analyst, $85k, about to be rent-free until next year. I see a beautiful 2009 Porsche Cayenne, low miles, good service record for ~$17000...thinking to finance $11K, pay the rest and enjoy. too risky?

I built engines for a living before consulting and work in automotive, but take this advise for what it's worth

Porsche cars are extremely well built and run like a dream. But when out of warranty the parts costs will kill you if you have any major repairs

Examples of common expenses -

1. Tires - a set costs $1.5 - $2k and depending on where and how you are driving it, you are spending that every 15k miles. Putting all that power to the road comes at a price and tire wear is a huge problem for these cars

2. Brake pads and rotors - same as tires and unless you know how to replace them yourself are again going to cost you $500-$750 every 6 Mos to a year

3. Insurance - depending on where you live and your age, these vehicles are considered high risk so expect to pay up to $200 a month

Now if those are palatable to you, think about some major repairs for common problems

One of the major issues with Porsche is that in order to make the car light weight, they decided to Loctite (think super strong glue) parts together instead of fastening them. A lot of engine tubes such as coolant tubes use this and when the coolant tubes fail, we are talking a $5K job since the whole engine has to come out.

Some parts may also not be easy to find and have to be shipped from Europe

A long post to say that the $17k and even the wear and tear may be attractive but the hidden costs make this a bad deal

You will be screwed with repairs. What is the mileage? Are all maintenance/repairs up to date? Your suspension should be replaced (if not budget $5-6k); timing belt and water pump (budget $3K). Are the tires new (budget $3K)? Oil changes are $500. Expect transmission to fail by 200K miles. It will be a hog to manage.

Speaking from experience of keeping my German car longer than I should have.

Seems a lot of people are overlooking the NYC aspect of this. OP makes $85K in NYC, which is low in this city. Not enough to afford a Hyundai, let alone a Porsche. OP’s forgetting, once the covid lockdowns are over, he has to not only pay NY insurance rates, but also pay for NYC parking. Unless OP’s gonna be doing the alternate-side parking hustle every morning with a Porsche, which is embarrassingly laughable. No way you’re going to afford dealing with the costs of keeping a car in New York, on top of New York rent on just $85K. While OP is staying at his parents’, I recommend just renting a Porsche for a weekend here and there, to get the enjoyment but without that unnecessary commitment. Could even rent a Lambo.

Awesome!! What led to rent free??

There are some good advices from other people, but the cost they assume seems a bit off. I owned MB/BMW/Audi for almost 20 years (aiming to buy Cayman next) and it doesn’t really cost that much as people make it out to be. I do fix many things myself, but even if you don’t, just find a good independent mechanic that specializes in Porsche or German cars and take a good care of you car — meaning do preventive maintenances. As long as you don’t take it to the stealership for every small issues, it doesn’t cost an arm and a leg.

You can easily researching common maintenance items for Cayenne, and check out the price and interval. That will give you a better idea if you can own it or not.

Good luck!

You'll look like a real geek tooling around in a Porsche then parking at your parent's house. Save the money and buy something more practical, you haven't made it yet.

Amazing feedbacks in many ways—thank you for prime advising in many of these comments. However, consultants are some of the most judgmental anonymous keyboard warriors.

I asked about risk and the vehicle, not your perceptions of my home life or the opinions of others on my personal lifestyle choices of taking the beautiful opportunity to spend money on something I will own, rather than be holding onto as a borrowed token. If they’re not paying bills, I do not give a fuck what others think about my bringing home a Mazda or a Maybach.

I have no shame in coming home to my loving family that likes to see me safe, kept, and appreciates my help and pitching in with no *expectation* to pay our mortgage, because my family wants me to always have an unconditional base for return.

Even further, the house that I pay for landscaping, gutters, pest control on—my mom’s car that I have serviced when I come home—the floors I have cleaned, the walls I paint—the groceries I put in my fridge for my family...I will happily park whatever the hell I’d like in my single-parent family driveway with pride.

Buy it, I did something similar and never regretted. Others may judge, but don't let it ruin your enjoyment

Yolo

Dude 17k for an 11 year old car is a no. Anyway that car is just a vw Tiguan with a porche logo. Spend a little more, get a lot more.

What are the expectations of the people paying your rent? Is this a chance for you to save for a down payment on a house? I’d be very disappointed if one on my kids moved back home and purchased a fancy car.

At least talk with whomever is providing the housing

What’s the mileage? This sounds overpriced

Do it. Better now than when you have a family and can’t do it anymore!

I would budget double whatever you think it’s going to cost. If you’re fine with that then go for it. 83k miles on a performance SUV is a lot.

11 year old car at 17k. That’s higher than most but not too insane. And to finance it you’re going to pay a bit more over that price when all said and done, unless you pay it off quickly.

I’d say a fancy car at that vintage with all the gadgets, sensors, drive train, electronics will begin to fail. Not all at once but it will add up.

Unfortunately it’s expensive to fix. Not sure if Porsche will offer an extended warranty for that old if a preowned car but if it’s not too expensive to purchase, I would do it, If you plan to take it to dealership. Independent Porsche shop will give you a better price.

Despite the lower mileage, parts still break due to age. And it will be stuff you wouldn’t expect.

I had loaded Mercedes GL450 and Volvo V70R that was around that the same age and just because of the age repairs began to mount up. And it was high dollar stuff to fix and replace since the cars were imports and more complicated than most. And those may be considered fancier than some, but not in the same league as Porsche. I’m glad I got it.

It made me miss my simple old Toyota and 1982 Volvo 240. With really old cars, I did some of the work myself or I took it to independent shops.

But, if it’s the exact car you want, you should get it and enjoy it. But understand that’s why drivers unload to trade in cars around that age so they don’t get burdened by expensive repairs. Agree with all those that commented before.

Many good points here already. Generally Porsche cars a built to last & perform but also with the expectation of regular good maintenance. Germans don’t have/expect the shoddy maintenance habits of Americans.

I suggest you ditch the Cayenne idea (that’s basically a old people’s car) and get a well cared for Cayman instead. Cheaper to buy and run, much more fun to drive. Assuming you’re without family since your moving back home.

On top of that - maybe try your hands at your own maintenance. Not as hard as it sounds and can be a great way to learn some hands-on skill to offset the long hours working on a computer. I do my own maintenance on a 997 Turbo and it brings a major overhaul down from about 5,000€ to 1,000€ for the parts.

Stay away! These cars are endless money pits! You want a car, get an old Toyota or Lexus.

There is a reason why these things are cheap. Stay away and buy something that’s fun to drive. If you are set on Porsche, look out for a well kept 996 911, they are going up in value, just ignore the stupid headlights.

I’d say go for it if you have the cash and discretionary income to maintain it. But given that you need a loan that’s prob not the case.

I’d keep saving up and pay cash in a few months.

Also do not buy an old German car without a PPI from a shop that specializes in that make / model.

83,000 miles on an ‘09, for $17k? You are getting fleeced big time, and you’ll regret it. And I say this as a Porsche fan.