Carpe Diem or Save for Another Day?

Doug&Julie · 11-19-2009, 03:30 AM

This is probably a dilema some of you have faced before (or something like this), so I thought I'd share and get some thoughts...

I'm currently Porsche-less....mostly for voluntary reasons. Julie and I have been trying to move out West for some time now, and think maybe next Spring / Summer might actually be "it". So we've lowered our debts (sold expensive cars) and saved up some cash for The Move. But being Porsche-less is starting to hurt a little (those of you with The Disease will understand where I'm coming from). So I'm entertaining the thought of spending a little of that cash to buy a 924S to tool around in and basically get my Porsche fix. The dilema is, while I'm sure I'd enjoy a 924S and even have some ideas on "personalization", it's not really THE Porsche I want. So I'm contemplating just saving for another day. Of course, "another day" could literally be years from now (none of my "dream" Porsches are cheap), depending on how The Move goes, etc. I'm not sure how an addict goes years without a fix. Truly.

So what do we think? Carpe Diem or save for another day?

Discuss while I

stomachmonkey · 11-19-2009, 04:42 AM

Buying a car now is more expense down the road.

You'll need to move to the new local.

Your new home state may have an "import" tax in the form of additional registration fees as an "out of state" vehicle.

If you can't resist buying it you will have just as hard a time not attending to "things".

Tough one. I'm on the fence but leaning towards wait.

deanp · 11-19-2009, 05:17 AM

If you can't get what you want now then wait. You'd probably 'enjoy' the 924 while still thinking about / lusting after a 'better' Porsche.

Doug&Julie · 11-19-2009, 05:39 AM

Quote:

Originally Posted by stomachmonkey

Buying a car now is more expense down the road.

You'll need to move to the new local.

Your new home state may have an "import" tax in the form of additional registration fees as an "out of state" vehicle.

If you can't resist buying it you will have just as hard a time not attending to "things".

Tough one. I'm on the fence but leaning towards wait.

Good point about the hassle of moving a third car. And yes, I wouldn't be surprised if the "inexpensive" car starts getting expensive fast!

Doug&Julie · 11-19-2009, 05:40 AM

Quote:

Originally Posted by deanp

You'd probably 'enjoy' the 924 while still thinking about / lusting after a 'better' Porsche.

True, but I have that problem no matter what Porsche I drive. Check my sig.

masraum · 11-19-2009, 05:44 AM

Continue to save. I'm currently Porscheless for voluntary reasons as well. I had to have something when I got rid of the 911 (it was my daily driver), so I replaced it with a miata as a daily driver. It's a good standby, cheaper, handles REALLY well, has lots of mods options, and is reliable. That might be a good option instead of a 924s in case you still need a cheap porsche later.

MRM · 07:47 AM

It depends a little on your age and what you think your income is going to do in the future. I have enjoyed many of your posts over the years, but I don't remember how old you are. If you're fairly young and are looking forward to increasing your income over time, I would suggest saving up for the Porsche of your dreams. You'll actually save money by buying only once. I hate buying something close to what I really want because I can afford it now, and then having something not quite what I wanted for years. With the money I spent on the "almost what I wanted" item I could have bought the real thing earlier.

OTOH, if you're old like me, or the future doesn't look so bright that you need shades, follow Bruce Anderson's advice and buy the best example of the newest Porsche you can afford. Bite down and spend the money now, and count it as an investment in your health.

If you buy it now you'll pay sales tax wherever you are and will be able to transfer registration wherever you go. If you buy it later, you'll have to pay your new state's sales tax. There isn't an extra fee for bringing an out of state car into the state; you just pay the local state's sales tax and registration fees.

