How Rich Should You Be to Own a Porsche?
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From: Marin County, CA
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there can be a bit of self consciousness when driving around a 911 for me. not so much on the open road but around town where i think i may know people. i feel much more comfortable driving my 10 yr old SUV because there isn't that threat of judgment or embarrassment or having to defend my wild choices because i am standing out, or showing off. and then there's the the times when i turn women's heads when driving it... and the times when it takes corners and gives me bit of a thrill or puts me back in the seat when i get on it. it's a trade off... one that i miss now that i am without one. you won't know until you own one.
not sure why you are going for a 996, the 997 is less likely to have any issues and is a better looking car imho.
and i agree with someone else here get a 4wd for MN. S or no S that's a tough one... for my first Pcar the non S was enough for me... and now i am looking at S's.
not sure why you are going for a 996, the 997 is less likely to have any issues and is a better looking car imho.
and i agree with someone else here get a 4wd for MN. S or no S that's a tough one... for my first Pcar the non S was enough for me... and now i am looking at S's.
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Joined: Jan 2010
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From: Destrehan
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"I am embarrassed ... Its naive, and perhaps insulting... and immature... weird websites going that make my income. I do not have a reliable profession ... kind of boring me ... I am just kind of bored. I want to get a toy ... I felt insecure about my income stream... I want to look good ... I want a stylish toy ... I care too much about people judging me ..."
Anyway, from an objective standpoint, maybe you should direct a financial question to a financial person. At least you will get an unbiased financial answer related to your income stream question.
Just stating the obvious ...
Asking: "if should you get a Porsche - or can I afford a Porsche in a Porsche forum", is like going to a whorehouse and asking if you can afford or should get a hooker!
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Joined: Jul 2003
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hey...at least your thinking things out which most dont do...you're at the begining of car idous....an illness that starts typically with a Porsche purchase and then strays for many years after leading into other various forms of automobiles...it's almost like a phase you have to go through ...some people smarten up after ...some people go nuts and do the whole collection deal...some like me budgets a number and stays around that neighborhood ...so it's amost a lateral move of money at this point.....but this is one of my pleasures and how I reward myself...seriously...if not parked here...where then ...sitting in an account...golf...clubs...it's a balancing act...have some fun...
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How rich? One answer might be enough to pay cash while still having or saving enough for your retirement and other things. Another answer would be focussed on the ability to afford the monthly payments..... possibly dangerous situation if there is is not a significant amount of cash in in the bank or retirement and security. You seem to be doing quite well for someone your age. It would be great to own a Porsche while young and still be socking the cash away for retirement/security.
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From: St Louis & Phoenix
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I spend some time in finance and investments forums (not the 6S one). Periodically a "car" question comes up and I exude the same "car guy'ness" that I have here. The reactions are almost uniformly negative when it comes to not only flash and image but simple math.
Your question is really unanswerably biased. Posting on this forum you will get many "buy it, you make $200k" and a few wise "consider low cost used as long as you have $X saved".
When I'm in the finance forums I get humbled and sometimes lambasted for considering anything beyond a "nice accord" or those "new kia's". It is the driving-an-appliance mindset. It should function as a refrigerator has a function.
Cars are liabilities. Being a car enthusiast is free. Once you start buying into it it becomes a hobby and can get expensive; so it's a choice to participate in your hobby. But you already know this since you drive a BMW. You bought that over a cheaper japanese or american car (who knows if it would still be running).
Clearly there are many, many people who also share this passion and no one can make a choice for you because only you know your situation and your goals in life. And ignore what other's think and do believe the Porsche commercials; they really are great daily drivers.
So again, do the math. The price of admission into the Porsche family has a premium, but you really do get what you pay for: quality.
Your question is really unanswerably biased. Posting on this forum you will get many "buy it, you make $200k" and a few wise "consider low cost used as long as you have $X saved".
When I'm in the finance forums I get humbled and sometimes lambasted for considering anything beyond a "nice accord" or those "new kia's". It is the driving-an-appliance mindset. It should function as a refrigerator has a function.
