If you only got to keep 1 car due to buying a house, would you sell your 993?
09-21-2007, 12:47 AM
#61
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After reading through these posts, perhaps there is one alternative you may want to consider. Move closer to your daughter, but buy a house that is more reasonably priced. You may not need to wait long. Greenspan was on 60 Minutes Sunday saying housing prices will continue to fall.
Several years back we were trying to make a similar decision. We opted not to buy the dream home and stayed in a much more humble location for two reasons: friends and freedom. A big house is a cash drain. That makes it a liability, more than an asset. By staying put we paid off our mortgage and today we have two Porsches, a '97 C4S and '82 911SC Targa. When I bought the 993, the plan was to sell the '82 SC. My son was 18 at the time. I let him drive it the night before I was going to list it. When we got home he said, "Dad, when I graduate from college, can I buy this car from you?" That changed everything. I kept the car and today my son and I go to the P Club events together. He treasures driving the '82, and I treasure the time I get to spend with him. Both cars have appreciated nicely since I bought them. But more importantly, these cars become part of your family.
Keep the 993 and make it part of the bond you have with your daughter. When she loses interest in hanging out with the parents, she will still treasure looking cool with you in the Porsche.
Several years back we were trying to make a similar decision. We opted not to buy the dream home and stayed in a much more humble location for two reasons: friends and freedom. A big house is a cash drain. That makes it a liability, more than an asset. By staying put we paid off our mortgage and today we have two Porsches, a '97 C4S and '82 911SC Targa. When I bought the 993, the plan was to sell the '82 SC. My son was 18 at the time. I let him drive it the night before I was going to list it. When we got home he said, "Dad, when I graduate from college, can I buy this car from you?" That changed everything. I kept the car and today my son and I go to the P Club events together. He treasures driving the '82, and I treasure the time I get to spend with him. Both cars have appreciated nicely since I bought them. But more importantly, these cars become part of your family.
Keep the 993 and make it part of the bond you have with your daughter. When she loses interest in hanging out with the parents, she will still treasure looking cool with you in the Porsche.
09-21-2007, 01:21 AM
#62
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Sincerly hope it works out
They way you and your bride have drawn the battle plan....nice of her to share her new car with you....just teasin'
Funny what motivates people when emotions get in the way..
Best of luck Steve
Funny what motivates people when emotions get in the way..
Best of luck Steve
Last edited by Berkley; 09-21-2007 at 02:02 AM.
09-21-2007, 02:17 AM
#63
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Berkley-
I guess there's nothing you can work out with this guy for just a few days? That stinks if you can't. But this stuff is sometimes meant to be because there could be a better place over in the next county. I hope so.
Steve-
So, if you are willing to liquidate to make this happen and are convinved you have to AND want to sell something for this, sell the bmw. It is only going to cost more each year. The 993 is likely to give you a high year $2500-3000 but then the next year may just be an oil change.
Heck, we all know why you bought a C4S living where you do. Drive it. You'll save up a few extra bucks and then in 12-18 months, your S will be part of your budget. You can make some personal sacrifices and it'll be worth every minor inconvenience. Get a $3000-$5000 subaru, accord, camry, etc., for those really bad days.
But Steve, we all know it will be family first. If you and your wife have to do certain things in order to achieve the goal of being closer to the daughter, no brainer. Do what you have to do. But think creatively about keeping the 993. You might be able to keep it too. Wouldn't that be perfect.
My periscope said I was going to be optimistic today.
chuck
I guess there's nothing you can work out with this guy for just a few days? That stinks if you can't. But this stuff is sometimes meant to be because there could be a better place over in the next county. I hope so.
Steve-
So, if you are willing to liquidate to make this happen and are convinved you have to AND want to sell something for this, sell the bmw. It is only going to cost more each year. The 993 is likely to give you a high year $2500-3000 but then the next year may just be an oil change.
Heck, we all know why you bought a C4S living where you do. Drive it. You'll save up a few extra bucks and then in 12-18 months, your S will be part of your budget. You can make some personal sacrifices and it'll be worth every minor inconvenience. Get a $3000-$5000 subaru, accord, camry, etc., for those really bad days.
But Steve, we all know it will be family first. If you and your wife have to do certain things in order to achieve the goal of being closer to the daughter, no brainer. Do what you have to do. But think creatively about keeping the 993. You might be able to keep it too. Wouldn't that be perfect.
