Running costs

[Chris1712]

I think my point is that when you are young and live at home with a full time job it's easy to get sucked into the trap of spending all your earnings - 90% of which are disposable - on cool stuff, like perhaps running a Porsche.

Seems a lot of this lately. Not for me though, I don't hate being at home but I love the freedom of living away. Can't understand how anyone could stay at home beyond 22-23 ish, even earlier if you haven't gone to Uni and had the financial commitment of that on top (and your probably living away 90% of the year because of it anyway.).

 

[Fett]

I did a pretty concise breakdown for Gibbo on the GT-R.

The first year was £12k. That includes insurance and RT, but no fuel or depreciation. I was adding up the second year and it had got worse by August, so I stopped.

So it can be done. Yay.

 

[Joshy]

If he got something like an Audi S3 with his £18k with a warranty he'd still have a quick car, he'd still have some bling, but he'd crucially maintain his ability to save that gave him the £18k in the first place.

But then he'd end up with an Audi when he seems in the position where he seems like he can afford a porsche. What I think is once he moves out, starts renting, payings bills, saving up for a mortgage deposit and then paying for said mortgage, wife, kids, etc, wheres this opportunity to own a Porsche or other exotic car going to come from? For the majority of people it doesn't happen at all, and for a few lucky people they can treat themselves during their mid life crisis but 20/30 years is a long time to wait for something that you could have now.

Being able to look back and say 'I owned a 911 for a few years' is a better experience than 'I owned an Audi hatchback for a few years, BUT, BUT I retained my ability to save well so I've got a slightly better mortgage deposit'

From the situation being described its not like he's going to be megaly stretching himself. If he had a 50p deposit, was planning on financing it out of his eyeballs and expected it to cost just £50 more to run a month than a Ford fiesta. By over estimating the running costs and still being happy it sounds like he's given this a bit of thought.

 

[[TW]Fox]

So its all about image and bling? Look at me, I did this.

Great, if thats your bag I guess. If he was the sort who genuinelly craved the experience of a 911 this thread wouldnt exist because he'd just go out and buy it, not whinge to his mate that he thinks a Boxster costs a grand a month to own.

You also underestimate quite how big a hole running a Porsche 911 leaves in your finances. There isn't anything 'slightly' about it. It's not quite on the same level as spendin £2.5k to insure a Toyota so you can look back and say 'I once had a J reg Coupe'.

 

[Joshy]

You also underestimate quite how big a hole running a Porsche 911 leaves in your finances. There isn't anything 'slightly' about it. It's not quite on the same level as spendin £2.5k to insure a Toyota so you can look back and say 'I once had a J reg Coupe'.

And you seemingly underestimate just how much of a hole running a 'J Reg coupe' (K actually ) puts on your finances on an apprentice wage . As a percentage of earnings it wouldn't surprise me if my situation on the Soarer wasn't a million miles off of the OP's friend situation on a 911 or Boxster. Maybe not quite to the same level, but I'm certain it's not going to be a completely different world

I know you're trying to take the **** but when you think about it in percentages the concepts are broadly speaking the same. I owned a car that I wanted to own at an age that I didn't think I would be able to own one and I'm grateful for that experience. It hasn't been cheap, it's pretty much crippled my ability to save and now that I'm living on my own running it is difficult to the point where I might sell it, but I've enjoyed it and I certainly don't regret it one bit. I'm sure a similar story would apply to the OP's friend, just with wages and costs on a slightly higher end of the spectrum .

 

[[TW]Fox]

As a percentage of earnings it wouldn't surprise me if my situation on the Soarer wasn't a million miles off of the OP's friend situation on a 911 or Boxster. Maybe not quite to the same level, but I'm certain it's not going to be a completely different world

You seem to think that means the 911 idea is sound - though I think it simply reflects badly on what your choice was (Though at least you are one step ahead in knowing what it is you actually want - you are at least wasting a ridiculous proportion of cash on a car you know about) .

Once a car begins to consume what, 40-50+% of your full time income, IMHO something is wrong.

 

[Jez]

50%!?

Joshy, i think you will look back at the Soarer and cringe a bit, personally. If the car really is a burden to that extent then get shot of it. I guess its quite fast but after that initial 5mins of "wow this is fast" has passed, how can that possibly be worth it? Its not the desirable type of car that something like a 911 is, so equating it to one based on income differential is a nonsense. Seriously, a car should never be a noticable burden on finances, cars need not cost anything to run really and should only be scaled up as and when and at a time whereby they remain a non-entity in terms of budget.

 

[Kenai]

Being able to look back and say 'I owned a 911 for a few years' is a better experience than 'I owned an Audi hatchback for a few years, BUT, BUT I retained my ability to save well so I've got a slightly better mortgage deposit'

What happens when they then decide to move out and have to sell the 911 and buy a 4 year old Ford Focus.

"Where's the 911 Mike?"
'Oh, I decided to move out so now that mummy isn't paying for everything I can't actually afford to live like Mr Billy Big Balls'

 

[[TW]Fox]

What happens when they then decide to move out and have to sell the 911 and buy a 4 year old Ford Focus.

"Where's the 911 Mike?"
'Oh, I decided to move out so now that mummy isn't paying for everything I can't actually afford to live like Mr Billy Big Balls'

Which is the problem with scrambling up the ladder at breakneck speed and getting yourself into an unsustainable car ownership position.

Driving a Focus will properly, properly suck after a 911.

