How many of us can really comfortably afford our cars?
Discussion
A brief exchange with Ballcock got me thinking last night (I know I shouldn't try to do such things, this thinking lark always gives me a headache).
Anyway, I have bought my C2 on a budget, I love running it and I would never be without it. HOWEVER, the car drinks like a fish, costs a fortune if it goes wrong, and I am constantly thinking of ways to make it better/faster etc which always lightens my wallet to a considerable degree.
Needless to say this is all a total drain on the cash flow and I constantly find myself justifying the car's existance to the family.
Don't get me wrong, I love the car, it was a great purchase and I will never regret it.
I am just curious to see how many of like minded PHers are out there. Is the long held myth that all Porsche owners are loaded a thing of the past and are we all now totally skint, ableit with a large chunk of Stuttgart's finest parked on our driveways?
Anyway, I have bought my C2 on a budget, I love running it and I would never be without it. HOWEVER, the car drinks like a fish, costs a fortune if it goes wrong, and I am constantly thinking of ways to make it better/faster etc which always lightens my wallet to a considerable degree.
Needless to say this is all a total drain on the cash flow and I constantly find myself justifying the car's existance to the family.
Don't get me wrong, I love the car, it was a great purchase and I will never regret it.
I am just curious to see how many of like minded PHers are out there. Is the long held myth that all Porsche owners are loaded a thing of the past and are we all now totally skint, ableit with a large chunk of Stuttgart's finest parked on our driveways?
I can't afford mine, Nervy will tell you that.
I don't normally buy anything for that sort of money that doesn't provide me with an income. But, it's the realisation of a childhood dream.
I'll be selling soon and putting the money back into a business or property, but at least I've owned a 911.
I don't normally buy anything for that sort of money that doesn't provide me with an income. But, it's the realisation of a childhood dream.
I'll be selling soon and putting the money back into a business or property, but at least I've owned a 911.
Yep me to.
Completely skint with a gorgeous piece of red porsche sat on the drive!
Always looking to spend money that I haven't got on it!
Breaks my heart to spend £50 self servicing my daily drive (a 14 yrs old golf) but I don't think twice about spending 000's on the porsche when its poorly.
But, I wouldn't get rid for the world cause it makes me smile more than the missus does and I think it may be cheaper than her anyway!!
Rob
Completely skint with a gorgeous piece of red porsche sat on the drive!
Always looking to spend money that I haven't got on it!
Breaks my heart to spend £50 self servicing my daily drive (a 14 yrs old golf) but I don't think twice about spending 000's on the porsche when its poorly.
But, I wouldn't get rid for the world cause it makes me smile more than the missus does and I think it may be cheaper than her anyway!!
Rob
Porsche owners are no longer "loaded" depending, obviously on what you consider loaded (Boxster's are responsible for this) but I definately don't have to justify the cars existance to the family. I'm not rich but if I had to buy another 996 Turbo I could although it would represent a catastrophic and fatal shot on my financial applications thats why I have a fully comp insurance... I reduced the cost of running it buying a Smart Fortwo for the city (My wife's got a Grand Cherokee which does the family car job) with the added bonus of low mileage resale and most of all the "reset" of driving a Smart gives back the exilerating pleasure in driving the car a couple of days of week.
So called financial specialists have this stupid formula about what you need to be considered rich and what you can spend depending on your income and real estate, etc. I don't give a damn for this sh$% but I bought the car taking into account that have some relevant co-property as well acting as safety net so that I wouldn't have to sell the car if something went wrong (I'd cry my heart out...).
So called financial specialists have this stupid formula about what you need to be considered rich and what you can spend depending on your income and real estate, etc. I don't give a damn for this sh$% but I bought the car taking into account that have some relevant co-property as well acting as safety net so that I wouldn't have to sell the car if something went wrong (I'd cry my heart out...).
Edited by kiko on Friday 11th August 14:39
magic torch said:
But, it's the realisation of a childhood dream.