My periscope said I was going to be optimistic today.
chuck
09-21-2007, 07:48 AM
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Actually my neighbour a few door down who is being buried today owns an older 911. Well the car hasn't been driven much in the last 10 to 15 years and had been passed on to his older daughter since he had been uable to drive it. She lives out of town but will NOT sell or let anyone near it. Talk about a bond between parents and a pcar.
09-21-2007, 07:56 AM
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Ok, some clarifications. We both want to move to this area:
http://pages.montgomerycountymd.com/kentlands/
So, we're moving. Steve R
http://pages.montgomerycountymd.com/kentlands/
So, we're moving. Steve R
Steve, I know the area very well and have been in those homes when they were first built as I knew people who had moved there. My wife and kids are always in there 2 to 3 times a week going to whole foods, movies etc.
Hope everythng works out you!
Oh, Seneca is fun to drive on when there's lil or no traffic.
09-21-2007, 07:57 AM
#66
Drifting
So, we're looking at buying a house, but it's very expensive and I may have to sell one of my cars. I have my 96 C4S
and a 2001 BMW 740i Sport (here's an old picture with my wife's old car).
My wife just got a new Acura RL as most of you know, but with $3-4k a year as an approximate amount for both my cars in car repairs each year + insurance, 1 may have to go (of my cars that is). I really want to keep the 993 but it means I'd have to drive it all winter in the Rockville, MD area (snow a few times a year, sometimes alot of snow). I also really want to keep the BMW as it's obviously much more spacious and can haul more stuff and people. Can you imagine selling your 993 though? The thought of it makes me sick. I've been at this crossroads before, but this time a killer house is kind of weighing in the balance.
We may need that extra $4k a year to keep up the house. I know, $3-4k per car seems like alot for repairs but that's truly the amount it's cost to maintain both my cars each year. The BMW alone has cost $4000 already just this year and it's not yet October. Just had to part with $1730 today for brakes, rotors, and some complicated CEL fixes. Our realtor says I should sell both the cars and just get a Toyota, Honda, Acura or Lexus. She doesn't get it. I'm a car guy. I'd be bummed driving a regular car year round after having these cars. Wouldn't you? Your car guys... it's in your blood. On the other hand, I really want to get this house as does my wife.
So, I know I may be asking this question in the wrong place, but would you sell your 993 to be able to better afford your dream home? We'd be stretching more than just a bit to buy this house, and selling one of the cars would make it much easier to do it. I've read posts here over the years where some 993 owners sold their cars to get a killer home, and then maybe later they'd be able to buy another 993. In my case, I doubt that would ever happen. Once I sell it, that would pretty much be it. I doubt I'd be in a position to get another 911.
It hasn't come down to the wire yet... but the reality of me being able to keep both cars is slowly waning...
Thx in advance for your thoughts on which car you'd keep if you were in my position. I'm not expecting many of you to say "sell the 993, it's a house here, dude... the 993 is just a car". But is it the right car to keep if that's all you'd have to drive year round, every day? I'm in sales and have driven my car for a couple of months at a time once when my BMW was in the paint shop. I really liked doing it, but was glad to have my luxurious "7" back when it returned. I was able to hold all my sales stuff in the trunk without a problem. I just wasn't able to do things like buy a large garbage can, bring my card table and 2 folding chairs for the few times I needed it for work, or drive to the airport with luggage. For that we could take my wife's car, I guess... unless she's using it and I can't.
Steve R
and a 2001 BMW 740i Sport (here's an old picture with my wife's old car).
My wife just got a new Acura RL as most of you know, but with $3-4k a year as an approximate amount for both my cars in car repairs each year + insurance, 1 may have to go (of my cars that is). I really want to keep the 993 but it means I'd have to drive it all winter in the Rockville, MD area (snow a few times a year, sometimes alot of snow). I also really want to keep the BMW as it's obviously much more spacious and can haul more stuff and people. Can you imagine selling your 993 though? The thought of it makes me sick. I've been at this crossroads before, but this time a killer house is kind of weighing in the balance.
