Please talk some sense into me....

I'd have to agree Wylie;)

I always have a good look at the Porsche drivers. Around here they are 50ish, pot bellied and balding........pass

Agreed with the both of ya girls.
Old or compensating... trophy girlfriend in passenger seat looking bored.
 
Buy it..... second hand (although do take all the advice above re insurance, renting etc).

$135k for one with 9000km on the clock compared to $149k for a new one.

(Imagine what the price would be in a year's time with 20,000km on the clock!)


Did you want the "S" model in particular? Becuase if it is just for the looks, the standard Cayman is a lot cheaper

($120k with 5000km on the clock)


If you are earning $150k per year, then the car represents less than 1 year's salary. I know of people on $50k per year driving $50k cars, so it's probably not as bad it sounds.



Cheers,

The Y-man
 
Buy a hairdressers car - get an MX5 - just as much fun, much less $, doesnt attract as much attention from boys & girls in blue but still gives bang for buck!


Cheers
Stella
 
bloody hell. i want one so bad. Can someone please slap some sense into me??

Here's my prescription for you Doc : Have a bex and a good lie down - until the feeling passes :)

Buy a few IPs and then get the toys with some CG / equity mate....after you've moved out of home...geeze.

All the best,

Aimy
 
OK, I'll go against the flow.

Buy it.

You are young (26) and have many years ahead to take care of looming responsibilities, mortgages, family etc. From the doctors I know, you also work extremely hard.

We "only" started investing in IPs at about 40 years of age. Not much information around then, no internet, family and friends thought we were mad etc. Compared to many on this forum our efforts were quite piddling, but we are going into retirement with more than sufficient superannuation, plus a bonus of two retained IPs worth a conservative million which are just on cash flow neutral.

You have to do what feels right for you. At the end of the day, we continued with IPs because basically we enjoyed it.

I reckon by age 28 you will have it all out of your system and can then knuckle down to serious stuff. Start investing then and you have a 12 year head start on us.

The reason there are so many ageing porsche drivers out there is that they didn't get a chance when they were younger. Get it now, before you have to worry about kids chucking up on the leather. If/when you are a family man you will need a practical vehicle.

You are only 26, and are only young once. Enjoy!!!

Just don't wrap yourself around a lamp-post....NO SPEEDING!!!!
Marg
 
Buy a hairdressers car - get an MX5 - just as much fun, much less $, doesnt attract as much attention from boys & girls in blue but still gives bang for buck!


Cheers
Stella

I was about to suggest an Evo IX, but you still get the police factor (probably more so than most other cars on the market).

My friend got pulled over and the first question he got asked was: "is it the real thing?" :D

Cheers,

The Y-man
 
I thought I'd ad my thoughts on this...

Ever since I was young I wanted a red convertible sports car but I also wanted security in the way of IP's and shares etc. I always ummed and arred whether to buy my dream car whenever I saw one in a show room but my desire for financial security always won out. I bought a little yellow Honda for $2000 instead but promised myself I'd have my sports car before I hit 40. This motivated me to get my IP's and set myself quickier than I think would have. Everyoneeeeeeee used to laugh and bag my little yellow car and call me frugal, but I sometimes thought maybe they were abit jealous because they had loans for their cars whereas I owned my bomb and had property/shares whereas they didn't - I'm now 39 and last year I finally got my sports car which I payed cash for :D

I'd set yourself a time limit to get one and work towards that goal.

Just my thoughts...

JK
 
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My suggestion is half way between buy it and don't buy it (if you really want to splurge):

1. Go for something a little more sensible $$ wise but still a great reward. I.e. I'd buy a current model Audi A4 Quattro 2L turbo with only around 10,000 - 20,000 kms on the clock (around 55-60K). Or something similarly nice (BMW 3 series, etc). Someone else has taken a 10K hit on depreciation already. You can still lease this car, it'd probably cost you 20K pretax p.a. over 3 years. So you'd still have a pretax salary of 130K+.

2. Spend around 5-10K doing it up if you want - chip, exhaust, suspension etc. so that it would mop the floor with most porshe's out there. Less show more go.

3. Spend the other 50K as deposit on your PPOR somewhere...should get you something decent in Adelaide. Then look at buying your 2nd and 3rd houses and diversifying into different asset classes asap (say within 2-3 years).

Seriously - I know how you feel, my girlfriend are 29 and we have our eye on a 100K car that we'd like to buy, but we currently own a 30K car and have an agreement between us that we don't get to buy it until we reach a certain milestone in our investment plans (about 2 years away all going well).

I also think you deserve to reward yourself after successfully making it through medical school. I understand the commitment and effort that requires and getting to your earning potential so young is something that not many achieve....
 
It's only a car
The speed limits 100kph

Dave


Oh yeah, that's the other thing.

Aussieboy2010, if you get a machine like the Cayman S, you must not waste it - you must promise to take it onto a track at least 4 times a year in club events. :D

Make sure you do budget for race tyres (slicks are about $1000 each - a set of 4-6 should last you a year. Consequently you'll need a set of wheels - $1,500 each? - for track use only) and brakes (ceramic brake pads for the Cayman will be about $1000 per set if sourced locally). Everything else should hold up pretty well, but don't be too surprised if someone on a cheaper car comes along and blows you away.

Cheers,

The Y-man
 
Oh yeah, that's the other thing.

Aussieboy2010, if you get a machine like the Cayman S, you must not waste it - you must promise to take it onto a track at least 4 times a year in club events. :D

Make sure you do budget for race tyres (slicks are about $1000 each - a set of 4-6 should last you a year. Consequently you'll need a set of wheels - $1,500 each? - for track use only) and brakes (ceramic brake pads for the Cayman will be about $1000 per set if sourced locally). Everything else should hold up pretty well, but don't be too surprised if someone on a cheaper car comes along and blows you away.

Cheers,

The Y-man


Just like boats, cars have souls as well.

They need to be used (and abused) as per their intended purpose.

Pointless having a race car to go to the coffee shop in.



Dave
 
If you think its a good idea, then go for it. You dont need us to talk you out of it, even though on your wage you could be rich beyond your dreams by 40, maybe even earlier.

Good judgment comes from experience. Unfortunately, the experience usually comes from bad judgment.
 
To all the blokes :>

It depends IF and how IMPORTANT financial freedom is to you.

Before I buy anything I ask myself if it is helping my higher cause, if it isnt.. I dont buy it.

A serious investor will use their investment casflow to purchase luxury items, not money that has been earnt from their JOB (just over broke).

If you are happy being stuck in the "Rat Race" go for it, spend all your money on depreciating items.

I want a porsche too and will get one when the time is right.
 
Aussieboy2010, on another note there are certain young ladies that will have their head's turned by a young man driving just such a machine. :eek:

A doctor you say? Their gleaming eyes go "Ka-ching!"......... and THAT my friend is another reason not to buy such a car. Yet.

Those young ladies are the sort you don't want to attract. Trouble, capital T.

Congrats on your qualification though. Mammoth effort.
 
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