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I am single and making 120k a year, each month I put 4k into a bank account and after 5 years I have almost 300k. My dream car is a Porsche Panamera 4, with my customizations it will cost 114k before taxes. I currently rent an apartment in LA. Should I buy my dream car?

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Yeah, that was my point.    My income went up year over year until 2010.  It peaked at $57/hr and is now barely over $40... (more)

RedWolfe01 (Dec. 30, 2016 @ 2:18p) |

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yaknart33 (Dec. 31, 2016 @ 2:05a) |

If there is a guilty pleasure of a dream car ,boat ,motor home,motorcycle and you have the means to own it you should d... (more)

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Do it!

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Call Susie Orman!

How old are you?
How much in retirement?
When do you want to retire?
Is working an extra couple of years worth buying this car?

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Clearly the purchase isn't going to break you.
Are you contributing the max to your 401k already?
Do you want that car bad enough to give up the last 2 1/2 years of your savings?
If yes, go ahead and buy it, but do try to work the best possible deal, and don't buy one off the lot, order it exactly the way you want it.
Rennlist forums might have some shopping tips for you.

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Lol, spend half your money for a car that will last you 5 years (It's a porsche after all)

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taxmantoo said:   
If yes, go ahead and buy it, but do try to work the best possible deal, and don't buy one off the lot, order it exactly the way you want it.

 

  can you elaborate how one does that? Don't you lose leverage if the dealer has to order one custom for you rather than moving one they have sitting on the lot?

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Some dealers will allow you order it and pay 5 to 8% less than msrp especially if you do overseas delivery.

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My dream car is a 1993 crown vic.

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DTASFAB said:   My dream car is a 1993 crown vic.
  my dream car is a house

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Can you buy your dream car used? Carmax has some a few years old for less than half the price of a new one. Can you lease it? Do you personally feel you will get 114k value out of the car? 114k would go a long way on vacations or other items. Unless I had stupid money I would never pay $115k for a car but that is just me...

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The novelty will probably wear off after a couple months.

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Get a Miata

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cjchaps said:   Can you buy your dream car used? Carmax has some a few years old for less than half the price of a new one. Can you lease it? Do you personally feel you will get 114k value out of the car? 114k would go a long way on vacations or other items. Unless I had stupid money I would never pay $115k for a car but that is just me...
I would try to assume the final 8-12 months of someone else's lease on leaseswap or similar site.  Try the slightly used version for about a year and then decide if it's really worth $121-125K (including TTLF, etc.) to own a new one and keep it long term.  Keep in mind ongoing insurance costs are going to be extremely high compared to a regular passenger vehicle.

Leasing a 2.5 year old car on the third year of a three year lease, even if it costs $1K/month, is going to cost way less than the depreciation of buying new at over $100K and then selling a year later if you don't like it anymore.

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I think the OP will realize all the comments being made is just the status quo before buying.
My point would be how is it going to feel when the scheduled services start.
And the worst when he comes out to see banged-up body accidents and scratch damage by vandals.
That's been worst for me rather than the payments.

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DTA SFAB's suggestion of getting the tail end of a lease as a trial run is excellent.

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What's your parking situation like OP?

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jackveil said:   I am single and making 120k a year, each month I put 4k into a bank account and after 5 years I have almost 300k.
 

  So you put in 12 x 4 x 5 = 240k in a bank account over five years and it is worth 300k. Tell us what bank pays such good interest.

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DTASFAB said:   
cjchaps said:   Can you buy your dream car used? Carmax has some a few years old for less than half the price of a new one. Can you lease it? Do you personally feel you will get 114k value out of the car? 114k would go a long way on vacations or other items. Unless I had stupid money I would never pay $115k for a car but that is just me...
I would try to assume the final 8-12 months of someone else's lease on leaseswap or similar site.  Try the slightly used version for about a year and then decide if it's really worth $121-125K (including TTLF, etc.) to own a new one and keep it long term.  Keep in mind ongoing insurance costs are going to be extremely high compared to a regular passenger vehicle.

Leasing a 2.5 year old car on the third year of a three year lease, even if it costs $1K/month, is going to cost way less than the depreciation of buying new at over $100K and then selling a year later if you don't like it anymore.

  How does the lease swap work?  Is the person taking over the lease responsible for all the nicks, dings, tires etc?

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king0fSpades said:   
DTASFAB said:   
cjchaps said:   Can you buy your dream car used? Carmax has some a few years old for less than half the price of a new one. Can you lease it? Do you personally feel you will get 114k value out of the car? 114k would go a long way on vacations or other items. Unless I had stupid money I would never pay $115k for a car but that is just me...
I would try to assume the final 8-12 months of someone else's lease on leaseswap or similar site.  Try the slightly used version for about a year and then decide if it's really worth $121-125K (including TTLF, etc.) to own a new one and keep it long term.  Keep in mind ongoing insurance costs are going to be extremely high compared to a regular passenger vehicle.

