Since no one really knows who I am, I am going to post some personal information.

I am a 34 year old dude. I make about 300k a year. I live in a very small condo that I owe about 100k on. I personally have about 350-400k saved up.

I have my 2006 carrerea paid off.

Its worth about 30k, i assume, if I trade it in.

I am looking at a 2012 991 for 93k.

I was thinking of trading mine in, paying 30k down, and financing the remaining 34k.

Is this a financially idiotic move?

 

Go for it, YOLO, you can afford it. Alternatively, consider a nice low mileage preowned and let someone else take a $20K or more hit on the depreciation after a year or 2. I have been driving sports cars for the past 30 years and prefer a nice low mileage preowned one and always pay cash, but that's just me and my CPA mentality.

 

Approved!

 

Thanks PorscheJeff.

I am also a midwesterner (in MN) so that is another flaw - I cant drive it year-round.

The car is a 2012 for 93k, Carrera S.

 

Not enough info. What do you have in a 401K plan. Is that all cash saved up? If so you are losing money daily since interest rate suck right now. Do you have a diversified investment portfolio.

Signed

Suzie Orman

 

I have the same questions. I just always wanted to say, "Approved!"

 

About 250 is in my bank account, 100 is with my financial guy in stocks and 401 and stuff, and the remainder is kinda floating out there.

I might give 100k to the financial guy though.

 

It sounds to me like you aren't particularly interested in personal finance. You seem like a solid candidate to hire yourself a "good" financial advisor. I'm guessing the guy you gave $100,000 isn't going to be great as most quality, experienced advisors are not going to accept an account with $100,000. Your car purchase question could be better addressed by someone that knows the whole story. I may be biased, but there are quite a few very good advisors at Merrill Lynch in Minneapolis that would be interested in taking on a young client with $400,000 in investable assets and $300,000 in income.

 

Strange post..

I hate to be rude, but why are you asking?.. if you make 300K a year and have significant money in the bank you are likely smart enough financially to answer your own rather trivial question...

Obviously you can afford it, However I tend to believe if you have to ask if it is a good idea about a large financial purchase like this then you probably shouldn't.. only you know your plans and importance..

 

I am pretty good at making money.
I don't spend money foolishly.
I live a rather cheap life. I have no wife or kids.
But I like a nice car. Its kind of my little treat.

I don't really get into the investment side of things too much though. I'd rather spend my time finding ways to increase my cashflow.

I am more of a creative entrepreneur type.

My advisor is good. They manage the rest of my family's money and are really well respected around here.

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I also didn't mean to make anyone upset or anything. I also didn't mean to brag. I said "rich" in the title just to pique peoples interest. I dont really view myself as rich.

I guess I am curious how much the car will depreciate, etc.

If I lose 20 grand on it over a few years I guess I dont really care much.

When I got my 2006 Carrera in 2011 it had bottomed out so I haven't lost much on that car..

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Scatkins - you said "obviously" I can afford it. But maybe afford was the wrong word of me to use. I apologize for that. I guess I was just curious how crazy of a purchase it would be. But I guess it all depends on our individual perspectives.


But maybe you're right Scatkins. I am iffy about it because I am an entrepreneur who relies on Google and if Google screws me then I can lose my income. But I've been able to handle it for years.

I guess I worry about if I had to sell it in two years and 20k miles later how much I'd get for it.

 

Financial advise from a car forum? What's next, relationship posts?

 

Perfect! Give them a call tomorrow morning and have them run the numbers for you.

 

Do you understand how obnoxious you're coming across? Sadly, probably not.

Ask your financial advisor if you're rich enough. Don't bother us with such tasteless questions.

 

You can afford it.

Whether its a financially idiotic move is subjective. There's no one that's going to tell you this is a sound investment. But we all work hard to enjoy the things we love. Question is do you love the 991 enough I can say I do, and most others here will tell you the same

 

Totally. What Jeff said. I did the same. There's TONS of barely used 911's on the market for 20% off new easily.

Alec