Worth owning a Porsche 911 under the age of 25? financing...etc
#91
08-25-2011, 04:47 PM
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Join Date: Mar 2009
Location: New York City- Manhattan
Posts: 287
Rep Power: 28 
It's an easy question to answer. It's NOT about age. It's about income, savings, investments, and debt. Only you would be able to answer that. We can give our opinions if you gave us those figures.
It could be his dream car. I don't think there's a restriction on your choice of avatar. It'd be poser if he listed it in his sig or something similar.
At 25 he could possibly afford to buy a brand new 911 if he were a Nurse Practitioner or Anesthetist working at a place where it pays as much as the NYC area. 
^ To break it down, you'd be a Nurse at 22 earning $68,000/yr starting salary, masters at 24 earning at least $120,000/yr.
You can easily increase that income by working at another place per diem which can easily be done since as a Nurse you can work 3 days of 12 hour shifts.
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.
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.
^ To break it down, you'd be a Nurse at 22 earning $68,000/yr starting salary, masters at 24 earning at least $120,000/yr.
You can easily increase that income by working at another place per diem which can easily be done since as a Nurse you can work 3 days of 12 hour shifts.
Last edited by MrNurse; 08-25-2011 at 04:53 PM.
#93
08-25-2011, 05:04 PM
Registered User
Join Date: Mar 2009
Location: New York City- Manhattan
Posts: 287
Rep Power: 28 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.
It's in a thread about working citizens buying really nice cars. It was a very interesting read. If anyone can find that thread...
*Found it!*
Excellent thread, OP read this! The guy I'm talking about is at post #30. I still wonder what he does.
https://www.6speedonline.com/forums/...own-360-a.html
I couldnt disagree more with everything you have to say.
First, I bought my Lambo when I was living at home at 22 and only kick myslef for not doing it sooner. I now own my own home and it is by far the dumbest thing I ever did. I NEVER wanted to be a home owner, but when prices tanked I bought a home at a great price in a nice prentious pompous neighborhood in the "rich" area of town. I also bought probulay the worst house in the neighborhood so Im surrounded by snobs whos main focus in their life is keeping up with the Jones and entire self worth seems to be on showing up each other homes while I couldnt give two ****s about my own, and boy do they love that
as far as "investment" thats a huge joke. Getting past the equity thing vs throwing your money away with an apt, you are throwing even more away with a home. Property tax, when you need a new roof, when the AC ****s out, when the fridge takes a crap, when the sump pump goes bad, when the toilet backs up, maintance on the lawn, tress, shrubs, etc., painting the house, HOA dues, and on and on and on and on some more. Its an endless money pit, then when you work all week to pay the mortgage you get to work all weekend keeping the house clean, mowing the lawn, making it look nice like the neighbors etc. A home slowly kills your soul, a car may depreciate, but the joy and passion it fills you with is something you can never put a price on.
Further more, great you bought a say 400k home and after so many years its now worth 550k. You sell it to "move up", but all the homes you want to move up to have now gone up in value too, on top of that after all your prop taxes and endless expenses what ever is left now goes to the realitor and her 6-7% commission, so you either lost money or made next to nothing for all your risk, time, effort, etc.
In the end you should only own a home if you abosultly must (such as a large family) or it is your passion and you know what youre in for.
spend your money on cars if thats what makes you happy, dont follow anyones BS rules of how to live your life.
I made the best of it by getting roomies, so ALL of my expenses are covered and I can go back to putting all my funds towars more cars
next up a CGT, and that may be here next month
now isnt that more fun than wasting your life to have glorified place to eat, sleep, and poop?
btw, all my neighbors think Im a drug dealer too, and Im for real about that. A friend of mine is friends with a lady in the next neighborhood over and told him how they all talk in detail about me being one
or Im a "rich daddys boy"
I couldnt give two ****s less, I just let them think what they want
First, I bought my Lambo when I was living at home at 22 and only kick myslef for not doing it sooner. I now own my own home and it is by far the dumbest thing I ever did. I NEVER wanted to be a home owner, but when prices tanked I bought a home at a great price in a nice prentious pompous neighborhood in the "rich" area of town. I also bought probulay the worst house in the neighborhood so Im surrounded by snobs whos main focus in their life is keeping up with the Jones and entire self worth seems to be on showing up each other homes while I couldnt give two ****s about my own, and boy do they love that
as far as "investment" thats a huge joke. Getting past the equity thing vs throwing your money away with an apt, you are throwing even more away with a home. Property tax, when you need a new roof, when the AC ****s out, when the fridge takes a crap, when the sump pump goes bad, when the toilet backs up, maintance on the lawn, tress, shrubs, etc., painting the house, HOA dues, and on and on and on and on some more. Its an endless money pit, then when you work all week to pay the mortgage you get to work all weekend keeping the house clean, mowing the lawn, making it look nice like the neighbors etc. A home slowly kills your soul, a car may depreciate, but the joy and passion it fills you with is something you can never put a price on.
