Looking to buy my first porsche
 

Hello all, I am new to the forums. I am currently looking to purchase my first Porsche. My previous car (97 Escort) was a gift from my great grandmother before she passed. I have grown up in a garage/engineer/machine family. Being 19 years old has its downfalls to say the least when it comes to acquiring a loan. I do have a considerable down-payment (4k). I have a secure job position as a assistant manager for a retail business. I am currently looking to spend 18-20k. A 964 C4 is on my wish list.

This brings me to my current dilemma. Financing a 15+ year with no credit history. If anyone has advice or suggestions please share!

Thanks for reading!

Eric M.

Eric,
Both the electronics & the AWD on the 964 can be problematic. i.e. probably more of a hit than you can afford. The '73 & '74 914 2.0s are GREAT cars. I have owned just about everything, and my '73 was THE most fun car I ever had. And prices are going up as more people learn it. Maybe an SC or early Carrera.
Best wishes,

Thank you sir!!

If anything where to happen, I am very stern on repairing things myself! Very hands-on/Mechanical.

Coming from a engineering background makes me desire something of a project...

Thank you for you're reply/advice!!

Emillion-

I can relate. When I was 19, I was obsessed with VWs. I had a 91 GTI and at 20 bought a VW Corrado. But I was in college and getting the Corrado was a bad idea. I went from a simple 8v golf with excellent fuel economy, that was fun to drive, practical and inexpensive to own, to the (infamous) Corrado. I spent thousands of dollars on the C over the next few years, dealing with everything from classic VW electrical issues to a complete engine rebuild and beyond...this is outside of the inevitable mod bug. But I loved that car.

Looking back, I should have kept that sweet basic GTI. Financially, I would have been in a vastly better place. The time and energy the Corrado took up could and should have been spent on more productive experiences and things.

There's nothing wrong with being a car nut. I am. But don't let a car prevent you from doing other things, know what I mean? I say this because a Porsche 911 of any vintage seriously has the potential to do this to you at this time in your life. The cost of insurance alone may be a stumbling block (have you checked?); never mind maintenance $ beyond typical DIY stuff.

You've got $4k saved towards this car. This is awesome - very few 19 year olds have a dime to their name. But here's the thing - lets say you do manage to get a loan for the other $15-20k to buy the car. Are you going to be able to swing not only the car payment but also set aside additional money for maintenance and mods? And the ins premiums? Add it up - that's a ton of money on a monthly basis. Can you hold off for 5+ years? Put that money away for a few years, focus on you (your job/career, savings etc) and you will be a far better place to pull the trigger on a 911.

Still want a porsche right now? How about a nice 944 or 924S? A beater 944 will be a nightmare, a well maintained one a great classic sports car.

A non beat-to-death early Subaru WRX would certainly fit the bill if you want to go fast with AWD.

Just my 2 cents.

excellent advice from Dan

Old 911's can get quite hungry for dollars. It's not the type of car you want to make payments on.
I bought my SC when I was 29 for 10k. In 7 years I've owned it there's at least another 10k in repairs and mods....(doing all my own work)

try and be patient for now and wet your palette with a lower cost fun car

No LOANS! This needs to be a fun "2nd car" given your age/credit etc.

two general maxims I like to share:

1) All 944s are $10K cars
2) All 911s (in this case, SC/3.2Carerra) are all $20K cars

and a bit of shared and repeated wisdom: The cheapest Porsche to buy is rarely the cheapest Porsche to own.

Not sure I saw you mention where you live and if this car will be your ONLY mode of transport. Do you need working AC? What about when it snows - will you need a second set of wheels? Also, if the car is down, how will you get to work? friend? bus? etc. Might also consider checking insurance rates

If you are going to throw caution to the wind and feel compelled to spend $18-20K on a Porsche, don't. You will need at least 10% to maybe 20% of purchase price to "fix" the items the previous owner overlooked.

high mileage 996 and 964 cars meet this price range. So to will SC and 3.2 Carrera cars as well as the whole 924S/944/968 series cars. Boxsters are another one. Spend some time out here and figure out which models "achilles heel" you can live with.

Sorry to be a buzz-kill but I agree ^^

I'll express this as a logical syllogism:

One must not take out loans to buy toys.
A vintage Porsche is a toy.
Therefore, one must not take out a loan to buy a vintage Porsche.

Lending institutions tend not to loan money on cars more than 7 years old. That means you are into "personal loan" territory with attendant higher interest rates. It seems unlikely that you own a home at age 19, and I would NEVER counsel anyone to take a home equity loan to buy a car. That is just dumb, and is in large part the cause of the recent "financial crisis".

