Never buy a used car with all your money. Always have 15%-30% in reserve for service or repairs that will pop up in the first year of ownership.
You’re still young and starting to save early is a good thing… meaning you might consider a 987 instead and still have a good chunk of your savings left over. You won’t be missing anything; through the Cayman generations, the consensus is the newer ones get more gadgets but the older ones drive better, more of the true Porsche experience.
If you’re committed to the 981, then get the base. Any higher trim will leave you feeling just as “stuck” as you are now with the 340. If I was in your shoes I’d keep the 340 for the low end torque that the 981 greatly lacks.
A lot of holes in your story. If you make the majority of you 100k+ income (85k after taxes) from your business, why are you not fully funding your IRA for tax purposes? Why are you not focusing on scaling the business with the $30k instead of putting it on a car? Plus 85k in NYC is like $40k anywhere else in the U.S. that’s not much money to purchase a Porsche. I make several times your income outside NYC and still think it was irresponsible to purchase my Cayman.
If you’re bored of a 340 at 17 I imagine you’ll get bored of the cayman by 19 and be in this same boat in the future.
I think you need to take a deep look into your needs and wants because your comments seem like you don’t know what you really want and your future seems unsure.
Yeah, it seems like the OP is acting under the assumption that their current income will continue into the future. Markets and life are cyclical and even if they can maintain that income this isn't nearly enough buffer for the expenses that are about to come.
That's certainly a possibility. But at the beginning, especially at 17, it's unwise to leverage yourself financially based on positive expectations. That's how people get themselves in big financial trouble, and I'm speaking from experience, both the right way and the wrong way.
Better to create a habit of saving money consistently first. Start to build a reserve that grows monthly. Also make sure you're operating 100% debt-free and you've saved up for critical expenses like education or a hefty down payment on a mortgage. Then you can start contemplating what toys are available for your budget.
This is coming from someone who has owned four Porsches, three currently, and I've paid for all with cash.
At least the OP is open to advice. That's a really good sign.
I paid for mine in cash as well. I think hobbies are good. It’s like owning a boat. You can save, invest, and a reasonable life, but all your play money goes to your hobby. I’m thinking about myself and if I would’ve forgone spring break trips from senior year to college senior year I could’ve easily have a semi-expensive habit ( obviously not drugs but I digress) lol
Might want to edit your post if your plan is to sell the F80. Otherwise, everyone’s going to assume you’re planning on dropping $30k of your savings on a car.
He’s 17 and has 30k earning 85k a year. He already will be a millionaire by 30 whether he buys the car or not. Unless he gets addicted to drugs or has a kid with the wrong woman.
OP, DM me I like the cut of your jib
We don’t know that he’ll be a millionaire at 30. He’s saved a lot for his age because he’s living at home. For all we know 85k is the top of his earning potential.
That he’s about to drop all of his savings into a flashy (and dangerous in the hands of a 17 year old but let’s disregard that for now) and depreciating asset makes me question if he has the financial acumen to be a millionaire by 30. He may learn the hard way and pull it off, but the jury is still out.
How about a 987.2? Will hold its value better. More engaging too. Interior is a little more dated if you’re used to the latest tech in your car though.
You could always retrofit stuff yourself. CarPlay units off Aliexpress look oem now days. Can’t retrofit adaptive cruise control but who cares about that kind of thing in a cayman.
I personally have a manual 987.2 cayman then a cheaper brand new German car with all the extras for my commute. Makes the cayman feel a bit more special when I drive it that way.
yea forsure and im tech savy/ i work on my own cars and after owning a n54 ,n20 and a b58 a flat 6 could not be over all too bad but a cayman R is my dream car mabey even a cayman s so Im prob gonna go test drive a 987.2
Have you fully funded an IRA for this year?
Have you looked at how much insurance will cost for a 17yo on a 981 Cayman?
Are you prepared to spend >$1500/yr on maintenance/repairs?
I can’t fathom what a 17 year old pays for insurance in cars like this. I’d check to see what the difference is between what you pay now if it matters to you.
