MY06 base CPO pricing help please - 986 Forum - The Community for Porsche Boxster & Cayman Owners

Flavor 987S · 11-03-2009, 01:18 PM

SW, if you only have $10K available you need to wait a little longer, IMHO. You are 41 years old, and have only ever purchased 1 car from a dealer? That makes no sense to me, and doesn't need to, just a thought.

You really don't have $10K:

-$3,000 (reserve fund for "sorting 'out" used car, you will spend this amount sooner than later!)
-$1,000 (insurance, just a guess)
-$1,200 (your first set of tires)
-$200 (your first oil change)
-$1,500 (sales tax, just a guess)
-$250 (title, and plates, just a guess)

So, now you have about $2,850 for a down payment.

Have you fully funded your 401K for 2009 ($16,500)? I say, take the $10K and put it towards your retirement fund. Any credit card debt? Pay that down too. The Porsche(s) can come later.

Porsches are fun!

Being responsible is not.

stephen wilson · 11-03-2009, 01:31 PM

Yes, 41 and 1 new car, sounds odd! I keep my cars a long time, and don't drive many of miles. I still have my only new purchase, an '89 Toyota PU with 180,000 miles. Also a '65 Mustang, decidedly used, '99 YZF600 I actually bought new, and a 2000 K2500 to tow my Formula Ford, (Private party sale for $22,000).

I have been maxing out my 401K contribution for several years now, and never carry a credit card balance, paid off each month.

I've been putting $400 a month into a savings account for close to 2 years to make sure I can handle a monthly payment. With 10K down various purchasing costs my payment would be $435 max.

Flavor 987S · 11-03-2009, 04:39 PM

Good job, SW! I am a huge advocate of a debt free lifestyle. Don't forget, you can also put an additional $5K into a Supplimental IRA each year, above and beyond your 401K, for you and your spouse (if you are married). How are those college tuition funds doing for the kids (if you have those too)?

stephen wilson · 11-04-2009, 03:57 AM

Thanks. We don't have any children, nor will we, that's why I can afford to have toys! I do have a little work to do on my wife's retirement savings, but her University retirement plan in not too bad (until they change it!).

Steve

stephen wilson · 11-04-2009, 06:31 AM

Thanks. We don't have any children, nor will we, that's why I can afford to have toys! I do have a little work to do on my wife's retirement savings, but her University retirement plan in not too bad (until they change it!).

Steve