Does this make sense?
03-11-2019, 03:55 PM
#16
Rennlist Member
In 2001, the average income of a 911 buyer was over $300,000.
In 2017, the average income of a 911 buyer was over $500,000.
The last report I saw was that it is now over $600,000 (USD) and the average income of a Boxster/Cayman owner was $365,000 (USD).
I've always pushed my limits a little when it comes to cars (heart > head) but I would NEVER even think of buying a 100k car with an 87k gross income.
There 2 ways to look at it...
1. What is your income?
2. What is your net worth?
In 2017, the average income of a 911 buyer was over $500,000.
The last report I saw was that it is now over $600,000 (USD) and the average income of a Boxster/Cayman owner was $365,000 (USD).
I've always pushed my limits a little when it comes to cars (heart > head) but I would NEVER even think of buying a 100k car with an 87k gross income.
There 2 ways to look at it...
1. What is your income?
2. What is your net worth?
03-11-2019, 04:34 PM
#18
The $511,000 from 2 years ago was stated by Porsche Brand Ambassador Tony Montaleone
...The luxury segment is what America knows,” said Montaleone. “The average Porsche owner’s household income is $511,000. The average Mercedes-Benz owner’s household income is slightly over $250,000. That says something. Anyone can have a Mercedes, but Porsches are special.”
I just heard the $600,000 figure last week. It was quoted in a podcast I was listening to while driving but can't remember which one off hand. That's where they also stated $365,000 was the avg for a boxster/cayman owner. I'll see if I can find it again.
...The luxury segment is what America knows,” said Montaleone. “The average Porsche owner’s household income is $511,000. The average Mercedes-Benz owner’s household income is slightly over $250,000. That says something. Anyone can have a Mercedes, but Porsches are special.”
I just heard the $600,000 figure last week. It was quoted in a podcast I was listening to while driving but can't remember which one off hand. That's where they also stated $365,000 was the avg for a boxster/cayman owner. I'll see if I can find it again.
03-11-2019, 04:46 PM
#20
Three Wheelin'
Apparently not a Finance degree.
Recommend a Boxster or Cayman 987.2, 2009-2012. You can get one with less that 30K miles for around $25K. If you stay in Canada a second set of wheel and winter tires. The 911 is way too expensive and the Panamera just makes no sense. If you want to go CPO then get a 2014-2016 981 Boxster or Cayman. You will need money for rent, food and living, not to mention a least a token start on retirement savings. You can find older Pcars for less, but you don't appear to be a DIY guy.
Recommend a Boxster or Cayman 987.2, 2009-2012. You can get one with less that 30K miles for around $25K. If you stay in Canada a second set of wheel and winter tires. The 911 is way too expensive and the Panamera just makes no sense. If you want to go CPO then get a 2014-2016 981 Boxster or Cayman. You will need money for rent, food and living, not to mention a least a token start on retirement savings. You can find older Pcars for less, but you don't appear to be a DIY guy.
03-11-2019, 04:58 PM
#21
Or the maintenance. I have seen several invoices from Porsche dealers where owners have declined to replace expensive but crucial parts like leaking steering racks, missing belly pans etc., just because of the cost.
03-11-2019, 05:30 PM
#22
Haha yeah, you guessed it! I'm a software engineer but yeah I definitely don't have the space to work on my own vehicles.
I just wanted more input from experienced owners, and everyone has given excellent advice! Insurance is definitely a killer at the higher end of the 300s, since I do live downtown.
I just wanted more input from experienced owners, and everyone has given excellent advice! Insurance is definitely a killer at the higher end of the 300s, since I do live downtown.
03-11-2019, 06:18 PM
#23
Drifting
My advice and how I enjoy most of my Porsches - let someone else take the big depreciation hit. 😉 Even higher mileage cars are still very enjoyable and reliable. Just get a thorough PPI first.
If I were in your spot and it's an itch you need to scratch go Cayman or Boxster in the 25 to 30 k $ range. Fun, capable cars while you save for retirement and a home etc. You can have it all lol
If I were in your spot and it's an itch you need to scratch go Cayman or Boxster in the 25 to 30 k $ range. Fun, capable cars while you save for retirement and a home etc. You can have it all lol
Last edited by Pags993; 03-12-2019 at 01:32 PM.
03-11-2019, 07:00 PM
#24
Rennlist Member
03-11-2019, 08:07 PM
#26
Race Car
Buy a Metro Pass or get a Corolla, move back home or get a cheap apartment and start saving.