Further more, great you bought a say 400k home and after so many years its now worth 550k. You sell it to "move up", but all the homes you want to move up to have now gone up in value too, on top of that after all your prop taxes and endless expenses what ever is left now goes to the realitor and her 6-7% commission, so you either lost money or made next to nothing for all your risk, time, effort, etc.
In the end you should only own a home if you abosultly must (such as a large family) or it is your passion and you know what youre in for.
spend your money on cars if thats what makes you happy, dont follow anyones BS rules of how to live your life.
I made the best of it by getting roomies, so ALL of my expenses are covered and I can go back to putting all my funds towars more cars
next up a CGT, and that may be here next month
now isnt that more fun than wasting your life to have glorified place to eat, sleep, and poop?
btw, all my neighbors think Im a drug dealer too, and Im for real about that. A friend of mine is friends with a lady in the next neighborhood over and told him how they all talk in detail about me being one
or Im a "rich daddys boy"
I couldnt give two ****s less, I just let them think what they want
Last edited by MrNurse; 08-25-2011 at 05:19 PM.
#94
08-25-2011, 05:20 PM
Will do sir. We should all call in and get a huge string of approvals. Can you imagine Suze approving 20 991 purchases. That would drive her nuts and it would probably make it onto CNN if she does air all the approvals.
Can you imagine Suze approving 20 991 purchases. That would drive her nuts and it would probably make it onto CNN if she does air all the approvals.
#95
04-03-2013, 06:04 PM
I just came across this old thread and was compelled to reply. I'm 26, and I've thought long and hard about these very questions. I personally have financed many cars in my life thus far; too many (3+). I now drive a 2007 335i, and if I weren't so lucky to have had the cash to back up all of my emotional decisions, I'd be close to broke right now. Of course, in retrospect, I wish that I had that money back in the bank...but money comes and goes. Such is life.
So, this is empirical data I'm bringing here: having cash in the bank must be the priority in case other things in life go south (job, repairs, etc.). I have always been able to pay cash for repairs, but there were times when I regretted my otherwise emotional choices. I love cars; they are one of the things that make me happiest. But hell, they can be financial vampires.
I've always considered my situation in life (especially financially) to be relatively unique (though not wealthy)...and if it weren't for this, then I'd have possibly already driven myself into the dirt with debt. Now, I am on track to have both my cars paid off by the age of 30. By this time, I will have virtually no debt (or debt that I can pay off with cash no sweat) and will have cash for a nice down payment on a home (if I'll even want one).
I came to the tough realization that I will have to, yes, actually delay my gratification in obtaining a 911. And by this time, I may be over the whole idea anyway - and I expect to be making $110k a year 4-5 years from now. Looks like I'll have my 335i for a long, long time. So, I suppose it is wiser to buy a car that is "timeless" (like a bmw e92 coupe) and spend the money taking care of it and keeping it in excellent condition until it just no longer makes any financial sense to do so. It will be at this time that I'll get another car. And yes, this could happen at any time given that cars are imperfect manmade mechanical items. Lessons learned, IMO. Just have the cash to back up your purchases. It will make life easier on several levels.
Erik
So, this is empirical data I'm bringing here: having cash in the bank must be the priority in case other things in life go south (job, repairs, etc.). I have always been able to pay cash for repairs, but there were times when I regretted my otherwise emotional choices. I love cars; they are one of the things that make me happiest. But hell, they can be financial vampires.
I've always considered my situation in life (especially financially) to be relatively unique (though not wealthy)...and if it weren't for this, then I'd have possibly already driven myself into the dirt with debt. Now, I am on track to have both my cars paid off by the age of 30. By this time, I will have virtually no debt (or debt that I can pay off with cash no sweat) and will have cash for a nice down payment on a home (if I'll even want one).
I came to the tough realization that I will have to, yes, actually delay my gratification in obtaining a 911. And by this time, I may be over the whole idea anyway - and I expect to be making $110k a year 4-5 years from now. Looks like I'll have my 335i for a long, long time. So, I suppose it is wiser to buy a car that is "timeless" (like a bmw e92 coupe) and spend the money taking care of it and keeping it in excellent condition until it just no longer makes any financial sense to do so. It will be at this time that I'll get another car. And yes, this could happen at any time given that cars are imperfect manmade mechanical items. Lessons learned, IMO. Just have the cash to back up your purchases. It will make life easier on several levels.