We may need that extra $4k a year to keep up the house. I know, $3-4k per car seems like alot for repairs but that's truly the amount it's cost to maintain both my cars each year. The BMW alone has cost $4000 already just this year and it's not yet October. Just had to part with $1730 today for brakes, rotors, and some complicated CEL fixes. Our realtor says I should sell both the cars and just get a Toyota, Honda, Acura or Lexus. She doesn't get it. I'm a car guy. I'd be bummed driving a regular car year round after having these cars. Wouldn't you? Your car guys... it's in your blood. On the other hand, I really want to get this house as does my wife.
So, I know I may be asking this question in the wrong place, but would you sell your 993 to be able to better afford your dream home? We'd be stretching more than just a bit to buy this house, and selling one of the cars would make it much easier to do it. I've read posts here over the years where some 993 owners sold their cars to get a killer home, and then maybe later they'd be able to buy another 993. In my case, I doubt that would ever happen. Once I sell it, that would pretty much be it. I doubt I'd be in a position to get another 911.
It hasn't come down to the wire yet... but the reality of me being able to keep both cars is slowly waning...
Thx in advance for your thoughts on which car you'd keep if you were in my position. I'm not expecting many of you to say "sell the 993, it's a house here, dude... the 993 is just a car". But is it the right car to keep if that's all you'd have to drive year round, every day? I'm in sales and have driven my car for a couple of months at a time once when my BMW was in the paint shop. I really liked doing it, but was glad to have my luxurious "7" back when it returned. I was able to hold all my sales stuff in the trunk without a problem. I just wasn't able to do things like buy a large garbage can, bring my card table and 2 folding chairs for the few times I needed it for work, or drive to the airport with luggage. For that we could take my wife's car, I guess... unless she's using it and I can't.
Steve R
BTW OT: when I got my 993, I immediatley noticed that the cockpit and rear seat area had noticeably way less volume than any of my previous 911's. I assume that the smaller interior volume is to accomodate the body and suspension updates. Same for the 'trunk'.
09-21-2007, 09:08 AM
#67
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One word "Margins".
Whatever deicisions you make about your cars and house it should be base on how much financial margin you will have left at the end of the day, having enough financial margin is the key to all family happiness.
Everyone wants a bigger house, faster car, that's a given. But I strongly beleive that the only payment you should have is the house payment and it should only be 1/5 of your monthly income after tax. Anything more than that you are risking putting yourself in financial stress when there is an unexpected fluectuation in your income.
My personal calculation of the 1/5 is derived from 1/5 house (include insurance, prop tax), 1/5 retirement (401k or IRA), 1/5 car expense (gas, up keep), 1/5 children college fund saving, 1/5 daily living expenses.
I do allow myself a small car payment if it is payment that can be paid off in two years.
The only person that can make the "correct" financial decision is yourself, what do you choose to sacrafice.
Whatever deicisions you make about your cars and house it should be base on how much financial margin you will have left at the end of the day, having enough financial margin is the key to all family happiness.
Everyone wants a bigger house, faster car, that's a given. But I strongly beleive that the only payment you should have is the house payment and it should only be 1/5 of your monthly income after tax. Anything more than that you are risking putting yourself in financial stress when there is an unexpected fluectuation in your income.
My personal calculation of the 1/5 is derived from 1/5 house (include insurance, prop tax), 1/5 retirement (401k or IRA), 1/5 car expense (gas, up keep), 1/5 children college fund saving, 1/5 daily living expenses.
I do allow myself a small car payment if it is payment that can be paid off in two years.
The only person that can make the "correct" financial decision is yourself, what do you choose to sacrafice.
09-21-2007, 10:32 AM
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One word "Margins".
Whatever deicisions you make about your cars and house it should be base on how much financial margin you will have left at the end of the day, having enough financial margin is the key to all family happiness.
Everyone wants a bigger house, faster car, that's a given. But I strongly beleive that the only payment you should have is the house payment and it should only be 1/5 of your monthly income after tax. Anything more than that you are risking putting yourself in financial stress when there is an unexpected fluectuation in your income.
My personal calculation of the 1/5 is derived from 1/5 house (include insurance, prop tax), 1/5 retirement (401k or IRA), 1/5 car expense (gas, up keep), 1/5 children college fund saving, 1/5 daily living expenses.
I do allow myself a small car payment if it is payment that can be paid off in two years.
