I don't think he cares about what any of us say here. He's buying it no matter what. Even if he can't pay for it, he will bring it back to Europe where the street are paved in gold. And if all else fails, daddy mommy will bail him out.

If you had to ask, you are not ready.

 

+1


I have met only a handful of young folks under 25 who have self made wealth . Of the ones who I have met they are either a celebrity or athlete . I also realize that there are a few extremely succesful business folks .

BUT that leaves the rest ....

This age group has a large crop of high end car owners . The car doesn't just fall out of the sky into their hands . Someone has to either buy it for them , co sign on it for them, or lend it to them . In most cases it's their parents . In some cases it's a wealtly partner .

I think the biggest issue here is independence . One doesn't gain independence wirh a fancy car . One doesn't gain independence even if they live alone but if someone else is paying for it. There's no independence when one finances a car he can't afford to swim in debt and worry about making that payment.

If someone else pays ..they own it ..and the moment they stop paying or even hint at it .. the dependent person faces a wake up call of being an adult .

I haven't really tried to reason with 22 year olds . I think that each person has to learn about what works and doesn't in his life .. on his own .

To the OP ..
I would not finance the car in the early 20's .
Whatever you decide .. I wish you the best.

 

If you're under 21 and don't have your entire net worth tied up in your car....you're not living large enough.

 

core issue here is whos 'entire net worth' is it. if young guy lives in his own house, has his own budget, relies on his own income - he can do whatever he wants.

as of kinds 'i let my parents deal with mortgage while i`m having fun' - i do not care much about such people. there are plenty of those types anywhere.

 

harsh.. is this the first thing ya'll think about when you see an younger person in a pcar?

 

Don't people ask questions so they can get the necessary information and prepare themselves based on the answers they receive? At least I thought that's how it worked... .

 

You'll have to cross off surgeon from that list, at least not at age 25. Assuming an individual finishes college at age 21, he/she would graduate medical school at age 25 with about $150,000 of debt and the earning potential of a resident, which is approximately $40,000/year for the next 5 years. So, no physician is really in a position to purchase a new 911 at age 25, unless they have income from elsewhere (e.g. father is a plastic surgeon in The Hills and mom is a drug rep).

But the OP is a lot smarter than a doctah for purchasing his 911 NOW, rather than waiting another 5-7 years like the poor surgeon.

Some people ask questions because they are seeking advice.
Others ask questions because they are seeking validation for a decision they have already made.

 

Here's my .02... Go into your local bank and sit down with their financial advisor/planner. Tell him/her what you want to do...include the vehicle purchase and other goals you're setting for yourself over the next 5-10 years of your life. (Important, do this with your bank and not the finance manager at a dealer.) You may be surprised with that conversation.

 

One could argue that they each have a different agenda --for themselves .

 

As an old guy who has never borrowed for anything other than a couple of degrees and a house and a business (and who is REALLY disgusted with what's going on in Washinton) I'll state without reservation that if you have to finance a Porsche you shouldn't be buying one. Buy a clunker or two or three as I had to then work your way up the food chain.

 

If you can obtain financing and can afford the payments of a 36 month financing term, go for it ; if not you should probably wait....

 

Please elaborate a bit. A Dutch guy (nice dude, mid 30s, financial analyst) just moved in next door to me and is here for 2 years. Last week he saw me throwing out an old set of tires and told me about his plan to buy a 911 here, use it for 2 years, then bring it back to Europe as part of his estate. Says it saves the 45% or so in luxury tax that the Dutch pay, so even with depreciation he ends up ahead when he sells it in Europe. Not true??

 

A bit of perspective... I am 24. Financed 100k @ 3% interest on top of what I had saved up and bought a condo and my 06 C2S at the same time.

When I was renting before, I was saving approx 75% of my monthly income. After working out the numbers, it made sense to buy... the payments now still allow me to save 25% of my monthly income and I will be debt free in less than 5 years with property in my name and a fun car to drive every day.

Your situation may be different, but I say if you can afford it, do it, but only if you have a house or condo with a garage as well. I did not have any debt from school so I had a head start on savings.

 

Bought mine 997S three years ago when I was 24. Best decision I've made. Not sure where how this whole house/car thing came about but I was not treating buying a house/condo and a 911 as mutually exclusive events. I knew I wanted the car so I went for it - sold my 335 coupe, got a ridiculously low rate so financed a portion rather than paying 100% cash. Subsequently, I concluded I didn't believe strongly enough in the Chicago housing market and knew at the time that business school in a few years could land me outside of Chicago and I didn't want to deal with being a landlord or selling after just a few years...three years later peers I worked with (or used to) who bought are underwater on their places having way overpaid (yes, I know my car has depreciated over that time but the magnitude is less severe).

If you want the car, can afford to pay for it now (or have the cash to continue to make payments if you were to somehow lose your job for a period of time, etc.), GO FOR IT!!!

 

Holland is a wierd place with incredible taxes. It may very well be true. Most other countries have ROW specs that are generally better than US specs. Grey market cars are generally less desirable and rules are specifically set up with import taxes to inhibit such activity. Moving a car internationally is complicated and certification can be far more cumbersome than anyone ever expects.