Just because you make X, doesn't mean you have to spend X.
Just because you make X, doesn't mean you have to spend X.
03-11-2019, 11:13 PM
#27
Those figures quoted by Porsche are marketing BS. Same ones that say all Bugatti owners average 100 cars and 3 private jets. Looks good in a quote though.
i was in your very position. In my last year of school I wanted to buy a rennlisters 996 turbo. Didnt even have a job and had tons of student debt. Wisely stepped back from the ledge after two trusted people told me to. Instead waited 6 years while saving paying off my debts and getting myself established. Good thing too as there were bumps along the way. If you hate your job and cant move because of the payment or get laid off it will hurt.
I also bought an older one that has since not depreciated. It will need some cosmetic work but I drive it daily rain or shine. Good indy helps.
There is also nothing wrong with financing if you cam earn a better return elsewhere. The internet says everyone pays cash but also not true
i was in your very position. In my last year of school I wanted to buy a rennlisters 996 turbo. Didnt even have a job and had tons of student debt. Wisely stepped back from the ledge after two trusted people told me to. Instead waited 6 years while saving paying off my debts and getting myself established. Good thing too as there were bumps along the way. If you hate your job and cant move because of the payment or get laid off it will hurt.
I also bought an older one that has since not depreciated. It will need some cosmetic work but I drive it daily rain or shine. Good indy helps.
There is also nothing wrong with financing if you cam earn a better return elsewhere. The internet says everyone pays cash but also not true
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03-12-2019, 09:06 AM
#28
Those figures quoted by Porsche are marketing BS. Same ones that say all Bugatti owners average 100 cars and 3 private jets. Looks good in a quote though.
i was in your very position. In my last year of school I wanted to buy a rennlisters 996 turbo. Didnt even have a job and had tons of student debt. Wisely stepped back from the ledge after two trusted people told me to. Instead waited 6 years while saving paying off my debts and getting myself established. Good thing too as there were bumps along the way. If you hate your job and cant move because of the payment or get laid off it will hurt.
I also bought an older one that has since not depreciated. It will need some cosmetic work but I drive it daily rain or shine. Good indy helps.
There is also nothing wrong with financing if you cam earn a better return elsewhere. The internet says everyone pays cash but also not true
i was in your very position. In my last year of school I wanted to buy a rennlisters 996 turbo. Didnt even have a job and had tons of student debt. Wisely stepped back from the ledge after two trusted people told me to. Instead waited 6 years while saving paying off my debts and getting myself established. Good thing too as there were bumps along the way. If you hate your job and cant move because of the payment or get laid off it will hurt.
I also bought an older one that has since not depreciated. It will need some cosmetic work but I drive it daily rain or shine. Good indy helps.
There is also nothing wrong with financing if you cam earn a better return elsewhere. The internet says everyone pays cash but also not true
03-12-2019, 11:00 AM
#29
Drifting
to the OP,
I graduated UofT in 1995, My 1st car was a 1995 Integra LS (new)... My parents helped me cosign for it. I began working 4 weeks after I graduated. My salary was about $50K in 1995 dollars. I'm pretty sure the car was maybe $23K max out the door. So less than half my annual salary... I paid it off in 24 months, drove it for 7 yrs and almost 250K km, before buying something with 4 doors and could fit a baby seat.
I lived at home for the 1st 5 yrs, bought a rental property in Wloo within the 1st couple years.... and built up equity that way...
*** The cars you listed are too expensive right now for your budget and place in life **** Cars are depreciating assets., you're throwing away all your savings...
Look for something under $30K.
I graduated UofT in 1995, My 1st car was a 1995 Integra LS (new)... My parents helped me cosign for it. I began working 4 weeks after I graduated. My salary was about $50K in 1995 dollars. I'm pretty sure the car was maybe $23K max out the door. So less than half my annual salary... I paid it off in 24 months, drove it for 7 yrs and almost 250K km, before buying something with 4 doors and could fit a baby seat.
I lived at home for the 1st 5 yrs, bought a rental property in Wloo within the 1st couple years.... and built up equity that way...
*** The cars you listed are too expensive right now for your budget and place in life **** Cars are depreciating assets., you're throwing away all your savings...
Look for something under $30K.
03-12-2019, 11:48 AM
#30
you only live once and it's a matter of priorities, that said- find a Porsche that isn't rapidly depreciating and enjoy that