The only person that can make the "correct" financial decision is yourself, what do you choose to sacrafice.
Whatever deicisions you make about your cars and house it should be base on how much financial margin you will have left at the end of the day, having enough financial margin is the key to all family happiness.
Everyone wants a bigger house, faster car, that's a given. But I strongly beleive that the only payment you should have is the house payment and it should only be 1/5 of your monthly income after tax. Anything more than that you are risking putting yourself in financial stress when there is an unexpected fluectuation in your income.
My personal calculation of the 1/5 is derived from 1/5 house (include insurance, prop tax), 1/5 retirement (401k or IRA), 1/5 car expense (gas, up keep), 1/5 children college fund saving, 1/5 daily living expenses.
I do allow myself a small car payment if it is payment that can be paid off in two years.
The only person that can make the "correct" financial decision is yourself, what do you choose to sacrafice.
It seems to me like you just have to make some compromises Marlon like others have suggested. You've got legit reasons for wanting to move but you could go for a little less than your dream home. Personally, I'd go for a less expensive DD/bad weather car than the 740, like a solid Land Cruiser or Lexus LX which can be had for less than $20K and are maintenance-free compared to the BM or a Subaru which is very reliable, practical and fun too. I guess my point is you can have the best of both worlds (i.e. new house plus the 993) without a whole lot of sacrifice.
Pete
09-21-2007, 06:09 PM
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Good additional points, guys. We put a contract on the house in question last night and it gets presented tonight. Apparantly, out of the blue, 2 additional contracts will be presented too. I walked the neighborhood again today and this is the house I'd want. I called my wife and told her I'll give up the BMW to get it, if the extra $20k is needed to seal the deal. In all likelihood we won't get it now as someone has supposedly bid more than the asking price but with a very far out settlement date, and someone else has bid under the asking price just like us, but how far under we don't know. My wife now knows I'm not selling the 993 to buy this house, so that's cool. Yeah, we're stretching financially a bit here to live on a white picket fence, tree lined street (the American dream, right?), but our 15 year mortgage would still be under $150k so the 1/5 rule that someone posted is pretty close to where we'd be with a house note plus tx and insurance.
Steve R
Steve R
09-22-2007, 12:13 AM
#72
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Steve
There are variations on ways to to buy in this market......The most "free/ unencumbered cash" closest to the net market value < delivered the fastest> will carry the day....you have an debt free property to work with....you want the seller to be comfortable while he gets his haircut....If you are player, you need to step up to the risk, without getting upside down on your assets..
I don't worry about other "maybe buyers", put your best deal on the table....you may hit a homer! With all due respect to realtors on Rennlist, Steve you may want to seek advice from a third party other than your Real Estate Agent...the power of creativity is to often ignored.... in the markets today.
Congrats on keeping your Porsche
I don't worry about other "maybe buyers", put your best deal on the table....you may hit a homer! With all due respect to realtors on Rennlist, Steve you may want to seek advice from a third party other than your Real Estate Agent...the power of creativity is to often ignored.... in the markets today.
Congrats on keeping your Porsche
09-22-2007, 08:13 PM
#74
Rennlist Member
Why not calculate a loan payment that is $300 - $350 / month less than your limit, and see how that reduces your loan amount? Maybe $30,000-$50,000 less? Then see if you can negotiate the house down by that amount. It is a buyer's market, after all.
$300-$350 / month would avoid the $3000-$4000 yearly shortfall you're expecting. You could keep all the cars then AND have the house.
$300-$350 / month would avoid the $3000-$4000 yearly shortfall you're expecting. You could keep all the cars then AND have the house.
09-22-2007, 09:53 PM
#75
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Thread Starter
Why not calculate a loan payment that is $300 - $350 / month less than your limit, and see how that reduces your loan amount? Maybe $30,000-$50,000 less? Then see if you can negotiate the house down by that amount. It is a buyer's market, after all.
$300-$350 / month would avoid the $3000-$4000 yearly shortfall you're expecting. You could keep all the cars then AND have the house.
$300-$350 / month would avoid the $3000-$4000 yearly shortfall you're expecting. You could keep all the cars then AND have the house.
I will post pics if we get this home. If this isn't the one, then I'm sure there will be another, and undoubtedly less expensive (but not quite as nice
). Steve R