£12k to spend - what now?
Discussion
Hi folks, I'm relatively new on PH and need some advice. I've already got some info from a friend who is a regular on here (thanks Hoges Senior) and he recommended I post the query as well.
I'm looking to spend up £12k on a Porsche, just to put a huge
on my face before having to invest the money in property again! I aim to keep it for about a year, store it in the garage and use it in the good weather (or when I need to cheer myself up). I don't need the car to commute because I have a company car.
Ideally I'd like a cabriolet but I'm open to suggestions on model/year etc. It would be good to hear what you think would be good for this price range and perhaps you could give me some idea of what sort of maintenance bills I could expect during this period. I'll pay for an inspection before buying so I have some idea of what I'm getting.
Thanks for your help.
Rae.
I'm looking to spend up £12k on a Porsche, just to put a huge
on my face before having to invest the money in property again! I aim to keep it for about a year, store it in the garage and use it in the good weather (or when I need to cheer myself up). I don't need the car to commute because I have a company car. Ideally I'd like a cabriolet but I'm open to suggestions on model/year etc. It would be good to hear what you think would be good for this price range and perhaps you could give me some idea of what sort of maintenance bills I could expect during this period. I'll pay for an inspection before buying so I have some idea of what I'm getting.
Thanks for your help.
Rae.
nervous said:
verysideways said:
944 S2,
i had one of those on loan and it was easily as much fun as my 911.
Good 944 S2's seem to change hands for around £8-£10k. Ish. Probably a smidge more at this time of year. Hard-tops? Well, I bought a very nice one recently (see profile) for much, much less than your (mate's) budget. (Like, I could almost get 3 of them for £12k.)
Oli.
Sorry to pour cold water on a hot idea - and I know it seems like a good idea to buy an older Porsche, drive it around for a year and sell it for the same price - giving a years free enjoyment - but it rarely works out like that and if you keep a Porsche for only a year - it can often be very expensive indeed. Because older Porsche's do not get scrapped as often as most other makes there are more and more of them each year and presently there seem to be too many for the sub £20K (and particularly the sub £12k) market and hence prices are in free fall.
While this makes them cheaper to buy - and lots of choice - it still may have a bad affect on re-sale values a year later.
Furthermore - if you want to drive the car fast or enjoy a track day then I find the 944/968 cabriolets too flexible in the chassis and they suffer from scuttle shake. The suspension is also very hard - by modern standards.
For cruising and fast road work, they are just fine but I think that although they have held their values quite well (and they are brilliant cars), the recent fall in Boxster prices (and more coming to the market each week) may well lead to depreciation in all old cabriolets - there being too many for the market to absorb.
Most 944/968 cabriolets have tired roofs now (and can leak) and it is a very expensive job to replace them whereas a Boxster roof is a much easier and less expensive job (and the cars are newer anyway). If you can find a lowish mileage very well preserved cabriolet - that probably will still be a good investment - but many have deteriorated well beyond that position.
The 944 S2, Turbo or 968 Coupes, on the other hand, may be a better bet as they don't compete with cabriolets and therefore the Boxster numbers and prices have less influence on their value. The 968 Coupe is available in the smallest numbers and may well hold value best.
Remember also that all older Porsche's that are cheap may need around £3K spending on them (or more) to keep them running reliably and expensive ones from dealers may be better sorted out (but equally may not be) and will cost more than you can recover when you sell it privately one year later.
In the past 10 years the 944 and 968 range have had little depreciation but regular increasing running costs that overall still make a viable option - but if depreciation increases and is added to the costs - the opposite may become the norm. It would be quite possible with a poor choice and the market continuing to drop that a years fun could easily cost £6-8K or more.
So this word of caution is well meant (even though it is probably not what you want to hear at all) and you may find out more about the market from our own web site www.hartech.org where a comprehensive buyers guide covers all the issues.
Good luck.
Baz Hartech
While this makes them cheaper to buy - and lots of choice - it still may have a bad affect on re-sale values a year later.
Furthermore - if you want to drive the car fast or enjoy a track day then I find the 944/968 cabriolets too flexible in the chassis and they suffer from scuttle shake. The suspension is also very hard - by modern standards.
For cruising and fast road work, they are just fine but I think that although they have held their values quite well (and they are brilliant cars), the recent fall in Boxster prices (and more coming to the market each week) may well lead to depreciation in all old cabriolets - there being too many for the market to absorb.
