1st time buyer, dizzy with options! Help plz! LOL

I would like a 993 but they are out of price range so I've set my eyes on a 996 for now. The only Porsche I have ever owned was a 1974 914, lol. I have $8,000 cash down and so I am looking to finance and hopefully buy private party so I can get a good deal. I'm 28 but my credit is not the greatest, it's just kinda barely alright. Anyway, I've been looking at 1999 and 2000 models below $25K which I figure is the most I can get financed for with my credit and $8,000 down. I am set on a coupe with a 6-spd, hopefully dark blue with a grey interior. Searching through just AutoTrader I am totally overwhelmed by the number of sub $23K 996's there are! Has anyone here recently spotted a good deal along the lines of what I'm looking for? Also, who is a good nation wide used auto loan company that would do a private party purchase of $25K with $8K down? Thanks! Alex

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For the loan, go with a local credit union. They give the best rates, & are the most flexible to deal with. I'm only 18, & have NO credit at all. I went to San Diego County Credit Union with a co-signer, & I got them to give me 7% interest on a $25k loan when I got my 996 about 2 months ago.

THAT'S a great suggestion! I happen to have a CC with my local credit union already! I'll give them a try Monday and see what they say! Thanks!

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I think you'd be smart to hold back some of your downpayment for maintenance and repairs/warranty. A new set of tires may run you over $1k, and if anything goes wrong, repair costs can be relatively high. Don't get me wrong, I'm not speaking to general reliability - merely the cost of ownership is higher for a car of this caliber. Plan accordingly so that you're not left with a sour ownership experience. Make sure you read the buyer's guide posted here, and have a PPI done. Good luck and post pictures when you pull the trigger on something!

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That's good advice. Remember: there is no such a thing as a cheap Porsche. you get what you pay for and if you are buying one that is priced at the lower end of market value, there will probably be things that need attending. Take your time and chose wisely; your first foray into 911 ownership should be a joyful occasion.

+1 for that advise I bought mine on the cheap end and socked away enough for a crate motor if needed... although I want to use the money for some of those "cool" things... I am holding on to it just in case the worst comes. I already spent $1500 on things like oil change, front tie rod ends, alignment, condensor leak, small parts, air filters (cabin and engine) some marker lights and of coarse a HOST of cleaning products to keep her looking as best as I can!!! Keep your money if you can, you will surely be glad you have it to help you make th most of your experience. E's $0.02

Thanks for the advice guys. I'm shooting for 1 of several cars with less then 50K miles that I have found in my price range. Putting $8K down left me with $2K in my pocket for stuff when I get her home. Also, this isn't my only car so downtime while I do any repairs in my garage is acceptable if I need to save for a month to do it. Thanks! I can't wait! I'm going to my credit union Monday morning. I'll go with a lower down payment if I can but I still want my payments as low as possible. Good thing I have a perfect driving record. I currently have Geico, how are they for full coverage Porsche insurance?

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+1 on the no such thing as a cheap Porsche, if no warranty then make sure you get a PPI done and save for a rainy day. I'm not going to lecture anyone on car loans, but the only reason you should be taking out a loan on a depreciating asset is if you're making more money (net of taxes) on the cash in an interest bearing investment than you would pay in interest on the vehicle. The only time this rule is generally broken is when the vehicle enables your means of base income (in which case the argument is to lease the commuter car and fully deduct the payments)

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wow that is very smart, wish I had you in my corner more often. E

Alright, here's the deal for me!!!!!! I just came from my local credit union. Because of my credit, they won't finance me for more than $15K no matter how much I have down because I have no previous auto loans. Not a biggie because I have $10K cash down today and by the end of this month I'll have $15K cash. So that means I can buy a $25K-$30K car! YAY! Now the problem, they WILL do private party IF the owner is willing to drive up here because they bank requires all of the paperwork to be signed in house. Still not a biggie because I figure anyone in CA wouldn't mind a 2-4hr long final drive in their baby plus I sure as hell don't mind driving them back home in their old car! Of course they are willing to do dealer sales. The BAD part about the CU willing to do private party or a dealer car, is that get this, they MUST BE IN CA To me that really sucks because some of the best deals are out of state, on the east coast even. So, here is what I'm on the hunt for; a CA car, 2002+, 6-Spd, & the lowest mileage I can possibly find in my price range. I don't care about color, options, C2 or C4, or anything else. Seen any around like that for sale :P

I think HotWheels has a few models in your range.

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Forgive my sarcasm. I really think you should get a car that you can actually afford. If you will really have $15K available for a car purchase at the end of the month and that doesn't include your emergency fund, etc. then you should buy a car that is reliable transportation allowing for as much "fun factor" as that situation dictates. Blowing your whole wad and still having the"biggest loan they'll give you" for a 9 year old car with a history of very expensive maintenance items is just a recipe for personal disaster. Show some restraint.

