Can I afford this 981?

[DM1983]

Hi,

I'm looking to buy an approved used Cayman 981 (2.7) manual, 4-5 years old with around 20k miles on it for around £35k from a Porsche centre in the UK. I want to see if I'm biting off more than I can chew.

I have just shy of 50 grand in the bank and my average monthly saving after mortgage, bills, food, fuel and booze is £993. No outstanding debts apart from the mortgage.

Previously the most expensive car to run that I've owned was a Merc E200K in Dublin, which worked out at euro2100 for insurance, euro800 for tax and around euro500 per year at the mechanic, and 31mpg.

I currently have a Merc CLS350 which is working out at about £1300 a year for insurance (£720), tax (£305) and repairs (£300 or so) and 26mpg.

I've been quoted £605 for insurance for a Cayman 2.7, and it's £295 for the road tax.

I'd be looking for Porsche approved used only, and intend to do everything at the dealership for the first 2 years, will consider options after that point.

Am I being realistic, overreaching myself, or being too conservative?

Thanks,

[johnwilliams77]

What do you think?

[roadsmash]

Is financing out the question and a dirty word for you?

You clearly have enough in the bank for a very nice deposit and could just spread the rest over very manageable payments over 2-3 years.

Your disposable income is more than enough for scratching the itch.

[Xfe]

If £15k in the bank is enough to cover most eventualities/emergencies for you, then I would go ahead and pay cash instead of finance. Porsche finance or any third party finance will be very expensive, so if you can withstand the reduced liquidity I would recommend cash.

Having a grand a month left over is great, but in your position I wouldn't want to take a big chunk out of that with a PCP.

[roadsmash]

Xfe said:

If £15k in the bank is enough to cover most eventualities/emergencies for you, then I would go ahead and pay cash instead of finance. Porsche finance or any third party finance will be very expensive, so if you can withstand the reduced liquidity I would recommend cash.

Having a grand a month left over is great, but in your position I wouldn't want to take a big chunk out of that with a PCP.

Definitely understand this point of view but I’ve just had a Google and some loan options for say half the value are very competitive.

But you’re totally right. Feel free to pay 100% cash if what’s left covers you for a rainy day.

Although bear in mind how much mileage you put on the car and the condition you keep it in will drastically effect how much of this lump you get back when you sell it.

[Xfe]

roadsmash said:

Definitely understand this point of view but I’ve just had a Google and some loan options for say half the value are very competitive.

But you’re totally right. Feel free to pay 100% cash if what’s left covers you for a rainy day.

Although bear in mind how much mileage you put on the car and the condition you keep it in will drastically effect how much of this lump you get back when you sell it.

You make a good suggestion, if you can get a loan of c.£20k at 3% (very do-able) then that's a great option too. I just wanted to make the point that a PCP, inevitably at around 7% APR, is going to cost a lot more.

[pete.g]

I ran a 981 2.7 for 2 years.

I had one OPC service in that time for £620, insurance was around £500, though I was in my late forties at the time.

They are quite economical cars if you are on a long motorway run - you can get into the high 30s without driving like a granny.

If you have £50k in the bank I would press ahead - you'll enjoy the experience.

[Woody John]

DM1983 said:

Hi,

I'm looking to buy an approved used Cayman 981 (2.7) manual, 4-5 years old with around 20k miles on it for around £35k from a Porsche centre in the UK. I want to see if I'm biting off more than I can chew.

I have just shy of 50 grand in the bank and my average monthly saving after mortgage, bills, food, fuel and booze is £993. No outstanding debts apart from the mortgage.

Previously the most expensive car to run that I've owned was a Merc E200K in Dublin, which worked out at euro2100 for insurance, euro800 for tax and around euro500 per year at the mechanic, and 31mpg.

I currently have a Merc CLS350 which is working out at about £1300 a year for insurance (£720), tax (£305) and repairs (£300 or so) and 26mpg.

I've been quoted £605 for insurance for a Cayman 2.7, and it's £295 for the road tax.

I'd be looking for Porsche approved used only, and intend to do everything at the dealership for the first 2 years, will consider options after that point.

Am I being realistic, overreaching myself, or being too conservative?

Thanks,

With your financial situation why dick about with a baby porsche? Get a 997.2

[roadsmash]

I’m starting to think the OP (1 post) may be a troll although can’t be sure.

[nw942]

roadsmash said:

Definitely understand this point of view but I’ve just had a Google and some loan options for say half the value are very competitive.

