financing a 996

Im 22 years old, have graduated college and start law school next fall. Right now im working as a paralegal and making enough to where i think i can afford to finance a 30-35k 911 (please no disputes on this point! haha in reading it over i forsee some doubt coming my way). Right now I drive an e36 m3 that i had all through college, and its great, but I've always been into Porsches and after my little brother got his 911sc (his first car!), well, the deal was sealed. Of course, there's also the real benefit of building my credit with a car loan. While the SC is great fun, however, my m3 is still a much more capable daily driver and therefore a Porsche to replace it would have to be something along the lines of a 993/ 996 C2, or maybe a 930. Of those, i might have to exclude the 930 because this car will be driven daily and i want the same kind of reliability my m3 offers. I really like the idea of a 996 with PSS9's and wheels, the sport seats, mmmm! How will i make payments once law school starts? The 15k i get from my car will go into some kind of conservative investment earning a return. SO... Anybody driven both 3.4 and 3.6l 996? Worth the extra 5-10k for the 2002, which translates to maybe 200 dollars extra a month? I know i'll be driving both before any purchase decision but im getting anxious here haha. Any other opinions more generally related to financing a 996 are welcome! Thanks. Kevin Menes

Kevin, I would just offer one word of caution. The purchase price is just the tip of the iceberg. The models/production years you are looking at will likely be out of warranty. Do you have the means by which to replace a motor if need be? I would not want to build my credit paying for a car that I cannot drive due to a repair bill that I cannot afford. I have been in your shoes...and my grades suffered. Just my two cents! I am very happy with my 1999 996... Keith

Keith, Yes thats true, good point. Though I've also seen cars advertised with what's left of a warranty, sometimes with only 30-50k miles on them. Maybe these were CPO cars or something, if Porsche even does that. Maybe I need to go talk to a dealer. But back to your point, unless I got really unlucky and had a RMS related failure, how bad could it be? My m3 is a car that in the last two years I have done nothing to but oil changes and tires and have covered 30k miles. The m3 now has almost 140k on it. 996s in the 35 k range, 3.4s that is, seem to normally have 40-70k miles on them. I have been researching this for a while and that mileage seems to be just about the best bet for avoiding RMS problems (they've either shown up if they were going to and were fixed, or havent and therefore won't), as far as I have found. I would, of course, have it inspected. Oh and I would always have help from my parents if I couldn't make a payment or a repair bill. How has yours been, Keith? any pics?

Gotta say that I luv all the 911's in my past (many) and I've still got my widebody 911. But for a daily driver (price dependent) the best Porsche I've owned is my Boxster...and prices for a used Boxster are most reasonable. Go on -- just go test drive a Boxster 'S'. Get the 911 later. IMO

all due respect, i might have to kick my own ass if i sold my m3 for a boxster. just not my thing i guess. different image, soft top is definately not my thing. Not to mention the lack of any rear seats at all, not that the 911 has usable ones but at least its a space to throw stuff. Im a drummer and have to haul my kit around sometimes, it fits in my brothers sc believe it or not! Anyway, thanks but boxsters have never really been in the picture for me. I have no doubt they're great to drive and would love to test an 'S' for sure.

Kevin, OK, as long as you have a safety net...GO FOR IT! I picked up my 1999 996 with 71K miles for $28,000. Some may say I could have done better. I will say that it is a one-owner car with all maintenance records. I know the previous owner and he has passed it along to me only because he can no longer drive a manual transmission due to health issues. It has never seen the paint booth, came with two sets of factory wheels (snow and summer tires), a Porsche cover and a few small upgrades. I have only had it for a month and just turned 75K...I can't leave it parked. On the downside, I broke the hinge associated with the center console. I have been in touch with a company in CT that provides a very nice solution to the problem. It is in need of a wash and wax this weekend, at which point I will post some photos. I have driven some nice cars while growing up in Germany...just wish I had this car while I was over there. I did get to drive an AMG E55 on the autobahn, very nice. As for the 996 here in the US, I had a nice run with a 350Z in CT...but the fear of a ticket resulted in me letting him go. It had zero to do with the 996. I have the snow tires on now so my speed is somewhat limited but I had another nice run with a Bentley Silver Spur (I assume it was a 2006 with 552hp) in NY. I am not trying to brag, and I don't encourage people to break the law...but the car is a BLAST. It handles like it is on rails. I just wish I had not waited so long to buy one. Best of luck in your search...and law school too. Keith

I smoked a 350Z that jumped me on a two lane on-ramp. I never jump anyone and almost never respond when jumped (except this time, I guess). This guy was surprised I think because once we got on the freeway and were back down to 65 or so, he wouldn't come back up to me.