Snap - childhood dream to own/run a 911. I'll beg borrow or steal but its worth it. Great financing deals make them not too bad to run on a monthly basis (as long as you don't think about how much you end up paying in total..)
Also, compared to other cars (Aston, Lambo, Ferrari) the running costs on a Porsche are actually pretty good.
Keep the dream alive...
A common theme it seems, but for me a life times ambition fulfilled.
I can afford the car (mostly due to some luck and good judgement in the property market), but I could be making money out of what I have tied up in the car. The return I am giving up on that cash though is worth every penny for the ownership experience. As I said a childhood dream.
If we were sensible we'd all drive secondhand Fords and VWs.
Long live stupidy, poor financial acumen and favourable financing deals!
I can afford the car (mostly due to some luck and good judgement in the property market), but I could be making money out of what I have tied up in the car. The return I am giving up on that cash though is worth every penny for the ownership experience. As I said a childhood dream.
If we were sensible we'd all drive secondhand Fords and VWs.
Long live stupidy, poor financial acumen and favourable financing deals!
Edited by TheDeadPrussian on Friday 11th August 15:06
Edited by TheDeadPrussian on Friday 11th August 15:20
Also live in London and work in Central London. Lucky that I get a parking space at work and so am able to commute every day. Otherwise the car would sit around all week which would be a crying shame.
Waiting until bonus time? - sounds strange. For about 10k down on a 987S you'll be paying very little per month and won't have your cash tied up in the car. Worth a chat with Porsche.
Waiting until bonus time? - sounds strange. For about 10k down on a 987S you'll be paying very little per month and won't have your cash tied up in the car. Worth a chat with Porsche.
Agree with above, have always had ideas above my station in life. But pays your money and make your choice and i have yet to regret it, although i never have actually told the wife how much the car cost 
Well the way I look justify it to myself is it only cost me my Audi TT and a few grand down, WHAT A TRADE UP
as long as i trade it before the bullet is due fine if not 
Well the way I look justify it to myself is it only cost me my Audi TT and a few grand down, WHAT A TRADE UP
as long as i trade it before the bullet is due fine if not If i work out how much my two Chimaera's and four 993's have cost me over the last 6 years i think i'd cry, but the fact is that i have enjoyed every minute.
1. i could get hit by a bus tomorrow
2. i have some equity in my house
3. i have no wife or kids
One day, when i have a wife and kids, maybe i will have to drive something sensible (though my idea of sensible is a 540 Touring), but in the meantime i may as enjoy what i can whilst i still can.
Of course the dream is to find a woman who will not allow me to sell the 993 but insists i put her on the insurance for weekends away
1. i could get hit by a bus tomorrow
2. i have some equity in my house
3. i have no wife or kids
One day, when i have a wife and kids, maybe i will have to drive something sensible (though my idea of sensible is a 540 Touring), but in the meantime i may as enjoy what i can whilst i still can.
Of course the dream is to find a woman who will not allow me to sell the 993 but insists i put her on the insurance for weekends away
I bought my 964 with cash, ran it for 4 years and sold it recently.
I sold it for £6,000 less than I paid for it and probably spent the same again on Petrol, servicing, Insurance, tax, maintenance etc. The car was bought purely for fun, not for getting from A to B unless B happened to be the Nurburgring. I did 11,000 miles in it.
If I also count the missed 'opportunity cost' of buying the car for £18,000, sensibly invested I could have made another £9,000 on the stock market in that time, meaning my total cost for owning the car was £21,000, which works out at £5,250 per year, or £1.90 per mile
I never had to scrimp and save to keep it on the road, but looking at the above figures is painful. Also makes me question whether my intention of buying another 964, 964RS or GT3 is such a good idea after all.
I sold it for £6,000 less than I paid for it and probably spent the same again on Petrol, servicing, Insurance, tax, maintenance etc. The car was bought purely for fun, not for getting from A to B unless B happened to be the Nurburgring. I did 11,000 miles in it.
