Can I afford a decent 911 for everyday use?

Can I afford a decent 911 for everyday use?

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DJMC

3,438 posts

104 months

Tuesday 16th July 2019
quotequote all
deebs said:
Ive shortened your post just to keep the overall length down but hopefully havent been "selective" for my general point,which is in no a critical comment on you smile

That said, it's all relative on what you consider well off or loaded as you put it. You just put in order in on a £100,000 car, have 2 buy to let plus your own home whilst putting 24% of your salary into pension whilst having no other debts. I do not doubt for a second you and your wife have worked for it, make good choices including not spalshing out at other times etc and this is no criticism of you or your post, just that I'd take a punt and say high90% of the population will not be in such a position and would categorise you as wealthy/loaded. It's a fabulous place to be at any stage of life.

As I say , it's all relative. I'm sure there are people you consider wealthy because theyre in a 'better' position. Enjoy the car when it comes , I hope I brings many good memories.

I have an old 987 Cayman which is brilliant, the 992 I'm sure will be a totally different level.
No. He has no savings so cannot be considered "loaded." So many people live on the border line of penniless, relying solely on their incomes, and spending all of it every month.

As long as you have 3-6 months savings as an emergency fund, and insurance in place for death, critical illness, long-term sickness, and a well funded pension fund (which he has) then you can fritter money away on fast cars. But with no savings it's a dangerous game.

It's a little like folks who took interest only mortgages 10+ years ago on the never never saying, at the time, "I'm planning to down-size to pay off the mortgage." Nobody who has to sell a house or a £100k car as their contingency fund has made a correct decision to buy them in the first place. Well, not with their brain anyhow. And hearts often lead us astray.

But... you only live once!

deebs

555 posts

61 months

Tuesday 16th July 2019
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DJMC said:
No. He has no savings so cannot be considered "loaded." So many people live on the border line of penniless, relying solely on their incomes, and spending all of it every month.

As long as you have 3-6 months savings as an emergency fund, and insurance in place for death, critical illness, long-term sickness, and a well funded pension fund (which he has) then you can fritter money away on fast cars. But with no savings it's a dangerous game.

It's a little like folks who took interest only mortgages 10+ years ago on the never never saying, at the time, "I'm planning to down-size to pay off the mortgage." Nobody who has to sell a house or a £100k car as their contingency fund has made a correct decision to buy them in the first place. Well, not with their brain anyhow. And hearts often lead us astray.

But... you only live once!
An interesting alternative view. I'm not sure if you missed the jist of my post being about the "relative" nature of the statement. . Anyways I always enjoy seeing a bit of "black and white" thinking, cheers me up.

anonymous-user

55 months

Tuesday 16th July 2019
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Foundthecure said:
dgswk said:
OP - picking up from your PM on my 992 order....

We've ordered a brand new £102k 992, putting £15k down and c. £850/month for 4 years. Can we afford it????

On the face of it, my £850 a month for a 992 is horrendous, ruinous, financial suicide, hell, its more than my main mortgage!!!! But for what its worth, our logic is that its simply OUR lifestyle choice and we BOTH decided we wanted a Porsche and that a Cayman / Boxster didn't really cut it - it had to be a 911 for high days, holidays and a few euro-road trips as our kids approach school leaving age and we can finally celebrate our success in raising our family through some very hard times and some very good ones too.

So it sounds like we are in a similar position to the OP and others on here, mid-40's, doing pretty well, great kids, family, life is sweet, no other debts apart from £200/month lease on my wife's car and mortgage. My work car is a £900 shed. Imagine driving into an OPC in that.... lol!

We are not what I would class as loaded. We work very very hard, we have full on, full time jobs - we always have. Neither of us took much paternity leave when the kids were little - we couldn't afford it.

We have been careful with our money along the way and we are blessed that our careers have now flourished and we are still together and we are stable. I'm 18 years with my firm, wife 12 with hers. So if they let either of us go, in both cases its 1 month consultation then 3 months notice and then somewhere between 18 - 26 weeks redundancy after that.

