Does this make sense?
05-29-2019 | 06:32 PM
#61
Three Wheelin'
Joined: Nov 2011
Posts: 1,896
Likes: 268
From: GTA
I had a chance to pick up an 87/88 Carerra back in the day, but I didn't, but ended up picking up a 996 when I was 30. I enjoyed it for a few years, sold it, and bought a place for myself,and recently picked up a Boxster. I don't think I would carry such a heavy debt burden to start, however. Life is difficult, but also know when to enjoy it. I've met some of the most interesting and genuine people through Porsche ownership, and don't regret it one bit.
05-30-2019 | 12:13 PM
#63
Burning Brakes
Joined: Jul 2015
Posts: 1,151
Likes: 270
From: Toronto, ON
05-30-2019 | 11:37 PM
#64
Rennlist Member
Joined: Jul 2016
Posts: 751
Likes: 142
From: Victoria, BC
You should buy an e46 M3! They're so cheap now, and awesome cars... If I had the garage space I'd buy one just because of that. As others have said, no need to spend 100k to have a nice car.
05-31-2019 | 01:28 AM
#65
Race Car
Joined: Nov 2004
Posts: 4,857
Likes: 50
From: Hamilton, Ont. Canada
05-31-2019 | 11:44 AM
#66
Captain Obvious
Super User
Super User
Joined: Aug 2003
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From: Cambridge, Ontario, Canada
05-31-2019 | 11:48 AM
#67
Rennlist Member
Joined: May 2012
Posts: 2,113
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From: TO
I took this quote to mean that in the long run, one extravagant splurge won't destroy you. Would be different if you were reckless all the time, but pick your spots.
05-31-2019 | 07:33 PM
#68
Racer
Joined: Apr 2011
Posts: 326
Likes: 60
I know nothing. My wife's in wills and estates.
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Ernest McCaleb (04-10-2020)
05-31-2019 | 09:29 PM
#69
Race Car
Joined: Nov 2004
Posts: 4,857
Likes: 50
From: Hamilton, Ont. Canada
I think it's different for everyone, and depends what your definition of "extravagant". It's a fine line between enjoying life and living for today, vs. living for your future (i.e. excessive caution) or your past (i.e. making up for bad decisions). In my experience, the vast majority of people fall into one of the last two camps. What a way to waste your one and only ride on the carousel.
05-31-2019 | 11:05 PM
#70
Rennlist Member
Joined: Jun 2006
Posts: 11,484
Likes: 558
From: Toronto Canada eh!
Nope. When you die and if your estate has nothing left to pay it out then the debt is gone. Creditors will require signed documents from lawyer stating that zero funds are available to pay it . Debt does not transfer to surviving family members.
I know nothing. My wife's in wills and estates.
I know nothing. My wife's in wills and estates.
05-31-2019 | 11:37 PM
#72
Rennlist Member
Joined: Jun 2006
Posts: 11,484
Likes: 558
From: Toronto Canada eh!
If you die and own property with a mortgage, the mortgage must be paid or the bank takes the property. so if you leave your house/property to kids with a mortgage, unless you have mortgage insurance or life insurance that is used to pay off mortgage, the mortgage will still be owed.
05-31-2019 | 11:46 PM
#73
Racer
Joined: Apr 2011
Posts: 326
Likes: 60
If you die and own property with a mortgage, the mortgage must be paid or the bank takes the property. so if you leave your house/property to kids with a mortgage, unless you have mortgage insurance or life insurance that is used to pay off mortgage, the mortgage will still be owed.
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Ernest McCaleb (04-10-2020)
06-01-2019 | 01:23 AM
#74
Rennlist Member
Joined: Jun 2006
Posts: 11,484
Likes: 558
From: Toronto Canada eh!
agreed... but normal mortgages are usually not upside down at time of death...and if collateral mortgage could take other assets or cash from estate I believe, but I am not a lawyer even though I did stay recently at a Holiday Inn Express
06-10-2019 | 12:56 PM
#75
Three Wheelin'
Joined: Jan 2011
Posts: 1,457
Likes: 471
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
Back to the original question, HELL to the NO. The max I'd ever spend on a car is 1/3rd my take home unless I had a substantial net worth that was several times the value of the car. And that's assuming the car is used - if I had to eat another $50k in depreciation over the ownership period, I'd add that to the cost of the car as well. I was making around where you were at your age and I drove a $25k car and felt that was a stretch to begin with.