My Black 997 Turbo Might Be History

drbill · #1 10-30-2008, 09:25 PM

I have decided to downgrade and unload my 07 997 turbo as college tuition on the horizon for 3 children. After much consideration, i decided to downgrade to a lo mileage 2003 turbo. Unfortunately, despite the 996 tt's are a steal now, the 997 tt market is for sh-t as well. the best offer i got from multiple sources ( not retail/private sale-don't have the energy or time) was my local porsche dealer who will give me 100K. EVERYONE is telling me to take it and run... they have a certified silver turbo, one owner with only 18K miles for 60K.. even though i am upside down 15K on the 997 tt, i am lowering my payments by 500/month and at the end, i would have no equity in my 997 tt (i have a balloon payment of 60K in 41/2 yrs) but with the 996 in the same time i would own it outright and even if it is only worth 25-30 K it would pay for the neg. equity and then some.... i have lost over the past yr or so my enthusiasm for cars,mods, meets and it has been replaced with time with the kids, travelling, and getting prepared for my more important financial responsibilities in very challenging times.....

ATL · #2 10-30-2008, 09:33 PM

Sorry to hear that you're parting with your car, but it is definitely for good reason. If you're upside down 15k on this trade at 100k and you're saving 500 a month it'll take you almost 3 years before you break even right? Is that math correct? Lose 15k out of pocket, but then each month save 500 and in 30 payments you'll have saved 15k.

Why not try to hold out for more money, there are lots of 996TT's out there and even if you don't sell it for a few months, you wouldn't break even on your trade for almost 3 years anyway.

Someone check my math I'm not sure that's right.

DJ · #3 10-30-2008, 10:16 PM

Don't do it Billy b/c you'll just want another one next year and you will be even more upside down man.

Just sell get out of the TT, and take a step back, and look at other alternatives as you'll never be happy with an 03 996tt now.

JarodL · #4 10-30-2008, 10:18 PM

Why not sell one of the kids, you do have three of them? Best of both worlds, kids go to college and you get to keep the turbo.

Raz5219 · #5 10-30-2008, 10:30 PM

Quote:

Originally Posted by DJ »

Don't do it Billy b/c you'll just want another one next year and you will be even more upside down man.

Just sell get out of the TT, and take a step back, and look at other alternatives as you'll never be happy with an 03 996tt now.

I agree with that 100%. Just wait it out and get something that will make you happy.

frissen · #6 10-30-2008, 10:38 PM

The problem is that he would have to ride it 'till the end to NOT be upside down... if your priorities changed so drastically what you need to do is get out of the Turbo for good and cut your loses... if you somehow can ride it out keep it because a 996TT makes no sense either according to your new priorities...

drbill · #7 10-30-2008, 10:57 PM

i still want to have a turbo drive and with the 996 I end up with something at the end. by own ing it outright.... with the 997 i just pay 2K/mo and don;t have sh-t at end of term..also by getting this other car i have sales tax credit.

LABrit · #8 10-30-2008, 10:58 PM

To save $500 a month it's not worth it mate - you're getting SO much less for your money.

Did i read your post correctly in that they have a 2003 Turbo for 60k? If so you are getting taken for a ride - you should be able to purchase one significantly cheaper than that in this market.

Mr Kram · #9 10-30-2008, 11:07 PM

have you figured what it would cost for tuition for your kids? $500/month is peanuts. i contribute many multiples of that to a 529 for my 2 kids - that are now 11 and 2. my financial advisor says that it will cost me about $1MM to send both of them to a private college (USC).