Buying a Cayman, parents/peers think I'm really stupid.
Discussion
jamesogt said:
Personally I would get a 15k Boxster and keep 5 in the bank for unforseen circumstances.
Get used to the speed, build up some driving experience and get some wind in your hair!
It will also give you an idea of running costs.
But ultimately buy one or the other. At least when you are 80 in a home you will have some stories to tell.
This. Slush fund and cash security is essentialGet used to the speed, build up some driving experience and get some wind in your hair!
It will also give you an idea of running costs.
But ultimately buy one or the other. At least when you are 80 in a home you will have some stories to tell.
As most buy a car on pcp and don't even own it, I don't see why it's daft spending all your money on one.
You are clearly earning and only renting, so you must have loads of spare cash any way if you are saving so fast.
People always seem to think it's lost money, but you can always sell it and at that end of the market you are not going to loose much.
If you are going to buy a house in 2 years with the other half, enjoy it now while you can.
You are clearly earning and only renting, so you must have loads of spare cash any way if you are saving so fast.
People always seem to think it's lost money, but you can always sell it and at that end of the market you are not going to loose much.
If you are going to buy a house in 2 years with the other half, enjoy it now while you can.
mrdemon said:
As most buy a car on pcp and don't even own it, I don't see why it's daft spending all your money on one.
You are clearly earning and only renting, so you must have loads of spare cash any way if you are saving so fast.
People always seem to think it's lost money, but you can always sell it and at that end of the market you are not going to loose much.
If you are going to buy a house in 2 years with the other half, enjoy it now while you can.
Yup, 15k in the bank and growing is better than most at OP's age.You are clearly earning and only renting, so you must have loads of spare cash any way if you are saving so fast.
People always seem to think it's lost money, but you can always sell it and at that end of the market you are not going to loose much.
If you are going to buy a house in 2 years with the other half, enjoy it now while you can.
Bottom line is, any financial advisor is going to quite correctly tell you it's a daft idea. However this is pistonheads and we like cars.
trashtrashtrash said:
Pickled Piper said:
It really comes down to your attitude to risk/ reward , personal circumstances, aspirations etc. I will counter the general positive comments on here. I know several people that have been badly burned by Porsche ownership. It is not a memory that they look back at fondly.
Do you own maths etc.
pp
I can imagine that happening, could you give some quick info about the situations? Like which cars were involved?Do you own maths etc.
pp
Thanks
pp
Firstly do it.
Secondly you could keep the Yaris as your every day car which appart from keeping the uneducated at bay thinking that teachers are paid to much, would also keep your running costs down and would also make your Porsche feel more special when you do drive it. (This might not be for everyone, but it's what I do and how it feels for me.)
Secondly you could keep the Yaris as your every day car which appart from keeping the uneducated at bay thinking that teachers are paid to much, would also keep your running costs down and would also make your Porsche feel more special when you do drive it. (This might not be for everyone, but it's what I do and how it feels for me.)
k everyone else, it's your money so spend it as you please.Personally I would get a 15k Boxster and keep 5 in the bank for unforseen circumstances.
Get used to the speed, build up some driving experience and get some wind in your hair!
It will also give you an idea of running costs.
But ultimately buy one or the other. At least when you are 80 in a home you will have some stories to tell.
Get used to the speed, build up some driving experience and get some wind in your hair!
It will also give you an idea of running costs.
But ultimately buy one or the other. At least when you are 80 in a home you will have some stories to tell.
OP
Sensible head says, save money for the eventual house deposit.
However, the fun part says go for it. BUT, I agree you need to keep a reserve for breakdowns or mechanical failures.
Why no go test drive both a Boxster and a Cayman and see how you enjoy them.
Good luck with making your choice
Sensible head says, save money for the eventual house deposit.
However, the fun part says go for it. BUT, I agree you need to keep a reserve for breakdowns or mechanical failures.
Why no go test drive both a Boxster and a Cayman and see how you enjoy them.
Good luck with making your choice
Buy one.
Is it sensible? No. If you want to be sensible, keep the Yaris and speak to a nice investment manager. Your peers will be proud of you. "Look, there goes that sensible guy. He's sensible, he is."
