The Recession Finally Got Me

[Vegasguy]

I lost my job about 8 months ago, and after futilely looking for another job at at my age, I decided I'll just retire. Now, because I don’t work, I simply do not have anywhere to go, and my ‘10 C2S Cab mostly just sits in the garage. I’ve had it (new) since June, 2010. It has only 5,000 miles on it, and in the last 8 months, I’ve driven it only about 700 miles. So I’m beginning to think that, while I truly love the car, it might be best to try and sell it. I make payments on it, but from a financial standpoint, I’m O.K. It’s kind of a weird feeling, but my primary concern is that it just can’t be “good” for the car to just sit there. And, except for an occasional spin every once in a while, it seems like such a waste to try and think of somewhere to go just to drive it. So I thought I’d see what the comments, suggestions, or advice would be from other Forum members regarding selling, or not selling, my P-Car.

[cavsct94]

I'm sorry to read that you've lost your job. Maybe instead of letting it sit you can take your new time and get out and mix it up some. Good luck!

[keninirvine]

Well, I'm a big cab fan, and I drive mine every day. I think if I was in your situation, and was not inclined to drive it a lot, or at least quite regularly, I'd let it go. It will just depreciate sitting in the garage, so if you're not deriving at least a decent amount of pleasure from it, then it is just a lot of money down the drain for nothing. Plus, I don't think these cars do well when they sit too much.
Sorry to hear you're being forced into retirement before you planned it, but glad you are apparently able to handle it. But unless you have a lot more money than you think you'll need, I personally would pull my money out of the car before depreciation does it for you. Great looking car by the way, and I understand the feeling of loving it. But don't forget, it is just a car, and they make them every day.
Good luck, and of course, do what feels right for you.

[hroussard]

Nahh... you have not retired... You are just taking a breather... So, just start thinking what the life of a Consultant looks like. Set up a website and start selling your services. Sure you need a car to visit your potential clients... Sure it needs to be a good -visible car because a successful consultant has ehhh ... yep... success which includes a nice expensive car. You will need to charge your expenses to the company of course and the IRS is happy to help you allowing you to deduct your costs / expenses. Did you say you were going to retire?? Nahhhh !!!

[Armaan]

I'm sorry to hear about your job loss. It's hard to bear when you've worked your entire life, only to not have a choice on how you end your career.

I'd lean towards selling it. Like the member above noted, it's only going to depreciate. It's losing value faster than the interest rate and inflation combined.

Also, rent Up in the Air. It's an excellent movie with an excellent message.

[KonaKai]

sorry to hear about your troubles. whatever you decide to do with the car, i hope you take at least a few spins around valley of fire, hoover dam, etc. some of the best roads in the country imho, even better in a cab, and right in your backyard.

also, keep in mind you can rent a 997C2S in vegas for around $300 a day (plus or minus $50 roughly) so if you sell the car and get the itch now and then you can always scratch it without breaking the bank.

[TomE]

Find what you want.
Right now, it seems like you're trying to figure out more of what you don't want, or maybe what 'doesn't make as much sense as it used to'.
That's pretty natural, given what's transpired.
But find what you want in your life. It's part of taking back control.
Good luck.

[jgrausa]

Develop a business model, like Vegas to LA courier, write down the car as an expense. Sell your services as professional courier - bonded, timely, people or items - must fit in the Porsche. Solicit people you know from prior business contacts who may have unique requirements for "ultra safe" handling (legal documents, small expensive items (think jewelry), grandchildren. If you are financially secure, all you need do is cover your expenses and the write down will help you tax wise. Unless you have figured out a better way to spend your time, (fishing, golf, travel), I'd see if I could stay in the game. Good luck.

Joe

[hroussard]

Originally Posted by jgrausa

Develop a business model, like Vegas to LA courier, write down the car as an expense. Sell your services as professional courier - bonded, timely, people or items - must fit in the Porsche. Solicit people you know from prior business contacts who may have unique requirements for "ultra safe" handling (legal documents, small expensive items (think jewelry), grandchildren. If you are financially secure, all you need do is cover your expenses and the write down will help you tax wise. Unless you have figured out a better way to spend your time, (fishing, golf, travel), I'd see if I could stay in the game. Good luck.

