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Im sure most of you remember this controversial post about how I want a Porsche Cayman at the age of 22 or 23 (2 years or so). I just wanted to say I thought about what all of said and I now how a retirement fund (roth) that I set up at Merrill Lynch and have another account there there I have money in that I plan on using for a home in 4-5 years. So now my question is do you STILL think an 09-10 Cayman is to much for me?? I currently own an 07 335i and it will be paid off in less then a year. Thanks in advance for your help.
 

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How much are you pulling in a year? Have you landed a better paying job for post-graduation? Last time you checked in, you were earning <$10 an hour and making payments on your BMW. Unless something has drastically changed, forget about it. I'm 23 and was able to pick up this weekend CS due to a great job, but landing a car and a house within a few years is out of the question unless you live in the boonies.
 

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Im sure most of you remember this controversial post about how I want a Porsche Cayman at the age of 22 or 23 (2 years or so). I just wanted to say I thought about what all of said and I now how a retirement fund (roth) that I set up at Merrill Lynch and have another account there there I have money in that I plan on using for a home in 4-5 years. So now my question is do you STILL think an 09-10 Cayman is to much for me?? I currently own an 07 335i and it will be paid off in less then a year. Thanks in advance for your help.
Post last years tax return and we'll all have a go at it.;);)
 

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Speaking for myself, at your age I did not have the self control to own a car of this caliber. Money not being considered as an issue. Forget status and jealousy I am talking about grey matter. I would have killed myself. I am old now (47) and can handle it but in those days I did a lot of stupid stuff. You may be a different person than me, but if you are breathing, male, earning good money, in your early 20's, then chances are pretty good you are going to be overcome by testosterone and kill yourself.

So buy lots of life insurance, buy the car and don't kill anyone else when you do stupid stuff and leave a pile of steel and plastic on the side of the road.
 

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Im sure most of you remember this controversial post about how I want a Porsche Cayman at the age of 22 or 23 (2 years or so). I just wanted to say I thought about what all of said and I now how a retirement fund (roth) that I set up at Merrill Lynch and have another account there there I have money in that I plan on using for a home in 4-5 years. So now my question is do you STILL think an 09-10 Cayman is to much for me?? I currently own an 07 335i and it will be paid off in less then a year. Thanks in advance for your help.
Setting up a retirement fund doesn't mean much. Besides, although an IRA is good, if you're putting money into a retirement account, it means you have less money to spend and/or save for the immediate future. Same thing goes for your savings for a home.

All good plans, but unless you present us with a fairly detailed picture of what your monthly income and expenses are, there's no way to answer your question.
 

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I wouldn't think anyone was either too rich or too poor to own a Porsche. It's a simple equation. A used Cayman will depreciate less than a new $30k+ SUV. No one ever asks whether they are too poor to buy an SUV.

Figure out what you're priorities are and how much of your income you want to spend on a car, house, insurance ... etc. If you're making 6 figures then by all means go for it but even then I wouldn't advocate buying a new one because that 6 figure income could go away tomorrow and being young means that you probably haven't saved much of that income in the form of a nest egg.

I personally wouldn't be comfortable spending more than 10% of my net income on a vehicle (figure costs to be either lease+insurance+gas+maintenace or depreciation+gas+insurance+maintenace) and I love cars.
 

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Well, cars make terrible investments, though rarely it happens that a car ends up a desirable classic many years later. I wouldn't count on it.

"Rich" is a relative term. I saw a guy today driving a Bentley Continental Supersports, chatting on the cell phone, being careless, came within inches of hitting a curb at 40mph, driving on roads covered in salt and gravel. Hey, I guess for him his car is less valuable to him then my beater is to me. I drive my beater with more care, and am fully alert when driving my Porsche.

There is a great Porsche commercial showing a young boy on a bike visiting a Porsche dealership, ending with, 'I'll be back in 20 years'... that probably is indeed the majority of their demographics, men, who buy them later in life. Not super wealthy, patient, willing to pay off life's other expenses first before blowing a bunch on the terrible investment that a 60K$ car is. But hey, we only live once, and there is a certain priceless value to enjoying some of it :) And likewise when you're younger there is a lot be said for enjoying as much as you can while young.

But I agree with the point about testosterone and the insurance companies should have the statistics to back the belief. Us guys tend to be more impulsive at younger ages, far more likely to drive a sports car too fast. It would be one thing if we only endangered ourselves, but dangerous drivers put everyone else at risk too, and don't give others the choice to opt out of the risk. That may not be you, but it is a statistical pattern that we know exists from personal experiences.

So the answer is... there is no answer to your question. You have to weigh everything you know about yourself, your income, your financial goals and decide. FWIW Porsche or some other dream car will probably be there in your future as well, so if you don't buy now, there will likely to be something equally desirable later (though it might be an electric hybrid ;))
 

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XDamage, I think you hit the proverbial nail on the head. The typical joke is that a man is going through some kind of mid-life crisis if he's in his 40's or 50's and driving a porsche or similar car. The truth is it has taken him that long for a car of that expense to reach high enough on the priority list to warrant the purchase. Could I have afforded a Porsche earlier? Yes, but my family would not have had some of the things they deserved. Now it's just me and my wife so I get to play!!
 

