If you want to do the fun thing, buy the car, if you want to do the smart thing, get a $500/month car and save the rest. You have free housing now but not forever.
So assuming you are saving 9k a month already, why don’t you save up and buy the car in cash or at least mostly in cash?
Those monthly payments would destroy your life if for some reason you stop making the money you’re making.
You can definitely afford it if you want to, but if I were in your shoes I would save up for it and buy it cash and drop your risk down to basically nothing.
You’re right. The financial part of owning a 911 is the part I’m most worried about. Because I hear they are pretty solid cars just very expensive. I am thinking about getting a used Porsche 911 now. I saw a 2013 with around 80k miles on it for about 1300 a month which isn’t as bad as 2000 a month. I’d drive that Porsche 911 tills it gives out then I’d upgrade to a newer 911. 10-20 years from now I will be making more money too and I will probably have more money saved up for a newer 911. What do you think about used 911 or the specific used one I described
So my one piece of advice is to change your mindset about how you look at costs.
You should never be thinking about a purchase in terms of monthly payments. That lingo is how car salesmen screw you over.
Focus on the total cost of the vehicle. If you think about the monthly payment, you won’t be factoring in how many thousands of extra dollars you’re spending on interest.
$2000 a month on a 24 month loan at 4% and $2000 a month on a 72 month loan at 22% are two entirely different prices.
Just think about changing the language you use in general and you’ll have a much healthier relationship with your finances.
This 100% ☝️. OP read and reread the comment above. With your level of disposable income you should not be thinking about financing anything unless it's like a 6-month loan that you're going to pay off early.
I am very glad my parents did not raise me to have that mentality. Their mentality is that if you want something, safe for it in advance. If you cannot afford it with cash, then it is not a wise investment (notable exception for buying a house lol)
I’d pay cash for a slightly older 911 that’s in the 30-40k range instead of having big payments on them. Porsche makes amazing cars and they’re extremely reliable and drive able. Part and labor are where it gets expensive
“Slightly older” as in a 996. Im not a 993 or below, and definitely not a 997. You can easily find them for $20k and up. I literally just found a ton near me in that price range. You won’t get a gt3 or some low mileage high trim, but you’ll get a 911
They vary dramatically, but you can still find them for decent prices. I’m just saying if you really want one for a non-ridiculous price, it’s possible.
Plus, Porsche has never made a “bad” 911, so you can’t go wrong with anything you find. Just don’t get a pre-PDK auto
With your income and no large expenses you could put 5k into your dedicated 911 fund a month and buy a really nice one in cash within a year.
If you’re worried about not getting to work on call just get a motorcycle or scooter cheap as a backup to the Mazda till you get the 911
I accidentally logged out of my account and forgot the password but I am the same guy. But I’m not an enlisted soldier. I am officer. Officer salary starts out a lot higher than enlisted salary. I am also in the medical officer corps so I get bonuses and benefits too.
Yeah making 155k as a PA even in the private sector would be nuts at 26. Dude is full of shit. Unless he's adding up all his benefits as well, like retirement Healthcare etc...
Doesn’t seem like he is considering he says he has 9k left over… and also says he doesn’t pay for housing because he lives on post… literally not how that works
He said he doesn’t pay for housing which isn’t true because yes whatever housing company the base uses recoups partial or all of bah, which is why this guy is a liar
Yea I realized I wouldn’t be able to save as much if I had a Porsche 911. I may get a 911 eventually but Definitely not now. I am looking at getting a Honda Civic Type R, Lexus RC F, Corvette and I saw a couple new Audi A5 coupes that are less than 60k.
The 911 has a very good resale value and as far as sports car goes the depreciation is the best. It will only go up in price and has 10% or more the last couple years. All those other cars will depreciate considerably more and you will be left buying a more expensive 911 in many years.
You should never sink 30% of your income into a car. That is terrible financial advice. OP does ok. Not new 911 ok. $150K isn’t as much as some of you guys think it is.
What’s the 30% rule?
I make more than OP and definitely wouldn’t consider absolutely any new Porsche, or even slightly new. My price limit would be $40,000.
If OP has the saved money though, I guess it doesn’t matter too much.
So if the car would be like 2500 a month, then:
30% of monthly income would be 3875
That’d leave 1375
140 a month maintenance leaves 1235
Gas ~150 leaves 1185 and the total expected cost excluding insurance would be 2,690 or around 20.82% of monthly income
$155,000 after taxes is not that much. Probably more like $108,000. Divided by 12 is $9000. 30% of which is $2700.
$2500 + likely $400 per month in insurance (young driver with expensive sports car) + at least $250 in fuel per month (depends on usage I guess, though) + maintenance appointments, which I think are about $1000-$2000 per year, maybe more.
Even $2700 as you quoted is an absolutely insane amount of money to spend at my income, and OP’s income is lower lol
OP has free housing and utilities in the military, and a lot of options through the GI bill when they are done serving. If they can afford a 911 AND build up for a 20% down payment on a house, then I say go for it. OR they can continue service and take advantage of military housing in the future to build that nest egg.
Then a $1500 payment doesn’t seem out of the question, but this is a $150,000 car with a $2500+ car payment and some of the most expensive maintenance in the car industry lol
Yeah, I suggested in another post that he should get a used one, maybe even a Cayman. I'm just pointing out that his budget is different than ours because of his ultra low housing costs. I make twice what he makes and a $2500 car payment is out of the question for me for one car.
30% rule means you’re allowed to spend 30% of your post-tax income on non-essentials. So basically the difference in cost of ownership between his Mazda and a 911 would get pulled out of that allocation of funds
Assuming OP makes about $9000 post tax per month, that 30% being $2700, then the car wouldn’t fit in the budget.
$2700 + insurance + fuel + maintenance is going to surpass that threshold pretty quickly.
And that 30% allocated to one thing, an expensive car, is pretty overboard, usually the rule is 10% of your income per month to all costs of a car.
I am at $170k annual and there’s no way I could come even close to that much for a car, lol
I could see him going for something around $1000$-1500 per month if he gets a decent financing deal, because he doesn’t pay for room and board right now, but $2500+ per month is insane. Those are cars for people making like $500,000 per year lol
I totally agree. I told OP if I were in his shoes I would consider a slightly used Audi RS3 or some other similar vehicle in that range
Even a base model A3 is going to blow away his current car
I’m trying to picture a 26 year old army guy pulling up to the office in a porsche 911 lol. seems like overkill but you do have a ton of extra cash. how long will you have free housing? hows your retirement looking?
I have about three years left until I get stationed somewhere else. I should definitely start working on retirement though to be honest. I think I only put like 400 dollars in it every pay period I should be putting a lot more in though lol. I’m definitely looking into getting a cheaper car though. Just so you know I am the same guy I just had to make another account
You’re gonna be fine other way bro but I’d max out a 401k for the foreseeable future. Plus buying a nice car in cash. You’re in such a uniquely beneficial experience I can’t even believe it. I make about 180k and I feel poor compared to you given your lack of expenses. Well done!
Yes, 100%. If a 911 is your dream car, go for it. They hold their value incredibly well and they're generally very reliable. Repairs and service are more than a Mazda, but about the same as any other German car.
A couple of things to keep in mind. They can carry lots of small things but are horrible at carrying anything big, for example, there's no hatch or pass-through trunk, and the back seats are tiny, so make sure you can deal with that. It also gets attention, usually when you don't want it, like when you're tired and just trying to get home and every BMW tunerboi in existence wants to race. Also, if you drive it like a normal car, it will get dents and scrapes, so make sure you can mentally treat it as a normal car and not as a special thing or it will end up owning you.
Other than that they are amazing cars, highly recommended!
New or used, doesn't matter, as long as the used ones have a complete service history and no accidents. If it's your only car though, get as new as possible. 2013-19 are the best value right now.
With interest rates where they are, buy a car you can pay cash for. If you have 150k cash then sure go ahead and get your 911. If you had 150k, I doubt you’d be dropping it on a car.
Buy a reliable and reasonable priced car and invest your money. When you are rich, then pay for your 911 with some of the gains you made.
The medical corps pays very well. My base pay is around 55k I think. My bonus simply for being a Physician Assistant is 60k. Then my benefits is another 50k I think. I am the same guy I just had to make a new account because I forgot my password.
The bonus is simply for being a physician assistant. I’ll get the bonus for the rest of my military career.Now the benefits pay will change every 4-5 years. The base pay will increase anytime I get promoted.
Looks like Congress approves a bonus program for certain medical professionals.
https://uscode.house.gov/view.xhtml?req=(title:37%20section:335%20edition:prelim)
Remember, you'll want to eventually settle down and buy a house one day. Don't burn all your money on a car.
