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I was laid off during Deloitte‘s mass layoff in July of last year. I have worked as an independent contractor since and projects haven’t been consistent at the client I’m working for. I’m looking to get back into a big firm and was seeing if anyone would be able to refer me or help get my foot in the door. I was a business analyst for 1.5 years at Deloitte and have several years of additional experience which I’d be more than happy to share.
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Rising Star
If you can’t afford 3yr financing or less, you can’t afford it.
Get a loan for the length of time you foresee owning the car minus a couple years, depending on the interest rate. There is no reason to get a shorter loan with the rate deals there are now. It doesn’t cost more over time with 0% financing. Just don’t initially discuss financing with the dealer before discussing price. Determine price (not monthly payment) then ask about financing.
As for leasing, there is an inputted interest rate that is typically 8-11% in the payment, so unless it is a business vehicle it makes little sense. Also make certain it is truly a business vehicle, as fringe benefits I expect will be a focus point for the IRS in the near future.
Chief
I bought a 60k Porsche making 60k, 5 years ago. It was a really dumb idea and I was bailed out by having my income rise a bunch.
Last month I bought a 100k Porsche making 230k and feel much more secure.
Wait till you make more money
Chief
B1- It's a great car. I like it because it's not flashy but still attractive. My dream dream car is a 911 Targa though. I just have the base model
Chief
Imagine pulling up to client site in a Porsche on 50k budget. I immediately discount anything you have to say
Imagine working on site at the client
Chief
Yes
I'm a big fan of living your life. But this is 100% too much
Lease depreciating assets!
Yes in this case Porsches hold value well and are quite reliable better to finance
As others have said, yes it’s stupid. But wanted to ask you included insurance and maintenance in your calculations?
This is not included with the 85k :/
Sorry yes, it would be a stupid decision. Go for a cheaper option, I’m sure it can be tempting but when I was making 50k, I paid cash for a used Hyundai Elantra that served me well until I was able to buy a decked out, brand new Honda Accord that I am still 110% obsessed with and I was able to pay cash for that too. Save money, like Accenture said - put it as a goal to work towards
That’s not even what I’m saying. I don’t think it matters in this situation, so I’m not sure why it was even mentioned. OP simply cannot afford it on a 50k income alone. I offered an alternative solution that worked out for me.
Chief
Ladies will love the Porsche trust me, ohhh also add a Rolex 😈
Rising Star
M2 I’m implying women as response to this thread. In general, not many men would recognize those either lol
You're not stupid. You are retarded.
Well,alrighty then
Bad idea. Make it a goal to work towards instead.
Is it a financially savvy plan? No, and you know that.
What are your personal and financial goals? How high on that list is getting a Porsche? What won’t you be able to accomplish if you get the Porsche? Are you ok with not achieving those other goals if you get the Porsche? If the answer to that last question is no, then it’s a stupid decision to get the porsche. But everyone’s answer to that is different.
Chief
The note and insurance is probably like $1,400, right? That's almost half your monthly take home. I love nice cars but try to keep your note + insurance under 25% at a minimum.
People in India regularly buy cars worth 2-3x their annual salary(post tax). This is due to very hogh costs and about 60% taxes on personal vehicles. But as you might know, there is a huge saving mindset culturally so loans are usually paid in 4-5yrs time with regular emis and increasing salaries(double-digit unlike developed nations). Pretty common.
Dumb as rocks.
I’m just thankful it wasn’t someone from Deloitte asking this question
Chief
At least use Vaseline before your f*ck yourself that hard
Wait until you make more and get a better one, you’ll appreciate it (and your savings from now will appreciate too!)
Almost got in a 5yr car note a long time ago and not getting it was one of the smartest things I ever did.
You can’t afford it
Can you imagine this guy picking up a woman who thinks he’s loaded?
I’d love to see her reaction when he takes her back to his apartment that rents for less than his car payment
I make well north of $1M a year and i bought a USED Porsche because i hate depreciation. Go get yourself a circa 2000-6. They are at the nadir of the depreciation curve and it is a Porsche so the value is likely to start going up. It is likely to have low miles and be in great shape as it was likely owned by a 50-60 year old man w/ bad knees who kept it in his garage.
Then, you can drive the hell out of it. Groceries - get there really fast! Track day? Why not - that baby is used!
You can buy insane cars that are 15-25 years old. And, unless you have been carting since you were about 6 years old, your chances of driving a new 911 turbo faster than I can drive my '06 base model is slim to none.
As a final note - you can get yourself a great old jeep, a sweet old pickup, and a 911 Cabriolet for less than a new Boxter....That gives you a ride for every occassion.
I agree. I make way super south (opposite of North)of $1M and have Toyota which has less depreciation because of less appreciation