Most 944/968 cabriolets have tired roofs now (and can leak) and it is a very expensive job to replace them whereas a Boxster roof is a much easier and less expensive job (and the cars are newer anyway). If you can find a lowish mileage very well preserved cabriolet - that probably will still be a good investment - but many have deteriorated well beyond that position.
The 944 S2, Turbo or 968 Coupes, on the other hand, may be a better bet as they don't compete with cabriolets and therefore the Boxster numbers and prices have less influence on their value. The 968 Coupe is available in the smallest numbers and may well hold value best.
Remember also that all older Porsche's that are cheap may need around £3K spending on them (or more) to keep them running reliably and expensive ones from dealers may be better sorted out (but equally may not be) and will cost more than you can recover when you sell it privately one year later.
In the past 10 years the 944 and 968 range have had little depreciation but regular increasing running costs that overall still make a viable option - but if depreciation increases and is added to the costs - the opposite may become the norm. It would be quite possible with a poor choice and the market continuing to drop that a years fun could easily cost £6-8K or more.
So this word of caution is well meant (even though it is probably not what you want to hear at all) and you may find out more about the market from our own web site www.hartech.org where a comprehensive buyers guide covers all the issues.
Good luck.
Baz Hartech
pcn1 said:
Baz,
In your opinion are you saying a buyer with 12k should be looking at a boxter over an "older" 944/968 cab as more sensible financial choice and it will be easier to move on ?
In your opinion are you saying a buyer with 12k should be looking at a boxter over an "older" 944/968 cab as more sensible financial choice and it will be easier to move on ?
This may appear to make sense but a well looked after 944/968 should have had a lot of money spent on it and had all the problems sorted out. This will be evident in the history and bills etc. (like mine, which is for sale, excuse the plug).
I am no expert on Boxsters but even if they have been well maintained couldnt early ones start having issues and end up costing money to put right?
pcn1 said:
Baz,
In your opinion are you saying a buyer with 12k should be looking at a boxter over an "older" 944/968 cab as more sensible financial choice and it will be easier to move on ?
He's got a point with the 2.5 986, they are really good value at the moment. Although for £12k you'll really be looking at the low end of the market, which might dent resale value. It'll also not be as quick as a 944 Turbo/S2 or 968, and you see a lot more 986's than you do the others. In your opinion are you saying a buyer with 12k should be looking at a boxter over an "older" 944/968 cab as more sensible financial choice and it will be easier to move on ?
Both the 944 S2 and the 968 are really good cars (and pretty much the same car), and if you're not bothered about a cabrio you can get a very good one for £12k. A friend of mine had a 944 S2 (Guards Red, Cream Leather
) and for the money I can't think of a better car, it was really special. Went like stink too!an interesting dilemma. Baz Hartech makes some excellent points. No matter how well you inspect your purchase, an old porsche will always need some money spending on it. I have bought 3 944/968s now and each required £1-2K initial spend (including a major belts service) to give me peace of mind and get it up to spec. after that, running costs were more modest.
there is also no doubt IMHO that at this time of year there's something VERY special about a soft top porsche.
Personally I would scrap any idea of getting my investment back after a year. I'd be pleasantly surprised if I did but i wouldnt count on it. A 60-75% return after expenses is more realistic
I think the crucial bit here is what its intended for. if this is to be a third car for fun and weekends then it needs to be something a bit special. A boxster 2.5 wouldnt cut it for me simply because they are now so common. A well sorted 944 turbo, now thats got presence. and its quick.
So as a daily driver, yes the boxster has merits. or a 944/968 coupe would be more sensible. but as a weekend toy....
my list would be 944 turbo cab, 944S2 or 968 cab, and add to the shortlist a 3.2 911 cab
there is also no doubt IMHO that at this time of year there's something VERY special about a soft top porsche.
Personally I would scrap any idea of getting my investment back after a year. I'd be pleasantly surprised if I did but i wouldnt count on it. A 60-75% return after expenses is more realistic
I think the crucial bit here is what its intended for. if this is to be a third car for fun and weekends then it needs to be something a bit special. A boxster 2.5 wouldnt cut it for me simply because they are now so common. A well sorted 944 turbo, now thats got presence. and its quick.
So as a daily driver, yes the boxster has merits. or a 944/968 coupe would be more sensible. but as a weekend toy....
my list would be 944 turbo cab, 944S2 or 968 cab, and add to the shortlist a 3.2 911 cab
softinthehead said:
A well sorted 944 turbo, now thats got presence. and its quick.
And in Cabrio form they're as rare as rockinghorse droppings! The difficult choice with the 944 is Turbo vs. S2. In stock form they've got comparable power, so it's down to delivery and price vs. rarity.
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