Will be buying my first car, a used boxster

[trimer]

Buy whatever you want. Great car. Treat it good and you wont have too many problems. Finance, dont finance it...it is really none of anyones business how you pay for the car. As far as a first time car goes...if you work hard and have saved for your dream car and this is it, then GO FOR IT. I work my ass off to have what I want.

If the car breaks and you cant afford to fix it...then just remember the thread. If you are not concerned...then get the thing, post a bunch of pics and let us enjoy your enjoyment. Good luck! Hope you get what YOU WANT...

[Trey T]

Doesn't the boxster have "VTEC", too?

Originally Posted by haz

Buy a VTEC


(I know I am speaking to deaf ears but..)

[AKnowles]

Originally Posted by ExRallyXer

I agree completely with all of the advice AKnowles has given, except that I do my own work or use an independent specialist that ONLY works on Porsche. I don't use the Porsche dealer for anything.

FWIW, I do my own work as well now. I just took it in to the Porsche dealer for the first oil change and a "once over" look by the mechanic. Not that it helped much since a short time later I had to replace the water pump.

But if you do not use a Porsche dealer for parts, who do you use? Pelican Parts or someone else?

Truthfully, my local dealer was actually cheaper than both Pelican Parts and Suncoast Parts with my PCA discount. Only time they are not - that I have checked - is when I use a third party alternative - like my last MAF from Pelican Parts.

Also, if I could find a good Porsche independent out here, I'd use one. But I can't seem to find a single one in the Coachella Valley. Outside of it sure, but I really don't want to drive 60-90 minutes away unless I absolutely have too.

[ExRallyXer]

Originally Posted by AKnowles

FWIW, I do my own work as well now. I just took it in to the Porsche dealer for the first oil change and a "once over" look by the mechanic. Not that it helped much since a short time later I had to replace the water pump.

But if you do not use a Porsche dealer for parts, who do you use? Pelican Parts or someone else?

Truthfully, my local dealer was actually cheaper than both Pelican Parts and Suncoast Parts with my PCA discount. Only time they are not - that I have checked - is when I use a third party alternative - like my last MAF from Pelican Parts.

Also, if I could find a good Porsche independent out here, I'd use one. But I can't seem to find a single one in the Coachella Valley. Outside of it sure, but I really don't want to drive 60-90 minutes away unless I absolutely have too.

I use FCP Euro and PartsGeek.com. Both are websites that are very reasonable for regular maintenance items. I would probably use Pelican as well.

I am a POC member, so I'm not sure if we have the same discount situation with the dealer, will look into that though. Currently, I use EuroSpec in Escondido. I know its 100+miles from you , but I highly recommend Tom if you do the LN Engineering upgrade..

[HAUSIDMT]

Originally Posted by ExRallyXer

I agree completely with all of the advice AKnowles has given, except that I do my own work or use an independent specialist that ONLY works on Porsche. I don't use the Porsche dealer for anything.

I bought my 2000 Boxster 2.7 ( 63k mile, garage kept, same owner 12 years, local California car) in March 2013 and here is a quick breakdown of the cost of ownership for the last 7 months (13k miles) not including suspension/safety modifications:

2x Oil and filter changes Motul 8100 5W40 (done by me) $190

IMS Bearing Retrofit (done by indy) $1798

6x New Spark Plug Tubes (done by indy) $66

New Motor Mount (done by indy) $153

New Serpentine Belt $45

4x ATE Brake Rotors and Pagid Pads (done by me) $590

4x Hankook V12Evo Tires 17 (mounted and balanced) $480

Total $3322

Keep in mind, this is all preventative maintenance except the motor mount, which was discovered during the IMS retrofit. I personally think these costs are pretty reasonable for a 13 y/o car that is regularly tracked, but you'll have to judge for yourself.

I highly recommend a pre-purchase inspection as well, so that you know what you're getting into... Take your time and you'll find the right car.

+1 on this don't forget the water pump as both examples were 60K cars. For me doing the labor myself it took 1 week of fiddling with it after work and $500+ for the pump thermostat and coolant.

Read the sticky backward and forward, and my advice still go with something different. there are plenty of fun cars out there, speed isn't the only factor.

[Timco]

Just don't be this guy......

[kk2002s]

If this is a real thread and not a joke - The only way a porsche makes sense as a first car is if porsches have been in the family for years and a family member is a skilled wrench turner.

Best accessory for an older porsche is a second car so when the Boxster is down and your waiting for parts or saving cash to buy the parts or trying to figure out what is wrong, you have something to get to work in - To Pay for all this FUN!!!

[Flavor 987S]

Farmer, ask yourself:

1) Do I have a garage to park my Porsche in?
2) Is all my debt paid off?
3) Will I put $17,500 into my 401K/Roth 401K this year? (assuming you are under 50 y.o. if not, add another $5,500 for the catch-up)
4) Will I put another $5,500 into my self directed IRA account

Start doing and thinking this way, and you will be rich beyond your wildest dreams!