Another thought is that interest rates are very low now and are likely to stay low for some time, but not forever. Some day we will see rising interest rates and some inflation, although there is little evidence of inflation on the horizon today and with this economy it might be five years before we see it. We'll all go broke trying to outguess what the economy is going to do, but it is something to keep the broad sweeps of history in mind. My parents bought a farm in the early 70s, moved the family there and carefully saved every penny to remain as debt free as possible, just in time for the worst inflationary cycle of our time to hit. If they had been a little clever about it, they would have taken a good look at the economy and taken on some debt, instead of maximizing savings and minimizing debt in the face of the one period in history that savings was punished and debt was rewarded. OK, that's completely off subject, but it's a long way of saying that maybe we're in a period of time where careful borrowing and purchasing is a good thing, which is a factor in favor of buying sooner rather than later.

cbush · 11-19-2009, 08:18 AM

Life's too short to drive a boring car. Buy the 924, have fun with it, and buy something else when you are ready!

jyl · jyl's Garage

Save it.

The selection of nice Porsches in good condition is probably better on the West Coast than in Ohio. Buy the Porsche when you get here.

Makes no sense to buy a car to drive for 6 months. Most of which will be winter. And how inspiring is it to drive a 924, really?

red-beard · red-beard's Garage

I'm not quite ready to buy another Porsche. I'm thinking 944 grocery getter. My wife is thinking Boxster.

TechnoViking · TechnoViking's Garage

A coworker of mine was diagnosed with bladder cancer yesterday. He's a car guy, but is not focused on cars at the moment as you can imagine.

Forget the 924..buy a 951, and drive the heck out of it while you can

Doug&Julie · 11-19-2009, 08:31 AM

Quote:

Originally Posted by MRM

It depends a little on your age and what you think your income is going to do in the future. I have enjoyed many of your posts over the years, but I don't remember how old you are. If you're fairly young and are looking forward to increasing your income over time, I would suggest saving up for the Porsche of your dreams. You'll actually save money by buying only once. I hate buying something close to what I really want because I can afford it now, and then having something not quite what I wanted for years. With the money I spent on the "almost what I wanted" item I could have bought the real thing earlier.

OTOH, if you're old like me, or the future doesn't look so bright that you need shades, follow Bruce Anderson's advice and buy the best example of the newest Porsche you can afford. Bite down and spend the money now, and count it as an investment in your health.

If you buy it now you'll pay sales tax wherever you are and will be able to transfer registration wherever you go. If you buy it later, you'll have to pay your new state's sales tax. There isn't an extra fee for bringing an out of state car into the state; you just pay the local state's sales tax and registration fees.

Another thought is that interest rates are very low now and are likely to stay low for some time, but not forever. Some day we will see rising interest rates and some inflation, although there is little evidence of inflation on the horizon today and with this economy it might be five years before we see it. We'll all go broke trying to outguess what the economy is going to do, but it is something to keep the broad sweeps of history in mind. My parents bought a farm in the early 70s, moved the family there and carefully saved every penny to remain as debt free as possible, just in time for the worst inflationary cycle of our time to hit. If they had been a little clever about it, they would have taken a good look at the economy and taken on some debt, instead of maximizing savings and minimizing debt in the face of the one period in history that savings was punished and debt was rewarded. OK, that's completely off subject, but it's a long way of saying that maybe we're in a period of time where careful borrowing and purchasing is a good thing, which is a factor in favor of buying sooner rather than later.

Thanks for the comments MRM. There is certainly a lot more into this decision than I've touched on so far. FWIW Julie and I are both 39 and make a comfortable living here in Ohio. Our move is about quality of life and about not being stagnent in our jobs and about new experiences and about where we think we would like to spend the rest of our lives. Without a doubt, we expect our income to drop during our move...at least we are preparing for that. This is why I say it may be a few years before I can get the Porsche I want again. Maybe not? (..we're not without skillz.

) But until we know for sure we're preparing for the worst. So to speak.

To go even deeper...(not that you asked)...I "hate" my job. I'm good at it, and I'm paid well for it, but I'm tired of it. So there's a chance I may make one of those mid-life changes which will require more education (i.e. money out) and starting over (i.e. less money in). This, of course, would push the Porsche back further. (Maybe.) So yes, buying now might (might) mean I can at least have a Porsche through all of that. (..but would I want one considering the financial burdens they might cause?!?)

Anywho...

McLovin · 11-19-2009, 08:31 AM

Quote:

Originally Posted by cbush

Life's too short to drive a boring car. Buy the 924

Now there's some contradictory advice.