If I also count the missed 'opportunity cost' of buying the car for £18,000, sensibly invested I could have made another £9,000 on the stock market in that time, meaning my total cost for owning the car was £21,000, which works out at £5,250 per year, or £1.90 per mile
I never had to scrimp and save to keep it on the road, but looking at the above figures is painful. Also makes me question whether my intention of buying another 964, 964RS or GT3 is such a good idea after all.
Edited by leosayer on Friday 11th August 15:57
magic torch said:
verysideways said:
3. i have no wife or kids
Got both, all the more reason to have a sensible car like a 911.
I had a BMW Touring pre-wife & kids, how does that work?
because you're odd??
I can't justify my 993 as I get the tube to work, have a 205 to run round in and am usually too pished to drive
I'm just a charitable soul who likes to ensure my local Indy's children are fed
magic torch said:
sleep envy said:
I'm just a charitable soul who likes to ensure my local Indy's children are fed
They must be fat
ers then.Not really, reckon they verging on the undernurished judging by the bills I've had on the 993s
I've only gone and bloody set myself up for a fall... J - lend me a tenner will you?[/footote]
nem351s said:
Parking space at work! You lucky g1t! I work in Covent Garden and the parking outside is crazy prices!
Do Porsche finance charge a fee for early repayment? I guess you are right as the cost of capital will only be a few hundred quid to bridge.
However, the thing is I have the car as my screensaver as an incentive to work harder and will be my little reward for my first year at my new company and 25th Birthday present combined.
Do Porsche finance charge a fee for early repayment? I guess you are right as the cost of capital will only be a few hundred quid to bridge.
However, the thing is I have the car as my screensaver as an incentive to work harder and will be my little reward for my first year at my new company and 25th Birthday present combined.
Tell me about it - work in St James - 6 quid an hour to park on the street..!! Have a nice underground secure car parking space - also a great motivation to get to work before 7.30am to beat paying the congestion charge..!!
I just traded in my 997 Carrera Tip for a 997 Carrera S Manual (both ex-demos). They basically rolled the finance with no penalties and by renegotiating the terms of the finance I ended up not paying a penny in between (bloody good in my book..!!). The way I think about running my car is that I paid 15k for it (Mondeo money) and can afford the ~750 a month so don't worry too much about the overall cost. I'll never pay the balloon as I won't keep the car for that long so either just give it back or more likely roll it again to another model (997TT please...).
Porsche (and others) make a mint from people who don't really understand financing (APRs, flat interest, penalties, terms, structures, etc) and how to negotiate them but if you're financially savvy and negotiate directly with Porsche Finance (not the people in the showroom...) you can get pretty decent deals. Never as good as on the high street but worth it for the long term relationship, trade-ins, etc etc.
sleep envy said:
magic torch said:
sleep envy said:
I'm just a charitable soul who likes to ensure my local Indy's children are fed
They must be fat
ers then.Not really, reckon they verging on the undernurished judging by the bills I've had on the 993s
I've only gone and bloody set myself up for a fall... J - lend me a tenner will you?
Don't worry I dared to say mine was running without problems this morning.
I won't mention the stolen Nazi gold...
magic torch said:
I can't afford mine, Nervy will tell you that.
But, it's the realisation of a childhood dream.
But, it's the realisation of a childhood dream.
I struggled and spent far too much money on something rather selfish. But I have worked hard all my life many, many long hours. If I didnt buy my car when I did I would never have had the chance again. I always wanted a "proper" sports car Ok so its not a turbo/GT3 whatever but I love it.
I bought it and then had to run the
er Thats not easy with tyres lasting 8k miles at £600, servicing,spare parts and breakdowns etc etc. Get your viloins out, buts thats a strugle for a lowly factory worker. I lavished a lot of money on this car and probably had to sacrifice more than one should for transportation on my income. But you only live once.
Edited by pesty on Friday 11th August 16:24
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