Leasing a 2.5 year old car on the third year of a three year lease, even if it costs $1K/month, is going to cost way less than the depreciation of buying new at over $100K and then selling a year later if you don't like it anymore.

  How does the lease swap work?  Is the person taking over the lease responsible for all the nicks, dings, tires etc?

I don't know, never done it, but I know people who have.  This one woman I know took over her son's lease because he was getting married and moving out of state.  He had done it himself prior to that (him taking over a total stranger's lease) but I never got all the details except monthly payment was a good deal.  He was paying $250 for a slightly used X1.  It must have been a 2013 that was about a year old at the time.

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Basically the car is more than than a full year's salary and for me, no way I would work all year just for a car. I get that its a dream car and this may be the only chance you'll have before wife/kids/mortgage/etc... but damn, that is a lot of working hours.

You probably know this if you're asking this question on FWF. Try a Porshe forum and I'm sure the answer will be complete opposite, since you know, YOLO.

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jackveil said:   I currently rent an apartment in LA.
  Unless this is an upscale $3K+/mo apartment with a secured garage, I'd have trouble sleeping at night.

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atikovi said:   
jackveil said:   I currently rent an apartment in LA.
  Unless this is an upscale $3K+/mo apartment with a secured garage, I'd have trouble sleeping at night.

  As a single person making 120k in CA, OP sure is paying a lot in payroll/income tax. If he is also putting 48k in the bank, I doubt he can afford 36k in housing.

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Years from now you are going to look back on that purchase and laugh at yourself (had a Porsche 911 at 19). Do what you want. You aren't actually asking for advice anyway if your idea of a "dream" is the car you drive.

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I think the OP should buy more into living his dream in his post first before buying his dream car.

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atikovi said:   
jackveil said:   I currently rent an apartment in LA.
  Unless this is an upscale $3K+/mo apartment with a secured garage, I'd have trouble sleeping at night.

  That's no guarantee against anything.  I've never been to LA, but I speak from personal experience regarding the rest of that statement.

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Sure you can, it's really up to you. I am eyeing a 911 s myself- might get a new one- but my household income is several times yours, in a cheaper area- so it's a little less of a deal than yours. I would highly consider getting a gently used porsche (and a 911 not a panamera)- I was eyeing a loaded 911 s which was 2 years old with 20k miles. New was 140k. Used was 90k. I would prefer a new porsche but 50k is a hell of a lot of money.

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you are going to spend only couple of hours in car but many in your home . do you have a home ? do you the any other debts ? or plans to get married ?

may be read this
https://www.quora.com/Should-I-buy-my-150-000-dream-car-if-my-net-worth-is-700-000 
https://www.quora.com/What-do-you-think-is-a-high-enough-net-worth-to-justify-buying-a-200K-car

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jackveil said:   I am single and making 120k a year, each month I put 4k into a bank account and after 5 years I have almost 300k. My dream car is a Porsche Panamera 4, with my customizations it will cost 114k before taxes. I currently rent an apartment in LA. Should I buy my dream car?
  
When I was younger I owned several different sports cars, not all at the same time of course, and I really enjoyed them.  However, I lived in the country.  It was a blast, either by myself or with a date, "exploring" those empty back roads at speeds which were imprudent.  One time I drove some distance to reach a new interstate which, while open, led nowhere.  It was not quite yet a through road.  I sailed down that road for miles at the speed limit, alone on the highway, checking for police.  When I reached the point where I could go no further, because of construction, I turned around and drove back to the point where I had started at the fastest speed my car could attain.  Thank God no police had come along in the interim.

All of that said, I could not have enjoyed my sports cars in LA, certainly not on a daily driver basis around the city.  A run over to Vegas?  Sure!  Maybe a shot up the Pacific Coast Highway from Morro Rock, past Cayucos, on up to Carmel?  Absolutely.  Total blast.  But in LA County:  not for me . . . not at that cost for sure.

Now if the plan is a two car plan, a sacrificial vehicle for "around LA" driving while keeping the garaged Porsche safe and protected for use on longer trips mostly out of town, then maybe I can see the purchase.  But IMO you don't have enough money to where you can risk a $114K vehicle to the vicissitudes of primarily LA driving.  And how can you obtain full Panamera enjoyment in that kind of traffic anyway.  The dream could quickly evolve into a nightmare.

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rufflesinc said:   
taxmantoo said:   
If yes, go ahead and buy it, but do try to work the best possible deal, and don't buy one off the lot, order it exactly the way you want it.

 

  can you elaborate how one does that? Don't you lose leverage if the dealer has to order one custom for you rather than moving one they have sitting on the lot?

