A Porsche is a dream car. It’s the car you draw when you’re a kid. When you’re bored at school and doodling cars all over your workbook. It’s the Porsche 911 that you always draw. The beautiful design is ingrained in our minds from an early age. It’s no wonder that we begin to start thinking about buying one later in life. Once you have a steady job and a little disposable income, we always look towards to the Porsche.
We’re conditioned to think that we can’t possibly afford one. It’s the car of dreams, right? We think it’s only for the very rich. However, this is not the case. If you have the willpower to save up a little money and you shop around, you can find a great deal. It might not be the brand new, super-charged version, but you can afford a Porsche. There are many alternatives out there to buying a brand new car.
Thanks to Axion 23 for the image.
You’ll find great bargains on second hand Porsches. So long as you know what to look out for, there are some classics available. You could also forget about buying entirely. You could lease your new Porsche instead. Leasing opens up a whole new range of possibility for cars that were previously out of budget. There are also plenty of other finance options including personal loans and PCP or HP loans from the dealer. It will all depend on your personal financial situation. Here are the basic options to buying your first Porsche.
Save, and buy it outright
Some of you may want to skip this part. Saving for the full amount of a Porsche is a tall order. However, it is the best financial option. At the very least, it’s worth saving for a significant portion to use as a deposit. The more money you can pay up front, the less your monthly repayments will be down the line. Consider putting off the Porsche for another few years and starting a savings plan. Save a few hundred dollars every month and you’ll be in a strong position to buy in just three years.
Buying a used Porsche
This will be the option for most people. With brand new Porsches clocking in at well over $100,000, new Porsches are only for the rich. However, there are loads of great deals to be had on second hand cars. Plus, the older cars are better looking. That classic designs wins over modern technology every day. You will need to be careful and know exactly what you’re looking for. Do a lot of research.
As with any ‘dream car’ the prices vary wildly. The Porsche is a very emotional car. Their owners make strong connections with them and this can affect resale value. This is why you can find the exact same model and date Porsche for two extremely different prices. Learn to distinguish what is the right price for the model you’re looking at.
Buy the newest used Porsche you can afford
You will save a significant amount of money by saving for as long as possible. Put the sale off until you can really afford a good Porsche. An older Porsche with a lot of mileage will set you back on maintenance cost. While Porsches are not the most expensive supercars to run, they are expensive to maintain. Some used Porsche owners reported spending $2-3,000 in their first year of ownership. The big expenses on a Porsche are tyres and brake fittings. Where possible, try to ensure the factory warranty still remains. At least while you iron out the cracks.
Remember to do all the usual checks you would normally when buying a used car. Check the MOT and service check history. Do a finance and registration check and make the car has never been written off. Finally do a full walk-around a number of test drives. Really take your time to get the right Porsche. There are bargains out there and you can pick up your dream car for around $20,000 – $25,000.
Leasing is a great alternative to buying. Although you never fully own the car outright, there are so many benefits to leasing. When leasing a car, you are entering into a long-term hiring agreement. You’ll typically pay an up-front cost and then monthly payments for a set term. When the contract expires, you simply hand the car back. It’s a favoured option for those who don’t have a large deposit to put down.
What are the benefits?
Leasing a car can be significantly cheaper than buying. The monthly payments are lower and the up-front costs can be miniscule (sometimes nothing at all). This means that you can afford the newer models and the better cars. Where a Porsche may have previously been way out of budget, it could now be in price range. Although you couldn’t afford to buy a new Porsche, you could afford to lease it.
Best of all, after three years, you can trade it in and get the next model. You get that new car smell and you don’t have to worry about the problem of depreciation. You simply get to drive a Porsche around in style. There are plenty of lease deals available, www.leasingoptions.uk is a good place to start. If you love the feeling of driving the best possible model without the commitment of buying, this is the perfect option.
Other financial options
A personal loan can also help you pay for that Porsche. In terms of finance options, a personal loan is probably your best option. However, it’s not always possible for buyers and so a HP or PCP loan might be better. These are usually offered by the dealers themselves. Ensure that you fully understand the financial commitment you are making. These kind of loans are typically given against the car itself. That means that you don’t own any part of the car until you pay the final installment.
If you desperately want that Porsche, there is an option for you. It is never out of reach. There are great deals to be had on used Porsches. With a good budget, a little saving and the right loan, it’s easily within reach. On the other hand, you could simply lease the newest Porsche. You’ll be driving around in your dream car in no time.