Sold my dream car...Porsche 911 S.....am I crazy?

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Sold my dream car...Porsche 911 S.....am I crazy?

Account Closed
Investor · Charlotte, NC · Member since 2016 · 19 posts · 61 votes

So I sold my dream car that I waited 55 years to own after two years of ownership. I made a radical decision last weekend and the short term affect of that decision was realized today. So...I bought a convertible Porsche Carrera 911 S in perfect condition two years ago. Since then I have invested in apartments, bought ten single family homes, and a portfolio of short term rental vacation homes. Now I am working on a syndication and expansion of the portfolio with a focus on STR (Short Term Rental) properties. With the pandemic raging on, I desire to be ready for the deals that I believe will be available in 2021, I have been squirreling away money in preparation, and today I sold my dream car to help with the buying fund so that I can capitalize on future opportunities. I don't think you will, and I expect some haters to reply to this, but don't feel bad as I drive a nice Toyota truck every day, so I am good, but sometimes we need to make these types of decisions to improve our opportunities and to improve the future fo our family.

I would love to hear your thoughts a comments....positive and negative. Thank you in advance - David M Boatman, Charlotte, NC

@beardybrandon @davidgreen24

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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
6y

Usually in cases like this, you found that the dream of having the car was better than the car itself, which is why you were able to part with it so easily. Aside from the financial considerations of trading a liability for an asset, which you've done/will be doing, it sounds like you got your fill of the car and moved on. That's how life is sometimes.

I used to restore old Mustangs. I built a 67 convertible from a frame and boxes. I drove it for 2 1/2 years after I built it, then sold it for a nice profit. What I found is that the journey was more important to me than the destination, and that even though I liked having a nice old car, what I really liked was the process of fixing it up in the first place. Real estate was a nice substitute for that; I get to see junky houses rehabbed, and then they make money instead of sitting in my garage.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Steve Morris:

    "So prices are strong and will only get stronger over the long term. "

    OOC - As an investment, how do you factor in Ferrari maintenance?  

    My Intel buddy bought 2 (360 hardtop and California) Ferraris used.  Nice cars, even for being cheap for a Ferrari, but the 360 had an oil leak on the top side of the engine and there went $6000.  Drove his Cali and I'm thinking he's going to need a new clutch and syncros (not due to my driving!!!!)

    I bought a 911 4 s  some years back had it for about 18 months..  clutch went out at 25k miles  I said what the F  service guy says ya they dont last long.. 5k .. sold it.. but better than my  MFD in the plane.. IT went TU when I was IMC going into Coos bay  and 5 miles out into the pacific .. 20k for that box..  Boys and their toys..  I say go for it..  got to stop and smell the roses its not all about I got to own more doors.

    PS Steve I just got a tenant out of a house today in PDX cost me 4500.00 bucks and  the house is trashed.. and I thought Man i am lucky i got them out ..  

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  • Lee Bell
    Real Estate Appraiser · Isabella lake, CA · Member since 2018 · 628 posts · 491 votes
    6y
    You can always get another car later.
    I will hold on to my Ducati. It's probably worth less than $8k now anyway.
    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    6y

    To some of the naysayers on cars, the cars we are talking about most often appreciate instead of depreciate. it's true than many fancy cars do go down, but I have made money on every special car I have owned.

    I have bought and sold so many fun cars over the years I should have opened a dealership.

    2Reply
  • Jim Spatzenfeld
    Investor · NorCal · Member since 2015 · 282 posts · 240 votes
    6y

    Remember that you’re a Boatman and not a  Carman. So it made sense to sell the car.

    I bought a 1991 Porsche 911 C2 almost 20 years ago. It more than doubled in value since I’ve owned it. 

    In 2002 I decided to rebuild the engine due to excessive oil leaks, a common problem for these years. After the rebuild I had some bonus parts (leftover parts) from the engine rebuild. I was too scared to drive it and it has been sitting in the garage ever since. It’s in great shape but I will need a pro to re-do the engine. 

    I might fix it and sell it, or maybe I’ll just keep it for another 20 years to see if it will double in value again. 

    2Reply
  • Account Closed
    Rental Property Investor · Canton, OH · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    @David Boatman

    Honestly, who cares if someone owns a nice car that depreciates if they have the excess cash flow to support it, and it makes them happy, motivated, and productive. We work hard for a reason.

    You know your goals, and what you need to do to accomplish them. It sounds like you have a well-rounded portfolio, but only you know what you can and can't afford now. If selling the car gets you to those future goals, then I say go for it. All that said, I cannot wait until I buy my dream car in the near future, and I don't care what the naysayers say about it depreciating.

    4Reply
  • Alex Polyanskiy
    New to Real Estate · Port Orchard, WA · Member since 2019 · 26 posts · 13 votes
    6y

    Think about it this 5 year from now:

    If the market fell and you scored some good deals, then you will be happy you did it!

    If the market didn't fall, you still probably invested and made that money to make you more money!

    0Reply
  • Nathan Rutledge
    Rental Property Investor · Lakeland, FL · Member since 2020 · 16 posts · 4 votes
    6y

    @David Boatman

    What color was it? I also agree, you made the right choice, you can always get another one later!

    0Reply
  • Account Closed
    Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
    6y

    Sounds like you could easily afford the car. But you did what you felt was right for you. I like to think of the WHY we invest and build wealth. Primary of course is security. But beyond that is to enjoy ourselves. Life is short and very unpredictable. Nobody is getting any younger. I want to enjoy whatever years of life and good health I have and am happy to spend my money on things that make me happy. For me its travel and experiences but I spend more on that every year than a new car (pre Covid of course). 

    4Reply
  • Malik Gray
    Real Estate Investor · ESSEX COUNTY · Member since 2016 · 32 posts · 4 votes
    6y

    @David Boatman Bravo!!