Joe

You got it!!

[DoninDEN]

The silver lining is you're financially ok. You may not be retired forever, because the long term trend of the economy is up and within any long term trend line, there is "noise".

The cost of ownership includes insurance and upkeep and the decision to have that outlay without your normal income is a personal one. Two scenarios: 1) your retirement is short-lived and you go back to work. Will you regret selling it?

2) if you remain retired indefinitely, maybe you would never splurge and reward yourself with such a nice car and you are lucky you already own it.

Don't rush, enjoy yourself and give yourself a timeline to reconsider your decision, but be willing to eat $10M to $20M in depreciation and op costs over the next year or two.

[Slik560]

Originally Posted by jgrausa

Develop a business model, like Vegas to LA courier, write down the car as an expense. Sell your services as professional courier - bonded, timely, people or items - must fit in the Porsche. Solicit people you know from prior business contacts who may have unique requirements for "ultra safe" handling (legal documents, small expensive items (think jewelry), grandchildren. If you are financially secure, all you need do is cover your expenses and the write down will help you tax wise. Unless you have figured out a better way to spend your time, (fishing, golf, travel), I'd see if I could stay in the game. Good luck.

Joe

Sounds like the plan for the next TRANSPORTER sequel, except with you at the wheel instead of Jason Statham. Still, a good idea.

There are opportunities for involuntary retirees out there, from the business described above to being a greeter at the local Wal_mart. [Just park far away from the building ]

AARP's website may have some ideas, so will the Association of Mature American Citizens (AMAC). I myself am 61 and at this point, I just don't see retiring. If I'm lucky enough to keep the corporate job until I hit 70, then the game plan will change a little, but I plan to always be doing someting. I still need to get that first Porsche!!

Best of luck with whatever you choose.

[crazycarlitos]

sorry to hear about the job loss.

but if u can afford to retire & keep the Porsche, why would u want to sell it ?

just because u don't drive it much ??

what are u doing with the free time now that u r "retired" ??

i only drive my car on weekends, but it seems to be fine.

if u can afford it, enjoy it.

if u cannot afford it, sell it.

either way, stay active !!

btw, if u r keeping it, it needs to be lowered IMO

[jaspergtr]

Originally Posted by crazycarlitos

sorry to hear about the job loss.

but if u can afford to retire & keep the Porsche, why would u want to sell it ?

just because u don't drive it much ??

what are u doing with the free time now that u r "retired" ??

i only drive my car on weekends, but it seems to be fine.

if u can afford it, enjoy it.

if u cannot afford it, sell it.

either way, stay active !!

btw, if u r keeping it, it needs to be lowered IMO

I find this simple, yet encompassing.

I'd add - I took a two year vacation from work a while back. It really comes down to risk vs reward. If you can get by without selling it, and it provides ANY benefit to you (i.e. driving pleasure, viewing pleasure (yes, I like to stare at my car), etc...), I'd keep it.

If you can benefit more from not having it (only freeing up money, less maintenance costs, etc...), sell it. You are in a fortunate situation to retire. Enjoy. I'd keep the car. But that's just me, I enjoy driving way to damn much to compromise on that.

[function12]

I hate to say but I would sell it you are not using it. Right now you are just losing more and more money on it every day. It will be a long long time before it stops depreciating daily. There will alway be a time in the future to buy another if the time is right.
I have to make this same decision about a boat serveral years ago. Did I miss the boat? Yes. Do I still miss the boat? Yes, but if waited till today to sell the boat I would have lost my a$$.
Get the money you can get out of it today. At least you have the time to wait to get the best offer.

[texas355]

I have an alternative solution. Not only should you keep your Pcar, but you should use it. I know how aggravating and exhausting job searching is, but there may be one avenue you haven't explored. Your Porsche gains you access to a pretty elite group of owners. Many people I meet at DEs and Porsche events are upper managers at a corporation or own their own businesses, and some may be in a position to hire. I think its worth a shot. You never know, right?