Hello. I have a 2006 CS that is coming up for it's 8th anniversary tomorrow. About 38K miles. I'll be having a drink tomorrow to celebrate. Come to think of it I would probably be having a drink tomorrow anyway, but it has been one of my longer lasting love affairs. Cheers, Gerry

 

UPDATE 4: The car is finally at Raby Engineering. It was a hassle and a half to get it there without paying $800. I probably should have bit the bullet and just spent the money, cause the time wasted figuring out how to get it there for 2+ weeks is more time that the car is sitting dead...costing me money.

I should know soon how bad the engine is. Given my track record with it, I expect the worst. I just have this nagging feeling that I'm gonna need a whole new setup.

I am still at odds with what to do with the car. I've enjoyed driving it immensely. But was in serious talks with myself, prior to this of course, about selling it for a newer C4S. Since 04 I have switched cars 3 times, with an average life span of 3 years. I have spent 4 with my 911, and was really looking forward to its equity being a large down payments (as I had done in the past). With all that out the window, and a gun shy owner of a "what next will break"...I am at a loss. I can keep it, but my payments are silly on a 2005 at this point (refinanced to pay for the fix). I could sell it, but with the lack of a good down payment I am back to standard sub 30k cars...which I am sure you all agree are not nearly as nice or fun to drive. My car has been a big pride point of mine for quite a while. And as silly as it sounds, its embarrassing going from a 911 to a Subaru BRZ. Decisions, decisions.

 

There is absolutely no need to be embarrassed by making wise decisions!

Try to look at it this way (and I think you already are): You can continue over-committing yourself financially and by doing so you will always be in that same place, there is no escaping it. There is a lot of discomfort being in that place: I know, I got there in my late 30's when fate and bad decisions (including over-doing my car selections) forced me to tighten my belt big time. Then I got to where I liked being more conservative when I saw the money issues going away faster than I expected. Money accumulation started and before too many years passed, I was able to pay cash for my cars. If I didn't have the cash comfortably, then the car was beyond my reach and I've got to be as much a car fanatic as you are. By my early 50's I became comfortable with being able to own the CPOed 911s without any worries. Heck, even new ones would be possible, but I'd hate myself for absorbing that first few years of depreciation.

You can get there if you are patient, and a few BRZs would be a wonderful compromise along the way. I ran across one this morning that turned my head, it's a great looking car. And there are a lot of other nice/affordable cars in the world. I've developed a strong appetite for 3 year old cars CPOed coming off lease for any car I buy. The depreciation after that is so much better and the risk is minimal.

Your instincts are pointing you in the right direction. Embrace the choices you can comfortably afford and in time that will allow you to embrace your dream cars with no discomfort. Be proud of making financially sound decisions.

 

See update posts.

 

If you are considering downgrading, maybe a 996 turbo could be in your future. That engine is rock solid. Of course, then you will become addicted to 450 ft-lbs of torque.

 

Don't take this the wrong way, but what equity are you talking about having in a car? Any "equity" in 99% of vehicles is wasted, depreciated money. Cars are depreciating assets. If you had a collectible or highly sought after vehicle, then that's a different story of course.

Most responsible people can handle the car payment they have, regardless of car they drive....most people would have a hard time forking over $15k for a new engine as well. So don't feel bad there. Buuuuuuut knowing the information via the hundreds of posts on engine failures on forums .....well you know.

 

Most people are upside down on their car loans. Lets take a 30k car with sales tax brings you to 31,872. 60 month finance with zero down and a 0% APR you would have a $531 payment each month. The hope would be that as you paid off the car, say 2 years later, the car would be worth more than the amount left on your loan...$19,128. In most cases, the car is actually still worth less than what you own. In good cases the car the is in fact worth more than you owe. If we can agree that everyone needs a car, and the cost of ownership (gas, oil changes, minor fixes) are something that you would have to pay regardless, we can move on.

As it stands, my car is worth somewhere around 30k, more or less depending on condition. So depending on how much I owe on the loan. there is equity in the car. Now as I stated above, this is rare. Most people dont end up with positive equity until the car is almost paid off, years 4 and 5. And you will maximize that if you sell Private party. Your APR will also greatly change the potential equity or loss. And yes, major repairs will as well.

