Greetings to everyone for one final time, this will likely be my last post on this forum. I just sold my car yesterday and I'm probably heading back to "Mazda land" where I came from. More about that later but I would like to pass on some knowledge which may prove quite valuable to some of you. Here's my story:

I took delivery of my 911 Carerra base model in October of 2009 it was one of the first 2010's shipped to the US. I had intended to keep it for 3-1/2 years and sell it before the warrantee expired. Unfortunately, in the spring of 2010, only 5 months into my Porsche experience I was "blindsided" and forced to move from my home of 30 years in Northern New Jersey - don't ask it's too long a story. If I had seen this coming I would have never ordered the car when I did but life is full of unexpected twists that all of us face. I settled in Northern Delaware where the cost of living is much more reasonable, especially the property tax. Unlike many of you I'm *NOT* a physician, lawyer, stock broker, etc. I'm a $25K/year salesman and I also have to pay for my own health insurance. I saved for 15 years to buy my Porsche.

I think most would agree that there are two primary reasons to own a Porsche. The first is to show off to your friends and family that you have "made it" and the second is that you love to drive. I clearly fell into the second category and I know many of you do as well which is why I'm posting this in the hopes of helping you save some money. While I love it here in Northern Delaware, the roads aren't what you would call very exciting. Also, I've been spending a lot of time and money getting my home the way I want it. As a result I pretty much stopped driving my 911 so I decided to sell it.

If you are financially secure and can go out and buy a Turbo S anytime you want then stop reading here because you probably won't care what I'm about to say. For the rest of you please continue because I can potentially save you thousands of dollars. I purchased my car at the "right time" when Porsche was offering a bunch of incentives and I'm sure many of you did too. I choose my options very carefully as you can see from my signature below. My car stickered for $84.3K and after negotiation I got it for $77.5. It was a factory build, not a 2009 leftover so I definitely got a good deal. A few days ago I sold it back to a Porsche dealer for $73K after owning it for almost 2 years!!! Of course I lost the sales tax and the cost of the 3M "clear bra" but I was ASTOUNDED at how well the car held its value. According to the dealer here's why:

For starters, it was the base model which they told me holds its value better than any other 911 variant with the exception of the super limited trims such as the GT2 or Speedster, etc. Second, I didn't go crazy with appearance options such as deviated stitching, having interior pieces covered in leather or carbon fiber or custom paint colors. Options like this will definitely give you bragging rights and make your car distinctive but they do not hold their value and basically are just wasting your money. Third, I did not modify the car. Most mods DECREASE your car's value, at least as far as a dealer is concerned. Again, if you have a high paying career and can afford to throw money away on appearance options and mods then great for you but if you are "value conscious" Porsche buyer like I was then you may want to make note of this for future reference.

Finally, if anyone reading this is thinking about selling their car then I suggest you make up your mind very soon because NOW IS THE TIME! Dealers are paying over book value as they did with me. It's also the right season. Remember, these are the last few months of the 997's reign. Once the 991 is shown this fall at the Frankfurt Auto Show the value of the 997 will drop like a stone. The dealer I sold the car to also confirmed that. We've all been treated to some previews of the 991 and it doesn't matter if you like it or hate it. It WILL make your 997 obsolete and the value will drop quickly so if you want to save yourself from taking a big hit sell your 997 NOW before the 991 is shown this fall. You'll be without a Porsche for a while but you'll also be that much further ahead in financing your 991 if that is your goal.

For myself, I have no desire to get into a 991. I'm taking 50K of my 73K and putting it right back to work in the stock market. I'm going to use the rest to finance some projects for my home such as updating the kitchen and ordering some top quality Ethan Allen furniture for my living room. In a year or two once I get the house finished I'm sure I'll want another sports car but it probably won't be a Porsche. I've had sports cars all of my life and most of them have been from Mazda. In the 80's I had two brand new RX-7's, a first generation 85' GS and a second generation 88' Turbo. After that I bought a brand new 94' Miata and drove it for 15 years while saving for my 911. I have achieved my goal of Porsche ownership and it's now out of my system. My Mazda sports cars were 95% of the fun that my 911 was but at only a fraction of the cost in both initial outlay and ongoing maintenance. So while some of you guys and gals will be moving on to the 991 I'll be looking for news of the fourth generation Miata or waiting to see if the much rumored return of the RX-7 ever pans out.

Thanks to everyone for their advice and friendship during my time on this forum, especially adias who's knowledge and opinions I have come to highly value during my time here. Listen to this guy, he knows what he's talking about. Drive safely and have fun!


Mike

 

Good read. Good Luck.

