The most enduring legacy is education. I am a father and nearer your late Dad's age than you, in a few years time the Boxster will be in a scrapyard, but the inheritance your father worked so hard for in order to leave you can be magnified by your ability to use it wisely and add value to yourself. what's worth more to you? the transient pleasure of an admittedly fabulous sportscar or the ability to earn the money to buy your one of your own as well as to enjoy the lifestyle to go with it. What would your dad have wanted? Sorry to take a somewhat maudlin note but my own dad died not so long ago and I think about him and what would have given him pleasure. These are not trivial issues, as you could well spend the rest of your life reflecting on them. An MX5/Eunos is a whole heap of nearly as much fun for a fraction of the cost and you can get rid of the student loan, or rather as the interest rates are so low invest the cash, pay the interest on the loan and enjoy the surplus - who knows you could even run the car for free that way!
MGs
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BORING! Go for it. you might never have the chance again. but do consider an older 911, you can get decent 996s for this kind of money
Edited by nick1975 on 14/01/2010 at 20:12
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you can get a 987 for that money
or why not get a slightly cheaper 986 ...even a 2.7 would a killer car for a young man , then have some spare cash for other things or maintenence etc
12-15k can get you a very nice 986
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Sorry to hear of your loss. A reminder that life is short and should be enjoyed to its full.
I would say go for it. Its a dream car, owning it now will also get it out of your system and avert a mid life crisis later on in life.
My only concern would be that these are high performance cars, and would hate for it to end in tears. Maybe some track days to try the performance in a safe environment? Or doing an advanced driving course?
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First off, im too am sorry for your loss.
Having come close to winning a Boxster 2 years ago (I ended up with an Astra covered it Tiger stripes, but thats another story), i did some research into the running costs of such a car and quickly realised that at the tender age of 24, and earning an average salary, it simply wasnt an option (for me anyways).
At the time I had a Golf V6 4Motion, and that too cost me an absolute fortune to run.
May I suggest some options that i would explore in your situation;
1) Spend some of the money (£10k is more than enough imo) and get something like a BMW 330ci instead. Leave a little aside for runnign it and invest the remainder of the cash in a stocks and shares ISA or similar and forget about it for 5 years.
2) Buy a house with your inheritance. Now is an ideal time to get a good deal on a mortgage fixed for 5years, rent it out (or live there and charge your mates rent to cover the mortgage) and you might even get a little income from it whislt you are studying. Chop the Fabia in for something a bit more fun (MX5, Mini Cooper S?) and use the proceeds from the house to run it :-)
Edited by NickS on 15/01/2010 at 11:24
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They are great cars, however the one you've been offered is expensive.
If you really want a Porsche, around 10,000 would see you in a reasonable 986 Boxster, the insurance on a 2.7 will also be slightly lower. Alllow 2,000 for servicing and maintenance each year and have fun.
Don't listen to the boring sensible people, life is to be lived.
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Ok, sensible hat off.
Is there any 0% finance deals out there on a new car like this? Put a sizeable deposit down then invest the remianing cash, the interest/growth from which which should offset your re-payment a little?
Or just buy it and enjoy it. If you can, why not. You probably wouldnt lose that much in depreciation (relativiley speaking).... 12yr old Boxsters still fetch circa £10k for a good one......if you lost 50% in 10years, thats pretty good going in my book :-)
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Thanks for everyone's comments and advice.
Avant,
Love the BMWs, Z3 or Z4 could sway me. Running costs are a tad more predictable and they seem more luxurious/comfortable on the inside. Golf is of course also a contender, but I think I would stay clear of he Clio - too small for a hot hatch!
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MGspannerman,
.*******
The MX5 is of course still an option, I haven't viewed any, but they seem a little less special than a Porsche.
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nick1975,
Will have a look at used 911s, thought they would be out of my range!
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steveo3002,
I prefer the look of the 986 over the 987. Have seen a few 987s for less, although this worries me, due to their higher mileage (which isn't always bad), and the fact that they are so cheap. Example being a 987 I looked at on Porsche's Used Car Locator, there was rust to the front discs, a very worn steering wheel, and non-genuine Porsche tyres. The spoiler also didn't look flush to the body.
Will have a look at some of the standard 986s though, as this will reduce the purchase price and insurance, and leave spare cash about.
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AndyTheGreat,
We think alike!
I am nervous about moving to a 3.2 from a 1.2 lol! If I do get the Boxster, I'm not going to be thrashing it on the road. Not fair to other motorists, wouldn't want to put them at risk.
The dream of owning a car like this owes to the fact that I would be able to take it to the track. Would absolutely love that. Have some high-speed training etc. Will look in to advanced courses as well.
