First Auto Loan - Higher End Car - Porsche

[Anonymous]

You seem like a pretty smart and responsible individual from what I read in your posts.

80k Porsche? Macan Turbo optioned out or 718 specced out? If you are planning to buy new, don't do it. You work from home which means you don't have a commute, leasing is your best option. This advice is coming from a super car fan to another.

To answer your question, you will have no problem getting a 80k car loan with your income and credit.

[Anonymous]

Arclite6 You guessed it, 718 Cayman S with a bunch of options. My goal is to buy certified pre-owned if the dealer can find a low millage (under 7k miles) current model year. Idk though, it isn't looking promising. If I can get "my dream car" I would consider buying for life. Once this car is paid off and has pretty low millage, I would lease another Audi and use that as my daily and keep the 718 in perfect condition until I die lol.

Idk if I would want to lease a Porsche, unless I am getting base models all my quotes were up around the financing monthly cost. ($1000/month).

[Anonymous]

I honestly prefer the older generation of the Cayman, not fan of their 4 cyclinder sounds ehh..

Between my wife and I, we spend about 2500 a month in car leases. We enjoy having newest and greastest every 3 years. Mercedes and Porsche both have pull ahead programs so you can trade your car in earlier. I love to lease because I drive my cars hard and pretty much I drive it like it's stolen or a rental car. Make sure the Certified Pre Own isn't an off lease model.

We splurge on our cars, however we are frugal in other aspects of our lives. Do what you love, don't wait until you are retired and in your 60s to enjoy your Porsche. This is true with someone who has no kids and making 180k a year.

[pipeguy]

This type of post shows up every couple of months on these forums and I'm not "busting" on you or your post. However, speaking of someone who has spent well over a million dollars on cars and toys in my lifetime, the shine fades on new toys, but the cash outlay is still an obligation. I don't expect you to listen to me, I know my wife certainly doesn't, but even with a strong income today true wealth is not built on depreciable assets. Today that million plus I spent on cars, trucks, bikes, boats is just a memory and not anywhere as valued as an alternative investment portfolio with $2-3 million sitting in it. 

Enjoy the Porsche 

[Anonymous]

@kree I dont know where you live , but 180 k a year does not get you into much anywhere near NYC. And no job requires a nice car - if you disagree ask Warren Buffet what he drives - or better yet read The Millionaire Next Door. You will see that mostly working slubs buy low to mid range luxury cars. 

Also I assume the OP has his own business or else the numbers he is stating do not make sense. 

[Kree]

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@Anonymous wrote:

@Kree I dont know where you live , but 180 k a year does not get you into much anywhere near NYC. And no job requires a nice car - if you disagree ask Warren Buffet what he drives - or better yet read The Millionaire Next Door. You will see that mostly working slubs buy low to mid range luxury cars. 

Also I assume the OP has his own business or else the numbers he is stating do not make sense. 

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D.C. So we are right up there with NY in price.  I know warren buffet has only ever bought used cars. Buffet is my investment guru. But, certain fields require flash. I made an assumption with the 180k at 21. Which proved false when OP mentioned he works from home. But I was working along the lines of an investment banker, or some other model and bottle type of professional.

[Anonymous]

@nursemanit and @kree I work full time for a software development company and also consult on the side. Definitely, no need for a flashy car, it isn't about the flash for me, I just don't drive very much so I like to enjoy the drive when I get to, I am pretty into cars.

I live in NJ (suburbs), there are plenty of 4 bedroom $400k houses around here in great neighborhoods.

[Anonymous]

I know NJ pretty well and 400 K is going to be a average home in a town like Wayne or similar. Your DTI will limit you to about 435,000 if you get the car and a 15 year mortgage vs 500,000 plus if you dont. So you are close. 

[Anonymous]

When purchasing the home, it would be with my girlfriend, who at that time will be my wife, so combined income will be $250k. So it won't be too bad, but I get what you mean. I am like 3 years out before buying a home though, so at that point, a good percentage of the car will be paid when we start loan shopping.

[iced]

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@Kree wrote:

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@Anonymous wrote:

Get the house first or you will kick yourself . You mortgage will factor in that car payment and reduce your approval amount. I have the same income and credit score range as you do ( and I am single.) I still would never spend 80k on a car when there are much more fun places to put your money.  You will be kicking yourself when you realize you could have bought a house in that slightly better neighborhood , or a vacation home which will appreciate in value. 

Once you have the house and are married with a temporary ( before kids) second income you can get whatever car you want. 

Also - good that you are doing the IRS limit - but that is only 10% for your income. Up that another 5- 10 percent in investments  when you can. The more you make the more you need to retire without feeling a drop in lifestyle. Dont count on the current rate of return it will not last. 

Also - what is with the " waiting for her to save her half " you do realize that that can be fixed with a pre-nup. Don’t let the historically low interest rates get away from you.

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Dude is making 180k.  He can afford a nice neighborhood house even with the car. I don't know what OP does, but a Porche is probably an unofficial job requirement. 

Although OP,  if it is status, Tesla might be a better choice for a hip professional, or a Masseratti.  If it is driving fun, Carerras are not actually that much fun. I'd take a Miata over cheaper 911s.  A lotus could be nice. Or again the Teslas are amazing(too bad about the waiting lists).

A well upkept 65 mustang doesn't do much in the corners, but they look amazing, and there is something about 60s pony car acceleration. You push your foot down and the car literally lunges forward. 

Your money, your choice, but have you thought the Porsche through?

 EDIT: took too long writting did not see OPs latest post.

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The idea of the wealthy deserving/unofficially requiring a luxury car is wrong on so many levels. I make more than 180k and I can’t afford a nice neighborhood house around here without a $80k car loan, never mind with one. 

The only people at my workplace driving expensive cars are the 20-something bros who think it makes them look cool and the midlife crisis crowd. Even some SVPs are driving Toyotas or Hondas. There’s also a growing culture of walking/taking public transit.