Purchase a 993 in this state of economy... Please shed some light!

[Dunit]

Need clarity. Over the past 6 months I have been looking for a 97-98 C2S. A month or so I finally found exactly what I am looking for. After a little neg, a proper PPI and some minor repairs it is finally ready to pick up... The market drops 777 points. The economic world seems to be coming to an end! I am a happily married father of two girls. I own my own business which is currently solid but will eventually feel the effects sooner than later. The car is not a necessity but a passion. The wife drives a Range Rover Sport. My DD is a Tacoma. Although I can afford a 997 C2S I tend to be a bit gun shy as I am raising a family and want to be responsible. My thought process is buy the 993 as it will hold value and if worst comes to worst I can always sell it and not be as upside down as if I were to lease a new M3 or S4. Please no BS takes... Give me some real advise as I kinda feel like a jackass buying a 50K Porsche as our economic world crumbles. Let me tell you about the car 97 C2S Silver/Black 48K miles, M030, CD Changer, no paint, a few minor scratches / chips, new P zeros, for 47K plus T&L...

[chris322]

I don't think you are crazy. The 993 is not an appreciating asset, however it does not depreciate like a normal car either. It is an asset that you can enjoy and if your business goes south, is able to be moved and likely moved at price that is somewhat close to your purchase price. From experience I can tell you that there is a market out there, but it will not sell in one or two weeks with the economy the way it is. You will have to work hard to sell it.

I would just enjoy the car and ride the storm out.

[sdcabrio]

I don't think you're nuts. I hear you on the whole family thing and the fact the car will be a 3rd car / toy. I'm in the same boat, just bought my car late last year.

May sound a little weird, but I justify my car (almost entirely to myself) by the fact that cars are a passion of mine. That getting a Porsche had been a long time goal of mine and that I am good with my (our) $$. My car may look new, but the fact is it's 13 yrs old. What could I have bought for 32k instead,...a loaded Accord, a nice Audi? My daily is 19 years old and I've owned it for 10.5 of those years. The wife drives a CPO BMW I bought private party. I don't blow money gambling or buying stupid petty stuff like some of my friends do. The resale value on our cars is awesome (the particular model you are buying even more so) so you could get out of it pretty close to whole I would think. As mentioned, not in a week or two, but you would find a buyer.

As for the market, I say we just ride it out. If your portfolio is well balanced you should weather the storm. I actually have quite a few clients who still have large cash positions (35-45%) that I am close to pulling the trigger on some buys for. Easier said than done, but in hindsight the best buys are usually made when you are a little uncomfortable making them. We will see what the election brings us, too.

[Dunit]

Thanks Gents. Appreciate the insight.

[Stealth 993]

Just do it! You will HELP the economy buy buying it. Short term it will also make you feel great!

If you found the right car, @ the right price, your going to kick your self for NOT getting it!

If getting this car will make you eat Mac&cheese for months, then don't get it. But, if it's more like you want to put the money into some other investment, then well, I can't promise returns, but you will not take the losses as if you got Wa-Mu stock!

[bbs993tt]

I would echo what others have said and re-emphasize that if this is THE ONE you've been waiting for, you'll hate yourself if you pass on it. Additionally, because it's a C2S (rare) in Silver/Black (popular) with low mileage and presumably it won't be your daily driver, you should do fine when it's time to move to something else.

[bill930p]

I bought two more Porsches this year. If I hadn't, I would have put that money in the market.

Thank God for impulse!

[raiyu]

A friend of mine was looking to get a new car, he was looking at the 335i convertible. That woulda been a bad move, the car would lose a ton of value the second he bought it, I personally dont think it will be a classic, and I also dont trust all of the electronic gadgets they stick in the new cars (I had a E60 M5 so I know).

Instead I told him get a 993. At first he wasnt thrilled about the idea, but after I explained to him that given the fact he hardly drives, he would be able to recoupe most of the money he put into purchasing the car, and in the interim enjoy a classic porsche, he quickly changed his mind and now is looking for a 993.

I think you should definitely go for it. Sounds like your financial situation is more or less stable, the money wont be locked up in the asset, I garauntee you will have an easier time of selling the 993 if things head south rather than unloading real estate, you may take a hit, but I doubt it would be larger than 10%. And thats the worst case scenario.

There are plenty of people that have lost a lot more than 10%. Plus your losses are fixed to 10% of the 993, which at 30-50K is only $3-$5K. And again, worst case scenario.

More likely than not you will drive the car, and when you goto sell it since it wont be your DD you will recoupe 95%+ the value of the car. Hell, it could even go up. And more likely than not, you'll probably fall in love with it, and never sell it.

There are only two cars that I would take over my 997TT, that would be a 993TT or a F355. I think you can't go wrong with the 993.

[XX911XX]

lol...sorry dunit, if you're looking for an unbiased opinion, your in the wrong forum.

I agree with everyone. Just do it!

[SEAYL8R]

buy a93TT you wont regret it na cars to slow

[keninirvine]

Dunit: So, did you do it yet? I'm actually considering a nice 993 to replace my 07 T4S which I love, but stands to lose much more value over the next few years than a nice 993 purchased at the right price. I plan to try a C2S, C4S and TT to see what might work for me if I decide to follow through.

[Dunit]

I have not done anything just yet. I have my eye on a 97 C2S Artic Slvr / Black w/ 48k miles. Its almost perfect. One owner Ca car. What do you think a fair price is at this point? If I can really work some angles im in. Keep you fingers crossed.

[raiyu]

I dunno about the situation with 993s but my dad has been shopping around for an '07 Z06 and the lowest we've seen thus far is $42K on a car with 5K miles and all of the trimmings.

The market is really quite crazy, some dealers are still listing 06 Z06s in the low 50's, private sellers on 07s are in the high 40s or mid 40s depending on options and miles, and motivated sellers that got bit by the economy are on the low 40s side.

I would imagine you should be able to find a deal or two on the 993 as well as 997s have definitely taken a beating in this market as well. I would estimate that you could probably get 10-20% off the cars market value from 2-3 months ago, and likely that the drop in price would continue into next year.

On the business side we are renewing and signing new service contracts and purchase orders I can definitely say that it's a buyers market out there in every sense of the word, so definitely not worth settling until you get some amazing deal.