Apart from the 911 deposit, we have no other savings. We both massively overpay (24% in my case) into our pension funds, so we can knock it on the head at 55 - 57 if we choose to - who knows whether we will - having the choice is important to us. And we avoid 40% tax by doing so. We acquired a couple of buy-to-lets a few years back too - for the kids - when they are ready, but I'm not paying their University debts, they need to understand the value / consequences / benefits of going and make that call for themselves. I'm a uni drop out and have issues with the system.... my wife is a teacher and doesn't. Always a good debate in our house.

I also see so many of our family and friends happily blow £5-6k on an annual holiday - Florida, Thailand - that's £500 a month for 10-15 days pleasure before spending money. My £850 will give us both 365 days of pleasure. From what I've seen, you can't get a decent euro holiday package for a family of 4 in school holidays for less than £2.5k these days.

We've never done that - we do Cornwall or North Wales and go for the outdoors lifestyle - camping, surfing, climbing and we have had the time of our lives. Never been to Disney, kids were asked, they were not bothered, their dream holiday is a week in October when the surf is good (genuinely!).

Please don't misunderstand, there is absolutely nothing wrong with those holidays - I absolutely get it - its just our choice to spend our disposable on a bright yellow, very fast Porsche!!!! Our holidaying friends and family think we have lost the plot, but all want a go in it when it arrives.

So can I afford it - hey, £850 a month is suicide after all isnt it? Its finance, loan, PCP, debt, the evil of all evils? Well, yes, we can easily cover the monthlies and I really couldn't care less what people think with regards to finance and that stuff. If you have a job, you will work for a business that uses finance in someway to enable them to employ you to start with - leasing equipment, vehicles, overdrafts, loans, supplier credit. Finance makes our modern world tick. Get over it.

But if it goes wrong? Well, I'll hold off for a month or two and see if I get another job. If I don't, I'll sell the Porsche, pay off the finance, and accept I've lost most of my £15k deposit. But I have no savings anyway, so I've lost nothing.

But the chances are, I won't loose my job, the economy won't go bankrupt due to Brexit, house prices will not collapse and both my wife and myself will have ticked a biggie off the bucket list.

So the 2nd Sept 2019 will be one of the best days of our life - up there with getting married and the arrival of our kids. A poignant moment to celebrate the start of the next stage of our lives before grand-parentage and retirement!!!! Just hope the bus doesn't get me first.

So go buy your 911 mate, a 997, 991 or 992, all good advice from other posters - it really doesn't matter. But most importantly, go and enjoy it being comfortable that whatever you do, you would most likely just have to sell it if the worst happens.
Great post.
+1 life is short and the greatest loss worst case is the dealer margin to buy it back plus a bit of interest, so cover that and no worries.

Out of interest I’d say more would probably regret not taking up the opportunity to go ahead with such a purchase than those who have actually bought and then regretted it. Ymmv, of course.







dgswk

899 posts

95 months

Tuesday 16th July 2019
quotequote all
deebs said:
Ive shortened your post just to keep the overall length down but hopefully havent been "selective" for my general point,which is in no a critical comment on you smile

That said, it's all relative on what you consider well off or loaded as you put it. You just put in order in on a £100,000 car, have 2 buy to let plus your own home whilst putting 24% of your salary into pension whilst having no other debts. I do not doubt for a second you and your wife have worked for it, make good choices including not spalshing out at other times etc and this is no criticism of you or your post, just that I'd take a punt and say high90% of the population will not be in such a position and would categorise you as wealthy/loaded. It's a fabulous place to be at any stage of life.

As I say , it's all relative. I'm sure there are people you consider wealthy because theyre in a 'better' position. Enjoy the car when it comes , I hope I brings many good memories.