& you'll be back!

 

You would risk 50k in stock market? I thought the whole point of this story was to be fiscally responsible...
Anyway, have fun in whatever you drive next.
Btw, I think I would live in a tent before I'd give up on my car.

 

Thanks and best of luck!

 

I'd actually buy a tent for my car an then live in the car

To the OP - best of luck in your next venture. I, too, say you will be back.

 

Nice write up. All the best in your endeavours. Who knows, you might be driving another porsche in the future - remember it does not have to be new!!

 

Great story, thanks for sharing. Mazda makes some great products, I traded a Mazdaspeed 3 in on my P-car. A fun car, but wanted something with rear wheel drive (and always wanted a Porsche), it's truly unfortunate that you couldn't access the full power of the speed3 until 3rd gear.

 

The 997s have essentially already felt the hit of the 991 as brokers tend to speculate cars just like futures of other commodities. They are likely to hit the slowest part of the depreciation curve in the very near future. Good luck with future endeavors, and I am glad to hear you enjoyed your P-car in good health. I have a feeling you will be back.

 

It's a great post . I agree with much you have stated .

1) The roads in Delaware may not be as nice as South Florida but I haven't figured out what's worse : 1) a bad road that's not fun to drive or 2) a general lack of courteous drivers who spoil an otherwise clean and nice road .

2) The base 997 modestly optioned is a great value but i also found that my 08 M3 was minimal cost to own for three years and 36K miles. I really feel the market is at a price bubble and yes it is the time to sell.

3) Modifications -- one will never get back what he paid so obviously its least expensive to leave the car stock but some people compound the loss by looking for the cheapest price with mods and installing them at more than one shop (creating inconsistency ) .

4) This last part you don't know (yet) . Once one owns a Porsche he can either love the car or conclude that it was not the car for him . If he loves it that's where the snag comes after selling it . No other car will ever be the same and as times passes it becomes even more clear to get another.

You'll be back .
Enjoy the break and good luck with all the challenges and growth in your personal life .

 

I'd add to that these caveats.

My Porsche ownership is not about getting the best value out of my purchases over the span of my life. For some of us it is about driving the car we get the most joy form, as early as possible in life and for as long as possible. I purchased my care to never willingly sell it. I'll be without it after its involved in some wreck from which it cannot recover.... so hopefully I'll have it for a long, long time. I have no need to be money efficient and stay in the latest cars.

So options are not wasted money, they are an owner purchasing something that brings them some immediate and definite value in terms of emotional or performance satisfaction, even if they cannot get the funds back on resale. I'll probably not recover any of the 2500 I spent on adding the heated multifunction wheel to my 09, but over the years I'll get the benefit of having the heated and multifunction wheel, and over, say 10 years, it may well be worth $250/yr to have that option. Again, I have no plans to upgrade my whole car.

Also the 997 will not be obsolete. It will just not be the lastest model. There is a difference. There will still be a market for the 997's. How that market goes isn't clear. Presumably the 991 will be a broad-based improvement, but maybe a snafu like the 2005MY issues could ding the 991. Who knows. The point is, for the folks that rotate cars every 2-3 years, its a different value proposition than those that buy and hold to enjoy for as long as possible.

 

sounds like you're mad.


bye bye, and i don't think anyone reading here is coming with you.

 

I'm glad you got to drive your dream car for nearly two years at a pretty low cost, Mike. When it's a question of "either/or" then putting that capital into a home instead is smart. When you've gotten past that investment, I hope you get another special car you'll love.

Gary

 

Glad to hear that you made out. Thanks for sharing your knowledge and experience. So you are "Astounded" that your car held its value. This leads me to believe that you were planned on losing money on the purchase - which I think most of us know when we enter the showroom.

Me, like yourself, I am also a modest income man; but I am keeping mine. She is not for sale (07 997 C2 aero). If I wanted an investment, I would have chosen an investment. I wanted a Porsche, and I knew going in (just like a vacation, restaurant, furniture, etc) that the money was going down the toilet.

Now, if and when, I put my Porsche up for sale, I would love to do as well as you. Ultimately, I hope I can recover some money, but right now, I don't even check it's value.

Good luck in the market with "helicopter Ben" at the helm.

 

I'm sorry....I have to ask: Making $25k a year in sales. This is a typo right? I work with thousands of salespeople a year all over the country and I have never heard of this. Even salespeople selling cable TV upgrades door to door can make over $100k.

 

Agreed, and I sure wouldnt be in the stock market right now as we are loooking at a possible crash if the economy doesnt turn around.

Good luck and thank you for the post. I enjoyed reading it.