Alternatively, buy a Porsche. To non petrol heads its a car that costs the price of a house, and servicing will cost more per month than you can ever earn. You know that isn't true. You'll also become that guy "with the Porsche".
Buy with caution and keep a fund for service/repairs (£3k should keep you going for a few years unless you are very unlucky).
I had a Cayman 2.7. Bought at 10,000 miles, sold at 45,000 miles. Absolutely stonking car - a brilliant buy. These cars can take the mileage. When I bought my first Porsche (Boxster), on the way home I was crapping my pants thinking "what if this breaks, can I really afford it?". But looking in the rear view mirror at those bulbous rear pannels and seeing the Porsche badge on the steering wheel - well, you can't help but smile and think "fek it!".
Just get one! Worst that can happen is you loose a wedge of cash and then you sell it.
But in the eyes of your peers, you'll still be that guy who "bought the Porsche" and will have the stories to prove it - and you personally will have had a great time, and realised one of your dreams!!!!
My running reports of ownership and costs are here if you are interested; http://motorcloud.net/porsche/
Also - finance or buy outright. Do whatever you prefer.
Forgot to add - budget a few hundred quid to go on the Porsche experience day. If you buy from an OPC, haggle to get this free of charge. Its a brilliant day out and you'll learn how to drive you car and crucially you will discover where the handling limits are - and just how crap a driver we all are in the wet! That £300 (or what ever it costs) could be the difference between understanding the cars dynamics and driving well, or parking it in a field a few weeks after buying it.
Is it sensible? No. If you want to be sensible, keep the Yaris and speak to a nice investment manager. Your peers will be proud of you. "Look, there goes that sensible guy. He's sensible, he is."
Alternatively, buy a Porsche. To non petrol heads its a car that costs the price of a house, and servicing will cost more per month than you can ever earn. You know that isn't true. You'll also become that guy "with the Porsche".
Buy with caution and keep a fund for service/repairs (£3k should keep you going for a few years unless you are very unlucky).
I had a Cayman 2.7. Bought at 10,000 miles, sold at 45,000 miles. Absolutely stonking car - a brilliant buy. These cars can take the mileage. When I bought my first Porsche (Boxster), on the way home I was crapping my pants thinking "what if this breaks, can I really afford it?". But looking in the rear view mirror at those bulbous rear pannels and seeing the Porsche badge on the steering wheel - well, you can't help but smile and think "fek it!".
Just get one! Worst that can happen is you loose a wedge of cash and then you sell it.
But in the eyes of your peers, you'll still be that guy who "bought the Porsche" and will have the stories to prove it - and you personally will have had a great time, and realised one of your dreams!!!!
My running reports of ownership and costs are here if you are interested; http://motorcloud.net/porsche/
Also - finance or buy outright. Do whatever you prefer.
Forgot to add - budget a few hundred quid to go on the Porsche experience day. If you buy from an OPC, haggle to get this free of charge. Its a brilliant day out and you'll learn how to drive you car and crucially you will discover where the handling limits are - and just how crap a driver we all are in the wet! That £300 (or what ever it costs) could be the difference between understanding the cars dynamics and driving well, or parking it in a field a few weeks after buying it.
Edited by Paul O on Sunday 16th June 23:30
trashtrashtrash said:
lots about people thinking I'm silly
Well, if they think you're crazy.....Edited by trashtrashtrash on Sunday 16th June 13:32
I was slightly younger than yourself, I think about 23-24. My parents didn't have a car (60s, so it wasn't unusual) and I couldn't drive. I'd spent all university life talking about Lotus Elans,Europas and the one Marcos I'd seen.
Left uni, got a job, saved up, took driving lessons and on the 2nd time around, passed the test. That was on 23rd Dec and I remember it well. By the end of January I'd got a loan and bought a Marcos, the insurance for which had the broker giggling hysterically because back in the day a Marcos was a fast car and not something your average new driver even thought about.
Just do it. Life is not a rehearsal.
Edit to add... driving home in the car was my first ever time driving solo and it involved driving through the centre of Manchester. And they think you're crazy ?
Edited by b2hbm on Monday 17th June 07:21
Regards the mortgage vs fun thing, I'm very much in the "fun" camp.
Once you've got a mortgage the chances are you won't get the chance to get one again, or at least not for several years. You'll be paying other house-related bills, and buying stuff for that, etc. Your priorities will change.