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Nicks
Like the option re the Beemer! But is it as fun?
Money doesn't necessarily need to be an issue. I've got a 3-bed flat with no mortgage and graduate employment lined up, which pays great money for the SW. However, I should probably buffer myself for the unexpected and invest. Because of my part-ex, the Porsche would effictively be £16,990. Would like to get that down to £16k ideally, but know that Porsche Centres don't usually discount. I think it is against the law for them!
Have an interest in the Cooper S, seem reasonable price and running costs...
Choices, choices, choices!
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spikeyhead {p}
What's a reasonable price for the Boxster I mentioned? Has come down from £22,500 to £21,990. Think it would be reasonable at £21k? As it's from a Porsche Centre, it does include their one year warranty, which they tell me is worth a grand....
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NickS
Haven't seen any finance options. If I were buying new, I would prefer a Cayman. Not entirely sold on the softtop.
Why do most softtop owners buy a hardtop for winter? Do they leak or mold? Don't want to spend another £2k on one though!
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There's a 2004 non S at OPC Leeds for 19,995.
a 2003 S at OPC Cambridge for 16,445, both low milage.
Personaly, as you're not going to be doing lots of miles, I'd go for a higher milage 2.7, should be able to pick up a 2003 car for around 15,000 so a far better cost to change.
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I'm sorry to hear of this young man's loss. I agree that if I were in his shoes I'd be tempted to go for it, but I'd have been swayed by MGspannerman.
Would someone please tell him exactly what his non-servicing cost will be, eg if he has to replace that small oil seal ?
I'd highly recommend as read of Hartech's web-based advice on buying these ( and other ) Porsches
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spikeyhead {p},
Will keep my eye out for the standard Boxsters down here. Haven't yet had the test drive for the 986 Boxster S, should be this week sometime - either Friday or the weekend.
Does anyone have any tips for me for the test drive. What am I looking out for? Are there particular questions I should be asking? It's from the Porsche Centre, so questions need not be around it's mechanical quality?
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Rory,
Thanks for pointing me in Hartech's direction, they have some great resources and lets me know what kind of costs to expect in maintaining a Porsche.
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Regarding the Porsche warranty, it's provided by Porsche Cars UK and has some horrible exclusion clauses in it.
These include if any work, even changing tyres has ever been done outside the Porsche network then they needn't pay out. I'd want a statement from the supplying dealer that there is nothing in the history that would prevent such a payout but that's peobably as much my attitude as a necessity. Personally, I'd rather just buy one at auction and take the risk that it could be a lemon, however the loss that could occur if that route goes badly wrong is high and I appreciate that most wouldn't take that approach.
Id also have a check over the service history, if it's incomplete then I'd definitely push for the written statement I mentioned earlier. Make sure all the toys work, that the tyres are in good condition with plenty of tread and when the next service is due. It it's close, get that done before buying it at the dealer's expense.
If in dout, walk away, there's a lot of cars out there.
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Thanks for the heads up on the warranty. Must expore this further.
So we're saying that, if the previous owner changed tyres and this wasn't undertaken by one of the Porsche Centres, then the warranty is invalid? Gosh - that's crazyness!
How quickly to tyres wear on such cars, I'm down to 3MM on the front and 6MM on the rear of my Fabia after neary 17k miles. I believe they were 8MM from new? This is good wear as far as I'm concerned, but something tells me, on a Porsche I may require new rear tyres anually?
Eeek!
Any tips for the test drive?
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I'm a relatively young Boxster owner. If you really want to go for it, it's a great car. Bear in mind the costs on the one you've seen will be huge mainly because of the price.
Tyre wear depends on how you drive it! A trackday can wear them out quickly, depending how much fun you have :)
The rears are wider than the fronts. I have the 18s, which do look good. Decent front tyres (N-rated, as recommended for Porsche) could be had for 280 the pair, rears were £370. The car was designed to run on 16s, but they do look small, 17s might be a better all-round bet, also for wear. PSM is Porsches stability control and well worth having.
My 2002 is only a 2.7, very well specced, average miles, top condition, but I don't think I could get much more than £10 or £11k for it. Perhaps add £2k tops if it was an S. A bit more for lower miles. If paying £21k for the 2004 S, could you stomach losing up to £8k on it in two years, nearly double your estimate? Official Porsche Centres are known for being the most expensive places to buy and having a steep mark-up.
I agree the insurance will be unpleasant. Late twenties/early thirties I've been paying £500-£600 a year. While some 17 year olds will pay over £2k to insure the cheapest thing they can find, spending that much does seem painful if you really don't have to. I had an MX-5 before the Boxster which was much more palatable insurance-wise. It is less special than a Porsche, but would be a step up from what you have now. And you can always step up again at a later date.
