new car envy

because of all the deals for new 08/09 p-cars, i got it in my mind that i needed a new 911. i visited the local dealers and they were offering fantastic deals. the 997S looks, and drives, great and i even came within minutes of trading in my car and signing on the dotted line (drove a new 08 meteor gray with PSE). that was the emotional, "gotta have it" side of me. the rational part of my brain then kicked in. why am i looking? i've a great C4 and it's just about sorted the way i want it, i just need to add coilovers. sure it's older and has a few more dings and scratches than a new car (shiny!), but it's paid off and do i really want a new car payment? especially now in these times? i weighed the pros and cons for a few days, and sadly, decided to do the fiscally responsible thing. but sometimes, especially when i read the 997 board, i do get the itch. . .

It's natural! I've only had mine four months and can't imagine wanting anything else but I figure years from now I'll be in the same position. Hey if you can afford it and feel secure about the purchase then go for it. Otherwise get those coilovers and remember that since your car already has dings and scratches you won't have to obsess over going for a drive and getting a few more scars on it!

I do that every 2 month, than realize 1) I CANT afford a new 997 and 2) My wife would kill me in my sleep. So, I go and enjoy what I have But realistically, I may want to move to a 6GT3

Quotes source post: 6852297

#2 worries me too... want a 7-gt3 but I also want to keep breathing to the original post, I'd wait it out a bit too. The deals will continue to get better. When you can't stand to wait any longer... go for it

The depreciation on new Porsches is absolutely shocking, especially when you consider adding options to the base price. Whether you can afford $20k for a car or $120k, it is still appalling to think about losing 30-50% of that in 2-3 years, just for the status of driving a brand new car. But having the latest is very important to some people, and to them I say: "You look faaaabulous. See you in a couple of years."

Quotes source post: 6852297

+1 Except my wife wouldn't bother waiting for me to fall asleep.

deckman - ROTFL!

+2

I looked a couple weeks ago, but for me "new" was an '04 TT. tempting, tempting....

Much as I love the C2S, I love my current car more and just can't even contemplate changing it any time soon.

Quotes source post: 6852551

You have to get over the depreciation issue. Just get over it. Today, you can buy more Porsche than ever before. for the money. The deals people are getting today on slightly used 997s are very good. Fortunately for me, I'm always happy with what I have,--I think through my orders very carefully, knowing that I will be driving that car for many years.

There's a basalt black 4S that sits right in front of the entrance to my work. Every day that I go to work I go about 5 mph while passing so I can look at that butt. I know where you're coming from.

Quotes source posts: 6852297, 6852360, 6852773, 6853488

Rampant SWMBO syndrome here. Strikes fear in the hearts of men everywhere. (She Who Must Be Obeyed).

If only someone would make a real new car smell, we could all save some money.

Life is too short to worry about depreciation. If you can afford it, buy it. The 997 is a much better car, and if you go with the 2 vs the 4 you will like it that much more.

Quotes source posts: 6854240, 6854240

No. How can you? It's like buying a stock that tanks the next day. Or a condo in Miami (except that may, conceivably, come back up, someday, unlike a new Porsche). There are a zillion great cars in the world. Why buy one that immediately f's you in the a? Great drive? Sure, but so are a lot of cars that don't fall off a cliff immediately. Think about it--it happens for a reason. Yes. QED.

I've got to laugh when someone tells another to "get over" depreciation. Giving someone financial advice when you have no clue about their circumstances is about as clueless and insensitive as it gets. For those that have not figured it out - depreciation is the same as throwing money away. You have an asset that is worth less than you paid for it, therefore you threw money away that you will never get back when you sell that asset. You wouldn't tell someone how to raise their kids - don't tell them how to manage their money. Just because someone has money doesn't mean that they have to be wasteful and cavalier with it - that's the fastest way to have less money. Just a thought.

I have 2 friends telling me I should have bought this car instead, I always wanted a Porsche so that's what I did, 1 friend purchased an 2009 EVO X, so what it maybe a little faster and may out perform my Porsche, but at the end of the day it's still a Porsche, another told me I should have XYZ car, I told him, he purchased a Dodge diesel 3/4 ton pickup, talk to me in 7 years, you just paid off 50K for a truck that maybe worth 5-7K now if your lucky, what's my Porsche worth. A car is not really an investment, it's enjoyment. If it's paid off, why go back in debt, unless you reallly want to upgrade it.

imho, with very few exceptions, a car is always a depreciating asset.

