[QUOTE][My issue is that when cars are leased or financed - the lenders dictate your car insurance coverages/QUOTE]

True . But if one is driving around in a modified high end car it's my opinion to be heavily insured . Even though my car is a cash deal with 700 Hp I have notified the insurance co. of every modification and have coverage above and beyond what a finance company would require.

 

[quote=yrralis1;2193843]very smart move on your part

 

Are you finished wandering?

How old are you?

 

re:insurance. I maintain high liability coverages, but I don't like car dealers or banks telling me I need a $100 or $250 comp/col coverages. Those drive up my costs more than the higher liability does.

 

I had to wait awhile but if couldn't pay cash for it I wouldn't let myself lease a 100k car. This is just my personal situatuion. By the time I would pay the finance charges, it just made sense to me to get a great deal on an 06 and own it. but...

Now I'm peaking over the fence on an 09...so I'm full of crap

 

Paying $1430.00/month for an 09 base c2 msrp of $86,000, with $10,000 down! Better than a lease!
Vic

 

Ha, just found out PFS (Porsche Financial Services) lets you insure financed/leased cars with higher comp/coll deductibles. That changes the equation for me. So I'm looking at payments of about 600-800 / month for a MY07 997TT for 5 years with a trade in.

 

+1.
IMHO, the buy versus finance debate has no 'correct' answer. Always a function of ones economic situation, tolerance for risk, investment savvyness, economic outlook, et al. So I just don't agree with those who think they can teach the ip a lesson in economics.
FWIW, I chose the pre-owned route. It fit my comfort level, and leverages the fact that there are a lot of people who lease these cars and then turn them after the lease period or purchase and turn them quickly
For such a great machine, their depreciation is quite significant while the warranty is pretty long. Rather than the economic risks outlined, I traded those risks for the risk of prior owner abuse. A PPI helped, but I knew the risk I was taking. Overall, it turned out rather nicely. I likely paid too much - holding out for the color I had to have (white of course), but, like a new car, I didn't want to settle.
Probably saved $35K (gross estimate) by purchasing a two year car with 20K miles. It's the first time I ever bought a used car (except in college). Never thought I'd do so - particularly a sports car with higher risks of prior abuse. But I did. It worked. I'll do it again when used 997.2 GT3's start showing up.
Like I said, to each his own.

 

i paid $750 a month with $28k down, and I have 10% interest rate. Im young so banks consider me high risk from what I was told when i went shopping for cars.

 

Is that daytrader bit a cheap way to get advertising? What's it got to do with what you paid for your car? Maybe I missed the point of relevance.