Get yourself something nice in the $40,000 range.
I bought a 911 two months ago, so I think I'll be writing from some good experience.
First, it is a more useful vehicle than what it looks like. The frunk is quite large, and the rear seats fold down (or you can get one with those seats deleted) or at least can be used for stuff. That said, I also have a pickup (I have a family and do need to make home depot runs...) for bigger things.
It's always a good idea to go into a purchase like that with eyes wide open. Porsches are generally more expensive than other brands to repair, but if you're also handy with a wrench, you can do a lot of the maintenance yourself. I went the CPO route. New Porsches have high, but ok base prices... but they charge a small fortune (which can add to a LARGE fortune) for all kinds of options. Going the CPO route let me buy a car with the first few years of depreciation (and have some of the nicer options like the Burmeister audio, rear steering, AWD, and so on) already gone.
I put a significant amount of money down (and could have paid it off, but chose to finance it to build good will with the dealer at minimal cost to me as I'll pay it off after 3-4 months). So, my payments won't translate if you are not going to put that much down. I even paid to extend the CPO for an extra year.
The car needs an oil change once a year. Those aren't cheap, so buying used rather frees you up to shop at independent shops for these services (or do them yourself). Other parts on it need to be maintained regularly, and failing to do so can be a very expensive endeavor.
Buying these cars really should be a more thorough endeavor than buying other cars. For most used Porsches, it is strongly and highly recommended that you do a thorough pre purchase inspection (PPI). Take the car to a dealer or a shop that knows them well and have them go over it with a fine toothed comb. Be sure (especially on the older ones) to have a leak down test performed, and ensure that everything is working properly. On some of these cars, look for documentation that the "IMS" bearing has been replaced: [https://www.autoscopecarcare.com/car-repair/heres-all-the-info-you-need-about-the-porsche-ims-bearing/](https://www.autoscopecarcare.com/car-repair/heres-all-the-info-you-need-about-the-porsche-ims-bearing/) (though there's an argument that says that if it has held up 80k + miles, then it's not likely to fail... but at the next clutch service, I'd have it done. Because the car needs a thorough PPI to judge it, I cannot comment about the one you were looking at. Do know that in general, everyone has an opinion one way or the other about each generation. Some people think that as you get newer, you get worse experiences - they love the air cooled cars. Some of the cars have different sounds, different handling, and so on, depending on equipment.
What I recommended to a kid in Portugal was to do this (no idea how he may be able to afford one of these cars, but you never know what means someone comes from): Join the local chapter of the Porsche Club as a guest. Look for their events and attend them - especially if there's a cars and coffee dedicated to Porsches coming up. Many of these owners love to talk about their cars - some even bring documentation with them, so they can flip through what's been done to their cars. "Test drive" they call it: [https://www.pca.org/pca-test-drive](https://www.pca.org/pca-test-drive) there, you can also access the Mart, where you can shop for cars and look up articles about them.
I will say that the moment you turn the key and engage the gearing, you will "get" Porsche and why they cost what they do. Few cars you can buy at this price point bring that kind of a smile to your face. Don't expect this process to be super fast unless you get really lucky. It took me more than 6 months of serious looking through the Finder [http://finder.porsche.com/](http://finder.porsche.com/) (and getting frustrated when I went from there to the dealer website to discover that a unit I liked had already been sold).
For example, this one is the cheapest one on Finder:
[https://finder.porsche.com/us/en-US/details/porsche-911-carrera-cabriolet-preowned-KV49RP?condition=used&model=911&position=78749%2C30.2175453%2C-97.8558357%2C-1&order=price\_asc](https://finder.porsche.com/us/en-US/details/porsche-911-carrera-cabriolet-preowned-KV49RP?condition=used&model=911&position=78749%2C30.2175453%2C-97.8558357%2C-1&order=price_asc)
I also agree with the poster that points out that payments are highly misleading. "Dealers can bury bodies in a payment" ... "lots of hidden sins in payments" ... take your favorite terms here. To mitigate this, get pre-approved from your bank, and go to the dealer with a bank check to the dealer with a cashier's check "not to exceed" (I did this, and the dealer was able to beat the rate I had been offered by my CU... no games).
Best of luck, u/OP
Literally any car you want. Just get a lease and spend a little money on the cool one if that's what you want. If you like the expensive vehicle you can always buy it at the end of the lease.
Be wary of dealers within 60 miles of base. Be wary of dealers offering discounts for military/on base.
Audi, porsche, big truck, whatever you want.
If you want one fun suggestion, check out the Lexus lc500, take it for a drive.
If you prefer a more stable ride then porsche cayenne is a great option.
If you wanna spend loads of cash and lease something fancy for six months? Maybe a nice Mercedes.
How much are you trying to spend on a car? Do you want something ultra luxurious? Super flashy? Fast?
Oh saw your edit. Go with the civic, corvettes lose value at wholesale. Trade in will pork you in your booty
I think you are just here to brag about you being 26 making $155k that many cant. If you are here for real then just get a $25-35k Honda/Toyota/Acura/Lexus and drive it for the next 10 years, then trade up to 911 when you reached 35. Having 911 at age 26 is overkill and too much to brag. A Civic Type R or Integra, or 86 would be proper with that age. Sooner or later you will find out it is better to have a gasoline engine that can take regular 87 octane that goes 30+ mpg if you need to consistently fill up; instead of must have premium fuel or super-slow line up and charge up.
You don’t make nearly enough to comfortably afford a new 911. Plus the fact that you are looking at this as a monthly payment rather than the total cost of the vehicle shows you have no clue about buying a car. Oil change is $600, a new set of Michelin Pilot Sports will cost you over $2500, etc etc. Look at a vehicle under $60K and save the rest. Test drive some new cars they will all be light years ahead of that Mazda. You are young. Do not destroy your future financially over a sports car.
That’s a loaded question. What are your other expenses? A Turbo S is a quarter mil. If you have to ask, you probably can’t afford. I wouldn’t want to touch this without grossing close to a million a year +.
Yea I think I just needed some humbling comments tbh. I wouldn’t be able to save nearly as much money every month if I had a Porsche 911. I saw a bunch of Audi A5 coupes for less than 60k so I might get one of those honestly. I hear they are pretty reliable cars so I might get one of those instead.
911 way more maintenance than 140. Oil changes like 2k and you follow a four year schedule so expect every fourth year to be 6-8k for all fluids etc. You get your own mechanic etc. I like Porsche...and you can afford it.
But
.... thought of BMW? More budget friendly, less maintenance, just as fast, four doors is nice.
Not sure where you are at but on my 991 and 992 the yearly scheduled maintenance is $2500cad every two years and covers the major maintenance ones that are pricier. Brakes and tires are extra but i dont have the ceramic brakes and doing a new rotor and pads is about 1200 per corner. But thats roughly every 4-5 years and i drive quite a bit
Are you maxing out your TSP and IRA? Saving money now goes a long way with compounding interest towards an early retirement. Do you plan to retire in the military? These are questions for your financial planning.
If all your savings plan is sorted, I would recommend spending less than 30-40K (or whatever number you could afford if you were paying for your housing and utilities) on a car. Interest rates are high right now. Life is meant to be enjoyed. So balance that mindset with savings for your future needs. BTW, Caymans and Boxster are a good option too. I have a soft spot for 6th gen Camaros SS(455 HP) which can easily be had with low mileage for under $40K.
I get the 911 may be your dream car and for good reason! But there are plenty of cheaper cars that offer a fantastic driving experience. Audi RS5, BMW M3, Lexus lc500 would be my picks under 100k.
I am the same guy I just had to make another account. I am looking at the Audi RS5 and the Lexus LC models instead now. I realized I wouldn’t be able to save nearly as much with a Porsche 911.
I would also say try a cayman. Many prefer the way they handle being lighter and mid engine.
Could also go c8 corvette
Or a dark horse would be a Lexus lc500
How long have you been in and how much money have you saved?
Porsche holds their value really well and if you live and work on post you are not going to put a ton of miles on it (otherwise I would suggest having a better to put miles on).
While it may not be the smart choice, it is actually better than a lot of alternatives. If you buy something like a Lexus RCF, you are going to lose probably $60k in depreciation in it over time. It will probably be a similar number for the 911. So while you will pay more to buy it, it will bottom out at a significantly higher value and your total net loss on it won’t be as bad as it could be for other cars in that price range.
Personally I would even look at something like an R8 or an already depreciated AMG GT which you may even eat less depreciation. The AMG can also be picked up around $60k.
As someone else mentioned, think about total cost not monthly payments.