I bought a Skyline GTR when I was in my early 20s with the money I'd saved up for a house deposit (+ a loan) and don't regret it at all. If I had waited until it was the "mature choice" (i.e. after buying a house etc) I'd realistically never have been able to buy it, and the dream would've never become a reality. I got out after a year and sold it for more than I paid for it.
If your living situation is stable and you don't intend to buy a house for a year or so there's no reason you can't enjoy your money now, get out in a year or two and then be sensible. You'll lose some money in depreciation, but gain far more in the enjoyment of living the dream.
Once you've got a mortgage the chances are you won't get the chance to get one again, or at least not for several years. You'll be paying other house-related bills, and buying stuff for that, etc. Your priorities will change.
I bought a Skyline GTR when I was in my early 20s with the money I'd saved up for a house deposit (+ a loan) and don't regret it at all. If I had waited until it was the "mature choice" (i.e. after buying a house etc) I'd realistically never have been able to buy it, and the dream would've never become a reality. I got out after a year and sold it for more than I paid for it.
If your living situation is stable and you don't intend to buy a house for a year or so there's no reason you can't enjoy your money now, get out in a year or two and then be sensible. You'll lose some money in depreciation, but gain far more in the enjoyment of living the dream.
Edited by Durzel on Monday 17th June 08:07
OP - I own a 2.9 Cayman and love it, therefore your taste in cars is impeccable!! My only concerns for you are the following:
1) You probably need some driving experience first, even though the Cayman is not in the league of some sports cars, it is still a quick machine, that probably requires some decent driving experience. There will always be a temptation to push the envelope on these cars - this is what they are built for..
2) The running costs. If used on a daily basis, which mine is, around £70 a week in super unleaded, tyres are costly circ £250 each and than servicing - £400+ a year, depends on miles.
It sounds like you have done allot of research already, good luck with your choice.
Gio
1) You probably need some driving experience first, even though the Cayman is not in the league of some sports cars, it is still a quick machine, that probably requires some decent driving experience. There will always be a temptation to push the envelope on these cars - this is what they are built for..
2) The running costs. If used on a daily basis, which mine is, around £70 a week in super unleaded, tyres are costly circ £250 each and than servicing - £400+ a year, depends on miles.
It sounds like you have done allot of research already, good luck with your choice.
Gio
Like Gio G, I hake a 2.9l Cayman and love it. One thing to possibly consider is the choice of wheels. Sticking with the original 17" wheels may not be a s sexy but the ride is more compliant (needed for a daily driver) and the handling is slightly more forgiving even if the limits are slightly lower.
I would look at having some roadcraft training (see separate forum for suggestions) of get on the Porsche track at Silverstone so that you can learn what the car can do.
Beyond that, I would prefer a 2-3 year old Cayman to a new Mondeo any day of the week.
I would look at having some roadcraft training (see separate forum for suggestions) of get on the Porsche track at Silverstone so that you can learn what the car can do.
Beyond that, I would prefer a 2-3 year old Cayman to a new Mondeo any day of the week.
I've always spent a large proportion of my income / savings on cars and I've had a lot of them - but it wasn't until 2010 that I bought my first Porsche and I'm now on my 4th!
To those that aren't into cars, the feeling is something that they will never understand, but as soon as you sit in your Cayman, it'll feel "special" (all Porsches do) and you'll know you made the right decision. However, there are a couple of "cautions" too.
Caution 1: Porsches are pretty reliable, but they need regular servicing and you will need to budget for wear and tear items too! Those front radiators rot and need replacing at circa 5 years (unless you get a stone through one - in which case it's rather sooner)! Tyres, brake discs and pads aren't exactly cheap either and the engine needs warranty cover - preferably a proper Porsche one. Insurance isn't cheap - especially given your age - so you could try to find one with a tracker as this will often give you access to cheaper quotes.
Caution 2: By investing that money in property (before prices start going up again - which they are bound to at some point in the next few years); you'll have a foot on the ladder and be that much closer to owning your own home. Nobody can chuck you out once you've paid the mortgage off and the sooner you do that, the sooner you stop paying the huge acrual of interest. Over a 25 year term - the interest can be more that the value of the house itself .... and the alternative of renting only profits the landlord!