As much as it seems unfair, and smacks of "old guys" being jerks and telling teenagers what to do, if you look at this objectively, it makes no sense to take a loan to buy a 15+ year old car that is likely to require significant maintenance and repair. Why not keep driving the Escort and keep saving? You could get a nice '85-up 944 for $7K or less and have a very nice driver, or pick up an SC or early Carrera 3.2 for $12-17K and go that way. But taking a loan to buy an old car is just setting yourself up for future financial pain. SAVE THE MONEY UP AND BUY THE CAR WITH CASH. You will need future cash flow for insurance, gas, maintenance, repair and upgrades. Don't spend that cashflow on a car loan.

I got my first Porsche at age 38. I had a '72 Datsun 240Z given to me as a teenager (value $2K) and over the next 20 years probably spent $12-15K on it (that's just in repairs, maintenance and upgrades, not counting insurance and gas)... sold it last February for $9K and bought my 911 right after that. Best decision I ever made, I'd been out of school and working for 15 years and felt like I'd earned it.

Anyway, best of luck with whatever you decide, I have a feeling you'll do what you want regardless of what a bunch of old dudes on an internet forum have to say... ;)

Cheers

d.

We've all been there: gotten good advice and ignored it.

Let me just toss in here that a typical mid-range 964 may be available to you at, say $18K. You MUST have a qualified Porsche mechanic do a pre-purchase inspection (PPI) and when you do, expect to find a lot of "deferred maintenance" on the car. You could easily burn through $2K on your first shop visit.

You need to shop for insurance and make sure the premiums won't kill the deal. You will need a low deductible, as the company financing the car is first in line to collect if anything should happen.

Think about all the things you could do with the money you're potentially going to spend on this car. At 19, you should be out collecting experiences, not tying yourself to steep payments.

Here's another "old guy" chiming in.

Given that all of these cars are 20+ y/o and have expensive maintenance / parts, you have to keep in mind that it's easy to spend $2K - $4K the 1st year in deferred maintenance / fixes. Even if you do 100% of the work yourself, the parts are expensive.

If you're heart is set on it, I'd make sure to keep $2-4K cash in your pocket to ensure you can keep it running and maintained the 1st year.

Otherwise I'd buy a cheaper and more economical (possibly newer) enthusiast car (GTI, WRX, etc..) until your funds are there to purchase a 911 outright with cash for maintenance and repairs. I love old 911s but i wouldn't want to own one if all of my money was tied up in one and it was my only mode of transportation.

Racer, Dienstuhr, Techweenie,

+1, +1, +1,

It would be a summer/weekend driver stored during winter, I have the escort as DD/Gas sipper. I live in Canton Ohio!

I Really appreciate the feedback guys!

ok then..

If a Porsche.. a 944 (914s, while great fun are even older, slower, less comfortable, sometimes smelly and sadly, going to cost LOTS more very soon, plus the minute they left the factory, they started rusting ;) )

A 944 *can* have
1) Cold AC
2) Room for you and even 1-2 more squeezed in back, plus the hatch
3) Has factory RUST protection. While the warranty may be over, you will find fewer rusty 944s than any OTHER car its age
4) are well entrenched in the $2000-$6,000 price range

Downside to 944s
1) Deferred maintenance due to low entry price and high maintenance costs
2) Waterpump/timingbelt replacement needs every 3-5 yrs/45K miles. Figure $300-400 in parts and 4-6 hours of your time or a shops to replace/bleed etc.
3) Rubber centered clutch. Fails. Expect $500 in parts, and up to 10-12 hours of your labor or a shops to replace.
4) cracked/weathered dashboards

If NOT a Porsche:

1) Miata
2) MR2


944s.. don't be lured in by the Turbos.. most at your price point will need too much $$ to make correct or have been boosted to an ounce of their life.

Stick with naturally aspirated. If you can find an S2 in your $$ range, go for it. Otherwise, keep it simple with a 150ish hp 8valve.

Continued Thought....

I really REALLY want a NSX. I was told that a Porsche was the next best. So I am getting familiar with this side of things..

Whatever I choose, I plan on keeping it for a really REALLY long time.

A WRX is nice. But something about a 964 or NSX just grabs you when you see it. The craftsmanship, lines, sound, feel.

And it's not about impressing women or any of that. This is all for me. I get home after a long day at work to nothing. I have this mechanical/engineer itch that needs scratched. I was raised in a garage working on 1 off motorcycles, Audio systems, Custom paint. It's what makes me happy. Always has.

I live by "You get what you pay for". Always have. If this means I have to save up for it (Should only take just over a year to do) then that's what I will do. You guys have been very helpful with breaking down the numbers and giving me another point of view!

Porsche as "next best" to the NSX... yikes.. I think you have it backwards ;)

Get a 944 (S2 if possible). Or if you insist on going aircooled...how about a nice 912E?

Forget the NSX.

Absorb all the above advice and then buy the car you want within your budget and put a side 2K.
Take your time in searching for that car that has been well maintained, fully documented, and loved within your budget. Use this board to get advice and educate yourself on what to look out for.

Good luck!

I am most likely going to save for a 964. Can't get over the body style!!

If I was 19 I would find a young blonde babe and drive her until both our wheels fell off.