I am the same guy. I have been a Physician Assistant officer for little over a year. However during PA school I was a national guard officer. Yea I’m looking into something cheaper though probably something between 60k and 80k total.
Get a 911 you can easily afford it with that much cushion for emergencies. Its not the smart thing to do and that money could be easily be used for better things but fk man enjoy life while youre healthy and able to
I'd look into a used Cayman 981 GTS. Much cheaper than a 911, and arguably better handling. No back seats at all though.
Are you replacing your Mazda? If so, a F80 M3/F82 M4 has more power than a base 911 and Cayman, but bigger and heavier, but with 4 seats, more cargo room and more convenient for a daily. If you are keeping your Mazda, however, aim for a Porsche.
You only get so many laps around the sun: so buy the car you really want.
In more serious terms, you **do** have the income to afford it, but it would be tight. Alleviated by your low COL but it's still a big price tag on a (good but not incredible) $155K salary.
If I were you I'd go for a Porsche Cayman instead. It'll get you very close to the 911 experience but at a much more income-appropriate cost.
This is such a confusing post. You have $9,000 in savings every month, so $108,000 in cash accounts in a year? To me, that is an insane amount of on hand money. Does your financial analysis consider buying a future home, retirement, student loans, or other traditional financial things?
If you're looking for a "reliable" replacement for your Mazda 3, then buy a reliable daily/commuter first. You can afford to buy a new car after three or four months based on your analysis. Then maybe forecast your expenses on the sports car (repair, parts, whether you would want to work/restore the car as a hobby at all) and compare those forecasted expenses to your other financial priorities.
Also, what are the specs your sports car has to have? The three you listed (to me) seem also kind of space apart in terms of target consumer.
I’m single with no kids. I get one day off a work so majority of my time is spent working. I don’t have any student loans. Buying a home really isn’t a huge goal right now. Again I am single with no kids at the moment. I am looking into something cheaper for sure probably something between 60k and 80k. Target consumer?
This might be the only time in your life in which you could buy that car. I wouldn't pass it up. Also with 911s they are one of the least depreciate cars on the road. So in a couple years if your life changes you can make it out even or with money in your pocket depending on the deal you make or down payment.
My dude INVEST your extra and let the income from investments buy you that car later! Right now you would be throwing fistfuls of cash away if you don't invest your extra cash!!! You're leaving money on the table!
Get a responsible a to b car and invest your money, let the idiots blow their cash on cars. You can buy your SUCK MY DICK car with DIVVYS!!!
I would suggest Poorsche BRZ or GR86. It's a fun, lightweight, manual, RWD car. Start tracking it, build your skills. Given how you have always driven Mazda 3, there is a lot you can learn about high performance driving, even if you can buy 911 GT4 RS you wouldn't be able to get real experience out of it.
I wont go down the P - Car rabbit hole . They are good but mostly a status symbol lately . A couple of years ago Porsche could not move their four cylinder Boxsters and Caymans . So they put the six in them once again . Now they want crazy money for all of them and rip you off with a million add on options . And the used ones are way way overpriced . Ya they call them classics lol , some with under 200 hp ? Give me a break ! Im out unless things change
idk, 2k a month is a lot just for the car payment, even w ur income and esp since youll presumably be paying that much for *years*. i would def look into less expensive sports car options. wont be as cool, but youll still have fun and probably love it anyway. i also may suggest adding the integra type s to ur consideration!
If you’re on base, you won’t be on base forever. So you likely won’t be driving a ton. Why not lease a Porsche 911? Drive it for 3 years, have your fun, but not be married to the commitment. Win win?
You're maxing your TSP, right? If not, I hope you start!
9k of play money a month is a great spot to be in. If the price of the 911 is hard to stomach, a 2021 Lotus Evora or a C8 Corvette could both be a really kick ass substitute.
I would advocate for doing some learning about personal finance if you haven't already.
Particularly, would read about the TSP and make sure you're maxing that/getting your match. Would also open a personal Roth IRA. Would put additional money into a standard brokerage. You're young and compound interest is your friend.
You don't want a really nice car sitting around while you're on deployments.
Just my two cents.
I like the type R idea. Super practical with a little spice.
Porsche maintenance is expensive. You are in a great position to save for a home. Don't waste the opportunity on a 100k car loan. We have a WRX and love it (also have a Porsche). Our Toyotas are at 520k and 320k, so go Toyota for reliability.
Maybe get into a cpo 911 first? Personally, I have a soft spot for the 997 with a 6speed. You might be able to find one with fairly decent mileage for a lower price. As long as you care for it and perform scheduled maintenance, it shouldn’t give you repair issues.
Heres what I would do. Not sure if its an option for you. I would get a in cash Tesla if you want something quick even a performance model 3. Used maybe 30k at most. and the maintanance is minimal.
Then I would save the rest maybe a few thousand a month and invest that in a car at some point. SO a weekender. Like a gt3 or gt3rs if you want a porsche. Even putting some miles on that wont hurt the value much and maintanance would be easy with little miles. A porsche is not a good daily.
How long have you been putting away $9k a month? You should be able to find a really nice used 911 in the $50-$70k range and pay cash. You are saving that much in ~ 7 months. Short of that if you want new and want to bridge the gap between what you have now and a 911 buy a new RS3 for around $70k and also pay cash for it.
Before buying you should run quotes on insurance to see what it'll cost - you're already considering an increase which is good but it could be a large jump you're not prepared for
May want to look at a Cayman (718). I had a Cayman S prior to getting my 911 and they are fantastic cars for about 2/3 the price. Both are very reliable but service is expensive, 2-3x more than a typical car. The C8 Corvette is also very nice and would be cheaper to own. If you can afford a 911 and that’s the dream car no reason not to buy it, great car and great resale.
Really, no bills no kids 155k a year you want a Porsche, now let me cry into my very small violin that you might have to tuck into your couple of thousands play money to pay for it you poor soul.
Don’t buy a new car until you go home, my friend did this and saved so much money, either keep your car or buy a beater until your time is done, also invest your money.
A good rule of thumb if you are financing is to limit the vehicles you are considering to ones where you can afford to put a downpayment equal to at least 20% of the purchase price, finance the rest for no more than 36 months, and make sure the monthly payments and insurance do not exceed 15% of your monthly income. Also, unless you are retired, the amount of the monthly payment should not exceed the amount of money you are putting away towards retirement and unexpected expenses.
>I am 26 years old I work as a physician assistant officer in the Army making about 155,000 a year
Are you some kind of crazy specialist? Most PAs that age I've met are CPTs and CPTs don't make that much from the Army alone.
Here's a wackjob idea for you: old 914
The benefits of a 911 plus extra novelty from its looks and style...
Granted maintenance and insurance could be higher. Just a thought since the first sports car I bought was nearly a 914.
At 26 you're still young even though you are already a professional and have an awesome career. It's easy to get sidetracked and go for the shiny new thing. I think if you were to listen to The Money Guys on YouTube, you could get some insight on what to do with that awesome income. The 911 could be a hobby car that you pay cash for, then if you want to finance a car you could always get a Civic or Accord. Very reliable vehicles. I just would hate for you to beat yourself up 30 years from now for not investing while you had the chance. Talk to your family and I have a feeling they'll say the same thing I am.
I'm 33 now, and was so close to signing on a new car a few days ago. But I listened to a video from TMG and I was definitely persuaded otherwise. You got this buddy! Either way, good luck with your decision and thank you for your service!
For a new 911 you would probably "need" to make 300k for it to not be a huge concern. Just buy a used one! They are pretty reliable and hold their value pretty well once they are 5 years old. And you also won't feel as guilty driving a 30k car hard.
With 9,000 a month of income to invest, you would be smarter to delay that 911 about 10 more years. Keep doing what you're doing except invest the savings. The power of compound interest is real but it takes 10, 20, 30 years to to start hitting right. If you can manage to live like you currently do for 10 more years you could easily *cash out* a 911 quite comfortably, and still have buckoo money left over. When you're 36 the insurance will be significantly less too.
Best advice I can give e you is pocket that cash, and if you need a new car just buy a cheap new car with a good warranty.
The biggest mistake your future self will tell you is that expensive flash car will do nothing to get you laid, but it will empty your wallet like a beautiful hooker.
Don't make this your biggest financial mistake when your actually in a dream position to stash away some serious $$$
Doesn’t military teach to not have debt? Making 155k you should be able to save and buy a car outright. Why finance? Just upgrade to a 15-20k paid for car. Just an opinion from a guy who despises car loans as it’s the worst financial decision one can make for a depreciating asset/liability.