I noticed a great deal of chrome under the 350Z and based on the performance, it was not stock! I also tend to be rather conservative so I didn't push it. So, if you had to decide air or water cooled? So in your case, the '84 or '00? Keith

One or the other? Hmm. Tough one because I love them both. I'll end up betraying my air cooled brothers (and my deceased dad) but I'd have to say I'd take the '00 over the '84. Take nothing away from the '84 though. It feels so "old-school" and I just love getting in, dropping the top, and driving it while listening to that totally unique air-cooled growl. The nice thing about the 996 is I can drive it every day and know it'll be quiet, reliable, warm (or cool), dry (no leaks) and safe, but that when I want performance and a nice growl from the exhaust, it's there in spades, just waiting to be tapped.

I guess we should just say that they both have their time and place. I didn't see any photos of your 2000 but the 1984 looks GREAT! I just wish I had the driving weather that you have out in CA... Keith

Yea, I definitely need to take more pictures of the red car.

Scott, thats exactly what i think about the difference between the 911sc we have and my m3. Your dilema is just about a notch higher on the performance scale, i think! Do you guys get any rattles in the 996 interior? Thats one thing thats annoying on a day-to-day level with my m3.

Ya know, I wouldn't exactly call what I have "rattles", but the interior does have a few slightly annoying intermittent "buzzes" and the headliner creaks a tiny bit (as does my wife's 2004 BMW, btw). The buzzes manifest themselves mostly on the bumpier roads and highways and the "creaks" happen when the car twists a little, like on a driveway entrance. I attribute the creaks to the fact that the cabin is so darn quiet that you can actually hear the car flex (which all cars do) so it doesn't bother me. Overall, the interior is pretty quiet though.

Did you say your E36 with >100K is worth 15k?? That seems optomistic based on what I have seen. IF you have the means go for the 02...but I hear the 99s are lighter and you might find one with a limited slip. My advice - focus on your studies for a few years then play cars. I of course did not follow this advice myself :-)

Ok point taken, but this isnt a car i plan on 'playing' too much with. I mean, i'm not going to be underneath it wrenching every nite/weekend. And yes, maybe not 15k for my m3, more like 12-13ish. Its a really clean/fanatically maintained estoril blue coupe, which is a color that commands a slight premium. So i'd probably list it for 14 obo, i'm not sure yet. Which cars have LSD? Is it a sport package thing or a separate option? Yeah the 2002's give up almost a hundred pounds right, for 20 horsepower? hmm...almost 10 grand extra...might have to pass.

THIS IS WHAT I WOULD DO. KEEP YOUR DAILY DRIVER AND FIND A REALLY GOOD DEAL ON A 996. BUY AT LOAN VALUE OR BELOW. TELL YOUR BANKER YOU WANT BALOON LOAN. WITH THIS TYPE OF LOAN YOUR PAYMENTS WILL BE VERY LOW AND THE LOAN WILL NOT MATURE FOR 2-3YRS. PUT CAR UP FOR SALE BEFORE MATURE DATE AT RETAIL. IF YOU TOOK CARE OF CAR AND DIDN'T PUT A LOT OF MILES YOU SHOULD BE FINE.

Bishop901: Ok I'm trying to follow you on this but Im sorta stuck, not really good with this kind of stuff i guess...so before a baloon loan matures are you just paying interest? or just payments on a smaller principal, or what? And I'm not clear on what buying at loan value means either, i'm afraid...does that refer to paying off/taking over somebody else's loan? I guess you gave me enough to go ask a bank about but if you happen to check this again and feel like expanding...sounds interesting. thanks

CHECK WITH YOUR BANK. THESE LOANS A VERY POPULAR. YOU CAN PAY JUST INTEREST OR SOME ON PRINCIPAL.IT DOES NOT MATTER BECAUSE THE BALANCE WILL BECOME DUE ON MATURE DATE. YOU WILL BE ABLE TO RENEW THE LOAN OR PAY BALANCE. THEIR IS ALSO 6MONTH AND 1YEAR NOTES TOO. I BUY PORSCHES AT OR BELOW LOAN VALUE. THIS IS A VALUE BANK IS WILING TO LOAN ON THE CAR. MY BANK USES KELLY BLUE . FIND A CAR YOU LIKE, GO TO KELLY BLUE BOOK .COM AND FIND LOAN VALUE. THIS IS WHAT I WOULD PAY.

