How Old Were You & How Did You Purchase Your First Porsche?

[Chuck W.]

When did you decide you wanted one?
Sixteen years old. I grew up driving VW Bugs.

How long did it take to finally purchase it?
31 years; I bought my first Porsche (new 986 S in 2001).

How old where you then, and now?
47 then, 55 now.

Is there anything you would have done differently?
Not a thing. I drove beaters for 25 years while I raised a family, bought a home, bought a rental house. Then.... when I could afford it, I bought my first Porsche. The wait made it that more pleasurable.

Quick word of advice for a young person trying to save for one?
A car is not an investment and if not done right can be a money pit and destroy a dream. Take care of the important stuff first, then get the Porsche. If you must have one, shop hard and buy the newest model you can afford.

Four kids are grown and gone. Now my wife (32 years next month) share 5 cars; 2 Porsches ('01 986 S & '97 993 Cab), a Mini S, a BMW 530I and a Trunda truck (hay hauler).

Getting old sucks. Having desposable income is great!

[jotoole]

I was 58 when I bought my 2000 2.7 Boxster this past April. Was seriously looking for a 911. My brother has an 89 or so Carrera Targa 911 and loves it. But I see case of serious diminishing return. My absolutely spotless 74,000 mi Arctic silver w/black leather interior, alloy wheels etc... does everything I ask of it, and then some. Paid $16,000. I believe someone on this site said " 95% of the fun at 1/4 the price." Power to spare and excellent brakes, handling. PO brought it to his dealer for PM every 4 to 10 mos. I have the records. Don't regret not opting for the "S."

I recommend you subscribe to online CONSUMERS REPORTS.ORG. $26.00 per year, cancel anytime. Their reliability data is based on approx. 1,000,000 subscriber replies.

The anecdotal info on this and similar websites is not statistically significant. But I keep in mind "where there is smoke, there is fire." That said, this site and some others of like level of expertise, contains an enormous amount of valuable info, from some very knowledgeable individuals who are very generous in sharing their considerable knowledge based on first hand experience and/or professional training.

p.s. some of the posts are funny as hell!

[vath2001]

I was 42, bought the '98 w/ tip. This is a second car.... a toy. Paid for using the home equity account. I have been looking for about 3 years (on and off). I wanted something more than a Miata. The S2000 or the 350Z were contenders.

Advice: Cars eat money. Sport cars are really hungry. Get a good reliable cheap first car. When that is paid for, then think about a second car. Buy what you can afford. No use living in debt.

[PlayersExpress]

When did you decide you wanted one?
I was 8 years old. A family friend took me for a ride in his brand new 1998 Boxster... I guess that ride really made a lasting impression.

How long did it take to finally purchase it?
8 years... of waiting to drive....and waiting for the car. (1997 986)

How old where you then, and now?
I was 16, now im almost 19

Is there anything you would have done differently?
Yes, I would have put a few extra dollars aside early on for all the maintence.

Quick word of advice for a young person trying to save for one?

Buy a newer low mileage car. The older and the higher the mileage, the higher the upkeep (I found this out first hand.. I got my car for 60% of KBB value.. within 2 years, I dump the rest of the 40% savings back into the car.. what a deal! I would have been better off spening the extra 40% and buying a newer, lower mileage porsche.)

[jotoole]

"Paid for using using the home equity account." That toy is not paid for, unless you've paid off your mortgage. You simply added it's cost to the amount you owe on your home. You put yourself deeper in debt than you were before you made that deal.

[vijen6]

I'm 26. Got my first Porsche (2000 Boxster S) when I was 23. PAID for also with home equity.

Buying a house wasn't that hard in those days, especially if you had a RE Agent who's doing both sides of the deal and rebating you their entire 6% commission.

Short version .. I waited a bit for some appreciation .. refinanced .. and pulled out about $50K and paid off the car + some other toys. Now even if I lose the house, the car and the toys is still mine, so it is paid off. Yes, more debt, but I'm glad I did it that way, because when the housing market stumbled, all that 'appreciation' that bought my car went to dust. At least I got something from it.

[Jeph]

When did you decide you wanted one?
About 3 months before I bought it

How long did it take to finally purchase it?
3 months of research

How old where you then, and now?
27 then, 31 now

Is there anything you would have done differently?
Opted for the S

Quick word of advice for a young person trying to save for one?
For every $100 the car cost, spend 1 day thinking about the purchase.
If the car costs $1000, you wait 10 days.
$10,000, 100 days
$20,000, 200 days etc.

[edevlin]

I decided I wanted a sports car in the mid 1960's when I was in high school, but could not afford one. In the late 1960's when I was in college, I got a Karman Ghia and that really got me lusting after a Porsche. Especially when I almost replaced the VW engine with a Porsche unit.

I have caught myself watching car shows and thinking about cars more and more for the last 10 years or so, definately mid-life crisis, returning to youthful desires sort of stuff. Then our teenage son helped my cause by totaled one of the two family cars, he was fine, car was dead. We were trying to make it on one car for the three of us, but it was not working out.

