Originally posted by: biggestmuff
Why continue being in debt to someone? You bought the car because you liked it. Pay off the car and enjoy it.
Most people always have car payments cause they get sick of their current car. I'm not one of those people that is totally against having a car payment. Its part of life and its not a big deal. I'd rather drive a newer nicer car every 3-5 years and enjoy it then drive a car till its payed off, then drive it some more after I want something new... then drive it a bit more till its driven into the ground. Sure, it makes more financial sense, but its not as fun. I'm looking for something thats fun and makes a bit of financial sense.
Here's what I've got so far.
Pros for getting a new car (2000 Boxster is #1 on list right now).
1. I want a convertible, pretty badly.
2. I want a sports car with a manual transmission. I should have got a V8 Mustang with manual instead of V6 with automatic, but I listened to others instead of doing what I wanted.
3. Its possible that, since I was 20 when I purchased the Stang, and I am 24 now, I may get a better interest rate (higher credit score). I'll have to look around and see if that holds true.
4. A Porsche has that appeal to it, that none of the other cars in this thread have. At least to me it does.
5. I'll have a car with less miles on it. Albeit, not a ton less.
6. Depending on the deal I get, I may be able to lower my monthly car payments by as much as $80 a month.
Cons against the new car:
1. I'll be getting an older model car. (Not sure how big of a deal this is if it has less miles).
2. I'll be hooked for a car payment for a longer period of time.
3. My insurance will probably go up, by how much is a question I need to answer.
4. Maintenance costs are higher on a Porsche, but by how much is the question. From the research I've done on repairpal.com it doesn't seem like the parts are to ridiculous in comparison to your average cars. I also have to consider if I'm less likely to have repairs on a Porsche simply because its built better. So if repairs are more, but I have them less often, will it equal out? (Or come close?) That's probably the most important question I need to have answered at this point.
All in all, I'd say the pro's outweigh the cons, at least as I'm currently looking at it. There are most certainly some points that need some clarification though. If anyone can shed anymore light on the questions that I've come up with, that would be greatly appreciated.
Hell, it'd be awesome if there were any Porsche owners that could chime in.
That said, I want to thank everyone for their input, but at the same time keep in mind that this is a decision that I am going to make and whatever I decide is completely up to me. It seems like a few in this thread are being a bit to overly critical and I am not sure why.
Or perhaps your current car was an impulse buy with no quality time spent shopping and getting a feel for whether or not you'd be happy with it for a long time... seems like you're rather impulsive again, in a hurry to get something soon without knowing what, and it would suck to feel the same way about the next car in a year
My first car was a bit of an impulse buy. Don't get me wrong, I really enjoyed it, I am just wishing I had a few extra things. When I bought my Mustang I really took the advice of family (namely father) and got a V6 Auto instead of V8 manual, because he thought I didn't need all that power and stick is a pain in the ass. Ultimately, that's what he wanted and not what I wanted. I should have got exactly as I wanted and not done as others want. That's a mistake I've made, but you live and learn. I've also learned over the years Vert's are very appealing to me.
As for this being an impulse buy, I wouldn't really put it like that. Sure, I am very excited and have a lot of thoughts going through my head, but how many people put in the research that I am doing? Impulsive would have been to buy a Sky or used Z4 and settled with a sports car vert, but not really weighing all my options. Upon weighing them all, it seems silly to buy a Z4 2003 when I can get a 2001 Boxster for the same price. Couple that with the fact that I think I am analyzing all facets of this purchase and I'd say I'm being quite the opposite of impulsive. I'd say I am being an informed consumer that is really excited
Seriously though, I do appreciate everyones feedback.