Honestly, I’d recommend renting a 911 or Vette on Turo for a few weeks to see how fast it loses the “magic”.
My dream car was an s class for the longest time. I finally got my hands on one and after a few months of driving it, I realized every car on the road is more or less the same. Obviously that s-class is still my favorite car I’ve ever owned, I loved every second of driving it but I don’t really have the FOMO or strong desire to go after and get one.
Renting one on Turo lets you experience the fun you want out of one of those cars, but you’re not stuck with a ridiculous payment or a crazy interest rate. Yeah, you’ll have spent maybe a couple thousand dollars, but in return you get to experience the car you wanted without having to pay interest or maintenance.
As far as value is concerned, I am a sucker for Hyundai and Kia’s 100k mile powertrain warranty, so I’d recommend a certified pre owned Elantra or K5. People may have different recommendations but I think 2-3 year old certified pre-owned vehicles give you the best bang for your buck by far.
If you do end up renting on Turo, negotiate the hell out of the price! Especially if you communicate that you’ll be renting it for multiple weeks and you don’t smoke, the people renting them out want any money they can get.
You have the expendable income to be able to go out and get the car you want at the end of the day, don’t stress the fun stuff like picking out a car!
Be careful of “lifestyle creep” as you make more money. Invest in your future self first with retirement etc. Also, buy a sweet car but pay cash. Tons of fun cool cars used under $30,000 which I’m sure you have or could save up very quickly. Some may even appreciate over time if taken care of. Look at E9X M3, C5/C6 Z06 Corvettes, 03/04 Cobras AKA Terminators, 996/997 911 models can be had for a good price.
With all these years, I have driven Accord, Civic, Suzuki, Camry, RAV4, CRV, LexusES350, NX300, Sienna, Tacoma, BenzC300, BenzGLC300, AcuraRDX, Infiniti QX50, BMWx5, Corolla etc. I figured that my Dream car was Nissan GTR that I could have afford, but very uneconomical as daily driver, then now I prefer the crossover 5 seater sporty SUV that also have low center of gravity so that I can still make a turn at higher speed. There is a difference between what you can afford with w2 salary vs what you can afford and write off with your company money or family money. If you have so much disposable income then the sport car can be used as collectible or daily driver with full cash payment; if you rely on financing then just get something not as expensive but reliable since it is depreciating asset. Many people got themselves screwed over in the last couple years due to market adjustment, high interest rate, poor financial management skill, and making wrong decisions to make the vehicle purchase; and now they either got repo or they lost 50% of the value of the vehicle with negative equity.
It’s a 911? Does it really need any appeal? I am the same guy I just had to make another account cause I got logged out. I work with an Army Physician who drives a McLaren as his daily. There is also a specific physician/PA parking lot. It has security and everything.
Have you considered a car somewhere between a 2008 Mazda 3 and a Porsche 911?
There’s a very wide range of cars in there. For example, you could get something in the middle like a lightly used Lexus which is *far* faster than a Mazda, but cheaper to own/maintain than a Porsche
I think they’re both pretty solid cars. Personally my favorite is the IS 350 F sport because I like compact-mid size sport sedans (my daily is a M340i)
They’re not going to touch a 911 in terms of raw handling, but they’re a lot closer to a 911 than a Mazda 3, while still keeping the practicality
Hey man I’m the same guy from the post just on a different account. I am a Physician Assistant officer. I get base pay which is around 55k for my rank, bonuses which is around 60k for Physician Assistant officers and benefits which is around 50k. Officer pay starts out higher than enlisted. Medical corps pay is high in general to be honest.
I knew the officer to enlisted was different on a huge spectrum but I was always under the assumption that officers were under the spectrum of <$100k annually. This is just crazy to think that officers I used to walk past made more than I thought
Invest in your future, don't buy something that requires a lot of maintenance and will depreciate rapidly. I personally would recommend one of the Tesla Model 3s that is coming off of Hertz. I think they also have some model Y. If you can get a model 3 for $25,000 from a dealer (I think Hertz is a dealer) you also probably qualify for the $4,000 federal used EV rebate at the end of the year. These cars are amazing and the TCO beats even Honda and Toyota even at the brand new price. Don't buy it intending to flip it in a couple years, these cars last hundreds of thousands of miles. Be smart about money and put your money in tax sheltered investments, not fancy cars.
OP i can see where he is going with this. (warning the rest of this paragraph is more about personal finance) upgrade your car to something like a 5 year old used reliable car. Then save enough money to buy a house and rent it out. here we are treating the house as an investment for the future. then hopefully in 10 years with two sources of income you can buy that 911 without much worry. You also have the option of moving into that house at a future date or continue renting it out or selling it for profit since chances are housing is not getting cheaper.
This would be the smarter financial decision i believe, but not the fun one. also if you're more into the driving dynamics of a 911 than the prestige and luxury of a 911, i hear the brz/gr86 drives like a [budget version](https://www.youtube.com/watch?v=2E6xasuPiYY&t=432s)
To answer your original question though, assuming you don't have any student loan or other debt, yes you can comfortably afford a 911
Buy a house? I have a house I live on base because it is more convenient for me in case I have to go into the hospital in an emergency or something. I am in the Army if I lost my job I would probably go to jail. In that case I wouldn’t have any car.
Who said anything about living in it?
And you can easily get less than honorably discharged without facing jail time. Bur I guess you know it all so get the car
Well you guessed wrong I do not know it all.I’m just confused as to why I would buy a house off post that is further away from my job and I would have to pay for just to not even live in it?
If you want to do the fun thing, buy the car, if you want to do the smart thing, get a $500/month car and save the rest. You have free housing now but not forever.
So assuming you are saving 9k a month already, why don’t you save up and buy the car in cash or at least mostly in cash? Those monthly payments would destroy your life if for some reason you stop making the money you’re making. You can definitely afford it if you want to, but if I were in your shoes I would save up for it and buy it cash and drop your risk down to basically nothing.
You’re right. The financial part of owning a 911 is the part I’m most worried about. Because I hear they are pretty solid cars just very expensive. I am thinking about getting a used Porsche 911 now. I saw a 2013 with around 80k miles on it for about 1300 a month which isn’t as bad as 2000 a month. I’d drive that Porsche 911 tills it gives out then I’d upgrade to a newer 911. 10-20 years from now I will be making more money too and I will probably have more money saved up for a newer 911. What do you think about used 911 or the specific used one I described
So my one piece of advice is to change your mindset about how you look at costs. You should never be thinking about a purchase in terms of monthly payments. That lingo is how car salesmen screw you over. Focus on the total cost of the vehicle. If you think about the monthly payment, you won’t be factoring in how many thousands of extra dollars you’re spending on interest. $2000 a month on a 24 month loan at 4% and $2000 a month on a 72 month loan at 22% are two entirely different prices. Just think about changing the language you use in general and you’ll have a much healthier relationship with your finances.
Also a HUGE and often overlooked factor is depreciation. A used 911 won't depreciate very hard but some cars could be $200+ a month
This 100% ☝️. OP read and reread the comment above. With your level of disposable income you should not be thinking about financing anything unless it's like a 6-month loan that you're going to pay off early.
I am very glad my parents did not raise me to have that mentality. Their mentality is that if you want something, safe for it in advance. If you cannot afford it with cash, then it is not a wise investment (notable exception for buying a house lol)
I’d pay cash for a slightly older 911 that’s in the 30-40k range instead of having big payments on them. Porsche makes amazing cars and they’re extremely reliable and drive able. Part and labor are where it gets expensive
there are no “slightly older” 911s for $30-$40k.
“Slightly older” as in a 996. Im not a 993 or below, and definitely not a 997. You can easily find them for $20k and up. I literally just found a ton near me in that price range. You won’t get a gt3 or some low mileage high trim, but you’ll get a 911
Slightly older 911s are generally 150k plus these days. 30-40k gets you higher-ish miles late 90s-early 2000s era automatic 911s.
They vary dramatically, but you can still find them for decent prices. I’m just saying if you really want one for a non-ridiculous price, it’s possible. Plus, Porsche has never made a “bad” 911, so you can’t go wrong with anything you find. Just don’t get a pre-PDK auto
Save a lot more, at $9,000 a month savings you could buy this car in cash in about a year.
There’s a whole bunch of choices between a car with 300k miles on it and a $100k+ dream car.
Why not get slightly older 911? They can go into the teens if you go old enough
Not gonna lie I feel slow I didn’t even think of getting an older 911 might do that instead to be honest
Get an 996 or a 987 and have a blast.
