxster. I will warn you however, that maintenance costs are high and you have to have the right frame of mind when things do break (and they will). I drove the wheels off that 928 over the next 10 years and probably spent close to the purchase price on repairs, but enjoyed (mostly) every mile!

I don't have to tell you time does go by, situations improve, your new house will appreciate, and small savings will add up over time. Fifteen years later, I'm driving a turbo!

vyper340

Get what you want because life is too short to have regrets and you can't take any of the toys with you when you leave!

BTW, I'm 36 married for 6 years and have a 2.5 year old and he loves to ride in the turbo and go fast as hell on the water in the performance boat!

smshirk

I bought my first Porsche, a beat up 914 at age 26 and my 2nd at age 26, another 914(wreck) to keep the first one running. I have kept a Porsche of some kind just about ever since. It is doable at most any SES if you are reasonable in your selection and willing to get your hands dirty. My best friend loved Porsches as much or more as i did, but chose Hondas, Nissans, and VWs, waiting for the day he could afford that 911 he always wanted. He was driving a minivan when he died of a heart attack at 45. Life is shorter than you think.

inactiveuser92616

I got mine at age 19, as a full time college student. I got the 944S this year, a year later, with hopes of repairing it. So technically... you can have multiple porsches at age 20, doing seasonal work, at $10/hr.

umfan866

Guys-right now I am doing a few things:
1) working on my BMW to learn to be more self-sufficient and enjoy what I have. E.g. I recently worked on the instrument cluster including removing steering wheel, installled rear Bilstein sport shocks and mounts, installed new blower motor when the old one died...basically fixing annoying problems that would have cost a lot in labor. i've discovered there a whole bunch of BMW e30 enthusiasts out there that take my model of car to the track, mod it, etc. all because they like the handling, decent looks etc. I even rode in one's guys tricked out e30 with free-flow exhaust, ground control suspension, cold air intake, etc. and it felt almost the same as some of the old 911s I drove in (save the engine being in the front instead of the rear). That made me realize that the 'sports car feel" is something that can be obtained in different ways and is not just something that you MUST have a Porsche for - BMWs come pretty close in that respect, as do other cars.
2) Trying to devekop a fiancial plan/approach. This is coming together very slowly, but just started my new job which pays slightly better, talking to people about refi-ing our loan to lower the payment while also extending the fixed period from 5 to 7 years, paying off all outst w e can afford. Once I know exactly how much there will be on hand I can start looking at cars appropriate to that amount.
So thanks everyone, and keep those comments coming on when you think it is an appropriate time in your life to get a porsche.

DaveH

If you're refinancing your house to get cash for a car, there's something wrong with that picture.
With 2 kids in the picture, I'd hope your $$ focus would be elsewhere.

We can all appreciate the urge and desire to get the car, but it doesn't sound like the money would be coming from the right place at this time. Good luck with your decision.

Braeden

umfan866,

I'm in a similar situation as you are so I feel your anguish, anxiousness.

I am 32 and grew up in CT. I lived about a mile from the beach on a fairly busy stretch of road. I grew up idolizing 3.2 911's because of their distinctive looks and that air cooled wail it made upon acceleration.

I have a wife and 1 year old, live in Charlotte, NC (very affordable) and have been waiting for that 'right time' as well.

Here is my checklist that had to be met before I allowed myself to indulge:

1. His and hers 401K's funded - check
2. 529 college plan for junior set up and funding - check
3. Stable housing situation - currently have townhome on market. Buying home.
4. Both cars paid off - My Acura is , Her Passat 3 more years.

So once we buy a new home and the Passat is paid for I'm going for it!

I plan on using an equity line to pay for the car...but will pay the car off in less than 15 years for obvious reasons. I have no problems doing this. Its called opportunity cost. Doesn't make sense to pay cash for a depreciating asset(unless you really can afford to) when you can earn more interest in the market. Spread out your payments over time. I have always leased cars, then bought them. Payed the same amount as a 5 year loan but spread payments over 8-9years to get the monthly payment down.

The hardest part is delayed gratification. It's tough. I've wanted a Porsche since I was about 12. I find therapeutic to visit these boards in the meantime.

Depending on the depreciation of 997's I'll either buy a 2005 997 or a 95-98 993 in 3 years. Most likely a 997 since it will be my daily driver.

GOOD LUCK! and hang in there, it's something to work towards and look forward to!

996Pilot

I bought my first Porsche at 18. Couldn't really afford it or the insurance. It's been 30 years since of marriage, houses, career, ..... I finally think I got it figured out how to do this and be really, really happy.

Dump the wife (wives in my case), move to sunny San Diego, and live like there's no tomorrow. It works!!

Mighty Shilling

I'm 22...got my 924S when I was 19. great cars. Love em!

Daniel Dudley

older porsches make great third cars when put on classic insurance. Then if it breaks down, you are not obligated to fix it asap. I wish I had done more reading up before buying, but I have no regrets. 8K should buy you the nicest 944 out there, with all the records and upkeep. But what does your gut tell you? I think you already know what you need to do. When you are ready to buy, have some of your new friends come along for the ride, or get the PPI done by a reputable mechanic. Once your hands start sweating and your heart pounding it's all over. If you want to, get a subscription to Excellence, A very informative magazine. Just know that if you do you will have porsches in your face every month, egging you on. Good luck.

adsc4s

You really do not need the space of a minivan with a toddler and a newborn. I would get something smaller, more practical and cheaper than a minivan, maybe a used Accord or Camry. Bank the rest of your money and just save! Save, save, save. As things change, including your priorities, if you still want that Porsche when you have money in the bank, by all means, get it! If not, you have a little nest egg all saved up.

