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

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.

I JUST bought my first Porsche. Boxster. I am 36.

I took out a loan to buy it. But kept the amount of my purchase WELL within a discretionary spending limit - as for me this is a third/fun car. Basically, the car could blow up, be stolen, disappear, etc - and I would be bummed out, but not financially ruined. :)

I suspect you may be somewhat younger than me. When I was in college, my dream car was actually not a Porsche, but a twin turbo Mazda RX7...in the late 90s those, along with the supras, were the *hot* import cars.... I had a big poster of a red twin turbo RX7 and had it above my desk - as motivation to keep studying and stay focused on school. as sad and superfiical as it may seem - having a somewhat cool car has always been a priority of mine and if that is what it took to keep me focused on my education so be it. I made it through UCSD and USD Law school, graduated on the law review, and now have a "respectable" job. I'm not rich - but I'm not hurting either.

If I had to do it over again - I would have started saving for my Porsche sooner - and would have put up wiht a "regular" car for longer - so I could have maybe gotten into a newer/better Boxster for my first car.

I love my car. I wanted something fun that handled well. For the money, there isn't much out there that has the same combination of class, luxury, and pure FUN in a top down package.

I JUST bought my first Porsche. Boxster. I am 36.

I took out a loan to buy it. But kept the amount of my purchase WELL within a discretionary spending limit - as for me this is a third/fun car. Basically, the car could blow up, be stolen, disappear, etc - and I would be bummed out, but not financially ruined. :)

I suspect you may be somewhat younger than me. When I was in college, my dream car was actually not a Porsche, but a twin turbo Mazda RX7...in the late 90s those, along with the supras, were the *hot* import cars.... I had a big poster of a red twin turbo RX7 and had it above my desk - as motivation to keep studying and stay focused on school. as sad and superfiical as it may seem - having a somewhat cool car has always been a priority of mine and if that is what it took to keep me focused on my education so be it.

Knowing that good grades = good job = good car helped get me through UCSD and USD Law school (law review too) :)

I now have a "respectable" job, and have been able to drive a "fun" car for most of my adult life. Superficial or not - it makes ME happy. :)

The only thing I might have done differently if I had to do it over again, would have been to set aside a "fun car fund" sooner, and put away more money so that when I DID getg my Porsche, I would have been able to buy a newer/lower mileage one.

oh well - I guess I'll just have to pay off this one and then use whatever equity I have to fund the NEXT one. :) having now had a Porsche I can surely say this will NOT be my last one.

I have driven a lot of different sports cars, and I have to say the boxster is one FUN car. I wanted something fun that handled well. For the money, there isn't much out there that has the same combination of class, luxury, and pure FUN in a top down package.

I love my car.

I decided when I was 14 (always have been into cars)
Saved up enough money right before I was 16
Bought it (1977 911) When I was 16 and I'm 21
Done differently? Porsches require a lot of maintenance and attention. Its horribly expensive to maintain one and people often skip out for the cheapest Porsche/model they can find which can often bite you in the a$$. Don't rush into buying one, save up money and in the mean time get something more manageable.

Keep saving, have your money work. Try to invest it well.

1989, here is my two cents...

When did you decide you wanted one?

1987 when I was in the 7th grade. Was out with my grandmother one day and we purchased a Porsche magazine at the local grocery store. An article about the 911 sold me and ever since, I have been a car buff..had R&T, MotorTrend, Car & Driver, and the Dupont registry to entice me for years.

How long did it take to finally purchase it?

Actually this year, February to be exact.

The day I saw a low mileage california red on tan '01 Boxster S come on Ebay, I knew this was the one. User stats for the seller showed zero (0), so I knew this person selling was a total newbie. It was exactly what I wanted ever since I watched the Boxster prototype come into play around the mid 90's while in college at UT Knoxville.

How old where you then, and now?

33 when I bought it. I am 34 now...July Birthday.

Is there anything you would have done differently?

Nope, car was optioned exactly how I wanted it down to the dark burr walnut shifter and e-brake. Literally I thought this was a crazy to have the exact car I would have ordered if new. Really, and I don't want to sound snobish, but buy the S model. It's that good man and really, why mess around with the base model???

Went down to georgia to see the car (original owner had just had it transported from Sacremento, CA to Lake Oconee (Reynold's Plantation, GA) and it was a dismal day, but when the owner arrived for the visual inspection and test drive, the sun came out...almost too wierd man, like this purchase was supposed to happen!