Erik
Last edited by Erik Peters; 04-03-2013 at 06:35 PM.
#96
04-03-2013, 07:23 PM
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Join Date: Mar 2007
Location: San Diego, San Francisco
Age: 69
Posts: 1,870
Rep Power: 114 
I just came across this old thread and was compelled to reply. I'm 26, and I've thought long and hard about these very questions. I personally have financed many cars in my life thus far; too many (3+). I now drive a 2007 335i, and if I weren't so lucky to have had the cash to back up all of my emotional decisions, I'd be close to broke right now. Of course, in retrospect, I wish that I had that money back in the bank...but money comes and goes. Such is life.
So, this is empirical data I'm bringing here: having cash in the bank must be the priority in case other things in life go south (job, repairs, etc.). I have always been able to pay cash for repairs, but there were times when I regretted my otherwise emotional choices. I love cars; they are one of the things that make me happiest. But hell, they can be financial vampires.
I've always considered my situation in life (especially financially) to be relatively unique (though not wealthy)...and if it weren't for this, then I'd have possibly already driven myself into the dirt with debt. Now, I am on track to have both my cars paid off by the age of 30. By this time, I will have virtually no debt (or debt that I can pay off with cash no sweat) and will have cash for a nice down payment on a home (if I'll even want one).
I came to the tough realization that I will have to, yes, actually delay my gratification in obtaining a 911. And by this time, I may be over the whole idea anyway - and I expect to be making $110k a year 4-5 years from now. Looks like I'll have my 335i for a long, long time. So, I suppose it is wiser to buy a car that is "timeless" (like a bmw e92 coupe) and spend the money taking care of it and keeping it in excellent condition until it just no longer makes any financial sense to do so. It will be at this time that I'll get another car. And yes, this could happen at any time given that cars are imperfect manmade mechanical items. Lessons learned, IMO. Just have the cash to back up your purchases. It will make life easier on several levels.
Erik
So, this is empirical data I'm bringing here: having cash in the bank must be the priority in case other things in life go south (job, repairs, etc.). I have always been able to pay cash for repairs, but there were times when I regretted my otherwise emotional choices. I love cars; they are one of the things that make me happiest. But hell, they can be financial vampires.
I've always considered my situation in life (especially financially) to be relatively unique (though not wealthy)...and if it weren't for this, then I'd have possibly already driven myself into the dirt with debt. Now, I am on track to have both my cars paid off by the age of 30. By this time, I will have virtually no debt (or debt that I can pay off with cash no sweat) and will have cash for a nice down payment on a home (if I'll even want one).
I came to the tough realization that I will have to, yes, actually delay my gratification in obtaining a 911. And by this time, I may be over the whole idea anyway - and I expect to be making $110k a year 4-5 years from now. Looks like I'll have my 335i for a long, long time. So, I suppose it is wiser to buy a car that is "timeless" (like a bmw e92 coupe) and spend the money taking care of it and keeping it in excellent condition until it just no longer makes any financial sense to do so. It will be at this time that I'll get another car. And yes, this could happen at any time given that cars are imperfect manmade mechanical items. Lessons learned, IMO. Just have the cash to back up your purchases. It will make life easier on several levels.
Erik
A very long time ago on a planet far, far away. I faced the same issue. At the age of 23 I got my first real professional job paying the astronomical sum of $14,500 per year. A friend of mine who stated work the same day as I, notice all these really old farts (around 40) driving around downtown in 911's. We made a bet that we didn't want to wait to be old farts and would each own a 911 by the time we were 25. We both scrimped and saved (and were notorious cheap dates) and each managed to buy used '78SC by the time we were 25. We are still good friends and have owned about 12 911s between us. Unfortunately time waits for no one and we are now really, really old farts pushing 60. So if you can find a way to make it happen, do so. Take lots of pictures to show your children and grandchildren that at one time you were a very cool dude.
Best of Luck,
Duane
#97
04-04-2013, 10:54 AM
Financing is Financing. Your age has no bearing , only your credit score does.
If you can afford it, who cares what any of us say. Go nuts & have a great time.
The culture of the brand is different though so hanging at Tim Horton's with the Fast & Furious crowd just doesn't seem right. At 25, I'd rather have the Porsche than the Civic.
It's worth owning a Porsche at any age.
If you can afford it, who cares what any of us say. Go nuts & have a great time.
