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

[coreseller]

Originally Posted by Nineteen89

How old were you when you decided you were going to buy a Porsche? How did you save up (traditional, hard work/saving--jackpot--lottery etc.) How long did it take and what advice can you give to someone trying to purchase one as far as the actual acquisition goes, besides the age-old "work hard and save as much as you can" I know that one, lol, and I know all about the maintenance and IMS & RMS, I'm talking more about how to go about actually getting one, I've been dreaming about getting one every single day for as long as I can remember, and I'm prepared to do it the old fashioned (savings) way, but did you do anything that helped you out or gave you a little boost that might help me?

I'm curious for finding out the previous questions as well, you can use this format if you'd like...

When did you decide you wanted one?
How long did it take to finally purchase it?
How old where you then, and now?
Is there anything you would have done differently?
Quick word of advice for a young person trying
to save for one?

I'd appreciate your guys' time for filling this out if you get a chance, or you can simply give me some tips, either way I'd be greatful, I might get some good ideas.

Nineteen89, I like your new pragmatic approach to a Porsche purchase....kudos.

When did you decide you wanted one?
About 5 to 6 years ago after divulging myself of the muscle cars I had purchased and restored for the prior 15 years.
How long did it take to finally purchase it?
6 months while researching and looking for the right car.
How old where you then, and now?
44, now 45.
Is there anything you would have done differently?
Not really. You will not have any regrets if you do your homework and make an informed rational decision, do not rush it.
Quick word of advice for a young person trying
to save for one?
Be ABSOLUTELY SURE you can afford the car and it's potential costs (repairs) BEFORE you pull the trigger. I know at your age the desire to own one can be all consuming (for me it was a Boss 302) but the financial repercussions of a hole dug with a depreciating asset would be hard to get out of. Do NOT throw all of your income at it, prepare for the future and the rewards down the road will be tenfold. Lastly, from a purely personal perspective, I could never finance a toy car, I've always bought my cars with cash. Good Luck.

[chitowndad]

I was 43 when I bought my Boxster - I'm 44 now. I sold my 1991 300ZX 2 years prior to save for the Boxster. I bought the Boxster as my 3rd car and non daily driver. For me, I wanted to pay cash for the car so that's why it took me 2 years. I fell in love with them when I drove my friends 99 Boxster. The car is in the garage for the winter months.

Do all of the repairs and maintenance yourself, which is easy to do when you search this forum and the car isn't that expensive to maintain. I'm a novice mechanic and have done a lot of fun repairs over the years.

Desire turns dreams into reality - you're on the right path...

Good luck,

-Steve

[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.

[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