So we started looking into getting another car, and I saw my chance. My dear wife is definately not a car-person and she wanted a toyota of some sort. So my recommendation to get a Boxster, well, lets just say, it did not go over very well. She said if I wanted such a inpractical car, I would have to come up with the money outside the family budget. Which meant that I would have to pay for most of it by selling of many of my toys like audio gear, guns, some woodworking tools and such.

Eventually I was able to raise the 21K out the door I paid for my 2000 base Boxster in 2006. This has been a very interesting and enjoyable experience. I have had great fun learning about and modding the car.

Best advice is what most folks say on the forum, have more money than you think you will need available to maintain them, as they can be pricey.

Ed

[vath2001]

Originally Posted by jotoole

"Paid for using using the home equity account." That toy is not paid for, unless you've paid off your mortgage. You simply added it's cost to the amount you owe on your home. You put yourself deeper in debt than you were before you made that deal.

I agree, I did aquire debt when I bought the car... but the interest on the home equity is tax deductable on the Federal taxes... and the interst is Prime rate, about 4% right now.

And if I run into financial problems, it relatively easy to sell a car with a clean title.

[jotoole]

Point taken. 4% interest & tax deductible. Makes sense. Appreciate the info. Especially in this economic climate, I need to rethink some things, change my mind set. Am debt free, but I'm no Dave Ramsey.
Thanks for taking the trouble to educate me. Am embarrassed you guys had to point out the obvious (or not so obvious) to me. I should have known better, but I didn't. Econ 101? Can I claim dementia?
Thanks again

[teacher]

I think I got a good deal, as all readers know I paid it off. They wanted $30,000 at Mercedes Benz, but I took a good look at the car. No dings, so they later asked me "How much?" and I said $25000. Good enough, they counteroffered with $26000 and I am happy, still today =) New top, perfectly maintained, I'm happy

[Perfectlap]

NEVER EVER EVER EVER tie your home to a home equity loan to pay off credit cards or to buy a car. Bad move and one that the banks LOVE.
If you lose that job and can't make the payments on the equity loan they can come after your house. If you keep the credit card debt where it is (albeit a way higher interest rate probably) the worst that can happen is they hassle you on the phone, send you nasty letters and ultimately they just write off and some debt recovery service will try and hassle you some more. If you finance the car with a bank and you can't make the payments they just reposses the car but lately they're not even doing that because they're in no rush to sell your repo'd car in the worst car market in 30 years. They'll most likely work with you so you keep paying the balance on a car that isn't worth what is owed.

Sure the interest rate was lower by taking out a home equity loan but you taking a big risk for that savings.

[yellowboxster01]

When did you decide you wanted one?

My dad has had a Porsche since I was about 8 years old. He more or less got me hooked on them. This was his second and it was a 77 911 Targa which through the years was converted to a wide body turbo look w/ a 3.2L. I watched the transformation of that car through the years and we used to go "cruising" on Saturday's in his Porsche. Several times through out high school he'd let me drive his car to various events, that's when I decided I wanted one. But, it's been a life long affliction.



How long did it take to finally purchase it?

I drove the same burnt out Suzuki Sidekick for almost 6 years, when I turned 21 I bought an 86 944 Turbo that had previously been my mom's car. It was lightly modded and was a hell of a lot of fun to drive. About 100K miles, it started having major problems and it spent more time on a lift than the pavement. I was forced to sell it about 2 years after I bought it.


How old where you then, and now?

I was 21, now I'm 30. When I bought the Boxster I was 28.

Is there anything you would have done differently?

Not bought a 944 Turbo.

Quick word of advice for a young person trying to save for one?

Buy one right now, the values have dropped off tremendously. They'll only hit a certain low before they start going back up. Who knows what that low may be but, I know I've seen some low mileage 986 S's going for $14-16K.

[stephen wilson]

There's nothing wrong with using home equity, it's worked well for me. The key is, don't over-extend yourself, live well within your means. I pay off my credit cards every month, no balances. Don't plan your finances on going bankrupt, just make sure you don't! An equity loan helps lessen the the money wasted on interest payments.
Steve

[Jake Raby]

Got my first Porsche at 12, it was a 912 with a blown engine... I repaired it and sold it 6 months later for enough money to buy 80 core engines. Thats when all my craziness with Porsches began. :-)

[mikefocke]

It was 1970. I was 27, out of the service but in the reserves, 3 years into a job in computers that seemed to have a great future, single and had no debts (thanks dad). I had previously owned 2 Alfa Roadsters. I had a boat (3rd) and a motorcycle (2nd). I rented a house with 3 other guys. I owed nothing. Then Porsche came out with the 914.

It was the last car I ever financed. I think I borrowed $1500 of the $3600 purchase price. I paid the loan off early with my income from the reserves.

It took about an hour to purchase. You had only about 2 options to chose from.

