So I’ve been looking to buy a Porsche 718 Cayman Base, found a 2020 model with 18k miles on it with a price tag of 67k. Porsche CPO and such.
I grew up in a not so well off family and so when I ever ask them for advice there answers are usually along the lines of “no it costs too much blablabla”.
Background about my finances. I’m 29 and I currently make around ~110k a year which comes out to around 5k a month after taxes. Stable job and I see my self getting more raises in the future (hopefully). I match for my 401k, have a decent amount of money in a high yields savings account.
My expenses are pretty low as my parents are nice enough to let me live with them and not pay rent but I do give them the occasional descent sized sum and help them out. (Side note: I see my self living with them for another 2 or 3 years.)
But I would say 90% of my income goes straight to savings and has been for the last 4 years in hopes to buy a house. But that’s just another story mainly since I live in California and don’t see my self buying one anytime soon.
I’ve ran the numbers multiple times at the lows i see my self paying 1.4k, at the worst I’d imagine 2k for car payments and insurance. Leaving me with a decent amount for savings and whatever else.
Basically I want to ask, am I out of my mind for even considering buying this car, as my Mother and Brother think.
As a parent l I would have no problem if my child bought a fancy car when they live independently. If they live with me for free I would take issue with it though.
Think about it, if you buy the Porsche your parents are effectively subsidizing your car. If you didn’t live with them for free there’s no way you could afford it.
They’re letting you live with them for free for a very specific reason, and I would bet it’s to allow you to save money so you can get ahead in life by buying your own home.
They probably can’t afford to give you financial freedom in the form of a pile of cash, but they can give you financial freedom by allowing you to save almost all your income for a few years.
This is a huge gift. Now you want to take that gift and spend it on a car that is a depreciating asset and will do nothing to benefit you long term. If you buy this car you’re wasting a significant portion of the gift they’re giving you.
As long as you live with them continue to save as much money as you can. Buy a home when you’re able. Once you move out you can buy whatever vehicle you can afford.