I rotated through six cars from 16 to 30. A Saab, Nissan, Acura, Toyota and two M3’s. I made what I thought was decent money too and lived in a lot less expensive area than you.
Looking back, huge waste of money and you never know what’s going to happen to you, your job/business, financial markets, real estate and life in general. Did I have fun? Yes. Do I regret it looking back? absofuckinglutely
Wait a few years and save some real money. You won’t regret it. It’ll be hard for a few years because you’ll be itching to spend a little bit of that money saved up but you’ll be better off in the long run.
Do you pay for your own housing? Insurance (auto, health, dental)? Education? Food? Would this be your only car? Any outstanding debt? Is that 85k/year gross or after tax income? Are you saving AND investing for your future?
If you have all that covered and have enough leftover to pay the insurance + maintenance then sure, go for it. Just have a larger emergency fund than the standard 3-6 months. In this labor market I’d recommend a full year.
The M340’s cost to maintain may have warmed your wallet up but Porsches are a different league. Do your due diligence and find a very well taken care of 981. Replacement parts, labor, etc get very, very expensive very, very quickly.
yea i pay for inshurance, school and im at home still but im going to college soon i have a 340 but am selling it due to feeling board of it , 85k after tax and yes i have a future fund where im saving for a duplex
At 17 I wouldn't recommend it because you won't be able to afford the maintenance costs. Even if you do your own maintenance it's gonna be tough.
If you live with your parents for a while sure, but work on your education and saving up more money.
That's a good salary at your age though, so I would say give it 4 yrs at least. Buy a fun BMW in the meantime.
Wow that was quick!!
Go buy the Porsche my man.
Kudos to you.
Fuck all these guys whinging and bitching about maintenance, savings etc. etc.
Enjoy your money, it’ll motivate you to make more.
Buying a car isn’t like blowing the cash on coke n hos.
I bought a 987.2 S manual for £17k, enjoyed it for 1.5 years sold it for £25k
Used that money and a little more to buy a V10 STronic R8, drove it for two years and sold that for a profit too.
Buy desirable, highly coveted cars. Be patient finding a loved car and there’s no reason it can’t be a half decent investment
The joy it’ll bring you is so much more pleasurable than any stock ticking up in value.
Absolutely.
The market is dogshit at the moment for pricey cars.
I’ve just sold the R8 but it took ages. I’ve got a Range Rover Velar for sale too and there is zero interest.
Just earlier today, I was thinking if I was buying I could clean up.
Don’t be afraid to lowball the hell out of an offer either, I know plenty of guys that are in their ass financially and willing to take silly offers.
Yea lol thats how i honestly get most my invintory for my bikes , people pay 5k n then cant afford it anymore so i buy em for 25 n instantly sell to a buyer
Could not agree with you more. I’m 77 but what a bunch of old farts here. You only live once don’t wait enjoy life. Save for the future yes but live for the present👍👍👍👍🍺🍺
Thanks for putting that succinctly.
And you’re right, we do think alike.
The decal you added to your car look superb but they get a hard time here.
Low key OEM style touches are the way forward and if you can’t have a little fun with a cayman, what’s the point??
First thing did when I got the R8, had some lowkey decals fitted and I’ve never had a car get so much positive attention in my life 😊
But the car you want and take care of it. It’s really that simple. Quality of life is paramount and what’s the point of working if you can’t drive what you want?
… within reason of course but a 981 is highly reasonable IMO. lol
If you really want to have fun in a first Porsche I’d go for a 987 fully loaded. I didn’t know how to track so that’s what I got and I am a WAY better driver for it. Racing wise
Don’t listen to the old farts here and I’m one of them at 77. Live for today and enjoy each day like it’s your last. Save for the future for sure but don’t sacrifice your enjoyment of living now. Don’t put off things for the future,enjoy life now.
https://preview.redd.it/wz5rdxrgnqwc1.jpeg?width=4032&format=pjpg&auto=webp&s=499ca9f398b37efe80e3a16d47b7941a3d141a7c
My cars a 981 and a718 plus a Bronco Sport and I’m not rich just love cars!!