Well I already have 2 other cars that I own with no payments so this is purely a fun car, not a DD. Plus I can do all servicing myself so I'm only looking at parts prices which I can get for wholesale or jobber prices. I make great money and can totally afford it, how else could I stash away another $5K in just 1 month, lol. It's just that my credit is FUBAR from a divorce 4 years ago and is just now back up to 600.

A good rule of thumb is to pay cash for your toys. If you can really save $5K/ month you can buy a 911 with cash by Christmas. They're always a little cheaper in the winter too. Again, show some restraint.

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Great advice (above) - I follow that myself, paid cash for my 996, and turned down a great 996TT deal to adhere on principal.... On the other hand, I've used car loans before, but always try make sure it makes sense - for a toy, I dunno... You'll have to figure that for out yourself - good toy, really good toy... restraint, again, I dunno. Great toy. Keep us informed!

Any one willing to to check out a 95 cab for me at pedigree motors in Florida ? PPI mechanically looks good. Would like another opinion on quality of paint and exterior. Thanks in advance !!!

A loan for a 15 or 16 year old car? Seriously? And you've got "not good" credit? As someone else already said, if you can put away $5k a month, come back and get one in a few months when you have the cash. Hell at that rate you could be getting that 993 you want in the spring. First of all though you should get your credit stuff straightened out.

YOLO! Having said that.... I also would suggest saving up at least another 10k, because right out the gate you could be spending 2-4k on the car. The last thing u need is to make ur credit worse. I didn't read all the comments so sorry if I am repeating but I would also suggest getting the nicest one with the best service documentation, rather than just a clean low mileage one.

You guys know that this thread was back in 08' right?

My vote is for PenFed. Extremely easy to set up online and have yet to find a better rate. Mileage/age of vehicle is not an issue

Hopefully he has paid off the car by now...

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At least he wasn't responding to a FS post from 6 years ago.

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LOL.. I see that now. Coffee had not kicked in by first response At any rate, PenFed still gets my vote

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Doh! Dude, not only did you resurrect an ancient thread, but you are asking 996 guys to look at a 993? WTF??

Reality check. At 18 your young and tupid and sometimes blind is you fall in love to early. Its obvious that your are obsessed with owning a Porsche. A car will never be and extension of your manhood. Listen to the wise and follow their advice. That's what you wanted from this thread. Let me break it down for you. A Porsche is like owning a boat. It's money down the drain just to bloat the we have a top of the line German machine. If I were you I would bloat of how much money I'm putting in the bank in a year. Save your money and buy want you really want. A find tuned 993 from a PCA member. A car with all the records and love. Don't throw your hard earn money on a 996. Buy it cash! Make your family proud. Buying a 996 at 18 will not make anyone proud. 3 simple rules that I follow. Things don't stay the same forever. Do not worry on things you can't control. Set goals and concentrate in their accomplishments. Girls will see your focus and follow you to the end on the earth. A Porsche will not help you with any of that. You know what the hell with it. Buy the dam thing, get into debt, spend all your money in parts, financing and girls. Life is to short. Girls will bankrupt you.

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Well, since we're travelling back in time to 2008, I'd suggest investing all of your money in mortgage backed securities or speculating on some real estate - say purchasing a nice condo in Florida or Las Vegas. No way that type of investment will ever go bad. Then, you can just go buy your Porsche for cash with all of the money you made on those "safe" investments!

Wow. To think I actually thought about my response.....and to make it worse it's only resurrected because someone can't use the interweb

Wrigley stock went up 36.58 percent in 2008. I'd invest in that...

Just gave my advice in vain. Oh well.

Aren't you on the 899 Panigale Forum too?

I realize this thread is from 08.... but what a joke. To the dude saying "show some restraint" are you serious? This dude is using his money for what he wants who are you to tell him not to? Some people are just dumb.

Solid first post.

Other side of the country but my local Porsche dealer has a 99 coupe 6spd. with only 31k miles for $21,900. It's silver with grey interior. Herb Chambers Porsche of Boston

Holy old thread of mine! Yeah I'm on the 899 forum. Since this old thread I ended up getting a 1956 Corvette and a brand new 2009 Ducati 848. The Vette sold to a collector in France after a couple years (**** I loved that car!!!!) and I sold the 848 and now have a brand new 899. I've also had a few other cars in between, none a 996 or 993 yet tho. I almost put a deposit down on a Challenger Hellcat but decided to wait for next year for better colors and to pay off my 899. I'll be getting rid of my GMC Acadia which is $400 a month to go towards the Hellcat which will be $860 a month. I just dropped $7K last month on doing an interior restoration and partial exterior restoration on my beloved 1992 Trans Am GTA I've owned for 14 years and will never part with. So yeah, other things just keep coming up that distract me from another Porsche I'm sorry to say. I still dream about a blue 993 RS clone tho I'll say that restraint is one thing I have not learned, I spend my money fast as I make it and couldn't be happier!