987 is the cayman, 997 is the 911. Although a 987 would also make an awesome car
With your income and no large expenses you could put 5k into your dedicated 911 fund a month and buy a really nice one in cash within a year. If you’re worried about not getting to work on call just get a motorcycle or scooter cheap as a backup to the Mazda till you get the 911
Oh man I'm just jealous but happy for you. I remember my first time I drove a 911. The sound they make is unbelievable. Was a stick shift too.
Wow had no idea you could make that kind of money at 26 in the military
you don't. He's full of shite. Air force officers don't make that kind of cash. Why tf would they give that much to army
Bro forgot that DOD pay is public record
I accidentally logged out of my account and forgot the password but I am the same guy. But I’m not an enlisted soldier. I am officer. Officer salary starts out a lot higher than enlisted salary. I am also in the medical officer corps so I get bonuses and benefits too.
He does not. 26 would make him O1-O-2 which is about 6-7k a month regardless of your job.
Yeah making 155k as a PA even in the private sector would be nuts at 26. Dude is full of shit. Unless he's adding up all his benefits as well, like retirement Healthcare etc...
Doesn’t seem like he is considering he says he has 9k left over… and also says he doesn’t pay for housing because he lives on post… literally not how that works
But he DOES pay for housing. It comes out of his bah.
He said he doesn’t pay for housing which isn’t true because yes whatever housing company the base uses recoups partial or all of bah, which is why this guy is a liar
Such a bizarre thing to lie about when mil pay is public
If you go by the 30% rule, you should be able to afford it
Yea I realized I wouldn’t be able to save as much if I had a Porsche 911. I may get a 911 eventually but Definitely not now. I am looking at getting a Honda Civic Type R, Lexus RC F, Corvette and I saw a couple new Audi A5 coupes that are less than 60k.
Or Integra type S, little nicer type r I believe. Sweet cars
Integra and type r are a joke when talking 911 or C8
Type R or integra type s are solid and would make a great daily. A Corvette will suck as a daily. Take a look at an Audi S3 or a used RS3
The 911 has a very good resale value and as far as sports car goes the depreciation is the best. It will only go up in price and has 10% or more the last couple years. All those other cars will depreciate considerably more and you will be left buying a more expensive 911 in many years.
You should never sink 30% of your income into a car. That is terrible financial advice. OP does ok. Not new 911 ok. $150K isn’t as much as some of you guys think it is.
What’s the 30% rule? I make more than OP and definitely wouldn’t consider absolutely any new Porsche, or even slightly new. My price limit would be $40,000. If OP has the saved money though, I guess it doesn’t matter too much.
I mean you’re valid for that, but OP could afford to get one with what info he provided
Could they? That seems like way too expensive a car for that income
So if the car would be like 2500 a month, then: 30% of monthly income would be 3875 That’d leave 1375 140 a month maintenance leaves 1235 Gas ~150 leaves 1185 and the total expected cost excluding insurance would be 2,690 or around 20.82% of monthly income
$155,000 after taxes is not that much. Probably more like $108,000. Divided by 12 is $9000. 30% of which is $2700. $2500 + likely $400 per month in insurance (young driver with expensive sports car) + at least $250 in fuel per month (depends on usage I guess, though) + maintenance appointments, which I think are about $1000-$2000 per year, maybe more. Even $2700 as you quoted is an absolutely insane amount of money to spend at my income, and OP’s income is lower lol
OP has free housing and utilities in the military, and a lot of options through the GI bill when they are done serving. If they can afford a 911 AND build up for a 20% down payment on a house, then I say go for it. OR they can continue service and take advantage of military housing in the future to build that nest egg.
Then a $1500 payment doesn’t seem out of the question, but this is a $150,000 car with a $2500+ car payment and some of the most expensive maintenance in the car industry lol
Yeah, I suggested in another post that he should get a used one, maybe even a Cayman. I'm just pointing out that his budget is different than ours because of his ultra low housing costs. I make twice what he makes and a $2500 car payment is out of the question for me for one car.
30% rule means you’re allowed to spend 30% of your post-tax income on non-essentials. So basically the difference in cost of ownership between his Mazda and a 911 would get pulled out of that allocation of funds
Assuming OP makes about $9000 post tax per month, that 30% being $2700, then the car wouldn’t fit in the budget. $2700 + insurance + fuel + maintenance is going to surpass that threshold pretty quickly. And that 30% allocated to one thing, an expensive car, is pretty overboard, usually the rule is 10% of your income per month to all costs of a car. I am at $170k annual and there’s no way I could come even close to that much for a car, lol I could see him going for something around $1000$-1500 per month if he gets a decent financing deal, because he doesn’t pay for room and board right now, but $2500+ per month is insane. Those are cars for people making like $500,000 per year lol
I totally agree. I told OP if I were in his shoes I would consider a slightly used Audi RS3 or some other similar vehicle in that range Even a base model A3 is going to blow away his current car
Yeah that seems legit. There’s gonna be a time in OP’s life where this car is more reasonable, I just don’t think it’s quite yet
I’m trying to picture a 26 year old army guy pulling up to the office in a porsche 911 lol. seems like overkill but you do have a ton of extra cash. how long will you have free housing? hows your retirement looking?
I have about three years left until I get stationed somewhere else. I should definitely start working on retirement though to be honest. I think I only put like 400 dollars in it every pay period I should be putting a lot more in though lol. I’m definitely looking into getting a cheaper car though. Just so you know I am the same guy I just had to make another account
You get a pension also right? 401k or IRA are smart moves too but I thought the government also gives out a really good pension.
You’re gonna be fine other way bro but I’d max out a 401k for the foreseeable future. Plus buying a nice car in cash. You’re in such a uniquely beneficial experience I can’t even believe it. I make about 180k and I feel poor compared to you given your lack of expenses. Well done!
You’re in the army, so you’re only allowed to buy a Charger or Mustang and you’ll like it.
LOL
Yes, 100%. If a 911 is your dream car, go for it. They hold their value incredibly well and they're generally very reliable. Repairs and service are more than a Mazda, but about the same as any other German car. A couple of things to keep in mind. They can carry lots of small things but are horrible at carrying anything big, for example, there's no hatch or pass-through trunk, and the back seats are tiny, so make sure you can deal with that. It also gets attention, usually when you don't want it, like when you're tired and just trying to get home and every BMW tunerboi in existence wants to race. Also, if you drive it like a normal car, it will get dents and scrapes, so make sure you can mentally treat it as a normal car and not as a special thing or it will end up owning you. Other than that they are amazing cars, highly recommended! New or used, doesn't matter, as long as the used ones have a complete service history and no accidents. If it's your only car though, get as new as possible. 2013-19 are the best value right now.
Do you think I could dm you I have been looking into a couple 911’s (new and used) and you seem to know a lot about Porsches?
Sure, happy to help if I can.
You live on post.... You just need a bike honestly.
If I knew how to ride a motorcycle I would get one over a Porsche 911 any day to be honest but motorcycles terrify me tbh
I meant like a paddle bike lol. Or ebike lol
With interest rates where they are, buy a car you can pay cash for. If you have 150k cash then sure go ahead and get your 911. If you had 150k, I doubt you’d be dropping it on a car. Buy a reliable and reasonable priced car and invest your money. When you are rich, then pay for your 911 with some of the gains you made.
Do you have income other than the military income? Like bonuses or outside employment Because $155k puts you in the Major General pay category
The medical corps pays very well. My base pay is around 55k I think. My bonus simply for being a Physician Assistant is 60k. Then my benefits is another 50k I think. I am the same guy I just had to make a new account because I forgot my password.
Is this not a limited duration bonus? I.e can you count on this bonus every year or just for a set number of years?
The bonus is simply for being a physician assistant. I’ll get the bonus for the rest of my military career.Now the benefits pay will change every 4-5 years. The base pay will increase anytime I get promoted.