I'm 39, have two great kids 9 and 7, own my home, happily married and gainfully employed. I currently own Porsche number 4 and 5. Although I had dreamed of owning a 911 since high school and probably could have bought an SC many years ago, I waited until I could write a check without reservation. Piece of mind is a beautiful thing.

My advice is not to go into debt for a car.

umfan866

Update...

Well thank you guys all for your advice. Well, my wife did buy me a subscription to Excellence magazine, which I enjoy greatly (especially the market update colum), and I got a Rennlist membership.

In the meantime, I also bought (for $450) a non-running BMW so that I could make mine a little sportier by raiding its Recaro sport seats, M steering wheel, rear leather seats in better condition than mine, etc. Have also since then repaired a throttle cable, and some exhaust work. I still have the option of fixing up the 2nd BMW and selling it, which I will probably do -- I don't have the room to have a true parts car lying around.

At one point I thought I would just fix up this 2nd bimmer and one would be my wife's car, but she (as well as I) got so fed up with old cars when the water pump broke again on my 1st BMW that we decided we have to have a new vehicle, even if the payments were going to kill us. No 5-10 year old Bimmer wagon, no older Porshe, no.... a new vehicle.

I thought a lot about what people said on this forum, and about my behavior, and i realized I was going through a mid-life crisis. I just couldn't accept that I was going to be a Dad all over again, and that I was no longer a teenager or 20something, but an honest-to-goodness 35-year old parent. Also, I thought a lot about what people said about being able to just write a check. And the fact that I like the idea of having a lot of kids (don't think I mentioned this before) --we are sort of planning to have a 3rd child after this 2nd one arrives in about a month. And once you have 3 kids, you are pretty much into minivan territory....

So, to make a long story short, we bought..... a new 2005 Honda Odyssey Minivan! The van was redesigned for 05 and is a little sexy/unique having it on the road, at least for the time being. The MSRP on this van is about $25k and we managed to stick to a base model with only a few goodies (my wife let me get a leather steering wheel, leather shift **** which just arrived today, and a bra/nose mask--to sport things up a litttle bit). If I get a huge bonus we can get some rims, someday and maybe some H&R lowering springs.

The van does not handle like a Porsche Cayenne or BMW, but it is not bad--it is the best-handling minivan on the market. And the power is more than adequate (255hp). One side-benefit of getting a base model is that we are a little faster off the line than other, heavier Ody's. In terms of financing, we got 4.74% as part of our deal, and then both our parents magically came up with some money, so our payments will only be $250 a month for 6 years (no need to re-fi our house). Our son LOVES climbing in and around the van, and our parents will be able to fly in and be with us in the same vehicle when they do come.

There are days when I want to just go out and buy up an old 911 because I so enjoyed the test-drives in some of the cars I drove, but then I also remember my call with one seller who was getting rid of his 911 solely because it had come to symbolize to his wife and children his "lack of commitment" to the family. I don't want to be that guy.

BTW I don't hang out here much more torturing myself these days, I will come back now and then, and especially once I have saved up for a Porsche. But for now I am happy, knowing I made the right decision, putting my family first.

BtW - Here is a thread from where I hang out a lot lately:
http:/ www.odylub.com/forums/showthr...threadid=24460

Daniel Dudley

Nice pictures of the family. It's good to know what's really important.

Res Ips

Early 20's as long as you've got the money.

ciemo

I'm glad you gained a little sanity during your mid-life crisis. I got my 993 when I was 36, during the tech boom and expecting a baby. I had a Miata and the wife was driving a BMW 325i. The 325i was traded in for a 2000 528i wagon manual (not automatic) for the wife to drive around kid and stuff. Wife recently upgraded to Acura MDX. Her first preference was Lexus R330 but she wanted seats for 7. Mine was the Cayenne. MDX has more power for less money than base Cayenne. It's more than adequate for passing going up 80 to Truckee and is a great handling car (very little body roll compared to other SUVs). I've been switching between 993 and 528i wagon as daily drivers. Recently sold Miata.

Here's the thing ... as daily driver the 528i wagon is sometimes smoother than the 993. The 993 is great but have if you really have the itch to have a small sports car, you might want to entertain a Miata. Maintenance costs are very low. The car handles like a roller skate and is really fun to drive. 1980's vintage 911's had that kind of feel (at least that's how I felt about my test drive in John Warnock's (Adobe founder) when I took it for a test drive). You can get a 1980's Miata for cheap (4 grand and maybe only need to spend $1K - $2K on maintenance over 2 years. As Click and Clack say on car talk, an old car you have to maintain for $1K to $2K a year is still less money on a cash flow basis than a $250/month car payment for 6 years. You'd be hard pressed to have a Miata get that expensive. The primary downsides of the Miata is no back seat for kids (my son rides in 993) and no torque (a reason I bought Porsche) but it's zippy and a blast with the top down.

A friend used to have a 928 he bought for about $8K. Nice car. Didn't complain about maintenance.

Hey, I understand the urge/desire for Porsche versus other cars. I occasionally think about trading in the 993 and the 528i to get something newer but I can't find anything that I want to replace these two specimens, not even a Cayenne or a 997. Not when I think about alternative uses for the cash.

Now that I've gotten past my midlife crisis ... I look at more money on cars or paying off house and being completely debt free. Being debt free is becoming more and more appealing. Then again ... that's easy for me to say, I got the toys. :^)