Whereas if you pace yourself you can end up with a car you really like but won't need to crash back out of once its time to join the real world.

I guess its hard to do as it does mean buying something a bit less flash when in theory you could afford a 911, but long term you'll be glad you did.

 

[DM]

I didnt see Gibbo getting all this stick, as far as i can see he's in exactly the same boat as this person.

 

[Joshy]

50%!?

Joshy, i think you will look back at the Soarer and cringe a bit, personally. If the car really is a burden to that extent then get shot of it. I guess its quite fast but after that initial 5mins of "wow this is fast" has passed, how can that possibly be worth it?

I used to cringe everytime I'd look at my bank statement and see a massive chuck on money come out each and every month for insurance. Now it's half what it was but it still represents a significant amount of my take home which I'll admit does make it difficult to justify sometimes, but I like the car.

Don't get me wrong, I'm not ignoring the situation. I do have my limits and I'm certainly not going to bankrupt myself over a car. When/if money gets really tight it will be the first thing on the chopping block and I've already got the ad written up and it is ready to roll. But right now my maths says that I can afford to keep it for this little rough patch, so I'm going to try and keep it. If something goes wrong or my maths is wrong then I'll it go knowing that I at least kept a cool head and tried rather than panicking as soon as mum said 'I'm leaving'. .

Its not the desirable type of car that something like a 911 is, so equating it to one based on income differential is a nonsense.

But at the end of the day the end product is the same. The individuals that own these two cars derive an immense amount of enjoy by owning and driving them. Some people get that amount of enjoyment from Morris Minors, others might only get it from owning nothing short of a Veyron but the enjoyment is enjoyment, so why can't we broadly speaking compare them in percentage terms of salary and running costs?

 

[Kenai]

I didnt see Gibbo getting all this stick, as far as i can see he's in exactly the same boat as this person.

Because Gibbo can (seemingly) afford to cover living expenses too, unless his parents moved down south when he was working elsewhere.

i.e. he doesn't appear to be spending every last penny of his disposable income on his cars.

 

[[TW]Fox]

I didnt see Gibbo getting all this stick, as far as i can see he's in exactly the same boat as this person.

Gibbo is 10 years older and therefore probably earns quite a lot more. He moved out before and didn't need to sell his cool cars.

 

[DM]

Because Gibbo can (seemingly) afford to cover living expenses too, unless his parents moved down south when he was working elsewhere.

Im not see the difference, this kid obviously earns the same as Gibbo if he can knock a grand a month in running a car, they both live at home, whats the difference?

You think Gibbo will be driving the yellow beast if he moved out got a mortgage and 2 kids?

Anyway what am i arguing for i dont care what they do but consider this.

This kid goes and puts his 18k down and has another 12k on the drip, he buys from OPC with a warranty, he keeps the car for the term of the finance, i doubt he will pay any more running that Porsche than a 335.

2 sides to that coin, yea the 18k is better spent towards a mortgage deposit, but **** it, he's young, wants a Porsche go for it. I dont know why you dont get one Fox get it out of your system, then have a sensible 3 series after

 

[[TW]Fox]

Im not see the difference, this kid obviously earns the same as Gibbo if he can knock a grand a month in running a car

It's not obvious at all.

You can knock a grand a month in running a car on £18k a year if you live at home, pay no rent, have no living costs and don't go out all the time.

Gibbo is on many times that!

This is the point - for all we know (and we can make an educated guess given age) he can knock a grand a month on running a car because he's happy to dedicate what 80% of his income to cars.

I dont think the same is true of Gibbo.

If the mystery guy nobody knows or cares about in the OP is on 50k a year then crack on and buy a Porsche but I bet its far more likely he's on an average salary for a 22 year old - such a salary could easily allow somebody with completely the wrong priorities to buy a Porsche. It doesnt mean they should.

It just seems like the whole point is just to buy some bling - he doesn't seem like he's really into this sort of car.

 

[atpbx]

To buy and run two cars, inclusive of all costs up until the end of march was averaging me £350 a month.

I never managed to buy something that kept breaking down, so it never cost me very much.

 

[DM]

It's not obvious at all.

You can knock a grand a month in running a car on £18k a year if you live at home, pay no rent, have no living costs and don't go out all the time.

Gibbo is on many times that!

This is the point - for all we know (and we can make an educated guess given age) he can knock a grand a month on running a car because he's happy to dedicate what 80% of his income to cars.

I dont think the same is true of Gibbo.

If the mystery guy nobody knows or cares about in the OP is on 50k a year then crack on and buy a Porsche but I bet its far more likely he's on an average salary for a 22 year old - such a salary could easily allow somebody with completely the wrong priorities to buy a Porsche. It doesnt mean they should.

Yea i suppose so, but maybe hes on 30k a year, we dont know do we im also not sure how many people would seriously spend 80% of their money running a car, but i really dont know.

 

[DM]

It just seems like the whole point is just to buy some bling - he doesn't seem like he's really into this sort of car.

Best he creates an account himself so we can grill him properly

 

[Spamalot]

Mine works out at about £150 a month for servicng/repairs/consumables

I assume you also have a Porsche warranty?

 

[Spamalot]

If you're 22 a 911 is a stupid idea, let's be honest. I'm all for buying stupid cars but there is a limit.

There is an easy solution here... Get a 987 for £15k. It's a Porsche, it's fast, it's not such a death trap and it's affordable.

It's not called the poor mans Porsche for no reason.