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

[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.