Cars are liabilities. Being a car enthusiast is free. Once you start buying into it it becomes a hobby and can get expensive; so it's a choice to participate in your hobby. But you already know this since you drive a BMW. You bought that over a cheaper japanese or american car (who knows if it would still be running).
Clearly there are many, many people who also share this passion and no one can make a choice for you because only you know your situation and your goals in life. And ignore what other's think and do believe the Porsche commercials; they really are great daily drivers.
So again, do the math. The price of admission into the Porsche family has a premium, but you really do get what you pay for: quality.
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Joined: Apr 2010
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From: FL
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Just remember, high income does not mean "rich." Most successful people and professionals are HENRY's (high earners not rich yet). They make 150-600k a year but until you've accumulated 2-3 mill in assets then you are still a HENRY. However, with tax rates as they are (and probably increasing), it is very common for HENRY's to never reach "rich." That's why I hate all this "tax the rich" stuff when they talk about rich earning 200k a year or more. Keep taxing the HENRYs and they will never be rich.
Just a thought.
Just a thought.
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From the data you gave in the original post, I would say you are not over stretching.
If you worry about the future, remember that a car can always be sold if you need the money. To minimize your exposure, I would suggest you buy a used one of the previous generation (997.1), so you do no have to absorb the first few year depreciation on a new one and, if you are borrowing to buy it, never be upside down on the loan. This way you can always get out for a few thousand bucks.
Like someone previously mentioned, p-car ownership can be addictive. Buying used, at least for the first one, makes a lot of sense because you really do not know what you want/like at this point. For example, before trying a DE event on the track with my first P-car, I had no idea I would become such a track rat. So the second one I bought was more "track oriented".
But either way, you seem reasonable and hard working for your age, so I would not worry about what others are saying, I bought my first brand new p-car as a birthday gift to myself when I hit 30 and did not look back. I think that at some point, you just have to reward yourself, as life cannot just be about a number on a broker statement each month.
Hope this helps,
T.
P.S.: Just do not buy an Orange car if you do not want to attract attention...
If you worry about the future, remember that a car can always be sold if you need the money. To minimize your exposure, I would suggest you buy a used one of the previous generation (997.1), so you do no have to absorb the first few year depreciation on a new one and, if you are borrowing to buy it, never be upside down on the loan. This way you can always get out for a few thousand bucks.
Like someone previously mentioned, p-car ownership can be addictive. Buying used, at least for the first one, makes a lot of sense because you really do not know what you want/like at this point. For example, before trying a DE event on the track with my first P-car, I had no idea I would become such a track rat. So the second one I bought was more "track oriented".
But either way, you seem reasonable and hard working for your age, so I would not worry about what others are saying, I bought my first brand new p-car as a birthday gift to myself when I hit 30 and did not look back. I think that at some point, you just have to reward yourself, as life cannot just be about a number on a broker statement each month.
Hope this helps,
T.
P.S.: Just do not buy an Orange car if you do not want to attract attention...
Thread Starter
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Joined: Mar 2010
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From: Minneapolis, MN
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Thanks for the nice feedback guys.
Yes I have many paradoxical, contradicting statements in my original post.. I want to look good yet be low key, etc. etc.
Sorry for that, heh.. life is confusing sometimes.
To the guy who talked about being rich vs. wealth, very good points. There are probably os many people that make healthy incomes yet blow it all.. and then others who drive fords and are worth many millions. Also our age is a huge factor, and how long the cash has been coming in...
I am still uncertain if I will pick up the car. Of course its not practical.
Also, someone sadi I was looking at a 996.. no that is not true, I want the 997.1, a 2005, maybe just the regular carrera.. black.
Thanks for your feedback everyone.
Yes I have many paradoxical, contradicting statements in my original post.. I want to look good yet be low key, etc. etc.
Sorry for that, heh.. life is confusing sometimes.