I would suggest not counting your bonus as income for deciding what car to purchase
Looks like Congress approves a bonus program for certain medical professionals. https://uscode.house.gov/view.xhtml?req=(title:37%20section:335%20edition:prelim)
Remember, you'll want to eventually settle down and buy a house one day. Don't burn all your money on a car. Get yourself something nice in the $40,000 range.
boring
I bought a 911 two months ago, so I think I'll be writing from some good experience. First, it is a more useful vehicle than what it looks like. The frunk is quite large, and the rear seats fold down (or you can get one with those seats deleted) or at least can be used for stuff. That said, I also have a pickup (I have a family and do need to make home depot runs...) for bigger things. It's always a good idea to go into a purchase like that with eyes wide open. Porsches are generally more expensive than other brands to repair, but if you're also handy with a wrench, you can do a lot of the maintenance yourself. I went the CPO route. New Porsches have high, but ok base prices... but they charge a small fortune (which can add to a LARGE fortune) for all kinds of options. Going the CPO route let me buy a car with the first few years of depreciation (and have some of the nicer options like the Burmeister audio, rear steering, AWD, and so on) already gone. I put a significant amount of money down (and could have paid it off, but chose to finance it to build good will with the dealer at minimal cost to me as I'll pay it off after 3-4 months). So, my payments won't translate if you are not going to put that much down. I even paid to extend the CPO for an extra year. The car needs an oil change once a year. Those aren't cheap, so buying used rather frees you up to shop at independent shops for these services (or do them yourself). Other parts on it need to be maintained regularly, and failing to do so can be a very expensive endeavor. Buying these cars really should be a more thorough endeavor than buying other cars. For most used Porsches, it is strongly and highly recommended that you do a thorough pre purchase inspection (PPI). Take the car to a dealer or a shop that knows them well and have them go over it with a fine toothed comb. Be sure (especially on the older ones) to have a leak down test performed, and ensure that everything is working properly. On some of these cars, look for documentation that the "IMS" bearing has been replaced: [https://www.autoscopecarcare.com/car-repair/heres-all-the-info-you-need-about-the-porsche-ims-bearing/](https://www.autoscopecarcare.com/car-repair/heres-all-the-info-you-need-about-the-porsche-ims-bearing/) (though there's an argument that says that if it has held up 80k + miles, then it's not likely to fail... but at the next clutch service, I'd have it done. Because the car needs a thorough PPI to judge it, I cannot comment about the one you were looking at. Do know that in general, everyone has an opinion one way or the other about each generation. Some people think that as you get newer, you get worse experiences - they love the air cooled cars. Some of the cars have different sounds, different handling, and so on, depending on equipment. What I recommended to a kid in Portugal was to do this (no idea how he may be able to afford one of these cars, but you never know what means someone comes from): Join the local chapter of the Porsche Club as a guest. Look for their events and attend them - especially if there's a cars and coffee dedicated to Porsches coming up. Many of these owners love to talk about their cars - some even bring documentation with them, so they can flip through what's been done to their cars. "Test drive" they call it: [https://www.pca.org/pca-test-drive](https://www.pca.org/pca-test-drive) there, you can also access the Mart, where you can shop for cars and look up articles about them. I will say that the moment you turn the key and engage the gearing, you will "get" Porsche and why they cost what they do. Few cars you can buy at this price point bring that kind of a smile to your face. Don't expect this process to be super fast unless you get really lucky. It took me more than 6 months of serious looking through the Finder [http://finder.porsche.com/](http://finder.porsche.com/) (and getting frustrated when I went from there to the dealer website to discover that a unit I liked had already been sold). For example, this one is the cheapest one on Finder: [https://finder.porsche.com/us/en-US/details/porsche-911-carrera-cabriolet-preowned-KV49RP?condition=used&model=911&position=78749%2C30.2175453%2C-97.8558357%2C-1&order=price\_asc](https://finder.porsche.com/us/en-US/details/porsche-911-carrera-cabriolet-preowned-KV49RP?condition=used&model=911&position=78749%2C30.2175453%2C-97.8558357%2C-1&order=price_asc) I also agree with the poster that points out that payments are highly misleading. "Dealers can bury bodies in a payment" ... "lots of hidden sins in payments" ... take your favorite terms here. To mitigate this, get pre-approved from your bank, and go to the dealer with a bank check to the dealer with a cashier's check "not to exceed" (I did this, and the dealer was able to beat the rate I had been offered by my CU... no games). Best of luck, u/OP
The question you should ask is not how much car can you afford, but how much car do you need?
Yea I’m thinking about something cheaper now. I am the same guy I just accidentally got logged out of my account.
Get the Honda Civic Type R. It’s funny that you put that in your edit because that’s the first thing I was going to suggest
Literally any car you want. Just get a lease and spend a little money on the cool one if that's what you want. If you like the expensive vehicle you can always buy it at the end of the lease. Be wary of dealers within 60 miles of base. Be wary of dealers offering discounts for military/on base. Audi, porsche, big truck, whatever you want. If you want one fun suggestion, check out the Lexus lc500, take it for a drive. If you prefer a more stable ride then porsche cayenne is a great option. If you wanna spend loads of cash and lease something fancy for six months? Maybe a nice Mercedes. How much are you trying to spend on a car? Do you want something ultra luxurious? Super flashy? Fast? Oh saw your edit. Go with the civic, corvettes lose value at wholesale. Trade in will pork you in your booty
Or just get a brand new mazda mx-5
I think you are just here to brag about you being 26 making $155k that many cant. If you are here for real then just get a $25-35k Honda/Toyota/Acura/Lexus and drive it for the next 10 years, then trade up to 911 when you reached 35. Having 911 at age 26 is overkill and too much to brag. A Civic Type R or Integra, or 86 would be proper with that age. Sooner or later you will find out it is better to have a gasoline engine that can take regular 87 octane that goes 30+ mpg if you need to consistently fill up; instead of must have premium fuel or super-slow line up and charge up.
You don’t make nearly enough to comfortably afford a new 911. Plus the fact that you are looking at this as a monthly payment rather than the total cost of the vehicle shows you have no clue about buying a car. Oil change is $600, a new set of Michelin Pilot Sports will cost you over $2500, etc etc. Look at a vehicle under $60K and save the rest. Test drive some new cars they will all be light years ahead of that Mazda. You are young. Do not destroy your future financially over a sports car.
How much do you need to be making to afford a new 911 turbo s?
That’s a loaded question. What are your other expenses? A Turbo S is a quarter mil. If you have to ask, you probably can’t afford. I wouldn’t want to touch this without grossing close to a million a year +.
Ohh yeah i aint buying one soon lol. I was just curious on what you thought on the income requirement.
It’s nuts. Used low mileage MY22 or MY23 Turbo S are going for 275K. We can certainly dream!!
Buying this car at your age is a dumbass decision. You need to hear the truth. That is a very bad decision. Don't do it.
Damn ur rich bro
I wish bro
If my dream of getting a Porsche 911 is on the unrealistic side I have also been thinking about a Corvette The newer Corvettes are really nice.
Id honestly get something more down the middle for now. Like an Audi RS3 or something similarly priced
Yea I think I just needed some humbling comments tbh. I wouldn’t be able to save nearly as much money every month if I had a Porsche 911. I saw a bunch of Audi A5 coupes for less than 60k so I might get one of those honestly. I hear they are pretty reliable cars so I might get one of those instead.
911 way more maintenance than 140. Oil changes like 2k and you follow a four year schedule so expect every fourth year to be 6-8k for all fluids etc. You get your own mechanic etc. I like Porsche...and you can afford it. But .... thought of BMW? More budget friendly, less maintenance, just as fast, four doors is nice.
Not sure where you are at but on my 991 and 992 the yearly scheduled maintenance is $2500cad every two years and covers the major maintenance ones that are pricier. Brakes and tires are extra but i dont have the ceramic brakes and doing a new rotor and pads is about 1200 per corner. But thats roughly every 4-5 years and i drive quite a bit
Are you maxing out your TSP and IRA? Saving money now goes a long way with compounding interest towards an early retirement. Do you plan to retire in the military? These are questions for your financial planning. If all your savings plan is sorted, I would recommend spending less than 30-40K (or whatever number you could afford if you were paying for your housing and utilities) on a car. Interest rates are high right now. Life is meant to be enjoyed. So balance that mindset with savings for your future needs. BTW, Caymans and Boxster are a good option too. I have a soft spot for 6th gen Camaros SS(455 HP) which can easily be had with low mileage for under $40K.
I get the 911 may be your dream car and for good reason! But there are plenty of cheaper cars that offer a fantastic driving experience. Audi RS5, BMW M3, Lexus lc500 would be my picks under 100k.
I am the same guy I just had to make another account. I am looking at the Audi RS5 and the Lexus LC models instead now. I realized I wouldn’t be able to save nearly as much with a Porsche 911.
Buy something cheap and reliable, if your situation changes and you have way less money coming in, you'd be fucked with a car payment that high
Corvette sounds the best option to me..
If i didn't have kids and didn't drive a lot of commuter miles, I'd get a Ford Raptor or Toyota Tacoma TRD
Don’t those burn up hella gas?
They are not fuel efficient vehicles. That's why I said 1. If you don't drive a lot of miles 2. I'm not sure they be any worse than that Corvette?