The car's design was wonderful, but the reliability was atrocious. I worked perhaps 4 blocks from the dealer and the joke around the office was the dealer had a parking space with my name on it it was in the shop so often. Nothing major in engine or transmission. Just windows falling off the track 20 times and the like. They could never get parts or fix it. I was constantly on the verge of losing my license (red color). I sold the car probably a week before it was out of its 2 year warranty to a new Doctor from Philadelphia. I bought a 1970 BMW 2002A. I got no tickets for years.

In today's climate...would I buy a Porsche again if I were 27. No. I can't think of a job today that has the kind of security and prospects I had at 27.

It took me 32 years to buy my next Porsche, a 1999 Boxster I bought after I drove one for 20 minutes. I had looked at advertisements for 30 years and my wife said "why don't you just go buy one". Paid cash. I can do it now because I have lived beneath my income for 30 years. I'm still living beneath my potential income in retirement.

Even though early Boxsters are priced low, the maintenance costs compared to a Hyundai are high, the insurance costs are high, the risk is high.

Defer your gratification (unless you can do almost all the maintenance on the car yourself). Drive a very practical car for a while. Save your money. Invest in your education and employability. Maintain an emergency fund. Once all of that is assured, you can buy a Porsche class car.

They are wonderful cars. Good luck.

[pbanders]

When did you decide you wanted one?
When I was around 10. There was a guy in our church who had a 911, I thought it was the coolest car I'd ever seen.

How long did it take to finally purchase it?
Bought the 2nd 944 in the SF Bay Area in 1982, when I was 24. Had it for 6 months, put 12K miles on it, my girlfriend had the timing belt slip while she was driving and killed the valvetrain (common 944 problem), Porsche fixed it, figured out it was costing me too much, sold it for what I bought it for by December and bought a tricked-out 914 that I still have.

How old where you then, and now?
24 then, 50 now.

Is there anything you would have done differently?
I'd have waited longer until I could have more easily afforded what I wanted. It turned out OK for me but I could have saved and leveraged myself into a GT3 for all I spent on that 914 over the years.

Quick word of advice for a young person trying to save for one?
Drive cheap cars, live in cheap places, get a good education and a high-paying job, save your money until you can't stand it any more, and buy what you want. Also, remember that being able to buy a particular Porsche doesn't mean that you actually can afford to own it.

[LoveBunny]

When did you decide you wanted one?
I can't say for sure, but probably somewhere around 15. I've always loved cars though as far back as I can recall.

How long did it take to finally purchase it?
When I was around 16 I got a job and started saving to buy a 944. This was back in the late '80s and an '83 944 could be had for around $10k. Doesn't sound like much but I didn't make much either. I saved up a couple thousand dollars and then borrowed the rest from my grandmother and paid her back in payments. I also had to pay the insurance on it but since I was a student these were my only "real" expenses....except for the maintenance. I also set up a fund to save for car repairs every month as I knew this was a high maintenance car. I still never had enough and ended up constantly owing my dad money. I also had a dad who was in the car business and knew a lot of guys with shops and also did work on my car for me that saved me a lot of money. My grandmother ended up dying and I didn't even have to pay back the whole loan from her. After about 2.5 years I decided to move away for school and since I no longer had my dad to help me maintain the car I sold it. I loved that car though and was really sad to see it go. But I told myself I wouldn't buy another Porsche until I could buy a newer one with a warranty.

How old where you then, and now?

Then I was 16. Now I am 36 and just bought my second Porsche, a 2008 Boxster.

Is there anything you would have done differently?

Maybe tried to hang on to the 944 and not moved away. I moved away because of a guy I was oh so in love with. In hindsight, I really should hve stayed and stuck with my car because it was better than the guy.

Quick word of advice for a young person trying to save for one?

Just don't give up. If you buy an older one, make sure you have enough extra to maintain it and/or learn to work on it yourself if you aren't lucky enough to have a dad like mine who helped me.

[ISUnorth]

Not sure about when I first “wanted” a Porsche but do remember looking at a really beat 1959 356 back in 1970. Also looked at a 1959 MGA coupe. Ended by buying a 1968 MGB with 10,000 miles on it for $1250 as my first car. I was nineteen.

Flash forward to 2007 when I saw a really sweet looking black Boxster outside the Miata dealer. I aready had an A4 so decided I needed to go all Teutonic. Started getting serious last fall and bought a 2002 Boxster this spring. I think I am going to start lying about my age now.

[hqduong]

When did you decide you wanted one?
I just got out of college and did really well for a first job outside of college. I wanted a new car instead of driving the family Solara.

How long did it take to finally purchase it?
2 days, I wanted a new car. After test driving all of the cars and doing my research, I got a Boxster S

How old where you then, and now?
I was 25 and now im 26

Is there anything you would have done differently?
Yes,get a 911 or something with more space.

Quick word of advice for a young person trying to save for one?
Work hard and dream big. Shoot for the moon, because if you miss you'll land among the stars.