But you’re totally right. Feel free to pay 100% cash if what’s left covers you for a rainy day.

Although bear in mind how much mileage you put on the car and the condition you keep it in will drastically effect how much of this lump you get back when you sell it.

Agree - the key thing is how much liquidity you may need in the next couple of years e.g. if you decide to move up the housing ladder.

A modest bank loan of £15k at < 3% would give you ~ £30k liquidity.

[Woody John]

DM1983 said:

Hi,

I'm looking to buy an approved used Cayman 981 (2.7) manual, 4-5 years old with around 20k miles on it for around £35k from a Porsche centre in the UK. I want to see if I'm biting off more than I can chew.

I have just shy of 50 grand in the bank and my average monthly saving after mortgage, bills, food, fuel and booze is £993. No outstanding debts apart from the mortgage.

Previously the most expensive car to run that I've owned was a Merc E200K in Dublin, which worked out at euro2100 for insurance, euro800 for tax and around euro500 per year at the mechanic, and 31mpg.

I currently have a Merc CLS350 which is working out at about £1300 a year for insurance (£720), tax (£305) and repairs (£300 or so) and 26mpg.

I've been quoted £605 for insurance for a Cayman 2.7, and it's £295 for the road tax.

I'd be looking for Porsche approved used only, and intend to do everything at the dealership for the first 2 years, will consider options after that point.

Am I being realistic, overreaching myself, or being too conservative?

Thanks,

With your financial situation why dick about with a baby porsche? Get a 997.2

[Crispystork]

Woody John said:

With your financial situation why dick about with a baby porsche? Get a 997.2

Yep I agree. Much more fun. Get a 3.4 cockster with PDK for 35k. Much better car.

[anonymous-user]

roadsmash said:

But you’re totally right. Feel free to pay 100% cash if what’s left covers you for a rainy day.

.

What happened to you roadsmash ? Surely this is a great opportunity for you to push leasing/pcp? Or have the endless pcp threads finally beaten you?

https://www.selectcarleasing.co.uk/car-leasing/por...

2.7 is rather slow by today’s standards. Op at the very least Crispy makes a good call with the 3.4.

Edited by anonymous-user on Friday 18th January 08:01

[roadsmash]

Schmed said:

What happened to you roadsmash ? Surely this is a great opportunity for you to push leasing/pcp? Or have the endless pcp threads finally beaten you?

https://www.selectcarleasing.co.uk/car-leasing/por...

Because he wants to buy used.......

As I’ve mentioned OVER and OVER, leasing and PCP is not always the most suitable option, as I’ve clearly demonstrated in this thread.

Shame you didn’t come back to me in the leasing thread after I proved you wrong.

[V800MJH]

That is absolutely affordable! Without a doubt.

Why wouldn't it be? What are you expecting?

[MrBarry123]

I've got a better idea OP...

Take that wedge in the bank and put it into this!

https://cars.mclaren.com/finance-offer-540c-uk

Not only will you be driving a McLaren but you also won't have to spend time explaining your own financial situation to random people on the Internet as everyone who sees you driving the car will know you're someone of an enhanced financial situation.

A smart move I think.

[Gio G]

OP - given you have driven a bunch of Merc turbo diesels in the past, which probably have a decent slug of torque, I would suggest you get a good test drive of the Cayman first, as it will not drive like a diesel. I owned a 2.7, lovely cars and a good place to start your first Porsche ownership. Just don't drive the S afterwards

G

[AJB88]

Atleast get the 3.4 S

[DM1983]

roadsmash said:

Is financing out the question and a dirty word for you?

You clearly have enough in the bank for a very nice deposit and could just spread the rest over very manageable payments over 2-3 years.

Your disposable income is more than enough for scratching the itch.

I've looked at financing options and decided I'd prefer to pay cash.

[DM1983]

Woody John said:

With your financial situation why dick about with a baby porsche? Get a 997.2

I considered a few 997s, but what I find is that (maybe it's just where I live - Northern Ireland) you'll see a 997 online for 30-35 grand from either an independent dealer or a private seller. You go and take a look at the car, you look at the log book, and the guy hasn't gotten it serviced in 5 or 6 years, and he's been getting once a year oil changes at McGinty's garage down the road for 80 quid a pop. And he's got made in China tyres on the thing. And you almost have to fully let the clutch out before it bites.

There is a 2011 997 up at Belfast Porsche centre for £47k, but I'd prefer a newer, lower mileage car, and I don't mind starting off at the bottom of the ladder and working my way up.