I have an old 987 Cayman which is brilliant, the 992 I'm sure will be a totally different level.
Hey, I'm absolutely with you, it is all relative, like I said, there are plenty around who spend there money on other stuff - bigger houses, holidays, interior furnishings and I dont judge, its up to them, its just a view on life and an outline of my decision tree when ordering my 992 after 3 years of 911 itches, also thinking "can I afford a 911". It wasn't a decision taken lightly.

Either way, bet you were chuffed to bits and remember well the day you picked up your 987 and you love her just as much as I will my 992. Thats why we are all here on the Porsche forum, talking about cars. And Porsches ain't cheap cars - the relative value doesn't matter - however old they are, 997, 991, 987, 944, they all cost more than the average Ford Focus to run - and lets be honest, the trusty Focus is frankly all anyone really needs to get from A to B in comfort and reasonable speed.



DJMC

3,438 posts

104 months

Tuesday 16th July 2019
quotequote all
deebs said:
An interesting alternative view. I'm not sure if you missed the jist of my post being about the "relative" nature of the statement. . Anyways I always enjoy seeing a bit of "black and white" thinking, cheers me up.
I'd say "loaded" is when you can spend £100k on a car without feeling you have to explain in depth your guilt to a load of strangers on a forum in order to seek justification.

You'd just do it, without a blink. That's loaded.

Yellow T

370 posts

73 months

Wednesday 17th July 2019
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If you want a luxury cruiser with the latest tech then it's a 992. Although, the tech is fine in the 991.2 and I much prefer the analogue dials, quaint push buttons and of course the cup holders!

But before you drop your 100K on a shiny new one I would suggest you test drive the 991.2 GTS so at least you can understand the difference in feel. I have a T and it's very far removed from the driving experience of a 992 as you're much more connected to the road.

RobinBanks

12,241 posts

207 months

Wednesday 17th July 2019
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What’s the final payment on a £102k PCPed Porsche £60-70k?

IMI A

9,410 posts

202 months

Wednesday 17th July 2019
quotequote all
Had a 992 C4S for a few days. Other cars I compare to which I have regular seat time in are 997.1 turbo (700bhp) and 991.2 turbo s

If I was buying today I’d have the 992 in a heart beat. Porsche’s base car is basically a modern day 959. I hate all the tech but grudgingly have to admit it was all ridiculously easy to configure. Within 5 mins completely comfortable.

Other reason to but 992 is that if you’re buying on finance you want a car with very strong residuals so you can increase the balloon as high as poss to lower monthly payments. I’d also put as large a deposit as physically possible so on £100k car £30-40k deposit. You’ll find the payments will be even more reasonable if you configure in a variable rate with Oracke

RobinBanks

12,241 posts

207 months

Wednesday 17th July 2019
quotequote all
IMI A said:
Had a 992 C4S for a few days. Other cars I compare to which I have regular seat time in are 997.1 turbo (700bhp) and 991.2 turbo s

If I was buying today I’d have the 992 in a heart beat. Porsche’s base car is basically a modern day 959. I hate all the tech but grudgingly have to admit it was all ridiculously easy to configure. Within 5 mins completely comfortable.

Other reason to but 992 is that if you’re buying on finance you want a car with very strong residuals so you can increase the balloon as high as poss to lower monthly payments. I’d also put as large a deposit as physically possible so on £100k car £30-40k deposit. You’ll find the payments will be even more reasonable if you configure in a variable rate with Oracke
On a PCP the “balloon” is fixed I thought?

nunpuncher

3,387 posts

126 months

Wednesday 17th July 2019
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I think he's talking about doing a PCP with a private finance company.

I have a friend that has financed several Porsches this way but he owns a successful company, chops and changes cars often so has a long relationship with someone at the finance company who is his account manager and presumably secures these loans/finance against something. Not sure it's a better route than Porsche finance for a mere mortal.... adjusting balloons sounds a bit dodgy.

anonymous-user

55 months

Wednesday 17th July 2019
quotequote all
I wouldn't worry about the monthly payment, for me giving up 15k plus the monthly to rent a car for 2 years is what sticks in my throat.

