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Mighty Meatlocker Turbo
 
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I financed my 930 purchase in 2006; paid very little down (about one sixth), and paid the balance of the loan in about a year by making double and triple monthly payments. The loan was from USAA and I was about 40 at the time.
Old 03-14-2019, 11:40 AM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #141 (permalink)
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Originally Posted by ShopCat View Post
This sounds like a great way to end up in high interest cc debt and ruined credit if one thing goes wrong in life... The financing of classic cars like a 911 for most should signal that they can't afford the car. I imagine all the deferred maintenance will hurt their "investment" when they decide to sell. Or worse, they find themselves in need of an engine rebuild they can't afford and end up with large a monthly payment on a paperweight.
+1

Financing a money pit is not advisable. Don't be a fool.

The smart money, the current future generations included, flip them.
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I can't afford that.
Old 03-14-2019, 12:46 PM
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Originally Posted by Rawknees'Turbo View Post
I financed my 930 purchase in 2006; paid very little down (about one sixth), and paid the balance of the loan in about a year by making double and triple monthly payments. The loan was from USAA and I was about 40 at the time.
Not 24.
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Old 03-14-2019, 12:57 PM
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Originally Posted by Rawknees'Turbo View Post
I financed my 930 purchase in 2006; paid very little down (about one sixth), and paid the balance of the loan in about a year by making double and triple monthly payments. The loan was from USAA and I was about 40 at the time.
2006 was a different time. My 19 year old girlfriend got a $0 down loan for a $485k house in a different state in 2005.
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Old 03-14-2019, 12:59 PM
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Say whaaa?


Quote:
Originally Posted by QueWhy View Post
2006 was a different time. My 19 year old girlfriend got a $0 down loan for a $485k house in a different state in 2005.
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Old 03-14-2019, 03:33 PM
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2006 was a different time. My 19 year old girlfriend got a $0 down loan for a $485k house in a different state in 2005.
Thatís why the entire economy imploded only a short time later. Did she get foreclosed on like most others with no skin in the game when the market turned?
Old 03-14-2019, 03:47 PM
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Thatís why the entire economy imploded only a short time later. Did she get foreclosed on like most others with no skin in the game when the market turned?


Haha. That was a rhetorical question right?


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Old 03-14-2019, 04:45 PM
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Mighty Meatlocker Turbo
 
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Originally Posted by ADDvanced View Post
Not 24.
Good point, and yep, no way would I have gotten a decent sized and low interest rate signature loan like I did, when I was 24.
Old 03-14-2019, 06:05 PM
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So you crossed over to 50? Old mfr.

Quote:
Originally Posted by Rawknees'Turbo View Post
Good point, and yep, no way would I have gotten a decent sized and low interest rate signature loan like I did, when I was 24.
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Old 03-14-2019, 06:11 PM
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Mighty Meatlocker Turbo
 
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So you crossed over to 50? Old mfr.
51 as of last January - holy shiit!!!
Old 03-14-2019, 06:12 PM
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Originally Posted by ADDvanced View Post
The article leads with " Being able to afford a Porsche 911 at a young age seems completely unrealistic to many people"

Because it ****ING IS.

I did a bit of digging. Trevor Dalton is on LinkedIn. He graduated in 2016. He has been freelancing for a few years, and picked up a real job 1.5 years ago, as an assistant editor. His personal page is only photos of his car.

How did he afford his 911? What is "Having wealthy parents" for $200, Alex?
Sadly this is pretty much the first thing that crossed my mind too, and the most likely answer. Of course no one is going to lay that out in the interview, that would be too much real life, as if the interview had any substance anyway. My favorite part was where he was asked to lay out how hard it was to finance his dream Porsche and how he realized his dream. He answers "prices have gone up" and "buy within your budget"...
Old 03-14-2019, 06:57 PM
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Someone needs to tell young Trevor heís knocking thousands off the value of his SC by smoking in it.

Some of these kids are financing these cars. Iíve seen plenty of posts about it in RL. Itís a thing.
I financed my first Porsche at the ripe age of 20, this was 1994. I got a check in the mail for a loan, my brother and I opened up the Auto Trader, the rest is history...

The good thing about financing stuff when you're single and have no kids, is you can get ramen noodles every night, and drive to your shyte job in the morning before school, to pay for your 911, and still think you're the smartest, coolest dude on the planet!

---Adam

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Old 03-14-2019, 07:06 PM
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^^^Since when is wealth needed to own an SC? I consider that a poor man’s 911.
... when the poor man's 911 needs a $15000 rebuild.

Then it turns into a $50K car.
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Old 03-14-2019, 09:28 PM
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I don't know why it's so hard for people to understand a young kid saving his money and buying his dream car. I bought mine at 19. No loan, no parents giving me money, just cash saved from summer jobs. This was the beginning of my Porsche love affair, a long, long time ago.