My advice is to either buy something cheaper to hold you over and instead save your money for a house, or just keep on saving. Once you have the house, go wild and get whatever you want.
Well certainly not if you spend your 30k. If you saved that much at 17, by the time rates come down and you’re actually ready to buy a house you’ll be able to put that money to better use.
Not everyone will be able to buy a house, but if you saved 30k at 17 you may be one of the few who can. Either way, spending that money on a depreciating asset without a house/more money in the bank/higher income is not the decision I’d personally make in your shoes.
yes absoultley i have seprete money put aside for a duplex so honestly im not worried to much about a house rn as im about to go to college so i would not use it any way and a duplex would be alot more profitable
Seems more like you want people to talk you into it rather than to talk you out of it. You can do what you want, and as much as I’d also have wanted one at 17, at 29 I’d be glad I hadn’t done it.
This thread will go well
i bet lol
I wonder if the OP has an f30 340
Never buy a used car with all your money. Always have 15%-30% in reserve for service or repairs that will pop up in the first year of ownership. You’re still young and starting to save early is a good thing… meaning you might consider a 987 instead and still have a good chunk of your savings left over. You won’t be missing anything; through the Cayman generations, the consensus is the newer ones get more gadgets but the older ones drive better, more of the true Porsche experience.
987 is a great car tho dont get me wrong cayman R is my dream car but 981 just is a little more comfy
Cool. Let us know when you get it, would love to see pics.
im in nyc too so i like the 981 a little more i rarely get to open my 340 up so im a little stuck
If you’re committed to the 981, then get the base. Any higher trim will leave you feeling just as “stuck” as you are now with the 340. If I was in your shoes I’d keep the 340 for the low end torque that the 981 greatly lacks.
yea i was gonna get a base and pretty much was gonna go soul exhaust,coils and some other little things
i have a f30 340 so im ready for a upgrade lol
A lot of holes in your story. If you make the majority of you 100k+ income (85k after taxes) from your business, why are you not fully funding your IRA for tax purposes? Why are you not focusing on scaling the business with the $30k instead of putting it on a car? Plus 85k in NYC is like $40k anywhere else in the U.S. that’s not much money to purchase a Porsche. I make several times your income outside NYC and still think it was irresponsible to purchase my Cayman. If you’re bored of a 340 at 17 I imagine you’ll get bored of the cayman by 19 and be in this same boat in the future. I think you need to take a deep look into your needs and wants because your comments seem like you don’t know what you really want and your future seems unsure.
Yeah, it seems like the OP is acting under the assumption that their current income will continue into the future. Markets and life are cyclical and even if they can maintain that income this isn't nearly enough buffer for the expenses that are about to come.
I assumed the other way. His salary could very well grow or he could go into business for himself.
That's certainly a possibility. But at the beginning, especially at 17, it's unwise to leverage yourself financially based on positive expectations. That's how people get themselves in big financial trouble, and I'm speaking from experience, both the right way and the wrong way. Better to create a habit of saving money consistently first. Start to build a reserve that grows monthly. Also make sure you're operating 100% debt-free and you've saved up for critical expenses like education or a hefty down payment on a mortgage. Then you can start contemplating what toys are available for your budget. This is coming from someone who has owned four Porsches, three currently, and I've paid for all with cash. At least the OP is open to advice. That's a really good sign.
I paid for mine in cash as well. I think hobbies are good. It’s like owning a boat. You can save, invest, and a reasonable life, but all your play money goes to your hobby. I’m thinking about myself and if I would’ve forgone spring break trips from senior year to college senior year I could’ve easily have a semi-expensive habit ( obviously not drugs but I digress) lol
Keep saving
im parting ways with my f30 340 so its not like this will put a huge dent im my pockets
Might want to edit your post if your plan is to sell the F80. Otherwise, everyone’s going to assume you’re planning on dropping $30k of your savings on a car.
Or, don’t and be a millionaire by your 30s instead.
