I just can't wait any longer to buy myself a Porsche 911. Either new or a used. Im not sure how to financing will be. Anyone had this experience?

 

If you already have your house, then buy the porsche.

If not, I would wait after that.

And I am all about inresponsible decisions, but really the house comes first.

After saying all this, I was about to change my BMW 335 for a CAYMAN a week ago. And my house is still under construction at this time, and I owe a good amount of money.


If you cant wait, I would buy a nice 07 cayman or boxster.

 

It all depends on your credit score, income, your relationship with your bank, etc...., unless you are planning on purchasing the car outright, with cash in hand. There really is no specific "age" for Porsche ownership. Granted, I don't think anyone under the age of 20 will have an easy time finding insurance coverage for a Porsche (or any sportscar), without paying a ridiculous premium, but at 25 you should be ok. For a used car loan, the interest rates my be typically higher, and you may be required to put some money down. Again, it all depends on the factors mentioned above. Credit unions are also a good place to go to for better rates. Good luck and post pics!!!!

Abdon

 

I'm not sure about Canada but Credit union has the best rates. I think penfed is doing 2.49% right now. You can buy a Porsche at any age given you have the income to afford it. You might want to check with your local insurance company. Premiums might be really high for a young person.

 

That's true. You have 2 fanastic cars. How do you manage to pay for those?

 

If you cannot pay for it CASH, I'd doubt you can afford it.

 

Many years of hard work and investment in the spider monkey industry.

 

I agree with no house, no Porsche. But it really does depend on income, expenses, etc. I had a friend out of college who wanted to appear wealthy so he leased a BMW and got himself into trouble with the payments.

 

That's not always true.

 

It's really your decision whether you can afford it or not...

But if you are making payments I would make sure that you are not underwater at any time during your loan. E.g. put a down payment large enough that at any time you can sell the depreciated car without having to put money in.

Things change, jobs come and go, accidents happen, etc. just be sure your not upside down on any loan.

 

I see a lot of guys under 25 who drive nice cars (often leased or financed) and still live at home with their parents (or under their wing) . When they finally gain the independence (which in some cases is never ) they becone so overwhelmed by the expenses and things which they can no longer afford . It becomes even worse if they add to the leap , getting married, and starting a family . Many times the entire magilla moves in with the parents who also live with the grandparents .

All this because no one ever had the cojones to just save his money and delay gratification .

100K at the age of 22 can buy a lot of indepedence . It can also buy a lot of future ease .

As for thew 22 year old celebrity or business Icon .. different story . They really have the ability to own the things and thus my post is not based on age .. but rather where one really stands in his own life .

I have no idea where you stand .. but if you are asking the title of this thread .. then its my opinion that you are not sure . My opinion is .. when in doubt , don't buy anything.

 

I tend to disagree with the house equation as homes have clearly shown not to be wise investments anymore than vehicles.

Granted a wise investor may think now is a superb time for home purchasing assuming the market will recover, eventually.

We tend to be a bunch of 'ol codger-pontificators spewing wisdom that we do not partake ourselves.

The real question to the OP is a matter of value. What value do you place on owning a 911? That is the question. Considering you are perusing the depths of ambivalence here on 6S then you likely place a high value on ownership.

This is not a finance forum; this is an enthusiast forum. Had it been then you could rarely ever make an argument for Porsche ownership.. EVER!

If you can "afford" it (and only you can determine this) buy it. Porsche ownership is more about the experience. We would all be driving appliances, i mean Camry's, if we thought about this rationally.

 

If you can swing it, buy it now. I waited til 38, with my last sports car at 24 and boring cars in between. You can always sell it.

 

Maybe but look at the mess that living on credit got us in!

Bottom line, we are greedy creatures... who always want more, better, newer, bigger, faster etc.

So I try to balance that rather self destructive dispositon with a saying I've got, "the difference between our dreams and goals lies in having the conviction to continue where others would stop... regardless of failure.

lets face it if it was easy everyone would be doing it and where's the challenge or pride of accomplishment/ownership in that?

So all my rides are paid cash, ya really don't want to be paying off anything which has a depreciating value...

If that's not an option lease, but realistically you're driving a rented car so no mods etc. but ya can get the latest and greatest every 4 years.

All in all though I think future generations will have to go back to "spend what you've got", not what you "may" have.

That said, I know lots of young guys whom are making $$ so if ya can afford it buy yourself an ultimate toy.

Lets face it, you only live once!

 

I bought my pcar on my 25th bday, and i bought it before a house. I really dont think you can ask for advice on this. Every will think its a bad idea. You just have to take a honest look at your finacials. Even after you determine that it is okay, everyone will assume youre an idiot or have rich parents. If i explained my situation then people might understand, but then theyd probably think im an arrogant ***. No win situation, so you just have to not care about other people.