I won't say "Go for it," or "Save your money," because only you can estimate your future needs, wants, and earnings potential.

I will say, in response to the chorus of "Buy a house instead!" advice you're getting from many people here, that this advice was also given in the 2006-2008 timeframe, at the height of the bubble. Many of those who heeded it are now upside-down on their mortgages by an amount sufficient to buy any Porsche on the showroom floor.

If you want a house, and you don't mind being stuck in the same place for several years while waiting for the market to recover, with possible/likely missed job opportunities and investment opportunites elsewhere, then by all means, buy a house.

If you don't want a house, then buying one right now (or at any point, really) may be one of the worst financial mistakes of your life... one that will be much harder to undo than a decision to buy a Porsche.

In short, you should never buy anything like a house or a car based on what someone else thinks is right for you.

 

Not negative....Cautious!

And I'm an Independent.

 

Yeah, so true. I'm selling in 2012 for sure

 

I know you stated you did not want a 997, but reconsider, I came out of a 997.2 and found it to be a fantastic car which held up really well. A benefit is a good used inventory which will provide you a wide option of vehicles. I currently have a 991 base 7-speed and still fondly think of the 997.

 

all great points here. I may check out 997. It just seemed very dated car, when I sat in at dealer. Might as well go 996 or really old-school (911 from 80's), but I don't have garage to work on it or know much about it. What impressed me the most about 991 is the luxury, but you know you are in sports car. I rode over crappy roads better than my SUV. I also have driven F430 and Gallardo, and while great sports cars, they are quite plain (and cheaply made inside). That gets tiring quick once you are not racing them or want to take them for an hour trip.

Other points:
I'm not trading Benz in, it's too useful and turned out to be a great car so I'll keep it for another 4 years or so and upgrade for another SUV.

Before I bought my GLK, I test drove 135, 335, A4, C-Class, G37, FX37. None of those cars come close to 911 and I don't want to waste time or money on them. I would consider miata or FS-R if I was planning to track my car, but I don't find time to to go-carting place down the road (go carting is ton of cheap of fun).

Other option I considered is trading GLK for CLS63 or E63 so I have some sport and some utility, but this would mean that I'm pushing 911 purchase further out so I'd rather not do it.

I think I will take advice and at least wait till next April to see where things are going.
I get that next year will be tough with all this uncertainty and part of me hopes for recession, that's when I bought my GLK for under invoice and rent kept going down. Of course i'm not wishing for it, we all will be better off in strong economy.

 

In life, it's always better to be driven by want than need. Won't you sleep better at night in your own home, knowing you paid cash for your toy than lying in bed in your rented apartment, worrying about car loans etc?

 

Good for you. These cars aren't going anywhere and off loading an unwanted toy in tough times is a lot easier said than done.

Welcome to the board - stay involved and follow some of these threads. You'll probably learn more about living with these cars than any salesman could ever sell you on.

 

While I know what you mean, the answer is No. I sleep like a baby in rented apartment with financed car. I could care less during Sandy what happens to my rented apartment, while my wife's relatives will have to knock their fully paid for shorehouse down after flooding.

As far as car loans, I would get car loan only because it costs only 1-2% not because I have to. I would rather have money in my pocket and pay over time than pay upfront. The finance company has to worry not me.

 

Thanks, appreciate it. Car forums are great. This is not my first car forum, so I know what you mean. Salesmen know very little and good salesmen know that.

 

One fact about the 997 that is rarely mentioned is that it is a better daily driver. The 997's gearing is better suited for a drive daily driver. The 991 for lack of any better words is an event every time you drive it, and more suited for long fast drives and track. With the future plans of Porsche, the 911 and 991 will drift more to an exclusive rather then everyday day driver.

Thus being in a similar situation to you, the 997.2 uses the same PCM as the 991, pretty much the same engine, and as stated with a good inventory a 991s is within reach.

Do not hesitate trying a 997.

 

One thing that stuck out to me is it sounded like you want to buy a home because you feel you should. Terrible idea! Buy a home because you want to, because you can afford it, because you like the house and the neighborhood and you plan to stay in it for a while. There is nothing wrong with renting. I bought my first house two years ago at 26. I'm still undecided on if it was a mistake or the right move. Contrary to what others have said I don't sleep any better knowing I'm not renting my place. Do what works for your lifestyle and future plans, not what you feel like you're pressured to do by society.

As far as if you can afford it, that is up to you. After making the payments can you pay your other bills, save a decent amount, and still have a little fun? The ratio of your car fund to other fun will depend on how much cars are your lifestyle. Cars are my passion and I couldn't care less about vacations so a greater percentage of my income can go to cars and me still feel comfortable and happy with my decision than the average monkey.

So what it comes down to is it is a very personal decision on whether you should buy it or not (assuming it is even in the realm of what you can afford).

Also, you're nuts if you think a 3-4 year old 997 is going to cost you $30-40k in repairs right away. A 3-4 year old example with a clean PPI should really not need much at all that the average car wouldn't need.

 

991 S was amazing and i think if you don't need that much power then a 991 is fine. if i had the money i would get a 991 S with the power package.

 

airportrat, while I don't need a daily driver (I take bus to work), I will def consider 997 (maybe GTS).

sinKing, I totally agree with you. Sometimes renting is better even if you can afford to buy. If a bought a condo similar to one I'm renting for 500k across the street 4 year ago, I would be 100-150k worse off compared to renting. There are many factors in buying vs. renting, so I'm not asking for anybody to decide for me here, unless somebody can predict the future.

30-40k was a bit much, now that I really think about it, I was probably trying to convince myself that new 991 is a better deal :-)

 

Its your life and only you can decide what you can and cannot live with. If you want to live your life based on an instant gratification and cash-flow model, its a free country and no one is going to stop you.

 

We are getting a bit off topic here, but as I said I know what you mean. I just answered your question that in reality ownership poses more risks. Taking advantage of cheap financing is not cash-flow model, it leaves more money in your bank account either to invest or to give you liquidity in case something happens and you need money quickly so you are not forced to sell any of you assets too quickly. If I lived instant gratification and cash-flow model, I would be posting pictures of my new 991 back in April.