Took it through Jim Ellis Porsche in Atlanta for a PPI. Came out perfect so I went on ahead and had the 15,000 mile checkup performed. Car at the time had 13200 on the odo. Make sure you do this when you find the car you want.

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

Do alot of research on the car as well as options and seriously wait until you find the right one! They are getting on down there now, especially in this market we are in now. Don't go too cheap though. You get what you pay for ok.

I had literally been looking for over a year +, but I wanted a highly optioned car, and it had to be guards red with savanna beige interior. Not many out there like that and I have loved Guards Red for years!! Only other color I would consider would be the all time classic basalt black over tan.

Understand that you will need some money to take car of your purchase. Take into consideration the sales tax on top of what you pay for the car. Also, I pay under 1000 per year for full insurance, but I am approaching 35 now with a family of 4. You need to be aware that the younger you are, the more this could hurt you...Ticket history could play into this BIG.

Maintenance is not too bad, but have a few thousand nest egg saved on top of the purchase and be prepared to pay out accordingly. I had the original 18" sport contact tires on the car when I purchased. The guy at Jim Ellis said you have about 2000 miles left and they are done, so after driving back home to TN from Atlanta, GA, and playing around a little since February, late last summer I purchased a set of Michelin Pilot Sport Cups (N-rated).

After mounting and balancing, you MUST get it aligned, so it put me back about 1400 bucks total. Tires are NOT cheap, even at Tirerack prices....but I had the tires drop shipped to Jaguar Porsche Audi of Nashville and they were pretty cool to deal with. JPA nashville will always service the car. We do not have a "specialty shop" here, and I like to keep the maintenance history perfect as the original owner did.

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.[/QUOTE]

By as highly optioned 'S' car as you can with a reasonable amount of mileage. DO NOT buy a non-optioned, non-S, high mileage car! You will be asking for trouble.

My car was a very well cared for, original porscheophile owner who was about my fathers age...(late 50's...maybe early 60's), and MAYBE splashed with rain a couple times period in it's life in CA.

Only reason they sold it was due to being upside down in a development deal and they needed the cash for staying power. Very good people and I wish them well as if they ever saw this blog, they would know who to call....

I think Porsche makes a great product hands down. VERY FUN TO DRIVE and an exeptional balance between power and handling. Please note this aint a mustang GT ok.

With this being said though, you will see after cruising this site a while, a few blogs about intermediate shaft failures, ultimately causing an engine failure. There have only been a few listed here, but don't be scared of this.

Just know you are buying a high performance car, and it is made to run. Make sure you know who you are buying from, and if given proper care, the car should last you years to come as long as you treat it with repect.

Additionally, you may find that great car out there, but after the PPI, which is an absolute before purchase, they may tell you there is a little seepage coming from the RMS (rear main seal). This is pretty apparent on all these models and I would only be concerned if I saw drips on my garage floor, then it would be off to the dealer for a seal kit.

I bought a Porsche 986 S because I love cars and have a real appreciation for the engieering behind them. I do not use my car for a daily driver, but drive on weekends and on some sunny great days throughout the week and I never drive the car in rain!

If you purchase one, you will enjoy it. The sound is awesome when you open it up, especially de-snorkled and with OEM PSE (Porsche Sport Exhaust). Beware the modding though. It costs BIG money to mod these cars and you will see VERY LITTLE GAIN, unless you do an engine swap or talk with Jake Raby about a conversion from 3.2 to 3.6 liters.

This mod alone will set you back 20k, and to me, I will have to blow an engine before I would consider this as I paid 27k for the car originally and I cannot see droping another 20k in it....but then again...who knows. It really depends on how long I want to keep it. Jake, are you listening????

If you have any other concerns, please ask away as most everyone here on this site seems very knowedgable and you can learn alot from cruising around here.

Later, Jon

When did you decide you wanted one?
I bought my first Triumph in 1977. It was a '67 GT6. It was a POS but I restored it and drove it until I graduated from College in the early '80s. In 1986 I bought a very nice Triumph TR8 with 18k miles on it, which I still own today. I've always loved old Triumphs, Jaguars, Austin Healys, Sunbeams, etc and have come close to buying several more classic sports cars over the years, but my TR8 was always faster and handled better than the old British classics
One of my neighbors has a 911 and one day about 2 years ago we decided to take both our cars out for a spin and test drive each other's car. We took turns driving but made the mistake of driving the Porsche first, then hopping in my TR8. Man it made my TR8 feel like a real dinosaur and I couldn't believe how well the Porsche handled - like it was on rails. I think I knew that day that I would eventually buy one. Since I like convertible sports cars and didn't want to spend a ton of money, the Boxster seemed like a reasonably good buy. A few friends that own them recommended I buy an S model.
Before I finally decided to buy one, I went to a group of car dealers located with about 2 blocks of each other. I drove a low mileage Boxster, a new Honda S2000 and a near new BMW Z4 back to back. No question for me that the Boxster was the car I would buy. The it was just a matter of finding the right one.