The first thing I would say to do for the OP, if they do order this porsche is to do Euro delivery: http://www.porsche.com/usa/eventsandracing/europeandelivery/   

Not sure if all cars come from dealer allocation.  For instance, Euro delivered BMWs do not.  Additionally, an ordered car will not sit on the dealer's lot and take up inventory.  They will move it immediately.  As such, (again my experience would be with BMWs) you can normally get very good deals on ordered cars...  (ignoring incentives, which would still apply to an ordered car) nothing below invoice but certainly something reasonable above invoice, say invoice +$1000-$1500.  

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Would it be too prudent on my part to suggest renting one during your days off (my uneducated guess would be that a new/newish Panamera 4 would rent for around $1.6-2K for a weekend)for the next 3-4 months and forgo worrying about insurance, theft, and maintenance entirely? The old adage that "If it floats, flies, or f*cks you're better off renting" likely applies to supercars as well.

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Why would a single guy buy a Panamera, the family man's Porsche?

I like sports cars too. I was in a similar position when I started making some decent money, although it was an NSX not a Porsche. I backed out at the last minute an invested the money instead. Fast forward 20 years and that was so, so the correct decision to have made.

Get one of the new Miata RFs, track it and don't worry about bending a $25K car.

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You're dream car is a 4 door Porsche? That's not a dream, that's a nightmare!

My dream car is a 1998 Porsche C4S, last of the air cooled wide bodys. 4 wheel drive with plenty of power in a reliable package (no turbo). I'll be picking one up when I retire, little reason to own one now.

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I'd like to add, I'd buy a M4 over a panamera if I needed a fast 4 door German car. Invest the other 60k.

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Would you care if it's get bumped in a parking lot?
What about if it's gonna get keyed?

If not go ahead and get it. Just don't be a little bitch when it's gonna get scratched.

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When a car sits at the dealership for 6 months absorbing costs, you have to sell it for more than if you already had it sold before it rolled off the truck.
I don't know about Porsche, but any of the US automakers' dealers will order you a car, and if you don't want it when it gets there, it goes on the lot, no harm done.
Again, that's a question for a Porsche forum like Rennlist.

And make it a nationwide search for the best dealer.
Rennlist probably has their favorite dealers, who might order your car for thousands less than your local dealership.


OTOH, sometimes if it's been sitting on the lot for 10-20 months, a sales manager gets rather desperate to get it out of his sight...
http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?lis... 

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?lis... 

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?lis... 

And then of course there's used, always a thrifty choice when choosing a car with crap resale value...

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?lis... 

It looks like the forum software broke the links. Delete all the affiliate crap that comes after the listingid number and the links should work.

Oh, since everybody else is piling on, I'll admit that my first thought when you said Panamera was "I'd rather have a 968"
 

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jackveil said:   My dream car is a Porsche Panamera 4
  No.

Seriously, that's nobody's dream car.  That's a rich dad's compromise car.

If you really want a large, powerful sedan, buy a five-year-old used one for cheap.  I went through that phase when I had my 760Li (that V12 was nice).  Decide if that's really the car you want to drop so much money on.  If you still want the Panamera afterwards, sell the used car and buy it.

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If your dream car is a Porsche you would already own a used one!
Plus this is not a real Porsche maybe you should get the Porsche SUV

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forbin4040 said:   Lol, spend half your money for a car that will last you 5 years (It's a porsche after all)
  Porsches as a whole are extremely reliable. There is a ridiculous percentage of manufactured cars still on the road worldwide. This is remarkable considering they are luxury cars and German.
 Back to the topic: Can you claim as a business expense? Driving clients, etc... Then lease and take the tax write off.

Skipping 111 Messages...
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If there is a guilty pleasure of a dream car ,boat ,motor home,motorcycle and you have the means to own it you should do it.I got lucky and did a couple dozen tv commercials for a large company that

aired for four years.That allowed me to pay all my debts off and take a early retirement at fifty.I have a steady income /retirement plan that is set up so my tax obligations are almost zero.Plus I

still get paid residuals from a couple commercials that are still being used .My kids out of college, student loans paid ,they have their own homes with a small mortgage and good jobs.I have enough

money and the time to spend on my golden years to do as I please .A $90,000 to $100,000 car and maintenance isn't a problem.As is the classic 1965-66 shelby mustang I am looking for will be parked next

to the porsche .I just got lucky with the commercials ,dumb luck.I am single wife passed away many years ago ,and not getting remarried.I had a shelby GT 350 that I had to sell at that time .I will

not lose anything to a divorce and any shacking up with a girlfriend comes with a contract.like I said before life is to short to drive a Yugo .By the way the last new car I bought was in 2001 ,a ford

ranger $17000 out the door.Sold it with over 300,000 miles to a friend that still drives it.

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