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Any advice on purchasing a Porsche 911?

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Old 09-09-2017, 02:15 PM
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Any advice on purchasing a Porsche 911?

Hello Forum,

I'm a new member and I'd love to ask all the Porsche 911 Turbo owners a question.

I'm a 21 year old, and I'm currently earning $10-15k per month.

Owning a Porsche 911 Turbo has always been my dream since I was a kid, and now I'm considering on a purchasing a Porsche 911 Turbo.

Would this be a good investment to make at this age? If I've already got a fully paid house and have no mortgage to pay.

I'd really like some advice from the Porsche owners on the do's and don't in owning a Porsche!

Thank you!
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Old 09-09-2017, 03:25 PM
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It's not an investment..it's a luxury that will cost you from the moment of ownership
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Old 09-10-2017, 10:46 AM
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LOL.... Porsche a good investment?? Hell no!!

Expensive adrenaline-fuelled fun? Hell yes!!
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Old 09-10-2017, 11:14 AM
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if ur house is paid off and your 21 - i cant see why u cant do it. even if its a mistake (in relative terms) whatever lessons you learn from it will benefit you later on down the road.

Quote:
Originally Posted by Iwantaporsche View Post
Hello Forum,

I'm a new member and I'd love to ask all the Porsche 911 Turbo owners a question.

I'm a 21 year old, and I'm currently earning $10-15k per month.

Owning a Porsche 911 Turbo has always been my dream since I was a kid, and now I'm considering on a purchasing a Porsche 911 Turbo.

Would this be a good investment to make at this age? If I've already got a fully paid house and have no mortgage to pay.

I'd really like some advice from the Porsche owners on the do's and don't in owning a Porsche!

Thank you!
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Old 09-10-2017, 12:01 PM
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Be sure you are fully funding an IRA or 401(K) if your employer offers one. $10K to $15K a month income starting at 21 years old if properly saved/invested can put you on the road to being able to retire at a rather young age if you so desire.

My Dad and also a good buddy/mentor told me years ago 1/3rd in taxes, 1/3rd to live on, and 1/3rd to save/invest. Avoid living up to one's income try to stay a bit under. Proved to be very good advice over the years.

Also, while I'm not aware of your situation and don't want to be in some cases that $10K to $15K a month income can go away at any time and in the relative blink of an eye in the form of a lay off through no fault of yours.

The general rule is to have around 12 month's of net income in cash on hand just in case to provide you with a financial cushion while you look for another job. Having that much money on hand means you can say to "no" to a job that is not well suited to you, that you can wait for just the *right* job. After having worked for more years than I can remember (well, almost can remember) it is important to have a job you like.

You can still buy a Porsche. Maybe though you may want to consider starting out with something a bit less expensive to buy and own than a new or even used 991 Turbo. A quick search found over 200 991 Turbos (starting with MY 2014) for sale ranging in price from $113K to $237K.
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Old 09-10-2017, 12:17 PM
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As someone who was in your position many years ago, I would advise against it for a few reasons.

At 10k per month you can't truly afford a 3k/mo car payment. Sure you can make it work but it's not sustainable. Cash flow is not wealth.

You make your biggest dream come true now there's nowhere else to go.

That 3k a month right now is actually costing you around 60k per month if you were to put it towards retirement.

​​​​​​​Do the long term things first and then you can truly enjoy a 911 Turbo at the right time.
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Old 09-10-2017, 01:04 PM
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Sure. If your income stability isn't high, make sure you at a minimum maintain an equity position.

Do: follow the maintenance procedures, get involved with PCA, try a few track days

Don't: wad it up

Nothing real crazy about these cars, and I mean that in a good way
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Old 09-15-2017, 11:35 AM
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I try not to judge anyone for the choices that they make; only you know your true financial situation, your future goals, your risk tolerance, etc. That being said, you've asked for advice on a public forum, so I'll give you my thoughts as the others have above.

I agree with the comments above that buying a Porsche 911 is not an investment. It's a depreciating asset, and it's a luxury item. As others have also said, you're in a wonderful point in your life because you've got time on your side. When you combine that with your relatively high income, it's a unique opportunity to set yourself up beautifully for the future. Don't underestimate the time value of money. Read some of Dave Ramsey's books or visit his website if you haven't already.

If you get to the point where you consider your situation and decide to go forward with a 911 turbo, then you need to consider maintenance costs. I'll give you a recent example. I just had my Turbo S Cabriolet in for annual service, oil change, etc. I take my cars to the dealer when they are under warranty. I had the oil changed, air filter changed, pollen filter changed, etc. The total for this service was $712.00. These cars are also hard on tires and brakes, so you'll be spending lots of money there. Operating costs are high on these cars, and it really adds up quickly if you drive them every day.

One thing to consider is the fact that there are less expensive ways to get into Porsche ownership than a 911 Turbo. My first 911 was a 996 Carrera 4S. It was a wonderful car, and it was extremely fun to drive. I paid roughly $30K for it, and I drove it for six years. This type of option gets you the Porsche experience for a much lower price point.

Good luck with your decision.
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Old 09-15-2017, 12:00 PM
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What you need is a financial planner not a porsche. this is the wrong venue to be asking this kind of ?. after you have procured #1 you will be able to ascertain if/how you can afford #2.
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Old 09-15-2017, 04:08 PM
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^ this
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Old 09-16-2017, 11:03 AM
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Quote:
Originally Posted by r11rs View Post
What you need is a financial planner not a porsche.
I don't see it as the wrong venue. I recently sold mine and was BOMBARDED by youngesters thinking they can afford one putting in all their savings and financing the rest with a high LTV loan.
I had to seriously talk a 22 year old out of it. Referred him back to 6speed and rennlist to learn about the cost of ownership etc...

It's a pleasant change to quarter mile #s threads and how to make the fastest cars even faster.

My advice: Don't do it.

Last edited by hionbusa; 09-16-2017 at 11:29 AM.
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Old 09-16-2017, 04:03 PM
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I make more than you and own my house with no mortgage. I have been lurking here for a while wanting to buy a Turbo S. I just can't justify it right now. I have a M3 and I can't even come close to pushing the performance around town. Start saving as you never know what will happen in the future. Buy a used 50-60K car. I uber on the weekends because I don't drink and drive. I really only drive my car to work. I am saving for a new house in Breckenridge. Maybe I will buy a Porsche one day. I just can't justify it even after test driving one. It was brilliant.
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Old 10-03-2017, 07:52 PM
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If want a P car investment go for an older air cooled 911.
You will have loads of pleasure ,become a better driver ,and if you keep it nice you won't lose any money .There is a good chance it will gain value depending on the model.
964s is a great platform and is just stating to get collected value.
Elliot
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Old 01-12-2018, 11:56 PM
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Go for it. Life is too short. Remember if at 22 you make 10-15K/month, doesn't mean you will not be able to make 110-150K/month or more, when you are 44.

And saving for what? When you really think you can afford one, when you have a fat IRA, but back pain that you can't sit in one?

All speculations....

The only thing that is certain is this moment. Time is precious. Live each moment to its fullest..

Let us know which color you chose. Good luck.
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Old 01-13-2018, 11:14 AM
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Balance I say, challenge yourself. Makes it all the more enjoyable and seams you can do it!
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