Anyone finance their 914? Options

[Valy]

If you can make good use of the money and the terms are good for you, then it doesn't really matter what collateral you use: new car, old car, real estate or other.
I think that now is a very good time to loan money for as long as possible. In 5 years from now you'll get more interest from the bank than you pay on your loan. Cash printing machine.

[Cairo94507]

Jesus.... I think I have to agree with Mueller on that specific car. I really like it and think the price is very fair.

[infraredcalvin]

Buying the car is the cheap part, maintaining and fixing is $$$.

Making payments on something sitting on jackstands is a quick way to resentment.

That being said, several years ago I financed a portion of my 930 for 3 months. Was looking for years, one popped up I couldn't pass up & my savings were not liquid. I took out a chase auto loan overnight. 60 mos, paid off when $$$ became liquid again.

[Mark Henry]

Although I'm very much in the debt free camp, IMHO it would make more sense to get a loan for a well sorted pristine 914 and drive it now, then to get a project and spend the next 2 to 10 years on jackstands.
Factor in all the costs of a resto, including any tools you must buy, as opposed to the interest on the loan.
A full PPI would be a must before forking out the cash.

In the the end I'd bet the loan car will cost the same if not less than a full blown resto. Then add the fact you have been driving it that whole time.


I had a buddy/customer in the late 90's who spent 4-5 years restoring a 1964 bug, once he factored in the space he rented (He lived in downtown Toronto), tools bought, parts, etc., he spent almost $40K for a bug that wasn't worth more than $10K.

[ripper911]

I'm not sure if this counts, but I asked my boss for an advance on my Christmas bonus to buy my 914. I guess it was technically a loan until the Christmas party rolled around.

[iwanta914-6]

Added a link to the bottom of my OP to show pics of the car that has caught my attention.

[iwanta914-6]

I guess my biggest "fear" is that if I take the next 3-4 years to save up to buy something that is well sorted then the prices will be double what they are today thanks to all of the articles being written to buy NOW, lol.

I'm looking to buy something that I will own for the rest of my life and drive as long as I am able. Unless of course the opportunity to obtain an original /6 falls in my lap, haha.

Another reason is my dad is 77 and it would be a blast to attend PCA events with my parents in my own car and his 991 cabriolet.

[billh1963]

All my current 20+ cars are paid for. That being said, the only way I would borrow money to buy a car would be to purchase a fully restored car that needs nothing.....

Otherwise, why would you make payments on a car that may wind up sitting on jack stands for a while? You'll wind up being pissed off every time you walk by it.

[Hank914]

I guess my biggest "fear" is that if I take the next 3-4 years to save up to buy something that is well sorted then the prices will be double what they are today thanks to all of the articles being written to buy NOW, lol.

I'm looking to buy something that I will own for the rest of my life and drive as long as I am able. Unless of course the opportunity to obtain an original /6 falls in my lap, haha.

Another reason is my dad is 77 and it would be a blast to attend PCA events with my parents in my own car and his 991 cabriolet.

Those are the best reasons to pay interest instead of cash...
1- the asset is financially appreciating, not depreciating. Hence you actually should finance a used car that is done depreciating, and now appreciating, instead of a new car that loses 20% of its value after it leaves the dealership.
2- the asset loses some of its intrinsic value later, so you need it now. What good is a Porsche 914 if the people you want to enjoy it with are no longer around to enjoy it with?

Hey, just sayin! Life is short, so eat dessert first, even it you have to charge it!

[rjames]

I guess my biggest "fear" is that if I take the next 3-4 years to save up to buy something that is well sorted then the prices will be double what they are today thanks to all of the articles being written to buy NOW, lol.

I'm looking to buy something that I will own for the rest of my life and drive as long as I am able. Unless of course the opportunity to obtain an original /6 falls in my lap, haha.

Another reason is my dad is 77 and it would be a blast to attend PCA events with my parents in my own car and his 991 cabriolet.

They won't double in the next few years. Depending on what type of loan you're looking at, you'd be better off paying yourself what you'd otherwise be paying the bank until you have enough to buy the car you want.

[somd914]

There is no perfect answer to finance or not. Some are in the situation not to have to finance toys, others are not so fortunate but can afford payments. For us we financed a 31 foot sailboat when our kids were pre-school and early elementary ages. Our kids grew up sailing both cruising and racing on a frequent basis. Awesome lifelong memories that were made possible via a loan - to save enough to buy outright in cash would have put us off many years resulting in fewer memories and hitting an age where the kids might not take an interest. Well worth it.

My only advice is if you are willing to finance, be willing to borrow more to buy a better car as it will likely be money saved in the long run since you typically pay pennies on the dollar between your purchase price and PO's investment.

But I also agree that 914 prices probably won't skyrocket anytime soon - slow upward progression is likely the case over the next few years.

[montoya 73 2.0]

Guess it depends on the loan. 2% makes sense, 10% doesn't.

Then I'd have to ask myself, is the car that good and worth paying extra for, and am I going to use it enough that the smiles are worth the $xx.

That is basically what I ask myself every time I think of buying a RV or Trailer. Maybe use it 2 times a year.

[iwanta914-6]

There is no perfect answer to finance or not. Some are in the situation not to have to finance toys, others are not so fortunate but can afford payments. For us we financed a 31 foot sailboat when our kids were pre-school and early elementary ages. Our kids grew up sailing both cruising and racing on a frequent basis. Awesome lifelong memories that were made possible via a loan - to save enough to buy outright in cash would have put us off many years resulting in fewer memories and hitting an age where the kids might not take an interest. Well worth it.

My only advice is if you are willing to finance, be willing to borrow more to buy a better car as it will likely be money saved in the long run since you typically pay pennies on the dollar between your purchase price and PO's investment.

But I also agree that 914 prices probably won't skyrocket anytime soon - slow upward progression is likely the case over the next few years.

Thank you for sharing! I would love for my 6 y/o twin girls to take an interest in P-Cars. I remember going to PCA events with my dad starting when I was 10 and making new friends with other kids in the club. Good times!

[billh1963]

As a follow up to my post, look at this one and others like it:

Delphi Green 914

[iwanta914-6]

As a follow up to my post, look at this one and others like it:

Delphi Green 914

Yes, I've had my eye on that one as well.

[Chris H.]

Guess it depends on the loan. 2% makes sense, 10% doesn't.

Then I'd have to ask myself, is the car that good and worth paying extra for, and am I going to use it enough that the smiles are worth the $xx.

I could see getting a $30K loan for the green 2.7 /6 conversion in the classifieds!

Worth the interest for sure!

You got that right. If I wasn't full up with one in the driveway...that car is a great deal. We all say you don't get your money back but the guy has $116k in receipts. It's so nice! Look at that thing!

[Chris914n6]

Sounds like you have good reasons to jump into it sooner rather than later.

My CU is 5 years @ 3%, so I'd go for it if I was in your shoes. Just buy a good driver, and keep $500 handy for random failures like fuel pump, clutch cable, tires, etc.