36 years later, my son did the same thing. No loan, no parents giving him money, just his own savings from jobs. Sure, it was a $7K 944S that got him started on his Porsche journey, but it was a Porsche nonetheless. He drives a 911 these days that he bought with cash.

Why is this so difficult to understand?
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Old 03-15-2019, 05:25 AM
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Thatís why the entire economy imploded only a short time later. Did she get foreclosed on like most others with no skin in the game when the market turned?
Yes, in spectacular fashion. I think when the music stopped and there were no more chairs she had close to a million in unsecured debt. That's what happens when your dad is an unscrupulous fellow but also happens to be a CPA. She was the managing director of a couple bogus LLCs and was bouncing money around between accounts.

Around the same time frame one of my best friends got hired by Countrywide right out of college. He came to visit me and I'll never forget the story he told me over beers about a loan app that came across his desk. The guy was our age(21/22) stated his net income at $50-60k but also worked at McDonald's. My buddy went to his 25 year old boss with concerns and was told "Maybe he's a manager or something, you don't know, shut the F--k up and push it through"

That's what happens when nobody has incentive to perform due diligence of any kind and greed runs unchecked.
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Old 03-15-2019, 06:07 AM
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NYNick, not at all hard to understand. I had a bit of help from my Dad, but that's how I did it. Worked after school and missed the social scene, I wasn't particularly interested in. Then worked in a dealership before deciding on college.

It's great that your son shares your passion. I wonder if he may be the exception that proves the rule? As I first wrote, I only know one young person among my daughters crowd of friends that has any automotive interest. And, strangely, I think he's inclined to luxury cars Astons and Mercedes.

I love reading about the early experiences you guys had! What you did and had to do to pursue your interest in cars. Still, I wonder If (in the future) kids will want or need to do what we did.

To me, one major difference are the cars themselves. When I went to work for a Saab / Renault / Alpha dealer (1977) we had two Saabs on the floor and maybe six in inventory. We had a Le Car on the floor and one on the lot. We had an Alpha GT and a sedan – that was it. The closest competing Saab dealership had fewer cars than we did. There wasn’t a competing Alpha dealer anywhere. And nothing we had was ‘selling like hotcakes.’

My point is that in those days, interesting cars were more of a novelty. Not non-existent, but you had to seek them out. That made the hobby interesting. I remember driving half an hour just to see the only 2002tii I could find for sale.

Another point is that cars were dis-similar, quirky in their own way, both mechanically and in styling. You might like or dislike a design, but you surely wouldn’t confuse a Saab and a Fiat! That diversity also gave the hobby fascination.

Lastly, if you wanted performance of a certain kind you had to work for it. Engine and suspension mods made a big difference. And, as many here have noted, the level of performance we achieved was usable in every-day driving.

Cars made today amaze me, but they don’t really entice me. They are all so competent that I suspect any stock vehicle today would outrun the BMW 2002 I had in college. And aside from giggle for the first 0-60 mph; what would I do with 800 horsepower out of a Dodge Challenger – on my country roads. The cars today are just so good!

It almost seems that, if, in the future, a young person got interested in cars – that car would have to be an ‘antique’ played with just for the fun of it. If, twenty years from now, that Dodge Challenger is an electric powered, 1,200 HP monster from the factory, how would a next generation car-guy mod it? Double the horsepower and put wings on it?

Interesting to contemplate.

Robert
Old 03-15-2019, 06:40 AM
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Sure, it was a $7K 944S that got him started on his Porsche journey, but it was a Porsche nonetheless.
I don't think anybody is talking about 944s except you. Almost anyone can afford a 944.
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Old 03-15-2019, 06:42 AM
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I don't think anybody is talking about 944s except you. Almost anyone can afford a 944.

No, we were talking about about the younger generation getting into the hobby. You're the only one pulling out the 911 snob card.

Cars are cars. Porsches are Porsches. I encourage them to pursue the hobby, 911 or no 911. Exclusivity is an obnoxious state and not one welcomed in the classic car world.
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Old 03-15-2019, 08:18 AM
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Originally Posted by piscator View Post
It almost seems that, if, in the future, a young person got interested in cars – that car would have to be an ‘antique’ played with just for the fun of it. If, twenty years from now, that Dodge Challenger is an electric powered, 1,200 HP monster from the factory, how would a next generation car-guy mod it? Double the horsepower and put wings on it?

Interesting to contemplate.

Robert
I'm a bit younger than most on this forum, I think we are going to see more and more electric swaps from modifiers. I have seen a few and they are a cool twist on classics. Seeing a 60's mustang go 0-60 in 2.9 seconds is a trip... I would own one... I know that is probably heresy to some here... but its the future, and its interesting. https://www.youtube.com/watch?v=IOLzpBzUXZs
https://www.youtube.com/watch?v=Nhwl-Skxdzo
Old 03-15-2019, 09:08 AM
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Mighty Meatlocker Turbo
 
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I'm a bit younger than most on this forum, . . .
Why you gotta rub () it in, bro?!?!
Old 03-15-2019, 09:22 AM
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