First of all I don’t know anything about cars but I have always wanted to own a Porsche. Theres a 2019 Porsche Cayman base with 6k miles that costs about $62k. I am really interested in buying it but I don’t know exactly how much money I need to spend annually/monthly to maintain it. Also I’ll be driving the car a lot.

I am 29 years old. I net around $7,400 a month. I have 70k saved up cash. My monthly expenses total about $3k a month. No loans at all.
I plan on financing this car for 48 months with monthly payment of around $1.2k and I plan on keeping it for at least 8-9 years. Also I want to get the extended warranty preferably one that covers 5-6 years at least.

can you guys give me some advice as to what other things I should take into consideration?

thanks

 

Why are you financing the car? Why not buy a less expensive CPO Boxster or Cayman first and see how you like it? You may just want to ante up for a 911 once you get bit.

 

Agree. You should use this experience to learn more about the cars. I didn't keep my first three Porsche's and I've had the 911, Cayman, Boxster, and Cayenne.

As stated earlier: Buy used, and go bigger (e.g. Cayman S or 911).

Or if you really like new, just lease for 3 years. Wait for a holiday sale special to show up. Get on the dealership interest list to see what specials they have. Porsche dealerships usually send me lease specials on Macan, Cayenne, Cayman, Boxster.

I'm not really sure of your ability to afford it, as we don't know your expenses, rent/mortgage, living expenses.

It doesn't really matter: Porsche financing likes 740+ credit scores. I don't recall them ever doing a debt to income ratio.

Good luck.

 

Netting $7400 a month works out to $88K per year net. With $70K in cash you do not even have a year's net income in reserve. It is pretty nice to have a year's income in reserve in case one gets laid off. It helps ease the pressure to finding another job. I mean you still have to find one and the sooner the better but you don't have to take the first job you come to if you don't want to. That's a pretty nice position to be in. (And one I've been in 3 or 4 times over my working life time, around 50 years.)

Also, I assume you are contributing the max. amount to your employer's 401(k) plan? And maximizing your contribution to an IRA if allowed? At your age you should be saving/investing as if there will be no Social Security.

Money invested and invested wisely can really start to add up. Just this year alone I've realized capital gains of over $200K from my stock (mutual fund) holdings. And this is with the market at its current price.

You will pay $57,600 over 48 months for the car in payments alone which includes around $2500 worth of interest, assuming a 4% interest rate which for a used car is probably too low. Used car financing generally requires a pretty good size down payment -- 20% -- and the interest can be high.

My opinion is you can get a Porsche but you probably need to dial it down a bit. Time to learn the biggest expense to owning a car is depreciation and the more you pay for a car the more there is to lose to depreciation. Thus instead of a $62K car maybe a $31K car? You can pay cash which saves you financing. You have some money still left in your savings account.

Back in Jan. 2002 I bought a new Boxster. Paid cash, around $43K not including taxes, etc. Got it around $5K off of sticker. (Bought it with inches of snow on the ground, this in Merriam KS.)

Drove the car a lot. When I sold it late Dec. 2017 the car had 317K miles on it. Averaged 21K miles per year or 1761 miles per month. (And during that 15 years I always had a second car from a 2002 VW to a 2006 GTO, a 2008 Cayman S, and a 2003 996 Porsche Turbo, all of which got driven quite a bit too.)

For the Boxster (and with all other cars) I gave the engine 5K mile oil/filter services. This started out fairly reasonable but towards the end I was paying $400 for this service. Rear tires lasted 20K miles, fronts double that. But I was buying 2 new rear tires a year and a full set of new tires every other year. The car required a couple of alignments but once properly aligned as I mentioned above the rear tires lasted 20K miles. If the alignment was wrong the tires wore heavily in their inside edges and could be worn out -- to the belts! -- in under 10K miles.

Early on I had a place with a garage so for the 2 years I owned the Boxster. I did the oil/filter services myself only taking the car in for the "scheduled" 15K mile oil/filter service. (The factory believe it or not called for 15K mile oil changes, 30K mile filter changes!) I did some other services, too at home. Engine and cabin air filters. Brakes. Removed the front bumper and cleaned out the radiator ducts. Might mention here that while I averaged 21K miles per year over 15 years I put way more than 21K miles on the car in its early years. I bought the car Jan. 2002. By July the car had around 25K miles on it (and a leaking RMS which was repaired under warranty). When I left MO to return to CA -- to take a new job in CA -- in Feb. of 2004 the car had around 80K miles on it (and had just come out of the shop after having the first of its 3 AOS (air/oil separators) replaced).

Once in CA I lost the garage and while I changed the oil a few times and did the brakes one more time after that I eventually led the local dealer handle all servicing.

Engine and cabin filters got changed. Brake (and clutch) fluid flushed and bleed every 2 years. Plugs done every 60K miles IIRC. Transmission/diff fluid serviced every 60K miles. This was the least expensive service. Labor was just 0.3 hour. The fluid though was around $40/liter and it took several liters of fluid. (But often the dealer discounted the fluid to me one time charging me just $5/liter as it had some left over from warranty work.)

Every 4 years or so I had the coolant drained and the engine refilled with fresh coolant. The water pump lasted to 172K miles. The hoses and radiators and other cooling system components were just fine at 15 years and 317K miles.

I won't detail all that wore out but as you rack up the miles things wear out. Besides the RMS at 25K miles there as the AOS at around 80K miles. A rear wheel bearing at 90K miles. Somewhere in there some O2 sensors sensors needed to be replaced. Water pump at 172K miles. Fuel pump at around 200K miles. Coolant tank in the vicinity of 200K miles.

My experience with 3 Porsches if they are fun cars to drive. But they are expensive to maintain/service if you can't do at least some of the servicing yourself. I never really used an indy. There was a noted Porsche indy shop not too many blocks from me when I returned to CA and I took my Boxster there for tires and the wheel bearing. But when I returned to get the oil changed the owner insisted on using the wrong oil not even allowing me to supply the correct oil, claiming he needed the profit margin from the oil to "break even". I stopped using the indy and from then on had the car serviced at a dealership.

Consider a fairly low mileage older example. Back in June 2009 I bought a low miles (<10K) 2003 Porsche 996 Turbo for $57.7K, less than half its sticker price of $119K and got it with a 2 year 100K mile CPO warranty.

Not suggesting you drop from a $62K car to a $57.7K car but consider a good low miles example that is maybe 5 to 6 years old and relatively low miles with at least a CPO warranty the you can buy for substantially less than $62K.

 

I get the excitement of wanting that Porsche Cayman—there's nothing like the thrill of owning a dream car. But before you dive in, think about the hidden costs. I was in a similar spot when I was considering upgrading my car. I even ended up exploring side gigs, like using a Hexabet no deposit bonus I found at https://casinosanalyzer.com/casino-bonuses/hexabet.io to test my luck with some extra cash. It’s easy to overlook ongoing expenses like maintenance, insurance, and unexpected repairs. Just be sure you’re comfortable with those extras before committing.