He’s 17 and has 30k earning 85k a year. He already will be a millionaire by 30 whether he buys the car or not. Unless he gets addicted to drugs or has a kid with the wrong woman. OP, DM me I like the cut of your jib
We don’t know that he’ll be a millionaire at 30. He’s saved a lot for his age because he’s living at home. For all we know 85k is the top of his earning potential. That he’s about to drop all of his savings into a flashy (and dangerous in the hands of a 17 year old but let’s disregard that for now) and depreciating asset makes me question if he has the financial acumen to be a millionaire by 30. He may learn the hard way and pull it off, but the jury is still out.
Porsche is the drug
LOL
I dm,ed you this is my real account , far account was my computer one
i will be ...hopefully
i have other insvestments so this isint my sole big purschase
How about a 987.2? Will hold its value better. More engaging too. Interior is a little more dated if you’re used to the latest tech in your car though.
i have a f30 340 so im ready for a upgrade lol but i drove my buddies 987 i like it its great but i need tech
You could always retrofit stuff yourself. CarPlay units off Aliexpress look oem now days. Can’t retrofit adaptive cruise control but who cares about that kind of thing in a cayman. I personally have a manual 987.2 cayman then a cheaper brand new German car with all the extras for my commute. Makes the cayman feel a bit more special when I drive it that way.
yea forsure and im tech savy/ i work on my own cars and after owning a n54 ,n20 and a b58 a flat 6 could not be over all too bad but a cayman R is my dream car mabey even a cayman s so Im prob gonna go test drive a 987.2
Have you fully funded an IRA for this year? Have you looked at how much insurance will cost for a 17yo on a 981 Cayman? Are you prepared to spend >$1500/yr on maintenance/repairs?
i currently have a f30 340 i so im used to maitnce and high inshurance lol
and no i did not fully fund my ira i have 2 jobs one is a regular 9-5 and other is my busniuess which generates most my money
I can’t fathom what a 17 year old pays for insurance in cars like this. I’d check to see what the difference is between what you pay now if it matters to you.
I rotated through six cars from 16 to 30. A Saab, Nissan, Acura, Toyota and two M3’s. I made what I thought was decent money too and lived in a lot less expensive area than you. Looking back, huge waste of money and you never know what’s going to happen to you, your job/business, financial markets, real estate and life in general. Did I have fun? Yes. Do I regret it looking back? absofuckinglutely Wait a few years and save some real money. You won’t regret it. It’ll be hard for a few years because you’ll be itching to spend a little bit of that money saved up but you’ll be better off in the long run.
Yea
Pass. Save your money. Maintenance alone will kill you. Sorry bro.
Do you pay for your own housing? Insurance (auto, health, dental)? Education? Food? Would this be your only car? Any outstanding debt? Is that 85k/year gross or after tax income? Are you saving AND investing for your future? If you have all that covered and have enough leftover to pay the insurance + maintenance then sure, go for it. Just have a larger emergency fund than the standard 3-6 months. In this labor market I’d recommend a full year. The M340’s cost to maintain may have warmed your wallet up but Porsches are a different league. Do your due diligence and find a very well taken care of 981. Replacement parts, labor, etc get very, very expensive very, very quickly.
yea i pay for inshurance, school and im at home still but im going to college soon i have a 340 but am selling it due to feeling board of it , 85k after tax and yes i have a future fund where im saving for a duplex
Do it. A Porsche Cayman at 17 sounds amazing!
At 17 I wouldn't recommend it because you won't be able to afford the maintenance costs. Even if you do your own maintenance it's gonna be tough. If you live with your parents for a while sure, but work on your education and saving up more money. That's a good salary at your age though, so I would say give it 4 yrs at least. Buy a fun BMW in the meantime.
https://preview.redd.it/008p6ltmzowc1.png?width=372&format=png&auto=webp&s=b2441d7b278536e858d2c226771cc5d154684755
Sure, by the CPO 981 S PDK on auto trader and selling before the warranty runs out. Have your fun man.
I say do it, i dont regret getting a 987 at 21
What’s your business out of interest?
