Dummies like me probably make these posts all the time, but here I go anyway...
I'm 43, wife and I make about $145k between us. We have one car payment (hers) and a modest/moderate mortgage. One kid. No debt really.

My question: Can I afford to OWN a Cayman?? I know I can afford the $20-25k to buy an older model but I'm wondering about reliability. It would be my weekend car since I have a Volvo V-50 to daily. I do understand that routine maintenance costs are high but I don't feel that will be an issue for me. It's the "major" stuff that scares me. I'm not much of a mechanic but I'm learning. Not really interested in fixing cars as much as I am owning cars that don't need fixing! But I keep reading that Caymans are pretty darn reliable. And THAT is what put this obsessive thought in my head; I WANT A CAYMAN!!

ALL input is welcomed. Even the stuff I don't want to hear. lol

 

Go ahead. You only live once.

If you are only going to drive the car on weekends, then you will probably just put around 5K miles per year, which amounts to doing one annual service and oil change. At a dealer, this is probably $400-500, but the engine does take 10 quarts of synthetic oil. If you can find an independent to service the car, the maintenance costs will be even lower. These cars are really quite reliable.

If it was me, I would be looking at a 2-3 year old Cayman coming off lease that is CPO'ed by a Porsche dealer - that way you get the extended warranty and a car that will be in excellent condition.

 

Or course you can! That being said, you are going to hate this car if the payments make you broke. Like owning a boat but getting angry at the gas bill.

I'm somewhat at a loss as to why you'd pay full price for a new Porsche but worry about annual maintenance bills. Since you'll be putting fewer miles on the car, I would look for a moderately used CPO. That used car would have simply sat in the prior owners garage during the week as the one you're buying will. Why pay the new car penalty?

Your mind may be playing tricks on you by essentially paying a lot more for a "sure thing" when the total cost of repairs wouldn't come close to the delta in price. Especially when the cost of a new car can be spread out but repairs happen all of a sudden. Furthermore, you have to look at the fact the repair bills would come later and you are essentially "prepaying" repairs and financing that expense at x%.

Also, Porsche is ditching the turbo 4 for the next generation. Don't get caught buying the only 4 banger Cayman ever built. That won't be good for resell down the road.

 

I wouldn't pay new car price for a Porsche. In fact, I couldn't if I wanted to because I set a hard limit of $25K. I'm not worried about the monthly payment, I can afford a lot more since it will be my only car payment, I'm just choosing to set that limit because I just don't prefer to have a high car payment. The part I am worried about is a sudden $6k repair bill or something ridiculous like that. But I'm reading a lot of good things about the reliability of the Cayman and how most owners have avoided those savings account killing repair bills.

 

Then do not buy one....

 

Gotcha - thought you were talking about a new one.

In that sense - certainly. In fact, I did this exact thing with a 2008 model which was a "special edition." It was fully optioned and that's what I was buying (not the special edition).

So - back to basics. Let's identify the items which would cost you dearly:

• New Engine
• New Transmission
• Clutch
• RMS/IMS

Clutch isn't that bad and you can do the RMS at the same time. Everything else is a total loss. You have two options: Risk it or Insure it.

I chose to risk it. My IMS risk is priced at about $300 and that's what I'm worrying about.

I felt more comfortable thinking of it this way:
A 2008 model has less than a 1% chance of failing. 1% x $30,000 is around $300.

The more you look at these issues the less you'll want to buy the car. That being said, at the end of the day, the risk is empirically worth around $300. Imagine about 150 Caymans/Boxster/911s lined up and pick one that's the loser. That's the risk.

My last car, a 2010 Subaru STI I bought new, required a new rack and pinion and started leaking oil due to a transportation error. Had a HID light go out too as well as some other things. No car is bulletproof and I've been happy with my Porsche purchase.

Michael

 

Nice! I will be upgrading from a Mazdaspeed3 to the Cayman. I simply cannot drive a boring car. The MS3 is an overboosted torque-steering nightmare and I absolutely love it. It's the only car I've ever bought two of. lol
But I think it's time to up the ante a little more. Actually a lot more..

 

Out of curiosity - why do you want a Porsche in Ann Arbor? I hear Michigan roads are rough and I cant imagine there'll be a lot of corners to take. I could be wrong....

 

The Cayman ground clearance is 4.5" and my MS3 is almost the same at 4.7". Same 18" wheel diameter with 40 series tires too. The roads are bad but not so much so you can't drive a sports car. Shooot... there are a number of Lambos and Ferraris driving around this city. Porsches are not uncommon at all here. Once you're outside the city there are country roads that can be fun. But fun can be had anywhere with a 45 MPH or greater speed limit.

 

Well - as a Japanese to German car buyer, I'd focus on a couple things.

Porsche options can be expensive. Some are worth it, some are not. Full leather is really nice and makes a difference. I actually like the standard seats but I have carbon seats by default. Navigation is useless in the age of smartphones. Bigger wheels are not performance enhancing and they're ride de-enhancing. Any extra bodywork does not add performance but can differentiate your car from others.

When you buy the car, there's a good chance you should do a water pump change. Here's why - You'll probably buy a car with fewer miles versus year. Nevertheless - the water pump and belt tend to be very robust on these cars. Easy change for the belt but you should pay someone to do the WP. Cost me $250 total minus parts. NBD.

Go ahead and find an independent dealer. The stealership is terrible with these cars. Great accommodation, but astronomical price and not as good.

At least learn how to get to the belt with the car. Then you'll be moderately confident to work on it.

 

Thanks a ton for all the info. Very helpful.

 

If you want a 987 Cayman, the R is the one to have. It's a beast. Although they are usually without a lot of accessories. Mine was the exception, as it had nav, sat radio, SC, Bose, even ceramic brakes. If not the R, then .2 model for the DFI engine. Nonetheless I would look more for a 981 Cayman S over the 987. It's just more modern and more reliable. My Cayman R would outperform my '14 Cayman S though. No question. Plus, more rare cars like the R hold their value better.

 

No, buy a 911 !

 

^^ You're not helping, but you know that...

 

Where did you hear this? I personally will never buy a 718 so that's potentially good news. Then again, I may never give up my Spyder since I like it a lot and its value is going up, much like the GT4 but at a slower rate.