[steved0x]

Originally Posted by Flavor 987S

Farmer, ask yourself:

1) Do I have a garage to park my Porsche in?
2) Is all my debt paid off?
3) Will I put $17,500 into my 401K/Roth 401K this year? (assuming you are under 50 y.o. if not, add another $5,500 for the catch-up)
4) Will I put another $5,500 into my self directed IRA account

Start doing and thinking this way, and you will be rich beyond your wildest dreams!

Can you do both 3 & 4 at the same time now? Or does #4 have to be a spousal IRA?

Thanks,

Steve

Ps. First car was a late 70's pinto wagon with no ac in FL. 2nd car was a 77 fiat x1/9 I bought for $500 working at McDonald's and my friend's dad helped me fix it up

[Flavor 987S]

Originally Posted by steved0x

Can you do both 3 & 4 at the same time now? Or does #4 have to be a spousal IRA?

Thanks,

Steve

Ps. First car was a late 70's pinto wagon with no ac in FL. 2nd car was a 77 fiat x1/9 I bought for $500 working at McDonald's and my friend's dad helped me fix it up

Hey Steve, I am no expert, but, yes, you can have a company 401K/Roth 401K fund and max out at the $17.5. And you can stash away another $5.5 in an after tax self directed IRA account. No tax deductions for the the extra $5.5. Your spose can do the same, so yearly you can bank $46,000 away. If you turn 50 years old this year, add another $11,000 ($5.5 each) to the "catch-up" at your company's plan. For a grand total of $57,000.



RIGHT RANDALL?????????

[steved0x]

Originally Posted by Flavor 987S

Hey Steve, I am no expert, but, yes, you can have a company 401K/Roth 401K fund and max out at the $17.5. And you can stash away another $5.5 in an after tax self directed IRA account. No tax deductions for the the extra $5.5. Your spose can do the same, so yearly you can bank $46,000 away. If you turn 50 years old this year, add another $11,000 ($5.5 each) to the "catch-up" at your company's plan. For a grand total of $57,000.



RIGHT RANDALL?????????

I just checked these out and you can do both 3 & 4 The ability to contribute to an IRA and have it be deductible or a Roth IRA phase out based on your income, with the limits being higher if you are filing married. I am not sure of the benefit of contributing to an IRA if it is not Roth and is non deductible since you have to pay taxes when it comes out but I am sure there must be one I will check it out further, thank you!

[recycledsixtie]

I don't recommend tire burning starts at green lites. Firstly racing on the street is not safe and two, the Boxster is not a good burnout car. Why? I get a real strong clutch smell when I do and if you do it too often and you burn out the clutch that is big $$$$$.....just trying to help!

[Perfectlap]

Originally Posted by steved0x

I just checked these out and you can do both 3 & 4 The ability to contribute to an IRA and have it be deductible or a Roth IRA phase out based on your income, with the limits being higher if you are filing married. I am not sure of the benefit of contributing to an IRA if it is not Roth and is non deductible since you have to pay taxes when it comes out but I am sure there must be one I will check it out further, thank you!

great advice from a contributor to Ritholtz's blog

"One of the little tricks that we have done over the years is increase the percentage taken out of our pay in 401ks and 403bs by 1% every time we got a pay increase until we bump against the maximum permitted deductions. I would try to do 2% in years when the markets were tanking. You didn’t even know the money was missing because you had never had it before. Years when pay increased by inflation or less only, you would feel a small pinch, but in years when pay went up more than inflation it still felt like your pay was rising.

Doing this allowed us to increase our savings rate from 6% of pay to almost 20% (including the catch-up contributions) over the past 20 years. Employer contributions have typically added another 3% to 15%annually (variable depending on employers) to that savings rate over that time period. It adds up over time."

[Flavor 987S]

Originally Posted by steved0x

I just checked these out and you can do both 3 & 4 The ability to contribute to an IRA and have it be deductible or a Roth IRA phase out based on your income, with the limits being higher if you are filing married. I am not sure of the benefit of contributing to an IRA if it is not Roth and is non deductible since you have to pay taxes when it comes out but I am sure there must be one I will check it out further, thank you!

I think it because the gains are not taxed until you take the money out in retirement, and hopefully I'm in a lower tax bracket then. I think that's why my guy has me doing it.

[RandallNeighbour]

I own the sort of car you're looking to buy (see signature and web site for details on maintenance and repairs I've been forced to perform to keep my car in good running order). My big issue for you, Farmer, is the part of the country in which you live. FARGO?

Flat. The boxster is a car for twisty roads, found in hilly or mountainous areas.

Cold. There are owners here who live in Chicago, Minnesota, etc., but they own these convertibles as summer toys, not their main daily driver.

Rural. You won't find a lot of Porsche mechanics in Fargo, and the closest "stealership" loves guys like you and me... you know, guys who buy old Porsches that will enable them to put their kids through Harvard.

Seriously, just on ageographical basis, you should buy a 911 Turbo. MUCH more fun on flat rural roads where you live. Hard top for harsh winters. All wheel drive for snow. And if you get a newer one, it shouldn't need a lot of repairs.

Go back to the bank with this explanation and get a loan for at least $50k so you can get a nice pampered 2004 911 Turbo. I'm on your side here!