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Im sure most of you remember this controversial post about how I want a Porsche Cayman at the age of 22 or 23 (2 years or so). I just wanted to say I thought about what all of said and I now how a retirement fund (roth) that I set up at Merrill Lynch and have another account there there I have money in that I plan on using for a home in 4-5 years. So now my question is do you STILL think an 09-10 Cayman is to much for me?? I currently own an 07 335i and it will be paid off in less then a year. Thanks in advance for your help.
What does it matter what the people in this forum think about your car purchase? If you are that young and have the money to buy one, then buy one and post pictures of it for us all to enjoy!
 

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Considering the number of used Porsches at many different price points that's available in the marketplace right now, almost anyone can own a porsche.

The real cost when buying a used porsche is in the repair and maintenance...especially if you own a 996 like me :wall:

I have been a porsche owner for a little over 2 years. I bought my first car when I was 37. My only regret is that I didn't do it sooner.

Just do it...but try to make a smart buy used (be patient for the right deal), and make it your weekend car and not your daily driver, which is cheaper in the long run.
 

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wow...to the OP I thank you for posting this topic because I was just about to do so. I'm 24 and graduated from college a year and a half ago. I've been blessed enough to purchase my first home within one year of graduating due to a great job, and my company gives me a brand new car every two years (AND they pay for any fuel expenses). That being said, I STILL want a weekend car, and I want it to be the Cayman S...but I'm not sure if I'm "ready" for it yet. So many things could go wrong..including too much testosterone at the wrong time on the highway AND/OR loss of a job in this economy. I don't know what to do...but I know I want that Cayman...
 

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If you're asking this question on an internet forum and not of those family and friends that know you much better than we do, my answer is going to be no. Or have those close to you already told you "you're out of your mind"? :)

FWIW, I purchased my first "dream" car - a '94 RX7 TT back in 1996. At the time I was 28 and the payments and maintenance were a lot (they were NOT reliable cars). Do I regret it? No way. Was it a smart financial decision? absolutely not. In life, if we always did what made perfect financial sense none of us would ever own Porsches. You have to find a balance in life and what that is for you, none of us can answer.

I read some good advice about big purchases before we bought our first house. Essentially it said figure out the true cost of whatever it is you want (house, car, whatever) and make that payment +10% to a separate bank account every month for 6-12 months. If after that time, you've made every payment and haven't put yourself in a financial bind, you will probably be able to afford it. If not, do not do it. I did this for the year before we bought our first house and found it helpful to adjust to the increased financial demand.
 

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One other thing to consider is the ability to park it somewhere decent. I was in your shoes when I got out of college and bought a brand new motorcycle. It got stolen within 14 months because I lived in an apartment complex.

So, also consider the chances of theft/vandalism if you have a nice car parked somewhere where there aren't very many nice cars. I never bought a motorcycle again until I had access to a garage.
 

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As someone already mentioned there are enough used Porsches out there to put one into about any price range. The only thing to avoid is the mechanics special as they are expensive to repair/maintain unless you can do it yourself. Take the time to find a well maintained one and learn to do at least some of it yourself.

Get the 335i paid off before going for a Porsche. Keep it for a daily driver. A reliable DD is worth a lot. Then you can take time fixing the toy.

The rest is something you'll have to decide for yourself. If you're planning the usual house/wife/kids route then being rich is certainly helpful. A house is better than paying rent as you'll get something back but a wife and kids are expensive. Moreso than Porsches by any measure.

As to asking friends and family for advice one must consider the source. Other than a prior girlfriend who could teach the Pentagon and Congress both new meanings to overspending the rest pretty much think I'm nuts.
 

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If you can make the monthly payment, buy it. You will get a billion dollars worth of enjoyment out of that car at your age. So as far as an "investment" is concerned...

It is a wise financial decision.

I drove a year old BMW when I was 21. (TV show money.) But the point is that I had SO MUCH FUN in that car...and there is no amount of money that would get me to give up those memories and experiences.

Don't let a bunch of strangers steal your joy. Life is far too short, and youth is even shorter.

The only things worth owning in life are experiences. No one's 401k flashes before their eyes when facing death.
 

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I just thought of something else.

OP, what you need to do is visit a financial planner. You give him/her as much information as you can about your income, monthly expenses, retirement plans, and your long and short term goals, and the planner not only can tell you whether you can afford a new car, but when you can afford one and how you need to budget for one.

I've built a great relationship with my financial planner at Ameriprise financial over the last 4 years and the advice and information he generates for me is invaluable. I've already got a plan for saving up for college for my 2 children, and for saving for my retirement that SHOULD generate >$1M by the time I'm ready to retire. When I anticipate buying a car or planning a vacation, I just tell him when and how much, and he tells me exactly how much I need to put away every month for it. Someone like that would have much better advice for you than any of the dorks on this forum. :)

Right now, with the information you've given us, your question cannot be answered.
 

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I just thought of something else.

OP, what you need to do is visit a financial planner. You give him/her as much information as you can about your income, monthly expenses, retirement plans, and your long and short term goals, and the planner not only can tell you whether you can afford a new car, but when you can afford one and how you need to budget for one.

I've built a great relationship with my financial planner at Ameriprise financial over the last 4 years and the advice and information he generates for me is invaluable. I've already got a plan for saving up for college for my 2 children, and for saving for my retirement that SHOULD generate >$1M by the time I'm ready to retire. When I anticipate buying a car or planning a vacation, I just tell him when and how much, and he tells me exactly how much I need to put away every month for it. Someone like that would have much better advice for you than any of the dorks on this forum. :)

Right now, with the information you've given us, your question cannot be answered.
dorks ? you have to pay some one because you cant add or save money and you call them dorks....your super alright but you will never be the man
 
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