Worth owning a Porsche 911 under the age of 25? financing...etc
#61
08-03-2011 | 06:48 PM
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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.
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.
Granted, at least you were smart and bought a $50k used car. All about the lifestyle choices. You borrowed $100k to buy the car and the condo? Interesting. Anyway, you bought a used car and you plan to be debt free, these are good things.
#62
08-03-2011 | 07:18 PM
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I say go for it...
As a lot have mentioned, financing depends on many factors to include income, current debt load, whether you have a co-signer, projected ability to repay, etc. I'd say put as much down as you can, and buy used. There's no shame in owning a nice car before your first home. I bought my 996 at 29 outright after saving for it. Now a couple years down the road I'm looking to buy a home, so I've reprioritized and the car will likely be on the chopping block. Easy come, easy go. You can get one now and sell later. Have fun.
#63
08-04-2011 | 12:44 PM
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This is funny. How much could you possibly have saved at 24?
Granted, at least you were smart and bought a $50k used car. All about the lifestyle choices. You borrowed $100k to buy the car and the condo? Interesting. Anyway, you bought a used car and you plan to be debt free, these are good things.
Granted, at least you were smart and bought a $50k used car. All about the lifestyle choices. You borrowed $100k to buy the car and the condo? Interesting. Anyway, you bought a used car and you plan to be debt free, these are good things.
#64
08-04-2011 | 04:12 PM
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I have a similar story. I got an 08 C2S a few months ago, but I went to grad school instead of a house. So its possible.
#65
08-04-2011 | 05:24 PM
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Well, let's see. If you work at Pizza Hut at the federal minimum wage of $6.53/hour, you would earn $13,624/year, assuming no overtime/tips. After taxes, your net income would be about $12k, assuming no contributions to your retirement. If you live with your parents, and your food/housing is covered, and spend only $2k/year on "miscellaneous expenses," you could "SAVE" $10,000/year.
Assuming you drop out of high school at age 15, and you work full-time until age 25, you would have saved $100,000 by that time, and possibly more if you invested your money.
This is how it's done, boys.
Assuming you drop out of high school at age 15, and you work full-time until age 25, you would have saved $100,000 by that time, and possibly more if you invested your money.
This is how it's done, boys.
#66
08-04-2011 | 05:41 PM
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So, am I the only one who noticed his comments above? Apparently he has answered his own question.
I sure all the people you manage to impress and are able to lure into your new ride will truly be impressed when you bring them back home to mommy and daddy's place.
That should seal the deal especially once they see your Toy Story II themed bedroom set and matching sheets.
The most impressive thing a 25 year old can do is establish their own independence. Trust me your peers will be more impressed with a well furnished apartment or condo in-conjunction with a new sub $40K vehicle and steady employment then living at home, jobless, and driving 911. If that's not the case you seriously need new friends.
Good luck with whatever you decide to do....I hope you can make past your 90 day probationary period once you land your first big-boy job. For some reason I don't feel you'll make the first 90 days...it might be a little too much like work for you.
I sure all the people you manage to impress and are able to lure into your new ride will truly be impressed when you bring them back home to mommy and daddy's place.
That should seal the deal especially once they see your Toy Story II themed bedroom set and matching sheets.
The most impressive thing a 25 year old can do is establish their own independence. Trust me your peers will be more impressed with a well furnished apartment or condo in-conjunction with a new sub $40K vehicle and steady employment then living at home, jobless, and driving 911. If that's not the case you seriously need new friends.
Good luck with whatever you decide to do....I hope you can make past your 90 day probationary period once you land your first big-boy job. For some reason I don't feel you'll make the first 90 days...it might be a little too much like work for you.
#69
08-09-2011 | 11:25 PM
Reading through this thread has really got me thinking. I've been asking myself the same questions as the OP lately.
I'm 26yrs in Oct. I have my own business, am married, own my home, have a couple cars and a couple of motorcycles. I paid for the bikes and cars with cash. I'm not trying to brag here, but I make six figures and I personally would find it a stretch to save up and pay cash for a new Porsche.
I've been considering a used 996tt but personally I just don't know if I can justify paying 46K on a car. Should I be saving for college for my future kids? Should I work on paying off more of my house? Being self employed should I just set more money aside in case I have a bad month?
I want the Porsche so bad, but it seems the underlying tone from most of the older folks (and I mean that with respect) is that it's better to wait and save and buy something nice when it's not a stretch.
My other point is............OP, unless you are spending your parents money, or have some pretty awesome job already. How can you consider paying for a Porsche right out of college?
I'm 26yrs in Oct. I have my own business, am married, own my home, have a couple cars and a couple of motorcycles. I paid for the bikes and cars with cash. I'm not trying to brag here, but I make six figures and I personally would find it a stretch to save up and pay cash for a new Porsche.
I've been considering a used 996tt but personally I just don't know if I can justify paying 46K on a car. Should I be saving for college for my future kids? Should I work on paying off more of my house? Being self employed should I just set more money aside in case I have a bad month?
I want the Porsche so bad, but it seems the underlying tone from most of the older folks (and I mean that with respect) is that it's better to wait and save and buy something nice when it's not a stretch.
My other point is............OP, unless you are spending your parents money, or have some pretty awesome job already. How can you consider paying for a Porsche right out of college?
#71
08-10-2011 | 09:58 AM
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Didn't read through the thread but I would say wait.
You live in Toronto and unlike in many parts in US housing price is Toronto is still like a rockey and will be like that for much longer.
There will always be newer Porsches and the used market is a bargin.
Get into the first house/condo soon before you find out years down the road the money it would have costed you for a 2 bedroom would only get you a tinny little place out in no where.
You live in Toronto and unlike in many parts in US housing price is Toronto is still like a rockey and will be like that for much longer.
There will always be newer Porsches and the used market is a bargin.
Get into the first house/condo soon before you find out years down the road the money it would have costed you for a 2 bedroom would only get you a tinny little place out in no where.
#73
08-10-2011 | 08:45 PM
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Didn't read through the thread but I would say wait.
You live in Toronto and unlike in many parts in US housing price is Toronto is still like a rockey and will be like that for much longer.
There will always be newer Porsches and the used market is a bargin.
Get into the first house/condo soon before you find out years down the road the money it would have costed you for a 2 bedroom would only get you a tinny little place out in no where.
You live in Toronto and unlike in many parts in US housing price is Toronto is still like a rockey and will be like that for much longer.
There will always be newer Porsches and the used market is a bargin.
Get into the first house/condo soon before you find out years down the road the money it would have costed you for a 2 bedroom would only get you a tinny little place out in no where.