[haz]

Originally Posted by RandallNeighbour

Cold. There are owners here who live in Chicago, Minnesota, etc., but they own these convertibles as summer toys, not their main daily driver.

I´m in Norway, NORWAY! Snow from november to april. I´m driving this sucker all year round with studless winter tires and a hard top.

This is from when I captured the 90.000 km mark last winter in my BMW.. just so happend to be cold out:



But seriousy, get a VTEC....

[Perfectlap]

Originally Posted by haz

But seriousy, get a VTEC....

I wish those were around or cheap to buy second hand when I was shopping for my first car. I'm embarrased to admit that I had to borrow the $2K from my folks to buy my first car. But I quickly paid them back working as a ballroom waiter in a five star hotel. For my second car I blew out the budget and spent $4K. The third car I went nuts on and spent $6K but had no choice as it was being sold at 50% below market value. The local tax authorities sent me a letter saying that they didn't believe I bought for that little and wanted me to sign a sworn statement that I wasn't trying to evade taxes. I had fun in all those cars and I don't think I ever spent more than $500 fixing any single one of them. I used to be smart back then.....

Cars = money pits.

[black_falcon]

Originally Posted by RandallNeighbour

I own the sort of car you're looking to buy (see signature and web site for details on maintenance and repairs I've been forced to perform to keep my car in good running order). My big issue for you, Farmer, is the part of the country in which you live. FARGO?

Flat. The boxster is a car for twisty roads, found in hilly or mountainous areas.

Cold. There are owners here who live in Chicago, Minnesota, etc., but they own these convertibles as summer toys, not their main daily driver.

Rural. You won't find a lot of Porsche mechanics in Fargo, and the closest "stealership" loves guys like you and me... you know, guys who buy old Porsches that will enable them to put their kids through Harvard.

Seriously, just on ageographical basis, you should buy a 911 Turbo. MUCH more fun on flat rural roads where you live. Hard top for harsh winters. All wheel drive for snow. And if you get a newer one, it shouldn't need a lot of repairs.

Go back to the bank with this explanation and get a loan for at least $50k so you can get a nice pampered 2004 911 Turbo. I'm on your side here!

Yeah.. he beat me to it. I went to college in Grand Forks, and if this is going to be your only car, forget it. I know people use these in the winter.. but North Dakota is more like the North pole. I tried to use a 944 for a short time and it just wasn't realistic; the weather is HARSH on these or any cars, 8' foot snow drifts, highways closing, roads poorly plowed, nobody knows a damn thing about them, good luck trying to find parts locally, etc, etc. Wasn't long before I was back with a cheap used A4.

Since you're going to buy it regardless of what we say; there is nothing wrong with the 2.5 - find one with a recent clutch as that's probably the most expensive wear and tear item. Service records are very important - if you have to finance the car, then I promise you won't be able to afford to bring a neglected example around. Lastly, I'd recommend keeping it stock. These aren't Honda clown cars to trick out and buzz around in. They're precision machines with a lot of heritage and history behind the badge deserving of respect. I doubt many "mods" can improve upon Porsche factory know how.

Good luck on your search

[MoneyPit]

Farmboy,
Go for it but just understand the cost around this beast and that a good Porsche mechanic usually have worked on these cars for years.
Enough of that, My fist car was a 79 VW Diesel Rabbit a whole 58 hp and 48 mpg and was not able to buy another German car until I was 48 and love every minute behind the wheel of my Box.

[Perfectlap]

Originally Posted by polkfarmboy

I am now ready to buy my first car and the bank is giving me 11k....

I cannot f$$king wait to get behind the wheel and kick some ass at the lights..

You are seriously underestimating what driving a Porsche is going to cost.
Actually I think this is a first where someone flat out admitted to only working with a purchase budget. How much cash do you have ready for major maintenance?

And I highly doubt that any $11K Porsche is not going to be in need of at least $5,000 in outstanding maintenace and repairs. Case in point I have spent ~$12K in the last two years, at which time the odometer went from 70K to 90k miles. And on at least two occasions the bill exceeded the cost of my first car and then some. Also, labor (the one your wife's, sister's, boyfriend will be providing) is not the biggest expense, it is the parts. On one $5,000 repair bill I calculated that less than third of the bill was labor.

Also, if the bank is only approving you for $11K, then that's probably a good reason to consider increasing your assets and savings instead of increasing your liabilities and depreciating assets. Given that apparently no one is gifting you your first car, then obviously you are not a trust fund baby that doesn't have to worry about finances.
My advice, buy and second hand Acura RSX or something along those lines. Reliable, sporty, a car that doesn't require $100-$200 oil changes. And save until you hit $10K in cold cash. After you hit $10K start investing in an S&P 500 fund or something in the small cap arena given that you are young. Driving around in a financed $11K Porsche with no cash reserves to fix a major break down is the epitome of "all hat no cattle".

Originally Posted by RandallNeighbour

Go back to the bank with this explanation and get a loan for at least $50k so you can get a nice pampered 2004 911 Turbo. I'm on your side here!