How long did it take to finally purchase it?
I started watching ads on Craigslist and eBay for a few months last summer, then I got serious and started to look at them in early September. I knew what options were a must have for me and what I wanted to pay. Bought a Seal Grey 2003 S with 14,400 miles on it from a private party last October.

How old where you then, and now? 48

Is there anything you would have done differently? No. Got a fair deal and great car that is as good as new. Glad I saved about 1/2 the price of a new one.

Quick word of advice for a young person trying to save for one? I like to buy slightly used low mileage cars. Boxsters come down in value very fast and why not let someone else take the big depreciation hit.

I was 8 (third grade) when I decided I wanted a Porsche.

I bought practical (read "Family Truckster") cars for my first few. I was patient while I raised my family and my daughters were grown. I then took some savings augmented by GW's Tax rebate check this past Spring to my Credit Union, took out a 36 month loan, and bought what I had been wanting for 44 years (I am 52)

No regrets
:cheers:

My Dad was Porsche tech, many many moons ago, like 40, I have wanted one for as long as I can remember. I grew up with them (I remember when the 914 was a new car). I saved my money as best as I could. This was hard since I have no further education, other than the training I get from work.( I am a Porsche mechanic)I finally decided to pull the trigger on my dream car about 5 years ago. I bought my SC. I payed cash for it, as I did with my 944S, my 71T. I did however finance the Boxster, It was a spur of the moment gift for my wife.
I guess my best advice is to save your money, and just pay cash. Had I bought my car when I was younger I am sure it would have not ended up well, for me or the car.
As with anything in life, don't rush into it, take your time, keep your focus, and be patient, it will pay off in the end.

Rick V,

Hmmmm...lets see, your dad was a Porsche technician and your a Porsche technician. And you bought a Boxster with, I'm sure, the knowledge of IMS failures. I feel better about my purchase now, thank you. :cheers:

BTW, I've always love VW's and have owned 9. Bugs and Karman Ghias and have always thought that 911's looked like a bug that had been squashed. I still have a '66 bug (15 years now) that's as solid as the day it rolled off the line. 1776 w/a single 44 IDF, full flowed, 044 heads and a lighted flywheel. I love that car.

One day I got a wild hair and decided to add a Porsche to the stable. I found the one I drive now and with the options it came with and the things I've done to it, I feel I'll never let her go.

My LITTLE brother picked up a sideswiped 944 for dirt cheep. He's a mechanic so he was able to track down some body parts to make the repairs. That car was a blast to drive!! It's hard to describe but somehow I think you all know what I'm talking about :cheers: Unfortunately, he turned it into a daily drive, didn't keep up with the maintenance and the car turned to crap.

During this time I was playing around with MG's and other crappy British cars, but my first love was MX. I spent much of the past decade racing motocross and generally beating my body to a pulp! So to help supplant my wife (who also races MX) and my desire to go fast, we shopped for about the past 8-9 months looking for 'the' deal on either a 911 or a Boxster 986. Found what we hope to be a good deal and took the plunge about 2 months ago!

I must say this forum as well as some others has been very helpful in educating ourselves in our new endeavor. I hope you guy's don't loose patience with me as I ask what to most of you will be simple questions.

Quote;

" must say this forum as well as some others has been very helpful in educating ourselves in our new endeavor. I hope you guy's don't loose patience with me as I ask what to most of you will be simple questions."

Bring 'em on, thats what we're here for. Just because things were discussed a month or two ago doesn't mean it won't come up again. New members are always joining and everyone has input. It's up to you to sift though it and decide what to use. :cheers: Welcome!!

Thanks, from what I've seen so far, this is a very nice, and helpful place!

-I was in the fourth grade when I knew I had to have one
-went to college then law school and finally got a good job
- I'm 32 now, bought/Financed a CPO 2001 Boxster S arctic silver/black (42k miles) in March of 08'
-as someone else stated earlier. Try driving POS as long as you can and save up for a good quality car. I almost pulled the trigger on a POS 1983 944 about 5-6 years ago. Probably would have been one of the biggest mistakes/$$$$$ of my life. Good luck

When did you decide you wanted one?