To the guy who talked about being rich vs. wealth, very good points. There are probably os many people that make healthy incomes yet blow it all.. and then others who drive fords and are worth many millions. Also our age is a huge factor, and how long the cash has been coming in...
I am still uncertain if I will pick up the car. Of course its not practical.
Also, someone sadi I was looking at a 996.. no that is not true, I want the 997.1, a 2005, maybe just the regular carrera.. black.
Thanks for your feedback everyone.
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Joined: Apr 2011
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I am not bragging, but I feel like you are looking for someone in a similar situation. I'm somewhat close. I am younger, make less money, and bought one anyway.
I thought about my image a lot too. Most of my friends drive newer 3-series, G's, IS's, or nice SUV/trucks. So the Pcar is over the top, but its not like I'm pulling up to a lot full of 10-yr-old Accords. The people I hang out with could afford this car. They just have different priorities and arent willing to make the sacrifices. I also thought about my family, having them and a few close friends on board was really important to me.
It is unconformable sometimes when stopped at lights or putting groceries in the car. People stare, oh well.
As far as if the numbers work, only you know that.
I thought about my image a lot too. Most of my friends drive newer 3-series, G's, IS's, or nice SUV/trucks. So the Pcar is over the top, but its not like I'm pulling up to a lot full of 10-yr-old Accords. The people I hang out with could afford this car. They just have different priorities and arent willing to make the sacrifices. I also thought about my family, having them and a few close friends on board was really important to me.
It is unconformable sometimes when stopped at lights or putting groceries in the car. People stare, oh well.
As far as if the numbers work, only you know that.
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Joined: May 2011
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From: The Cloud
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I'll be 32 this July and have been driving Porsche's since I was 25. I, like you am in the technology industry but am certainly not a millionaire (or even a hundred-thousandaire!) as some may naively think when they see the car.
Bottom line is this - life is too short to give a sh*t what other people think. Some will hate you, some will envy you, some will aspire to be like you. I've personally affected the car buying decisions of three of my close friends and my sister into purchasing Porsche's.
You can easily afford either a CPO or a new Porsche ... the choice is yours, I personally would go for the CPO.
Life is short ... Drive a Porsche!
Bottom line is this - life is too short to give a sh*t what other people think. Some will hate you, some will envy you, some will aspire to be like you. I've personally affected the car buying decisions of three of my close friends and my sister into purchasing Porsche's.
You can easily afford either a CPO or a new Porsche ... the choice is yours, I personally would go for the CPO.
Life is short ... Drive a Porsche!
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Just remember, high income does not mean "rich." Most successful people and professionals are HENRY's (high earners not rich yet). They make 150-600k a year but until you've accumulated 2-3 mill in assets then you are still a HENRY. However, with tax rates as they are (and probably increasing), it is very common for HENRY's to never reach "rich." That's why I hate all this "tax the rich" stuff when they talk about rich earning 200k a year or more. Keep taxing the HENRYs and they will never be rich.
Just a thought.
Just a thought.
Here's how Dr. Stanley defines 'wealthy' - "Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be."
If your net worth is equal to or above that number, buy the Porsche. Now you have mathematical justification!
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I am embarrassed to type this question on here.
Its naive, and perhaps insulting... and immature.
But I have to ask it.
I am a 31 year old guy, a little immature..young looking.. not yet married, and make around 200 a year. I live in a 150k condo, nothing that brings me in much debt at all. I have no kids and a GF that pays for a lot of stuff herself (hehe).
I am an internet entrepreneur that kind of has some weird websites going that make my income. I do not have a reliable profession.
I currently drive a 2004 3 series BMW that is kind of dated and is kind of boring me. It has over 100k miles, and is probably worth 8k.
I have a lot of money saved up, and I am just kind of bored. I want to get a toy. I was just about to buy a Carrera S but backed out, because I felt insecure about my income stream.. and.. ultimately.. I guess the image of driving a Porsche.
You see, I do not want people to see me and think I am driving a 100k car (I was looking at spending 40-45k on a porsche, which wouldn't be a big deal at all) and that I am likely a millionaire. Because I am not.