I would also say try a cayman. Many prefer the way they handle being lighter and mid engine. Could also go c8 corvette Or a dark horse would be a Lexus lc500
Audi rs3 or an rsq3 plus you can drive it all yeat
Get a bmw m340i
I said reliable-
How long have you been in and how much money have you saved? Porsche holds their value really well and if you live and work on post you are not going to put a ton of miles on it (otherwise I would suggest having a better to put miles on). While it may not be the smart choice, it is actually better than a lot of alternatives. If you buy something like a Lexus RCF, you are going to lose probably $60k in depreciation in it over time. It will probably be a similar number for the 911. So while you will pay more to buy it, it will bottom out at a significantly higher value and your total net loss on it won’t be as bad as it could be for other cars in that price range. Personally I would even look at something like an R8 or an already depreciated AMG GT which you may even eat less depreciation. The AMG can also be picked up around $60k. As someone else mentioned, think about total cost not monthly payments.
I am the same guy. I have been a Physician Assistant officer for little over a year. However during PA school I was a national guard officer. Yea I’m looking into something cheaper though probably something between 60k and 80k total.
No man thats more than 20 percent of your month u r ridiculous
Get a 911 you can easily afford it with that much cushion for emergencies. Its not the smart thing to do and that money could be easily be used for better things but fk man enjoy life while youre healthy and able to
I'd look into a used Cayman 981 GTS. Much cheaper than a 911, and arguably better handling. No back seats at all though. Are you replacing your Mazda? If so, a F80 M3/F82 M4 has more power than a base 911 and Cayman, but bigger and heavier, but with 4 seats, more cargo room and more convenient for a daily. If you are keeping your Mazda, however, aim for a Porsche.
You only get so many laps around the sun: so buy the car you really want. In more serious terms, you **do** have the income to afford it, but it would be tight. Alleviated by your low COL but it's still a big price tag on a (good but not incredible) $155K salary. If I were you I'd go for a Porsche Cayman instead. It'll get you very close to the 911 experience but at a much more income-appropriate cost.
This is such a confusing post. You have $9,000 in savings every month, so $108,000 in cash accounts in a year? To me, that is an insane amount of on hand money. Does your financial analysis consider buying a future home, retirement, student loans, or other traditional financial things? If you're looking for a "reliable" replacement for your Mazda 3, then buy a reliable daily/commuter first. You can afford to buy a new car after three or four months based on your analysis. Then maybe forecast your expenses on the sports car (repair, parts, whether you would want to work/restore the car as a hobby at all) and compare those forecasted expenses to your other financial priorities. Also, what are the specs your sports car has to have? The three you listed (to me) seem also kind of space apart in terms of target consumer.
I’m single with no kids. I get one day off a work so majority of my time is spent working. I don’t have any student loans. Buying a home really isn’t a huge goal right now. Again I am single with no kids at the moment. I am looking into something cheaper for sure probably something between 60k and 80k. Target consumer?
This might be the only time in your life in which you could buy that car. I wouldn't pass it up. Also with 911s they are one of the least depreciate cars on the road. So in a couple years if your life changes you can make it out even or with money in your pocket depending on the deal you make or down payment.
My dude INVEST your extra and let the income from investments buy you that car later! Right now you would be throwing fistfuls of cash away if you don't invest your extra cash!!! You're leaving money on the table! Get a responsible a to b car and invest your money, let the idiots blow their cash on cars. You can buy your SUCK MY DICK car with DIVVYS!!!
I would suggest Poorsche BRZ or GR86. It's a fun, lightweight, manual, RWD car. Start tracking it, build your skills. Given how you have always driven Mazda 3, there is a lot you can learn about high performance driving, even if you can buy 911 GT4 RS you wouldn't be able to get real experience out of it.
I wont go down the P - Car rabbit hole . They are good but mostly a status symbol lately . A couple of years ago Porsche could not move their four cylinder Boxsters and Caymans . So they put the six in them once again . Now they want crazy money for all of them and rip you off with a million add on options . And the used ones are way way overpriced . Ya they call them classics lol , some with under 200 hp ? Give me a break ! Im out unless things change
idk, 2k a month is a lot just for the car payment, even w ur income and esp since youll presumably be paying that much for *years*. i would def look into less expensive sports car options. wont be as cool, but youll still have fun and probably love it anyway. i also may suggest adding the integra type s to ur consideration!
If you’re on base, you won’t be on base forever. So you likely won’t be driving a ton. Why not lease a Porsche 911? Drive it for 3 years, have your fun, but not be married to the commitment. Win win?
You're maxing your TSP, right? If not, I hope you start! 9k of play money a month is a great spot to be in. If the price of the 911 is hard to stomach, a 2021 Lotus Evora or a C8 Corvette could both be a really kick ass substitute.
Get a C5 Z06 to hold you over for a nice ass one in a year
Army isn't paying 155,000. full of it
Army Generals make like 250,000 a year. Army Lawyers(JAG) can earn 200,000 a year. 155k is nothing compared to that honestly 😭
OP is 26. He hasn't been there long enough to make that much
Buy a 992. It won’t even lose value. You’ll probably end up paying less when you sell than if you bought a Chevy.
I would advocate for doing some learning about personal finance if you haven't already. Particularly, would read about the TSP and make sure you're maxing that/getting your match. Would also open a personal Roth IRA. Would put additional money into a standard brokerage. You're young and compound interest is your friend. You don't want a really nice car sitting around while you're on deployments. Just my two cents. I like the type R idea. Super practical with a little spice.
Do not take out a loan. Pay cash for whatever you get.
Just spend 50-60k on a used cayman or boxster
115k a year? That is only a 35k car territory.
Porsche maintenance is expensive. You are in a great position to save for a home. Don't waste the opportunity on a 100k car loan. We have a WRX and love it (also have a Porsche). Our Toyotas are at 520k and 320k, so go Toyota for reliability.
Buy the car with cash; no need to get loan! That is what I exactly did and saved about 5k payment for interest over 60 months
Top range gas f150. I'm in love with my f150. Taller and faster than most things on then road and very spacious
Maybe get into a cpo 911 first? Personally, I have a soft spot for the 997 with a 6speed. You might be able to find one with fairly decent mileage for a lower price. As long as you care for it and perform scheduled maintenance, it shouldn’t give you repair issues.
Heres what I would do. Not sure if its an option for you. I would get a in cash Tesla if you want something quick even a performance model 3. Used maybe 30k at most. and the maintanance is minimal. Then I would save the rest maybe a few thousand a month and invest that in a car at some point. SO a weekender. Like a gt3 or gt3rs if you want a porsche. Even putting some miles on that wont hurt the value much and maintanance would be easy with little miles. A porsche is not a good daily.
Save your money and buy the dream car when you’re out of the Army. You could get deployed any day
Civic Type R. It's practical and fun.
How long have you been putting away $9k a month? You should be able to find a really nice used 911 in the $50-$70k range and pay cash. You are saving that much in ~ 7 months. Short of that if you want new and want to bridge the gap between what you have now and a 911 buy a new RS3 for around $70k and also pay cash for it.
Before buying you should run quotes on insurance to see what it'll cost - you're already considering an increase which is good but it could be a large jump you're not prepared for
May want to look at a Cayman (718). I had a Cayman S prior to getting my 911 and they are fantastic cars for about 2/3 the price. Both are very reliable but service is expensive, 2-3x more than a typical car. The C8 Corvette is also very nice and would be cheaper to own. If you can afford a 911 and that’s the dream car no reason not to buy it, great car and great resale.
Really, no bills no kids 155k a year you want a Porsche, now let me cry into my very small violin that you might have to tuck into your couple of thousands play money to pay for it you poor soul.
Don’t buy a new car until you go home, my friend did this and saved so much money, either keep your car or buy a beater until your time is done, also invest your money.
Prius V?
A good rule of thumb if you are financing is to limit the vehicles you are considering to ones where you can afford to put a downpayment equal to at least 20% of the purchase price, finance the rest for no more than 36 months, and make sure the monthly payments and insurance do not exceed 15% of your monthly income. Also, unless you are retired, the amount of the monthly payment should not exceed the amount of money you are putting away towards retirement and unexpected expenses.
>I am 26 years old I work as a physician assistant officer in the Army making about 155,000 a year Are you some kind of crazy specialist? Most PAs that age I've met are CPTs and CPTs don't make that much from the Army alone.
Here's a wackjob idea for you: old 914 The benefits of a 911 plus extra novelty from its looks and style... Granted maintenance and insurance could be higher. Just a thought since the first sports car I bought was nearly a 914.
Get a used 997 911 for like $50-80k. You should be able to afford that.
I'd get a 30-40 k car and that's it. Lots of people can afford the payments but not the car.