3 months before I bought it.

How long did it take to finally purchase it?

A week or so.

How old where you then, and now?

Bought it a month before I turned 25 and I'm 25.

Is there anything you would have done differently?

No.

When did you decide you wanted one?

-that kind of a loaded question for me...i've been a car fanatic ever since the 6th grade. sports cars have always been my thing, and i NEVER thought i'd see the day i'd own a porsche...it was just one of those dreams. i was actually out shopping for a BMW 330 when i stumbled across a boxster. after i saw the boxster they had, I WAS HOOKED!

How long did it take to finally purchase it?

-i bought one about 4 days after the story above^

How old where you then, and now?

-i was 23 at the time...i'm 25 now

Is there anything you would have done differently?

-i probably would've done a little more research on "common failures" and what they cost. although, i did have a nice chunk of repair money stashed, i blew through it (yes...ON REPAIRS) within the first year or so (roughly $12k).

i also should've bought the car out-right, instead of financing (used that "slush" money i had for repairs). i do have equity in it (paid a nice size down payment), but i've gotten to the point (on 2 occassions) where i just wanted to sell it and get something else...it's just hard when there's a loan.

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

-don't let your eyes get bigger than your wallet. DEFINITELY, keep in mind...REPAIRS ARE EXPENSIVE...EVEN IF YOU DO THEM YOURSELF. if you purchase a newer porsche...try to get a warranty/extended warranty. GOOD LUCK! i hope you get one!

When did you decide you wanted one?
As a very young lad, but I was obsessed with the first whale tail turbo that came out in the 70's. I think I shall have to buy that car one day.

How long did it take to finally purchase it?
Many years. I could have owned a Pcar MUCH earlier had I stopped buying sporty Japanese cars and driven a beater until I had saved up enough to have what I wanted.

How old where you then, and now?
I was 41 when I bought my Boxster. I am 46 now. It's not a car I use as a DD and mine needed LOTS of repairs and the interior was shot.

Is there anything you would have done differently?
Oh heck yes. I would have bought a much newer S model with a 100k CPO warranty on it and I would have bought more years on the CPO to stretch out the warranty too. Our cars are so chock full of crappy plastic parts that become brittle with age and heat that I would never repeat what I did again.

Quick word of advice for a young person trying to save for one?
Everyone's given you great advice already on this, but my web site info will be helpful. Save up and pay cash for a 987 S and keep saving for repairs instead of trying to mod the car to make it faster for the first few years. Also, don't settle for a car that's not the perfect color combination and has the features you want. If you settle for less or "almost" you will always pine for what you should have held out to get. Babied Porsches are plentiful if you can find a PCA member to give you their old Panorama magazines. That's where the garage queens are listed for sale.... from Pcar owners to other Pcar owners.

I was 49 (am now 51). I was always into sports cars and in high school went through a series of MGs, 240Zs and 280Zs. My goal was to own a Ferrari by the time I was 30. I got my first one at 26 (246GT Dino), and that was quickly followed by a 308 and then a 512BBi. I was always envious of Porsche build quality though but the styling of each new model seemed to take a few years to grow on me. Looking back I can say that you buy a Ferrari with your heart and a Porsche with your head.

Now I've sipped the Kool-Aid and I wouldn't go back for anything. I like having a car that I can afford to fix if it breaks - plus the driving experience is better.

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.

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

Don't take this the wrong way, but you shouldn't take comfort in my purchase. I will point out that I don't pay retail for factory parts, I don't have to pay for diagnosis, nor do I pay labor. It is one of the perks of the wretched life I have cornered myself into, I can drive cars that would otherwise be out of my range of buying and maintaining. Case and point, I just replaced the water pump on the Boxster, with a factory unit, grand total, $150.
These cars are very easy to buy, the trick is being able to keep them, and keep them properly. That is why I recommend buying a car with cash and not having to budget the cost of the car. Save that for the repairs. :)
P.S. I prefer the title of mechanic to tech. For the following reasons, I don't like giving lofty titles to average jobs, and a mechanic can still repair things I am not a huge fan of total unit replacement. I am an old man in a young mans field.

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!

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!

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.

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.)

home quity account
 

"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'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.

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.

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

:)

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.

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

I was 34
 

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

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.

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.
http://i150.photobucket.com/albums/s...t/DSC00324.jpg
http://i150.photobucket.com/albums/s...t/DSC00328.jpg

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.
http://i150.photobucket.com/albums/s...porsche951.jpg

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.

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

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. :-)

27
 

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.

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.

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.

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. :)

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.