The culture of the brand is different though so hanging at Tim Horton's with the Fast & Furious crowd just doesn't seem right. At 25, I'd rather have the Porsche than the Civic.
It's worth owning a Porsche at any age.
Last edited by wc11; 04-04-2013 at 10:57 AM.
#98
04-04-2013, 10:59 AM
Financing is Financing. Your age has no bearing , only your credit score does.
If you can afford it, who cares what any of us say. Go nuts & have a great time.
The culture of the brand is different though so hanging at Tim Horton's with the Fast & Furious crowd just doesn't seem right.
At 25, I'd rather have the Porsche than the Civic.
If you can afford it, who cares what any of us say. Go nuts & have a great time.
The culture of the brand is different though so hanging at Tim Horton's with the Fast & Furious crowd just doesn't seem right.
At 25, I'd rather have the Porsche than the Civic.
#99
04-04-2013, 11:15 AM
Few things...
Cars are NOT investments (few exceptions to the rule) in this example, since you will be driving your vehicle often, I assume...it will depreciate.
If you have to ask if you can afford something, you can't. Even though validation may be nice by complete strangers.
This is a question you should already know based on your income and financial profile.
Cars are NOT investments (few exceptions to the rule) in this example, since you will be driving your vehicle often, I assume...it will depreciate.
If you have to ask if you can afford something, you can't. Even though validation may be nice by complete strangers.
This is a question you should already know based on your income and financial profile.
#100
04-04-2013, 11:18 AM
Also, just because you maye have the ability to own one ...you'll hate the payment on it if you have to work 2 jobs 60+ hours a week just to be able to afford it.
...reminds me of a woman I worked with at my old job. She worked 80+ hours a week for 2 years to be able to afford a wedding. In the end, she said it wasn't worth it.
...reminds me of a woman I worked with at my old job. She worked 80+ hours a week for 2 years to be able to afford a wedding. In the end, she said it wasn't worth it.
#101
04-04-2013, 11:23 AM
I purchased mine at 29 (financed of course) and make an OK salary but nothing above average. People in my office got really confused and made comments behind my back that I must be overpaid if I could afford a car like that.
What they dont know is that I spend all of my extra money on it. I was also positive on my loan for the STi when I sold it. I found a decent 911 at a good price. I told myself that "if I dont do it now, will I ever do it later?" So I did it. I dont have the cash to back it up. And if the engine blew out I would be screwed, but such is life.
I really would not suggest that anyone follow my path. The risk of being financially in the hole is too great and not worth it. I have been lucky so far but the $5,000 I just had to put into her is a bear on my cash for the next 3 months.
If I was to do it again I would not buy the car (financed 37k) unless I had a "my money" savings of at least 10k. I was already really saving with 401K or equivalent. Had my own apartment or lived with a trusted friend or significant other. And had a job making at least 80k without any other real monthly payments to debt.
What they dont know is that I spend all of my extra money on it. I was also positive on my loan for the STi when I sold it. I found a decent 911 at a good price. I told myself that "if I dont do it now, will I ever do it later?" So I did it. I dont have the cash to back it up. And if the engine blew out I would be screwed, but such is life.
I really would not suggest that anyone follow my path. The risk of being financially in the hole is too great and not worth it. I have been lucky so far but the $5,000 I just had to put into her is a bear on my cash for the next 3 months.
If I was to do it again I would not buy the car (financed 37k) unless I had a "my money" savings of at least 10k. I was already really saving with 401K or equivalent. Had my own apartment or lived with a trusted friend or significant other. And had a job making at least 80k without any other real monthly payments to debt.
#103
04-04-2013, 11:38 AM
However dumping 10k+ into the car for a new engine would have bankrupted me. I just dont have the kinda of money around. Hell I didnt have the 5k (hence me being cash poor for 3 months because of it).
I consider myself very lucky. But in the end while all my friends who make around what I make are saving hundreds and hundreds a month, I am spending it on a car. Not the best future planning
#104
04-04-2013, 11:44 AM
Gloves,
Thanks for being honest about your experience. I guarantee a lot of people are in your situation. You have the intelligence to learn from your & realize what the issue is.
I'm 28 & had a 996 last year...I purchased it for a good price but I did dump money into it, more than I should have. Now I'm in the market for a C6 Corvette ...I will eventually find my way back to a 911 though!
Thanks for being honest about your experience. I guarantee a lot of people are in your situation. You have the intelligence to learn from your & realize what the issue is.
I'm 28 & had a 996 last year...I purchased it for a good price but I did dump money into it, more than I should have. Now I'm in the market for a C6 Corvette ...I will eventually find my way back to a 911 though!