On the flip side - you're only young once and I would have killed to have had a car like that at 27!
My parents still think I'm nuts .....
To those that aren't into cars, the feeling is something that they will never understand, but as soon as you sit in your Cayman, it'll feel "special" (all Porsches do) and you'll know you made the right decision. However, there are a couple of "cautions" too.
Caution 1: Porsches are pretty reliable, but they need regular servicing and you will need to budget for wear and tear items too! Those front radiators rot and need replacing at circa 5 years (unless you get a stone through one - in which case it's rather sooner)! Tyres, brake discs and pads aren't exactly cheap either and the engine needs warranty cover - preferably a proper Porsche one. Insurance isn't cheap - especially given your age - so you could try to find one with a tracker as this will often give you access to cheaper quotes.
Caution 2: By investing that money in property (before prices start going up again - which they are bound to at some point in the next few years); you'll have a foot on the ladder and be that much closer to owning your own home. Nobody can chuck you out once you've paid the mortgage off and the sooner you do that, the sooner you stop paying the huge acrual of interest. Over a 25 year term - the interest can be more that the value of the house itself .... and the alternative of renting only profits the landlord!
On the flip side - you're only young once and I would have killed to have had a car like that at 27!
My parents still think I'm nuts .....
Just remember even if you are a good driver, there is a small risk of you getting involved in a big knock so, make sure you take that into consideration when you set your insurance excess and budget i.e. keep some money in reserve.
I picked my brand new boxster up in early November 2009 and sustained around £5k of cosmetic damage around 2 months later.
what a problem to have ! property or Porsche . . . .hmmm. I bought a Boxster and loved it, ran it for three years from new, it was super reliable, Guildford Porsche were great and i only sold it as i lost my job. During ownership Guildford lent me a Cayman, then a Cayman S when mine was in for servicing, and it was a joy to drive. What would i do in your shoes, take the car, own it for a year and see what you think, as has been already said, you can sell thereafter, sure you will have lost a little most likely, but then go for your house/property with the view to putting another Porsche in the garage as and when the readies allow. . . .
I just wanted to add my vote for you to go for it too. You're not mad at all. Like you say, all these dullards waxing £30K on rep mobiles are the mad ones, that being said I'm looking at diesel Mondeo estates at the moment but have a dog and a second kid on the way!
I was in a very similar position to you, car mad all my life but didn't get my first car until I was 25, saved up for a few years and bought a 40 year old Lotus Elan. Impractical, ruinous, ridiculous. Don't regret a thing.
What's the worst that could happen? If you don't like it (unlikely) or decide the running costs aren't worth it you can just sell it with a small amount of depreciation, if any.
What are you waiting for? Book a day off and go and test drive as many as you can.
I was in a very similar position to you, car mad all my life but didn't get my first car until I was 25, saved up for a few years and bought a 40 year old Lotus Elan. Impractical, ruinous, ridiculous. Don't regret a thing.
What's the worst that could happen? If you don't like it (unlikely) or decide the running costs aren't worth it you can just sell it with a small amount of depreciation, if any.
What are you waiting for? Book a day off and go and test drive as many as you can.
I've been in the position of feeling a car is stretching me a bit financially and hoping nothing will break on it which can dent the enjoyment somewhat. So I think those who are saying be careful probably have this sort of thing in mind. That said if the OP, is paying cash and is saving about £1k per month (sounds like it) then that equivalent £1k a month post purchase is more than enough to cover running costs (I'd think a slush fund of £3k pa on top of insurance/regular service etc is enough).
All that said, if there was a way to also be paying a mortgage not rent, I'd look to priotise that. In fact, using the deposit against a house and then financing the Porsche may be the better way to go if it is the only way to get on the property ladder. Still, no one can be certain which way property prices will go.. OP's risk at the end of the day and anyone who saves that much of the price of their first Porsche is probably more level headed than most.
All that said, if there was a way to also be paying a mortgage not rent, I'd look to priotise that. In fact, using the deposit against a house and then financing the Porsche may be the better way to go if it is the only way to get on the property ladder. Still, no one can be certain which way property prices will go.. OP's risk at the end of the day and anyone who saves that much of the price of their first Porsche is probably more level headed than most.
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