Do not get me wrong, I want to look good.
But ultimately I want a stylish toy that I love driving.
But I really cannot make up my mind on this. I feel it makes perhaps too bold of a statement for me, a younger person , driving a porsche around.. yet at the same tiem I find them kind of low key. They are not Ferrari.
Perhaps it also depends on where you live. Seems like everyone in LA drives them.
I dont know, I really hope this doesn't offend anyone. <--- But perhaps me saying that is the source of my problem -- I care too much about people judging me.
Its naive, and perhaps insulting... and immature.
But I have to ask it.
I am a 31 year old guy, a little immature..young looking.. not yet married, and make around 200 a year. I live in a 150k condo, nothing that brings me in much debt at all. I have no kids and a GF that pays for a lot of stuff herself (hehe).
I am an internet entrepreneur that kind of has some weird websites going that make my income. I do not have a reliable profession.
I currently drive a 2004 3 series BMW that is kind of dated and is kind of boring me. It has over 100k miles, and is probably worth 8k.
I have a lot of money saved up, and I am just kind of bored. I want to get a toy. I was just about to buy a Carrera S but backed out, because I felt insecure about my income stream.. and.. ultimately.. I guess the image of driving a Porsche.
You see, I do not want people to see me and think I am driving a 100k car (I was looking at spending 40-45k on a porsche, which wouldn't be a big deal at all) and that I am likely a millionaire. Because I am not.
Do not get me wrong, I want to look good.
But ultimately I want a stylish toy that I love driving.
But I really cannot make up my mind on this. I feel it makes perhaps too bold of a statement for me, a younger person , driving a porsche around.. yet at the same tiem I find them kind of low key. They are not Ferrari.
Perhaps it also depends on where you live. Seems like everyone in LA drives them.
I dont know, I really hope this doesn't offend anyone. <--- But perhaps me saying that is the source of my problem -- I care too much about people judging me.
. Are you making 200K/year consistently or are you starting to make that much? I feel comfortable buying a Porsche b/c I have enough to pay for it in cash, it doesn't put me in debt, doesn't change my lifestyle. I'm kinda young myself, 35 but looks like I'm still in college, in fact, my co-workers were joking about my age this morning. Saying, "and this 10 year that sits right next to me." I'm married with two little boys. I am not embarassed to drive a Porsche. But I don't drive it to work after finding out I make double of what they make doing the same thing at my new employer. At my previous employer, there are rows and rows on nice cars in the parking lot. I'm a very low key guy. I don't brag about my Porsche. I only acknowledge it when asked.
The avg person don't know a Porsche is 100K car, more like 60-70K range. But still for an avg person, they can't comprehend why anyone would spend 60-70K on a car. I worked with an architect and he can easily afford a six figure car but he can't phantom buying anything over 30K, for him a car is a machine that will take you from point A to B, so everyone's priorities are different. Get what makes you happy, if you care about what people think, take the back roads, it's more fun anyways.
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Agreed. Everyone's financial situation is different and by all means do the fiscally responsible thing. Don't ever do anything that would hurt you financially ... that said, IF you can afford it (which according to your brief breakdown and assuming no 100k drug problems ) ... go for it. Don't worry about what other people think - it's what makes you feel good about driving from point A to B.
) ... go for it. Don't worry about what other people think - it's what makes you feel good about driving from point A to B.
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Do not care about what others feel about you driving a Porsche. You work hard to earn it. It is a price for us hard working people.
My patients have no problem seeing all my Porsches. They even ask me to introduce my dealer (not drug dealer) to them.
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31 is the best age to buy one. I make half of what you make and have always been insecure being the Fat Middle aged balding man driving a porsche.
That insecurity made me buy my car as a 30th birthday gift. Had to do it as long as i looked good along with the car. LOL
You are thinking too much. Go out and treat yourself.
That insecurity made me buy my car as a 30th birthday gift. Had to do it as long as i looked good along with the car. LOL
You are thinking too much. Go out and treat yourself.