What to do?

KevinS · 03-18-2006, 12:55 PM

I'm having a hard time making a decision and would like some input from the forum. Here's the situation/options.

1. Restore my 1971 911T Targa for about $20-30K depending on whether I decide to modify the engine for a little more power.

2. Buy a beautiful silver with black leather 993 1995 coupe with 62,000 miles on it for about $30k.

3. Get into some major debt and buy a new Cayman S.

I recently test drove a Cayman S and fell in love with it.

I've had my '71 for 15 years and will really have a hard time selling it. But I really find it hard to keep up more than one Porsche at a time. I'd really have one perfect one, then two or three OK ones.

Oh Haha · 03-18-2006, 01:06 PM

If it were me, I would get the 993. Unless your 71 has a lot of sentimental value it probably isn't going to be worth the expense. As in, you won't ever get back the amount you spend on her.
I wouldn't go into to debt too get a Cayman but that's me.

charlesbahn · charlesbahn's Garage

Sounds like you won't really be happy without the S. IF you can afford it, go for it.

York · 03-18-2006, 01:09 PM

Sounds like you are ready for a change, so buy the 993 and sell the 911T if you must.

randywebb · 03-18-2006, 01:50 PM

Sell the T and buy the 993 now. Wait a few years for the early car prices to crash and then buy an early E for 1/2 what you sold the T for.

KevinS · 03-18-2006, 03:13 PM

Thanks for the input guys. Do you really think the early car prices are gonna crash though. I'm thinking there only gonna go up. As for the T, I bought because I like it better than the E or S. A much more drivable motor for day to day and city traffic. I'd really like to get the Cayman but I'm looking it buying condo here in Hawaii and having a $700-1000/month car payment would be stretching things a little thin....I have a house on the mainland in the Seattle area that has appreciated well. I could sell it, put a 100k down on the condo and pay cash for the Cayman? But I love my house there and want to move back there someday, if I sell it now I'll probably couldn't afford to buy something similar when I go back. Anyway, appreciate you guys listening to my babble.

David E. Clark · 03-18-2006, 03:37 PM

I say take a deep breath and walk away from the Cayman! The drop in value it will suffer the first year will be equal to the current value of your T. If money is a concern, and from your post it sounds like it is, the 1995 993 sounds like the way to go. If you take good care of it -- and we all know that you will -- you'll find that it's done most of it's depreciating. You get all the fun of driving a Porsche without the huge financial hit and you can borrow a buddy's pickup when you need to go to Home Depot. Hang on to the T, do the restoration yourself over time (lots of satisfaction) and you won't lose a dime on that either. I don't see the bottom falling out of quality early 911's.

randywebb · 03-18-2006, 05:46 PM

"I'm thinking they're only gonna go up."

- Once everyone thinks that, they are bound to fall. Wanna buy some tulip bulbs?

Zeke · 03-18-2006, 06:05 PM

Quote:

Originally posted by randywebb
Sell the T and buy the 993 now. Wait a few years for the early car prices to crash and then buy an early E for 1/2 what you sold the T for.

One never knows whether Randy has his tongue in cheek. Or would that be, in check?

If you factor depreciation into the Cayman, you could easily justify the T resto. The 993 falls somewhere in the middle.

Only you can answer the question on an emotional basis, but an accountant proabably would just keep driving the T and do only necessary maintenance. Maybe do something towards "restoration" each year", like a new interior or paint. Surely the value will keep up with that. If not, we are all gonna have bigger problems than what our cars are worth.

At that point, I'd hate to own a Cayman payment book.