    I think you have proven to yourself that would do what’s necessary for the next level of advancements .

    It’s taken you a life time to acquire that Porsche but because the world has changed drastically within months , and you made real time adjustment in your personal life to keep pace with the changing times .

    One of those adjustment was giving up your dream car to be in a power position in the near future . I think it shows great discipline and determination.

    I think you would love yourself more 2 years from now and there will always be other Porsches to acquire .I felt the need to chime in because that happens to be my dream car as well, I’ve been waiting only 30 years ,however ; I’m sure I would have made the same decision.

    0Reply
  • Ed Chamberland
    Real Estate Investor · Stayton, OR · Member since 2017 · 9 posts · 2 votes
    6y

    @David Boatman

    I bought a ‘95 911 about 5 years ago for a variety of reasons, including dream car. I have enjoyed it greatly - it's so fun to drive. I am selling it to do more REI. And I am ok with that for now. I get passionate these days about finding a deal and making our strategy work. My wife is really excited about REI. I feel blessed!

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    6y

    The Old me says you did the right thing.

    The new me needs a picture before I decide.

    Let's see a pic!

    4Reply
  • Yaroslav Tashak
    Accountant · Member since 2020 · 5 posts · 3 votes
    6y

    @David Boatman That’s my dream car too, but I would do the same thing as you. Congrats on the success!

    0Reply
  • Tchaka Owen
    Real Estate Agent · Merritt Island, FL · Member since 2017 · 986 posts · 1k+ votes
    6y
    Originally posted by @Ed Chamberland:

    @David Boatman

    I bought a ‘95 911 about 5 years ago for a variety of reasons, including dream car. I have enjoyed it greatly - it's so fun to drive. I am selling it to do more REI. And I am ok with that for now. I get passionate these days about finding a deal and making our strategy work. My wife is really excited about REI. I feel blessed!

    993! You can't let that go!!!!!

    Almost picked one up 18 years ago, now prices are higher. 

    0Reply
  • Colin Reid
    Investor · St Petersburg, FL · Member since 2014 · 231 posts · 221 votes
    6y

    Whatever makes you happy and sleep well.  I don't own much in the way of luxury items, and the ones I do have would certainly draw the ire of the same folks poo-pooing exotic car ownership. I have a nice truck for a daily, an old Jeep for fun (and that's almost certainly worth more than I've got in it), and a few other 4-figure toys. I've lusted over Porsche's for years (a Targa would be my poison of choice there), but the bigger the dollar figure, the longer it takes me to make a decision. More often than not, I talk myself out of it. So when I do decide to pull the trigger on a high-dollar toy, that money is usually as good as gone, because I'm keeping that thing forever.

    1Reply
  • Tiarne Spiteri
    Rental Property Investor · Australia · Member since 2020 · 12 posts · 3 votes
    6y

    @David Boatman good on you! Sacrifices now will be worth it in the long run 🙌 I also have sold both of my dream cars to fund my real estate investing

    0Reply
  • Jaquetta T Ragland
    Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
    6y

    @David Boatman not at all. It’s just a short term sacrifice. Who’s to say you can’t go buy another one in the future.

    0Reply
  • Montez B.
    Rental Property Investor · Flint, MI · Member since 2019 · 114 posts · 26 votes
    6y

    @David Boatman It was a great choice cars tend to Depreciate I support your choice also but on the other hand you should enjoy your money, you can buy luxury things but just make sure your cash flow is very strong before you make that choice

    0Reply
  • Joe Cassandra
    Rental Property Investor · Woodstock, GA · Member since 2017 · 517 posts · 772 votes
    6y

    How many rentals do you need to cashflow the monthly payment on a new one?

    1Reply
  • Eli Boyden
    Member since 2020 · 5 posts · 0 votes
    6y

    @David Boatman

    I don’t know if I would save cash right now considering all of the money that the fed is printing. You might wanna hold the money in a liquid investment of some kind.

    0Reply
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    6y

    I sold my NSX (high school dream car) to buy a house. Good decision. Wanting the car was more than actually owning it. 

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  • Michael Brattelli
    Real Estate Broker · Medford, NJ · Member since 2018 · 236 posts · 177 votes
    6y

    @Steve K. Not all cars depreciate, certain makes, models, and years are collectibles. The Porsche 911 is one of those cars but it’s usually the GT2 RS and GT3 for example (as far as newer models are concerned) and Limited colorways. There’s a huge market for Porsche collectors but you really have to know what you’re shopping for.

    2Reply
  • Suzanne Ludlum
    Investor · Fredericksburg, VA · Member since 2019 · 37 posts · 17 votes
    6y

    @Tchaka Owen Great decision. Reminds me of the book "Don't Eat the Marshmallows" about deferred gratification.

    1Reply
  • Pranav G.
    Investor · Blackwood, NJ · Member since 2015 · 91 posts · 36 votes
    6y

    According to me its good decision. It reminds me the study with kids and  marshmallow, the kids who didn't  mind delayed gratification were more successful. 
    Ref
    Stanford_marshmallow_experiment
    I am glad you are getting ready. Preparation is everything

    0Reply
  • Scott Krone
    Investor · Northbrook, IL · Member since 2017 · 352 posts · 295 votes
    6y

    @Account Closed  Sounds like your dreams have changed.  That is not crazy.

    0Reply
  • Frank Wong
    Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
    6y

    Not crazy at all. You had achieved your goal and had a lot of fun driving the Porsche. I did the same thing. Bought my dream car a e55 AMG decked it out w Brabus wheels. It was fun for a few weeks but it didn't give me the fulfillment I thought it would. Sold it 8 months later.  As much as I love cars spending the money on other things brought me more joy.  Its all about doing what makes you happy. 

    1Reply
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