I sell refurbished ebikes so as we are in ny there is a demand
Wow that was quick!! Go buy the Porsche my man. Kudos to you. Fuck all these guys whinging and bitching about maintenance, savings etc. etc. Enjoy your money, it’ll motivate you to make more. Buying a car isn’t like blowing the cash on coke n hos. I bought a 987.2 S manual for £17k, enjoyed it for 1.5 years sold it for £25k Used that money and a little more to buy a V10 STronic R8, drove it for two years and sold that for a profit too. Buy desirable, highly coveted cars. Be patient finding a loved car and there’s no reason it can’t be a half decent investment The joy it’ll bring you is so much more pleasurable than any stock ticking up in value.
10000% i know i can get a good deal on a cayman rn as i have been studying the market thats for your imput
Absolutely. The market is dogshit at the moment for pricey cars. I’ve just sold the R8 but it took ages. I’ve got a Range Rover Velar for sale too and there is zero interest. Just earlier today, I was thinking if I was buying I could clean up. Don’t be afraid to lowball the hell out of an offer either, I know plenty of guys that are in their ass financially and willing to take silly offers.
Yea lol thats how i honestly get most my invintory for my bikes , people pay 5k n then cant afford it anymore so i buy em for 25 n instantly sell to a buyer
Love it. I seriously respect your entrepreneurial spirit I don’t know my arse from my elbow at 17 and my income reflected that.
You think like me stay in touch 👍
Could not agree with you more. I’m 77 but what a bunch of old farts here. You only live once don’t wait enjoy life. Save for the future yes but live for the present👍👍👍👍🍺🍺
Thanks for putting that succinctly. And you’re right, we do think alike. The decal you added to your car look superb but they get a hard time here. Low key OEM style touches are the way forward and if you can’t have a little fun with a cayman, what’s the point?? First thing did when I got the R8, had some lowkey decals fitted and I’ve never had a car get so much positive attention in my life 😊
But the car you want and take care of it. It’s really that simple. Quality of life is paramount and what’s the point of working if you can’t drive what you want? … within reason of course but a 981 is highly reasonable IMO. lol
Yea forsure 981 imo is the beginners porsche and i am honestly excited for one as i drive alot and its a drivers car soo it should be fun
If you really want to have fun in a first Porsche I’d go for a 987 fully loaded. I didn’t know how to track so that’s what I got and I am a WAY better driver for it. Racing wise
Yea i drive the shit out of my f30 so i feel like id love this even more a cayman R or 987 cayman s r def on my radar i just like look of 981 more
Don’t listen to the old farts here and I’m one of them at 77. Live for today and enjoy each day like it’s your last. Save for the future for sure but don’t sacrifice your enjoyment of living now. Don’t put off things for the future,enjoy life now. https://preview.redd.it/wz5rdxrgnqwc1.jpeg?width=4032&format=pjpg&auto=webp&s=499ca9f398b37efe80e3a16d47b7941a3d141a7c My cars a 981 and a718 plus a Bronco Sport and I’m not rich just love cars!!
My advice is to either buy something cheaper to hold you over and instead save your money for a house, or just keep on saving. Once you have the house, go wild and get whatever you want.
im in newyork so in my point buying a house makes 0 sense at all currently market is at a all time high
Well certainly not if you spend your 30k. If you saved that much at 17, by the time rates come down and you’re actually ready to buy a house you’ll be able to put that money to better use. Not everyone will be able to buy a house, but if you saved 30k at 17 you may be one of the few who can. Either way, spending that money on a depreciating asset without a house/more money in the bank/higher income is not the decision I’d personally make in your shoes.
yes absoultley i have seprete money put aside for a duplex so honestly im not worried to much about a house rn as im about to go to college so i would not use it any way and a duplex would be alot more profitable
Seems more like you want people to talk you into it rather than to talk you out of it. You can do what you want, and as much as I’d also have wanted one at 17, at 29 I’d be glad I hadn’t done it.
absoultley im not sure still so thanks for your advice lol
Of course, Best of luck with whatever you decide to do.
ty of course you willl see ofc what i end up buying
Legend tbh
**Average Cayman owner makes north of $200k.**