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

[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.

[Dave S.]

Originally Posted by 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.

That's really good advice. Your home is not an ATM. My next door neighbor is going through foreclosure on a house they have lived in for nearly 20 years. Should have been paid off by now...

[NWI Bill]

When Did you decide you wanted one?
Actually just recently. Had been looking at Vettes but wasn't seeing what I really wanted.....my wife actually suggested looking at a German product..I started looking at Porsches...glad I did. Bought 1998 Boxster.

How long did it take to finally purchase it?
I looked for awhile, probably a few months....was waiting for the right one.

How old where you then, and now?
I'm 53

Is there anything you would have done differently?
No. I feel good in my selection...car has 44K miles on it and is in mint condition with a clean history.

Quick word of advice for a young person trying to save for one?
Like others have said, keep your priorities straight....family first and the resposibilities that go with that...fortunately I had a paid off 2006 Solstice to trade for this. So you could say I traded one toy for a much better toy......

[Bry]

When did you decide you wanted one?
Somewhere between "always" and "a few minutes before I test drove it." Seriously, my dad has always been a classic VW guy so the old air cooled Porsches are familiar, but just aren't my thing. I've always loved the cars, but never really entertained owning one. Then I test drove my Boxster - while at a dealership shopping for someone else - and decided "This will make a spectacularly fun daily driver!"


How long did it take to finally purchase it?
2 days. I never buy anything "big" on impulse... but right after the test drive I told the salesman I'd sleep on it... and that I'd be back the next day with a check for x dollars (a number I felt was low, but fair to both parties), and a half hour time limit. I walked out of the showroom the next day 40 minutes after I walked in, and drove my Porsche home. That was the easiest car purchase I've ever made from a dealer - I almost didn't have to speak at all!

How old where you then, and now?
24 for the seventh year running. I've been 24 for 8 years now!


Is there anything you would have done differently?
Go for the S. I didn't care at all at the time of purchase, and don't feel the need to trade up for one, but I'd go right for the S if I knew then...


Quick word of advice for a young person trying to save for one?
Invest wisely. Spend smartly. Remember that every frivolous purchase is detraction from a wonderful one.

[mrfredsporty]

ill bet i hold the "mature" record because today i got my 1st boxster/porsche. im 64 yrs old, but im in great shape for myage and will kick your butt if you dont believe me he he. i wonder who is the oldest that still owns a boxster. hmmmmm??