Not saying it's wrong, but my brain can't countenance such a thing. I guess I'm too old school

IMI A

9,410 posts

202 months

Wednesday 17th July 2019
quotequote all
RobinBanks said:
IMI A said:
Had a 992 C4S for a few days. Other cars I compare to which I have regular seat time in are 997.1 turbo (700bhp) and 991.2 turbo s

If I was buying today I’d have the 992 in a heart beat. Porsche’s base car is basically a modern day 959. I hate all the tech but grudgingly have to admit it was all ridiculously easy to configure. Within 5 mins completely comfortable.

Other reason to but 992 is that if you’re buying on finance you want a car with very strong residuals so you can increase the balloon as high as poss to lower monthly payments. I’d also put as large a deposit as physically possible so on £100k car £30-40k deposit. You’ll find the payments will be even more reasonable if you configure in a variable rate with Oracke
On a PCP the “balloon” is fixed I thought?
You can obviously only configure a finance package at the beginning. If you go for a private firm like Oracle if you put down a big deposit say £20-£40k they will be bit more brave than Porsche Finance and give you a high balloon. Perhaps optimistic on my part but I'd want a MRSP £102k 992 C2S I'd be wanting a balloon of £65-70k from Oracle.

Your monthly payments based on an APR of 5% ish will be circa 36 payments of £800 per month and a final 37th payment of £65-70k if you configure over 3 years but they'll do 4 and 5 yr deals too. Voila smile

DJMC

3,438 posts

104 months

Wednesday 17th July 2019
quotequote all
keirik said:
I wouldn't worry about the monthly payment, for me giving up 15k plus the monthly to rent a car for 2 years is what sticks in my throat.

Not saying it's wrong, but my brain can't countenance such a thing. I guess I'm too old school
And THAT'S the game!

Few people think it through like you have, they just love having a new car every 2-3 years and dismiss the £850/mth they'll be paying forever after. Forever? Yes, forever. Or they will have to downgrade when the next upgrade comes around.

Having said that, new warranty and peace of mind forever too. If you choose the other route, to buy outright, you have different problems. Ultimately you just cannot win with cars, whatever you choose to do.

dgswk

899 posts

95 months

Wednesday 17th July 2019
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I've been offered balloons of anything between £45k and £62k over 4 years / 6k miles. Porsche were about £58k from memory.

RobinBanks

12,241 posts

207 months

Wednesday 17th July 2019
quotequote all
IMI A said:
RobinBanks said:
IMI A said:
Had a 992 C4S for a few days. Other cars I compare to which I have regular seat time in are 997.1 turbo (700bhp) and 991.2 turbo s

If I was buying today I’d have the 992 in a heart beat. Porsche’s base car is basically a modern day 959. I hate all the tech but grudgingly have to admit it was all ridiculously easy to configure. Within 5 mins completely comfortable.

Other reason to but 992 is that if you’re buying on finance you want a car with very strong residuals so you can increase the balloon as high as poss to lower monthly payments. I’d also put as large a deposit as physically possible so on £100k car £30-40k deposit. You’ll find the payments will be even more reasonable if you configure in a variable rate with Oracke
On a PCP the “balloon” is fixed I thought?
You can obviously only configure a finance package at the beginning. If you go for a private firm like Oracle if you put down a big deposit say £20-£40k they will be bit more brave than Porsche Finance and give you a high balloon. Perhaps optimistic on my part but I'd want a MRSP £102k 992 C2S I'd be wanting a balloon of £65-70k from Oracle.