Doug&Julie · 11-19-2009, 08:34 AM

Quote:

Originally Posted by masraum

Continue to save. I'm currently Porscheless for voluntary reasons as well. I had to have something when I got rid of the 911 (it was my daily driver), so I replaced it with a miata as a daily driver. It's a good standby, cheaper, handles REALLY well, has lots of mods options, and is reliable. That might be a good option instead of a 924s in case you still need a cheap porsche later.

I actually considered a Miata and drove a new one. (I don't fit in the old ones.) I liked it a lot once I was in it, but I think (for my less than small frame) it would get uncomfortable as a daily driver. Especially when it snows and I'm wearing heavy boots and bulky coats, etc.

I currently have a 2008 Subaru Impreza as my daily. It's not as fun as a Porsche ('cept in winter!

), but I'm having a hard time with the idea of giving up this go-anywhere-travel-anytime-never-let-me-down vehicle.

Doug&Julie · 11-19-2009, 08:41 AM

Thanks for the comments all. I'm leaning more toward the saving and waiting part. Maybe this will be additional "motivation" to get me off my arse and get the move done and get my life going out West.

..oh, and feel the love for the 924S!

Almost makes me want to buy one just to defy the critics!

legion · 11-19-2009, 09:21 AM

My friends that always live in the moment have no future.

My friends that alway save for the future have no present.

Do a little of both. A 924S isn't going to break anyone's budget, unless you are a college student with no money.

Deschodt · 11-19-2009, 09:28 AM

How far west ? If california, I would wait and buy there... Less potential SMOG issues bringing a car from out of state, no car-moving expenses, and.... a 924S, really ??? Nah... Save the money and get yourself a nice car then, sounds like a recipe for more expenditures... The west coast is porsche heaven, you will want another car when you get there!

porsche4life · porsche4life's Garage

Quote:

Originally Posted by legion

My friends that always live in the moment have no future.

My friends that alway save for the future have no present.

Do a little of both. A 924S isn't going to break anyone's budget, unless you are a college student with no money.

Yup and then you are straight up broke... Have to scrimp on car parts to pay for the dates that the car gets me....

Oh and who says a 924 or 944 is boring... Its more fun to go fast in a slow car than slow in a fast car

Deschodt · 11-19-2009, 10:35 AM

Quote:

Originally Posted by porsche4life

Oh and who says a 924 or 944 is boring... Its more fun to go fast in a slow car than slow in a fast car

Not me, but I'd say a 924S is an old car that is very likely to blow something up, and probably not "worth" investing into like a 911 might, in terms of resale, so unless you can guarantee you buy a great one, why bother... Also, Doug has a 2008 Subie right now, I'm not sure what a 924 would bring to the equation, it's neither fast nor all that quirky like an old porsche - I'd almost rather get a reliable miata... or a classic, somethign very different, that may be worth keeping, like a classic 912 ;-)

On " Its more fun to go fast in a slow car than slow in a fast car" I think that's the most abused expression ever ;-) It's even more fun going fast in a fast car... I know I'd rather go slow in a GT3RS than fast in a 924S ;-) Anyway, tongue in cheek... I know what you mean...

Doug, I still think you should get your $%$#% in order, move, get new jobs wherever it is you are going, don't waste time, brain cycles and money finding/buying/fixing an old piece of junk. Get yourself a nice car once you are there and settled - say a CaymanS or a Lotus, I know you like mid-engines - you'll appreciate it more. We voted and we're all OK to let you stay on the board even though you are porcheless ! ;-)

Doug&Julie · 11-19-2009, 10:36 AM

My first Porsche was a 944 n/a. I loved it. I don't think they're boring at all. But since that's one of the few Porsches I kept for a long time (

) I've kinda "been there, done that" with the four cylinder. But they're hard to beat for the money. Plus, there's that little dream I have about turning one into a 924 GTS and stuffing it with a 951 motor.

Don, after we move, it might be plausable to get a Porsche as a daily driver. I've done them here but the only ones I would drive in the winters were the Boxsters. And I "can't afford" the Boxster I want right now.

Greg...PNW, most likely Portland.