Quotes source post: 6854133

+1. Every time I think about upgrading, I performance mod and it keeps me at bay. Also, the masses do not realize the difference between a 996 and 997. If you can get better performance out of your current car so it feels different, that is all I need.

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So is taking your family to the movies, or a dinner out, or a nice vacation, or a cruise, or a trip to Europe to see the Porsche factory and museum. If you want a toaster, buy a toaster. If you want an experience...

Just in at the dealer today, and I have to say I am not in a rush to upgrade. My 2003 911 (aka 996 ) looks pretty good compared to it's 115K replacement. From a styling standpoint, I am not hung up on headlights, and I actually like my interior better than the 997 (although I will say the original owner put a TON of money into interior options, which might skew my opinion). Also, like many of you, I have put a fair amount of money into upgrades that would not be realized on resale. Down the road, what might tempt me is going from coupe to cabriolet, or stick to paddle, but no rush at the moment. (Although if anyone wants to special order a 2010 911 in Mexico Blue, I might buy it from you in 2014)

My car listed for over 90 grand when new. The dealer drove it for a few thousand miles (let's say approximately 4 months) and then I bought it for around 84 (outright with cash). So the dealer spent 6K for 4 months, or about $1500K per month. 7 years later, I have it listed for sale at 35. So I spent 84 - 35 = 49, for 84 months of ownership, which comes to $583 per month. So the dealer took the big hit on depreciation, right? BWTM... I also spent about 40K over the 7 years of ownership on routine maintenance, repairs, upgrades, tires, wheels, etc. So my ownership actually comes to (49 + 40) / 84 months, or $1060 per month. Whoa, not so great. If I had to drop the price to 25 to achieve a sale, that would seem to be an extra 10K of depreciation, right? Bummer, that's more than the dealer took at the front end. But wait, in terms of the the effect on total cost of ownership over the 7 years, the figure changes to (59 +40) / 84, or only $1178 per month. 1060 vs. 1178. Whoop dee doo. Lessons? 1) Hold on to your car as long as you can stand. Depreciation becomes less of an issue with the passage of time. 2) If you have the discipline to hold the car for say, 6 or more years, then consider buying the car "all in" with cash - it amplifies the effect of time - no interest payments or lease terms to further burden the economics. This is probably the 5th car that I've owned this way. The effect rolls over from one car to another, so buying that first car with cash and holding for a long time pays off many years and many cars later. Be patient early in life, and build assets over the long haul. This applies equally well, whether you can afford a TCO of 1178/month, or 300/month.

+1 on the SWMBO... I don't know if it's rationalizing, but I was good with going used and good with getting one as old as it is... when I originally floated the idea of a "tinker" car, it was an old Fiat Spyder like the one I tinkered with back in college... but, when the dream was granted... I decided that a pcar of the vintage I ended up with would satisfy the tinker urge... I plan on keeping mine until the engine dies... hopefully by that time battery kits will be available and I'll play with converting it to electric - rear engines pcars are supposed to be ideal for that... and if they aren't, I'll do it anyway... $.02 Rudy

Yeah, whether you buy used or new, the key has always been to hold on to a car as long as possible, 7 + years at least. Of course if you can lease a new car every 2 years for less than a grand a month, according to EVRs number, you'd be ahead over buying new. But since the cost per month of owning used is way way les than that, I guess I'll keep buying used with cash. Maybe someday I'll see $100k as the same as $35k....just ONCE I'd like to order a car the way I want it!!!

Owning new is way less than that as well! My experience would have to be considered on the very high side due to the constant upgrades over time to make it "perfect for me". The alternative to "ordering a car the way you want it". Same price, but gratification allocated over time. Depreciation without the initial thrill.