So my WRX I had from new in 04 had a 2% APR. I put nothing into it except for the car payments and standard oil changes and 1 new set of tires. When I sold it at 2.5 years old I ended up with 5K more than I had left on the loan. I did that again with my 07 Sti and ended up with 8k more than I owed. And as it stood, I would have had 15k with the C2S.

 

Rebuilt engine=reborn car. Mileage to date and model year are now moot. I'd drive it and not look back. You will never be happy otherwise. This is not necessarily a rational or financial decision. If you keep her I hope she treats you well

 

Unless it is a collector car or a new Ferrari you loose money as soon as you sign your name on the papers. I just bought a 2013 loaded Abarth for just about 9k under sticker and guess what it is still worth less than I paid for it. My tranny blew last summer (7K and I'm always coming up with new things to do to me cars they are surely money pits) Porsche uses some pretty cheap sourced parts in their rather expensive cars. When they do have issues they like other expensive cars can be very costly to fix. I am not going to guess at your financial situation but the way I see it you have a car with 82K that you have enjoyed and it has been pretty good to you. I would only fix it if you were going to keep it. If you are not planning on keeping it get what you can for it and go find another car you like and maybe you can get a good rate on your financing.

 

Yes and no. As far as the motor goes yes, but the rest of the vehicle still has 82k miles worth of wear and tear on it.

X2 on this.

 

UPDATE 5: It's all bad news. The motor has 2 scored cylinders. Meaning the only option is a complete rebuild. That puts me way behind the eight ball. The cost to repair is very high. And I then run the risk of having a very expensive 2005 that anything else could still go wrong with. Financially it doesn't make sense to fix the car and keep it myself, praying that nothing else breaks. That is a gamble that financially I cannot take.

So I have two options:

1 - Fix the car and sell it. I would have to pony up a ton of money for the fix, and then work every avenue I can to sell the car. It's not a bad options, but its risky.

2 - Sell the car broken. This is the easiest option. I have no more out of pocket costs. The only thing I would need to worry about was getting as much for it as possible.

If I could fix the car and sell it for the fix cost plus the end of my loan that would be great. If I could sell it broken for the rest of my loan that would be much quicker, and easier on my mind. The route with the least loss is the one to take. Which one will grant me safe passage...they both look dark and stormy at the moment.

 

8pgs of posts later, and the cost of a Jake Rabi consultation, you're still left with the same two options you started with. Good luck.

 

That is the truth. But I had to try.

 

Gloves-
theres nothing wrong with a brz. So many people out there drive cars beyond their means. Heck, if you drove a used miata, you'd be having 90% of the fun, on a closed circuit, that youd be having in your 911 at a fraction of the price .... Both purchase and cost of ownership. And being worried .... Also no shame there. All of us worry about potential hits to our bank accounts. Talking about it with us - cheap therapy.
Worrying about it prematurely does nothing. But some people , including myself cant stop. And now that its been diagnosed, you have some decisions to make. Can you even sell it with a bad engine? Meaning that , if there is a loan and the loan amount is greater than the seller is willing to pay , don't you have to come up with the rest out of pocket? And if you go the repair route, do you have funds to repair it. Its sooooo close to being 6 of 1 and a half dozen of another.
Lets say an engine rebuild is 10k. Anybody who buys it ( dealer included) is going to want 10k off value. And if you put 10k into it and fix it, in theory - its gonna be worth 10k more. Give or take a bit for profit , etc.
Any aftermarket parts on it that you can part out? After you fix the engine, the most major repair will have been done, so i wouldnt be scared of major future probs for awhile. I say fix it , if you have the means. Then make your decision after its fixed.

 

You'll get very little for it without it running. Some people will not buy it with a rebuilt or replacement motor, heck some people won't buy a P-car if you used the wrong brand of wax on it. Some people, like me, will see the benefit of a new motor and will buy it no problem. However, most are going to expect to pay a little less than current value, which makes no sense as in theory it should be worth more.

With a new/rebuilt motor it will sell, maybe for a little less than value, but maybe not. However, it may take a little longer to find a buyer.

Call a few of the P-car dismantlers and ask what they would give you for it as it stands. Bet you won't like what they have to say. However, it maybe the least expensive way out of it, in the short term anyway.

There is no simple solution. If it were me, I'd get a used motor or get it rebuilt, put it in and drive it for a few years more.

BTW Nothing wrong with a BRZ/FRS, I like them. First car of that type I've seen for a while that really looks like they got it right.