Here's another option. Drive the M3 though law school. Study your butt off and invest the money you would have spent on a 996. When you get out of school, buy a 997 Turbo. Woohoo!

I purchased an 02 Cab this summer as a Certified Pre-Owned Porsche from a dealer. It had 24850 miles on it has a 2 year/100000 mile factory warranty and it is worth every penny! 3.6 L vs 3.4 L is a no brainer. I drive my 996 to work and to run my kid around town to pratices and lessons, the back seat is big ennogh for kids and pets as well as a weekends worth of luggage. There are some good deals to be had, but be careful and get a prepurchase inspection for a Porsche mechanic BEFORE you buy. Check with your insurance carrier as well, the car is not worth buying if you cant afford to drive it.

I have a 99/996 and a 03 C4S also a GT3 RS ( Factory Race ) consider the 3.6 engine it is more power. If you take the car to a dealer For a PPI talk to the service Mgr. get his opinion on the car if he says its all good tell him to refer you to the Warranty Coordinator for the dealership it costs 1800.0 for 3 yrs. you can go all the way to seven yeaars dont know the cost on that but I think its around 3000.0 or call Michael Stead Porsche warranty @ [phone removed] or web site @ [email removed] . Get a good deal buy the car have alot of fun NOW!!! while your young ,you will be driving the Carrera GT when you give up the BAR have lots of FUN!!!! Ferd

If you will have student loans to pay, and need to pay for your living expenses... your Porsche may be a reach. If your parents are footing the bill... you will have fun, fun, fun 'til Daddy takes your Porsche away! Go for it! "Creative financing" is a way to get yourself into deep financial trouble. A car is generally a depreciating asset. If you get an interest-only loan you will soon have negative equity (owe more than it's worth). This means that you can't sell the car to pay off the loan... which is the first step to "the car owns you, you don't own the car", which is a slippery slope. Finally, don't count on a high paying lawyer job... the lawyers were not as smart as doctors... there is a huge oversupply of lawyers... while doctors limit their numbers (and thus protect their inflated wages) through the AMA. Although some lawyers make serious money, its more like "some sports players make serious money"... for every one who earns $500,000 there are thousands that earn $50,000... at least in this part of the country. Good luck!

appreciate all the input, and as far as a car being a depreciating asset, I don't even think of cars as much of an asset at all, more like a liability. Especially one that's going to be nearly 100% financed. Another thought, having a fall back in terms of making payments and service bills doesnt necessarily equate to 'daddy is buying me a porsh.' Probably was just a reference though, so maybe no need for that on my part. I think the claim that there's a huge oversupply of lawyers is questionable by the way. Gotta love Ferd's advice the most! And wow, that seems like a good deal for a three year warranty, i wonder if there's a mileage restriction? I'll definately give Stead Porsche a call, thanks.

I think there is a milage restriction on the warranty, But you have to do a whole lotta driving to and from the office to go over the limit, of 70,000- 100,000 mi. warranty, how is your driving record? dont have the Ins. company rate you on driving the porsche, if your not driving it everyday, Use an older car for the lead on the policy it could save big $$ As I said before its about the FUN!

Personal experience: 996, HP gains from 01-02 are not that big to foot that sort of bill, expecially while going through college. You can do without the extra glovebox and face-lift front-end for now. E-36 M3 is a great daily driver (240 HP) and is reliable as a Honda if treated right. I would keep the E-36 for now..... Keep the Pcar as a gift to yourself after graduation. Parking at school isn't always great so it's just one less thing to worry about.... Cheers,

Don’t take this the wrong way but it sounds like someone else is footing the bill for your education and wheels just tell them to buck up a little more and get exactly what you want.