Oh, for sure, but a lot of the upgrades are also simply not available from Porsche. Coilovers? Killer sound system? wheel upgrade? spacers, etc, etc. ANd routine maintenance while less ona new car, is still a factor , for wear items, alignments, etc. How much of the $40k is purely upgrades that you would not have done had you ordered the car? What is worth it to to me, (or would be, if I could ever bring myself to plopping down cash for a $100k car, regardless of the divorce issue) is the color, interior, & options that you literally can't get aftermarket, and doing it through Porsche after the fact is crazy expensive. All that plus being the only owner and knowing exactly where the car has been would be what is worth it to me. Maybe after I win the lotto or the house is paid off. Until then, I'm not too sad to own my 996 ;-)

funny thing about me is that i'm very cheap when it comes to just about everything else in my life. i clip coupons, shop sales when looking to replace worn items of clothing, get milk at target rather than kroger because it's $0.50 cents cheaper, etc. except when it comes to my cars. that's where i seem to lose all reason and my frugal nature surrenders. this occurred when i was a teenager and bought my 1st car (used IROC Z 350, cherry popper red with t-tops) to now. given my spending habits you'd imagine i'd own used civic hatch back.

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If you're in the market for a sports car that can't haul bails of hay or has any practical function, then you have already told me that you're impractical. As long as you worry day after day that your prized sports car is worth less than the day you bought it you will miss out on some of the enjoyment of owning the car. Many buy these simply to park them and wash them and drive them every 3rd month for 20 miles,--afraid of the mileage adding up and depreciating them further. It's a car, and it depreciates. That's life. Today, you can buy more Porsche than ever before (for the money). If you think about the depreciation aspects of owning a car you're never going to be truly happy with a purchase.

Well that is perfectly normal, I'll always buy the least expensive of the item I want (all organic, lactase free, fat free milk), but not settle for a lesser equal (Kroger brand fat free milk). I'd shop around for the best deal on an ordered Porsche, and still deal hard, but I wouldn't settle for a Civic. What you're saying is you find it funny that you can somehow justify spending the extra $$s for a luxury item. But I think everyone is that way. I cut my own hair (#3 attachment on a set of electric clippers), which saves me $10-15 like every 6 weeks...my wife spends $150 plus a month on color and cuts. It makes her happy, so I'm glad to spend it, but it would a cold day in he11 before I'd spend even $30 on a haircut for me. It's all what you think something is worth to you.. At this time in my life it's just not worth $65k in order to get the items I mentioned above. That little extra bit of pleasure is just not worth it to me...yet.

Bingo - I think a fair number of people "get it". We all know about depreciation and some feel differently than others, my point is that one should not presume to tell others how to feel about it. Many of us here can afford new Porsches, but choose not to buy them - I am one of those people. I see depreciation on a new car as wasted money. I buy gently used cars and keep them a long time - that's the way I get to have even more money sitting in my bank account so that I can spend it on other things. That's MY philosophy and I wouldn't presume to tell others to do things that way. I do know this - many a wealthy person told me when I was younger that the key to wealth building was not to fritter away your money on things that do not provide a return on investment. I'll repeat my earlier point, it's all about personal investment style and I would not presume to tell others how to spend/invest/waste their money. It's very easy for you to make the decision to "get over" depreciation, but others may have made the choice that there is a better way for them to make their money work for them.

I'm very happy with my '03....but I still look. When I start to think I should go to the dealer & just "check things out," I remind myself that the current cars are still early versions of a new design. It will be a while before any weaknesses appear--by then, some low-mileage used cars might really be the gems. I also remind myself that buying a new factory reman engine for my car would cost less than the depreciation in one year of a new car. The only difference is that you don't have to write a check for depreciation (but most pay interest on it to make it even worse!) I think we'd take it more seriously if we had to write a check for it each month. Nothing like making your car payment + $1000 (or more) sent off. But that's what we do....you just don't see it.

My #$%^#&* #*(^%$#%ing broker has lost me a three plus Astons lately and he sleeps fine.

Quotes source post: 6855204

Absolutely correct. I knew when I bought my car in '05 that when time came to sell it, I would lose significant $$$. The recession has not helped, but any Porsche or other car that was produced in large numbers cannot be considered collectible, or a non-depreciating asset. Any time you buy a new car off the showroom floor it depreciates significantly the minute you drive it off the lot - regardless. If you want a car as an investment, buy a 12 cylinder vintage Ferrari. If you want a car to enjoy, do so knowing that it will lose value.

If you're willing to not drive it (as you apparently are), lots of cars will hold their value very well. My lifelong quest is for a fantastic performance car that I can drive for 8-10k miles a year, and it will still hold its value. Maybe some Ferraris, but they're very mileage sensitive too. The 993 was the best I've ever seen it that regard, but thinking about it, you could probably "drive for free" in a <1990 911 that already had >100k miles. Of course, every dollar you saved in depreciation, you'd spend in maintenance.