If you really are swayed by the Boxster, there are some young owners over at www.boxa.net (but as would be expected, not that many). There's a wealth of things to read up on before buying.
Do find something special to really enjoy. But just take care not to be blown away by the first you see and spend the entire budget.
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there are two contradictory clauses in the warrenty, one of which assures you that as you've bought the warranty the car is covered, the other says that any work done outside the dealership will invalidate it. Porsche would probably, though only probably lose a court case on this being an unfair contract clause, however it would cost £50k in legal fees to get the case reviewed. Neither you nor I would ever go that legal route.
Tyre wear, probably 7k for the rears and 10k for fronts, however that's similar to a Caterham 7 and I've got through a set of rears on one of those in 500miles. It was a lot of fun doing it though.
Realistically, a 2003 non S car, with the facelift glass rear window is probably your best bet.
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Another take on the warranty..... a colleague of mine had an 03 Boxster and paid the £900 for the full Porsche warranty. The car was used regularly but the intermediate shaft went (which i understand is a known issue) "lunching" the engine. Would have cost £9000 to fix but this was covered by the warranty and he had it back within the week.
He decided to get rid of it and what did he buy .... a brand new one !
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Just an update for everyone...
Had a test drive today. If anything was going to make me fall more in love with it, it was the open top drive on the country roads today in the sunshine! Such lovely crisp air too! It feels like a car which is so sure of itself. It eats up the road without compromise. The soundtrack took my breath away. Adrenaline pumping throughout. But to be honest, the whole experience scared the pink fluffy dice out of me ;-)
It's in great condition. The dealer seems very genuine. Not at all pushy. I was though, pushing for further discount. It's come down from £22,500 to £21,500. Which isn't bad I guess from an OPC, as you all are telling me. I don't mind paying the extra for the warranty and service history for this car. It's been serviced at the OPC since new, and I would be the second owner. So all good there. They arestill offering £5k for my car, which only cost me £7k in December 07. I think this is also a reasonable appraisal. 14 months Road Tax and Porsche Assistance too is included too.
I did fail to ask if it has PASM? Does anyone know if this was standard on the 2002-2004 Boxster S 986? Or would have it been an option?
Thanks to JamesH for pointing me in the direction of Boxa.net have registered and gathering opinions there as well.
Also thanks to spikeyhead and pezzer for the warranty options! ;-)
James
Edited by Dynamic Dave on 24/01/2010 at 02:14
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Hi James
I'm late to this thread but it would be worth checking out the Porsche Club GB forums for some advice, the register there would maybe even put you in touch with the car's previous owner. Actually I don't know if that's actually true but there is a list of who owned what. Some real experts over there.
Questions like PASM on an 02-04 would be bread and butter over there.
I think there are a good few decent Boxsters out there - a lot of owners take better care of their Porsches than they do their children.
Good luck in the decision!
Lee
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If it's going to be parked on the street anywhere near a University I'd forget it.
Drunks and soft-tops = bad karma.
An MX-5 will give you 90% of the driving experience and you'll actually be able to afford running it.
The Boxster will cost 2.5-3k/yr in depreciation, 2k/yr insurance, 400/yr tax(I think for 2010-2011), 500/yr servicing, 500-1000/yr tyres, + ???? for repairs.
Can you afford around 7k/yr on a car for the next 3 yrs ?
A 10 grand MX-5 will cost half of this leaving you some folding to entertain the ladies, when your Porsche would've left you skint.
Or an early S2000 if you don't want to look like a hairdresser!
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Thanks for correcting me re PASM and PSM.
I actually went for an Audi TT in the end lol! Just fell in love with it as soon as I saw it at the local Audi Centre last weekend. So much so that I booked a test drive for the very next morning. This made me fall in love just a little bit more ;-) It wasn't as fun and engaging to drive at the Boxster, but much more comfortable and practical for an everyday car. Cheaper to maintain too.
Anyway, the week is up, and it will soon be time for me to collect the TT...just can't wait!
Pictures: www.tt-forum.co.uk/forum/viewtopic.php?f=19&t=1261...5
Thanks to everyone again for their advice!
James
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Shame you didn't look at the independent specialist garages rather than the OPC cars - you could have got a nice 2005 car which is the new 987 model, for under £20k. The interior & comfort of the new model are greatly improved. Well done on buying a nice motor though, you'll definitely spend less running it than the Porsche. FYI, you can buy a third party warranty on a second hand car from WarrantyWise for a few £100 a year on any car. A few of us on the Boxa.net forum have had correspondence with one of their directors & they sound better than most so if this is a concern for you you could look into that? All the best with the new TT.
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