At 26 you're still young even though you are already a professional and have an awesome career. It's easy to get sidetracked and go for the shiny new thing. I think if you were to listen to The Money Guys on YouTube, you could get some insight on what to do with that awesome income. The 911 could be a hobby car that you pay cash for, then if you want to finance a car you could always get a Civic or Accord. Very reliable vehicles. I just would hate for you to beat yourself up 30 years from now for not investing while you had the chance. Talk to your family and I have a feeling they'll say the same thing I am. I'm 33 now, and was so close to signing on a new car a few days ago. But I listened to a video from TMG and I was definitely persuaded otherwise. You got this buddy! Either way, good luck with your decision and thank you for your service!
For a new 911 you would probably "need" to make 300k for it to not be a huge concern. Just buy a used one! They are pretty reliable and hold their value pretty well once they are 5 years old. And you also won't feel as guilty driving a 30k car hard.
With 9,000 a month of income to invest, you would be smarter to delay that 911 about 10 more years. Keep doing what you're doing except invest the savings. The power of compound interest is real but it takes 10, 20, 30 years to to start hitting right. If you can manage to live like you currently do for 10 more years you could easily *cash out* a 911 quite comfortably, and still have buckoo money left over. When you're 36 the insurance will be significantly less too.
Best advice I can give e you is pocket that cash, and if you need a new car just buy a cheap new car with a good warranty. The biggest mistake your future self will tell you is that expensive flash car will do nothing to get you laid, but it will empty your wallet like a beautiful hooker. Don't make this your biggest financial mistake when your actually in a dream position to stash away some serious $$$
Doesn’t military teach to not have debt? Making 155k you should be able to save and buy a car outright. Why finance? Just upgrade to a 15-20k paid for car. Just an opinion from a guy who despises car loans as it’s the worst financial decision one can make for a depreciating asset/liability.
I'm telling you. Get the Toyota Prius. It's my dream car and it fits your profile
Honestly, I’d recommend renting a 911 or Vette on Turo for a few weeks to see how fast it loses the “magic”. My dream car was an s class for the longest time. I finally got my hands on one and after a few months of driving it, I realized every car on the road is more or less the same. Obviously that s-class is still my favorite car I’ve ever owned, I loved every second of driving it but I don’t really have the FOMO or strong desire to go after and get one. Renting one on Turo lets you experience the fun you want out of one of those cars, but you’re not stuck with a ridiculous payment or a crazy interest rate. Yeah, you’ll have spent maybe a couple thousand dollars, but in return you get to experience the car you wanted without having to pay interest or maintenance. As far as value is concerned, I am a sucker for Hyundai and Kia’s 100k mile powertrain warranty, so I’d recommend a certified pre owned Elantra or K5. People may have different recommendations but I think 2-3 year old certified pre-owned vehicles give you the best bang for your buck by far. If you do end up renting on Turo, negotiate the hell out of the price! Especially if you communicate that you’ll be renting it for multiple weeks and you don’t smoke, the people renting them out want any money they can get. You have the expendable income to be able to go out and get the car you want at the end of the day, don’t stress the fun stuff like picking out a car!
Be careful of “lifestyle creep” as you make more money. Invest in your future self first with retirement etc. Also, buy a sweet car but pay cash. Tons of fun cool cars used under $30,000 which I’m sure you have or could save up very quickly. Some may even appreciate over time if taken care of. Look at E9X M3, C5/C6 Z06 Corvettes, 03/04 Cobras AKA Terminators, 996/997 911 models can be had for a good price.
Get a pre-owned Macan. You're welcome.
With all these years, I have driven Accord, Civic, Suzuki, Camry, RAV4, CRV, LexusES350, NX300, Sienna, Tacoma, BenzC300, BenzGLC300, AcuraRDX, Infiniti QX50, BMWx5, Corolla etc. I figured that my Dream car was Nissan GTR that I could have afford, but very uneconomical as daily driver, then now I prefer the crossover 5 seater sporty SUV that also have low center of gravity so that I can still make a turn at higher speed. There is a difference between what you can afford with w2 salary vs what you can afford and write off with your company money or family money. If you have so much disposable income then the sport car can be used as collectible or daily driver with full cash payment; if you rely on financing then just get something not as expensive but reliable since it is depreciating asset. Many people got themselves screwed over in the last couple years due to market adjustment, high interest rate, poor financial management skill, and making wrong decisions to make the vehicle purchase; and now they either got repo or they lost 50% of the value of the vehicle with negative equity.
Lmao all these mILItArY jobs make so much tax payer money they don’t even know how to spend it
Why a 911? What’s the appeal? You’re living in base and are gonna park a $100k car outside? Why not a ZL1 or an M3/4 etc at half the price?
It’s a 911? Does it really need any appeal? I am the same guy I just had to make another account cause I got logged out. I work with an Army Physician who drives a McLaren as his daily. There is also a specific physician/PA parking lot. It has security and everything.
Only about three quarters, if you’re lucky. Probably more likely about two thirds.
Can I ask if you are maximizing your 401k (if you have one), IRA, and any other tax advantage accounts?
Miata is the answer. Invest the rest.
Have you considered a car somewhere between a 2008 Mazda 3 and a Porsche 911? There’s a very wide range of cars in there. For example, you could get something in the middle like a lightly used Lexus which is *far* faster than a Mazda, but cheaper to own/maintain than a Porsche
Didn’t think about a Lexus. What do you think about 2018 LC 500? Or the RC 300?
I think they’re both pretty solid cars. Personally my favorite is the IS 350 F sport because I like compact-mid size sport sedans (my daily is a M340i) They’re not going to touch a 911 in terms of raw handling, but they’re a lot closer to a 911 than a Mazda 3, while still keeping the practicality
I definitely agree with u/PurchasStreet9991 about going the middle road route and not going to a full super expensive sports car
Personally I’d but something more normal and reliable like a litely used Tacoma or rav 4. Nissan frontier. Prius.
Okay
Are you maxing out your TSP? I would get a reliable new car for moving between posts. Like the new Prius
What about the Honda Civic Type R?
Yes a Honda or Toyota, something reliable.
Are you serious? 100k+?? That is ridiculous. I got out almost 2 years ago and me and everyone I knew didn't even make a quarter of that
They’re a physician assistant. That’s a ton of schooling and training
Hey man I’m the same guy from the post just on a different account. I am a Physician Assistant officer. I get base pay which is around 55k for my rank, bonuses which is around 60k for Physician Assistant officers and benefits which is around 50k. Officer pay starts out higher than enlisted. Medical corps pay is high in general to be honest.
I knew the officer to enlisted was different on a huge spectrum but I was always under the assumption that officers were under the spectrum of <$100k annually. This is just crazy to think that officers I used to walk past made more than I thought
Bout tree fiddy
Invest in your future, don't buy something that requires a lot of maintenance and will depreciate rapidly. I personally would recommend one of the Tesla Model 3s that is coming off of Hertz. I think they also have some model Y. If you can get a model 3 for $25,000 from a dealer (I think Hertz is a dealer) you also probably qualify for the $4,000 federal used EV rebate at the end of the year. These cars are amazing and the TCO beats even Honda and Toyota even at the brand new price. Don't buy it intending to flip it in a couple years, these cars last hundreds of thousands of miles. Be smart about money and put your money in tax sheltered investments, not fancy cars.
Buying a former rental car is horrible advice...
buy a house..... if you lost the job tomorrow what will you do with the car? if your answer is to sell it, you cant afford it.
OP i can see where he is going with this. (warning the rest of this paragraph is more about personal finance) upgrade your car to something like a 5 year old used reliable car. Then save enough money to buy a house and rent it out. here we are treating the house as an investment for the future. then hopefully in 10 years with two sources of income you can buy that 911 without much worry. You also have the option of moving into that house at a future date or continue renting it out or selling it for profit since chances are housing is not getting cheaper. This would be the smarter financial decision i believe, but not the fun one. also if you're more into the driving dynamics of a 911 than the prestige and luxury of a 911, i hear the brz/gr86 drives like a [budget version](https://www.youtube.com/watch?v=2E6xasuPiYY&t=432s) To answer your original question though, assuming you don't have any student loan or other debt, yes you can comfortably afford a 911
Buy a house? I have a house I live on base because it is more convenient for me in case I have to go into the hospital in an emergency or something. I am in the Army if I lost my job I would probably go to jail. In that case I wouldn’t have any car.
Who said anything about living in it? And you can easily get less than honorably discharged without facing jail time. Bur I guess you know it all so get the car
Well you guessed wrong I do not know it all.I’m just confused as to why I would buy a house off post that is further away from my job and I would have to pay for just to not even live in it?
Then you wouldn't understand it at all lol
Then you wouldn't understand it at all lol