Deal Fell Through - Help Revise Strategy

[MikenOH]

http://kempthorn.porschedealer.com/preowned_cars/info.php?inventoryid=184042

They've got it listed at $25.9K but I'm sure they'd take less. Porsche approved certified per owned--I'm thinking you get a warranty.

it's a bit of a drive for you but I never had one problem with the car--not one! They took off the MX's--mistake-- and put on Continentals. Not sure what else they may have done.

Ask for Charlie if you're interested.

[RandallNeighbour]

Kevin, now here's a good situation you should consider. Mike was the previous owner, has nothing to gain or lose by telling you the truth about the car's condition, and a dealer is selling it with an extended warranty. That's the best of both worlds if you ask me.

Red is a good resale value color if I'm not mistaken, although I remember reading it's not your first choice in color. You will stand out on the freeway with cops, but hey, if you're speeding you're gonna get popped with any color car in my opinion.

Mike, what did they give you for the car in trade?

[MikenOH]

some of my old posts--I might have mentioned it. I hate to be coy on the number but by the same token the sales guy has to make a living also. Let's just say it was north of $20K and South of $24K. It's my understanding the dealer had to pay $1300 to porsche to qualify for their certified pre owned status and get the warranty.

[KevinH1990]

I was scanning through your posts and thought it was my lucky day until I saw the car was red. I like it, but it is just not one of my favorite colors on a Boxster. I'm going to give it some thought, especially with an independent verification of the condition.

I was looking at 2003's on line last night. The pricing services appear to be putting the private-party sale price for non-S Boxsters in the high 20's - even for relatively low mileage cars. Is this correct or is it some quirk in their software? The asking prices in the ads are in the low 30's.

I guess I could make a few offers at the private-party prices and test the waters.

[SD987]

Kevin, I'm going to make a suggestion based on an assumption...which is that you're looking to pay about $500.00 a month (24K financed for 60mths at 8%).

The suggestion is that you assume a lease off lease-trader.

- No money down
- Generous miles left
- You can drive a car that's been well-maintained by one owner and not abused and query the owner for car history
- You can walk away after a year or so, or take advantage of the former owner's buyout price. Your finances will naturally change for good or worse over time.
- Get a newer car than you could otherwise afford
- Sell your miata without having to trade-in at the dealer
- Often still have warranty

Not all cars on lease-trader make any sense whatsoever, but some do, just for example.

http://www.leasetrader.com/auto/lease/search/2002_Porsche_Boxster_Base_Style_91640.xhtml

2002 Base - 34k miles

14 months @ $505 with 0 down will give you a great evaluation period, find out if you have a keeper or something you'd be loathe to drive for five years.

Lease buyout in June 07 is 23.6

1800 miles a month - alot...

This one says "pending transfer", but may not be, as alot of them say it when they aren't (deal never went through etc.).

If you're willing to be patient, I frequently see good deals on wheels pop up here.

[Brucelee]

I guess I could make a few offers at the private-party prices and test the waters."

Yes, the test of a car's value is what you can buy it for. This is of course, different from what the asking price is.

Good luck.'

[KevinH1990]

Originally Posted by SD987

Kevin, I'm going to make a suggestion based on an assumption...which is that you're looking to pay about $500.00 a month (24K financed for 60mths at 8%).

The suggestion is that you assume a lease off lease-trader.


If you're willing to be patient, I frequently see good deals on wheels pop up here.

I spent a little time looking at lease trader. This an interesting concept, but I have cash so it just doesn't look like leasing is the way for me to go. There were 12 Boxsters available when I searched, and I would be out anywhere from $7000-$20,000 by the end of the lease and still not own the car. While the "try before you buy" approach has merit, I think a pre-purchase inspection and/or buying a car with some warranty left will also go a long way towards increasing the likelihood that I won't be buying a lemon.

I was orignally thinking of spending $20-22k for the right car, but I'm beginning to think spending a bit more will be a smarter long-term strategy. I'm not sure I'm willing to go as high as $30k yet. I think your comment about being patient is the best (and hardest to follow) advice. If I'm willing to wait until next fall, and live with a few of my offers being rejected, I might be able to buy a nice 2003 for less than $30k.

Again, any "reality checking" will be appreciated.