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

[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??

[Frank M]

Originally Posted by 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??

I will match your record and raise you one year.
I was 64 ¾ when I got my first Boxster (Porsche).
Almost 66 now.
I will admit I have owned everything else over the years though.

[cas951]

When did you decide you wanted one? I was 19 reading Motor Trend back in 1978. The article was a road test and introduction of the new front Engine 928 driving along Int 95 in Florida. After reading the article I've followed Porsche ever since. At that time I was a young private in the Army and in no financial means of buying one. At this point the 928 was still my dream car but slowly going towards the 924 Carrera GT but the car was not available in the US. In 1981 again Porsche introduced a new car the 944. People waited for 18 months to get their hands on one. It was a big step and improvement over the regular 924. Again the 928 was still my dream car. In 1985 Porsche introduced the 944 turbo aka 951. They had a great commercial and fell in love with the car and I had to have one. This car pushed me away from the 928. http://www.youtube.com/watch?v=A-LZfLS_ln4 Could have been a great Boxster commercial too.
http://www.youtube.com/watch?v=dvTVk0doJJM&feature=related

How long did it take to finally purchase it? 15 years of drooling over Porsche I finally bought one. It was right after we bought our second house we finally had the extra money for one. This was in 1993 and I finally bought my dream car a 1987 944 turbo. I was the 2nd owner and had 41k miles on it. My happiness could not be measured as it was out of the scale. I babied that car for 9 years till I wrecked it in 2002. No I did not buy my 986 s yet as a replacement but I drooloed over that car since introduction. I bought another 944 turbo only this time it was the highly sought after 1988 turbo S. I had to fly to Seattle to get this one and yes I paid a premium for this at that time. In 2003 my brother bought a new Boxster base (tip) that I got to drive every time I went to Hawaii. Man did I fall in love with this car. Specially the Engine sound and the way it drove. I even turned off the radio just to be able to listen to that Engine tone. I was hooked and I had to have one. After sending 3 kids to College and two of them to Med school after that I was done with college tuition and had extra money for my 2nd Porsche which I've been wanting for a longtime. This is when I bought the 02 Boxster S that my wife now drives. Both cars are not daily drivers.

How old where you then, and now?
I was 35 when I bought my 1st Porsche, 44 when I bought my 2nd and 48 when I bought the Boxster S.

Is there anything you would have done differently?
I don't think I would do anything different. My Priorities was first and bought all my Porsche cars when the time was right. No car payments or lease.

Quick word of advice for a young person trying to save for one?
Stick to your priorities. Family priorities, Education, Career. Keep these areas in check and your dreams come true. At least that's what I did and got me to where I am.