Your monthly payments based on an APR of 5% ish will be circa 36 payments of £800 per month and a final 37th payment of £65-70k if you configure over 3 years but they'll do 4 and 5 yr deals too. Voila smile
That’s a HP with balloon though not PCP so you take all the risk.The only good thing about PCP imo is the stop loss!

nunpuncher

3,387 posts

126 months

Wednesday 17th July 2019
quotequote all
£15k up front then £850pm for 3 or 4 years. So minimum £45,000 over 3 years to drive a new 911 then you might get some equity for the next car.... or you need to raise another £15k for another deposit if you want to stay on that new 911 drug... which seems unlikely since it's taken 40 years to save the deposit for this one.

Anyway, each to their own. But I'm too tight for that game.

IMI A

9,410 posts

202 months

Wednesday 17th July 2019
quotequote all
Like others have said though if its any sort of squeeze better to buy outright if possible but there is no right or wrong because it completely depends on an individuals own particular set of circumstances. There is nothing wrong with debt so long as you can service it. Most people have a mortgage and car finance is similar. Thousands wouldn't have been able to drive a Porsche for the last 25 yrs without debt and we'd be the poorer for it in terms of wonderful experiences.

There is something v.nice about the new 992. I love the wheel arches. Lots of retro touches throughout the car which are nice. Some cars have the X factor. I think the 992 has the X factor - the styling in particular is a triumph. Certainly more road presence than say a 991.2 GTS as 992 so wide at the front and back. Look at its bulbous wheel arches, bonnet scoop. Fabulous interpretation of the 911.

992 modernity makes 991.2 feel last gen but the drive is very similar other than initial turn in where 992 a bit sharper. 991.1 and 997 prehistoric. Even back in 2007 997 info tech like PCM was worse than in a Ford Ka. They're all super 911s to drive though which is the main thing.

OP if you've not had a 911 before the new 992 a hell of a motor. Blacks the colour. 991.2 very similar so you won't feel short changed - same with a 991.1 - can't go wrong with any of them - hope this helps smile




nunpuncher

3,387 posts

126 months

Wednesday 17th July 2019
quotequote all
I can't get over the massive plastic no mans land of bumper left from moving the lights so high on the rear. Also the large black plastic infills both front and back. A black car does a good job of hiding these.

prismv

Original Poster:

155 posts

91 months

Wednesday 17th July 2019
quotequote all
IMI A said:
Like others have said though if its any sort of squeeze better to buy outright if possible but there is no right or wrong because it completely depends on an individuals own particular set of circumstances. There is nothing wrong with debt so long as you can service it. Most people have a mortgage and car finance is similar. Thousands wouldn't have been able to drive a Porsche for the last 25 yrs without debt and we'd be the poorer for it in terms of wonderful experiences.

There is something v.nice about the new 992. I love the wheel arches. Lots of retro touches throughout the car which are nice. Some cars have the X factor. I think the 992 has the X factor - the styling in particular is a triumph. Certainly more road presence than say a 991.2 GTS as 992 so wide at the front and back. Look at its bulbous wheel arches, bonnet scoop. Fabulous interpretation of the 911.

992 modernity makes 991.2 feel last gen but the drive is very similar other than initial turn in where 992 a bit sharper. 991.1 and 997 prehistoric. Even back in 2007 997 info tech like PCM was worse than in a Ford Ka. They're all super 911s to drive though which is the main thing.

OP if you've not had a 911 before the new 992 a hell of a motor. Blacks the colour. 991.2 very similar so you won't feel short changed - same with a 991.1 - can't go wrong with any of them - hope this helps smile



Love these pics, are they both yours?
I think the 4 tail pipes 992 is stunning to behold, but every one says I need the Porsche exhaust system where you loose 2 of the pipes.

Just wish you could have 4 and exhaust system together

DJMC

3,438 posts

104 months

Wednesday 17th July 2019
quotequote all
OP... have you also looked into a 991 Targa?

For example: https://www.pistonheads.com/classifieds/used-cars/...

The current best looker in my opinion. Better than the 992 "frog" look perhaps?

This one has 4 tailpipes, if you must: https://www.pistonheads.com/classifieds/used-cars/...

Edited by DJMC on Wednesday 17th July 19:49