Quote:
Originally Posted by polkfarmboy
I am now ready to buy my first car and the bank is giving me 11k....
I cannot f$$king wait to get behind the wheel and kick some ass at the lights..
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You are seriously underestimating what driving a Porsche is going to cost.
Actually I think this is a first where someone flat out admitted to only working with a purchase budget. How much cash do you have ready for major maintenance?
And I highly doubt that any $11K Porsche is not going to be in need of at least $5,000 in outstanding maintenace and repairs. Case in point I have spent ~$12K in the last two years, at which time the odometer went from 70K to 90k miles. And on at least two occasions the bill exceeded the cost of my first car and then some. Also, labor (the one your wife's, sister's, boyfriend will be providing) is not the biggest expense, it is the parts. On one $5,000 repair bill I calculated that less than third of the bill was labor.
Also, if the bank is only approving you for $11K, then that's probably a good reason to consider increasing your assets and savings instead of increasing your liabilities and depreciating assets. Given that apparently no one is gifting you your first car, then obviously you are not a trust fund baby that doesn't have to worry about finances.
My advice, buy and second hand Acura RSX or something along those lines. Reliable, sporty, a car that doesn't require $100-$200 oil changes. And save until you hit $10K in cold cash. After you hit $10K start investing in an S&P 500 fund or something in the
small cap arena given that you are young. Driving around in a financed $11K Porsche with no cash reserves to fix a major break down is the epitome of "all hat no cattle".
Quote:
Originally Posted by RandallNeighbour
Go back to the bank with this explanation and get a loan for at least $50k so you can get a nice pampered 2004 911 Turbo. I'm on your side here!
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