To want a Porsche?

[NaMaStayInBed1]

This is a bit deep so please be kind!

I grew up in a council house in the 80s/90s with the housewife Mum and manual low paid worker Dad, all good. In secondary school, I went to a school at the other side of town where most parents owned their house. As I got to 14/15 I began to feel inferior and poor, my school trousers had holes in the crotch whilst my friends wore Tammy Girl. I went on to have a child at 18 and threw myself into being a Mum and fighting the stereotype of a teen Mum, would go to many baby groups. Because of my age, I again felt inferior and I was a size 20 so lacked confidence. I later went to Uni and have a fantastic career and have lost weight and feel good. Still don't own my home but live in a lovely area, we may buy but mortgage rates and economic instability have put us off - rent is cheap and we dont have to worry about unexpected repairs.

I currently drive an Audi, and previously a Merc. I'm looking at my next car and want to step up in prestige so for a long time have said it would be a Porsche family car.

I heard someone say the other day on TV "stop spending money on things you don't need to impress people you don't like" and it has made me question my motives!

TLDR: My career and car make me feel like I can hold my head up high. Things that need me feel inferior: growing up in a council house at school with mostly fanilies who owned their homes, being a teen Mum, being obese. I am very proud of my career and now want a Porsche to replace my Audi. I have always felt that people have looked down on me/had an inferiority complex and things like this grow my confidence.

YABU: you probably don't really want a Porsche, you are just trying to impress people

YANBU: A Porsche is a sign of doing well and will make you feel good to reach a new goal

A few things to think about-

A) the vast majority of people driving flash cars now don't own them they are on lease agreements. I never see a car like that and think that person is doing really well and owns a special car. I think that person has a company car/lease car. If your motivation is that other people will think you're doing well, it don't think they will.
B)sinking money into a depreciating asset when you dont own your home - an appreviating asset - is madness.
C)it won't fix your insecurities at all. But the safety of your own home might help.
D) money would be better spent on therapy to help you.

I think you’d be better off spending your money on a good therapist. You need some help to learn to love and accept yourself rather than pour money into your insecurities and external validation. Good therapy will change your life forever. A Porsche won’t.

YABU. I own my own home, have prestigious cars / SUVs, and IDGAF about what people think. You do not have a stable living situation, have cars (on credit?) and most likely are not in a situation you can afford to run a Porsche.

As an example, my SUV is fully paid for but I still spend £200-300 per month on petrol (utter shite fuel economy), insurance is £350 per month, general maintenance is £1,500ish per annum (usually more :( ), and tax is £600 per annum. My friend’s Porsche Macan is only cheaper in insurance, and I think tax? The rest is generally pretty close.

As you don’t own your own home, buying a Porsche is the worst idea. Get therapy instead.

Your financial priorities are skewed. You want to buy a depreciating but very expensive assets, but wont buy a house, an asset that tends to go up in value.

I suppose it depends on what you want from life, long term and why you feel like your self worth and value to others is routed in material possession

I completely agree with the above plus the Porsche family cars aren’t really head turning vehicles (the teenager in me still loves the Carrera though).

Your priorities are out of whack with having a secure life base. Work on those, this will bring value and balance to your life. It doesn't matter what other people think of you, the important thing is what you think about yourself. Do you like who you are? Do you love yourself?

When you feel comfortable with yourself, you find that material things lose their allure. You have nothing to prove to anyone.

Interestingly as a young police officer I queried with a colleague why so many people on council estates had big expensive cars and wouldn't it make more sense to save up for a deposit on a house. I myself drive a really basic car but got my first mortgage at 24.

It was pointed out that a car is a mobile status symbol. How many people can see you driving round in your fancy car and think you're some high flyer with status and prestige. Conversely how many people actually come to your house, see where you live or even recognise your address as being on a council estate or a multimillion mansion?

Sorry pressed too soon.

If I had money to waste on a Porsche or other fancy car and I didn't own my own house then that is where my money would be going, buying a house. At least it will generally appreciate in value and not lose money the longer you have it.

Bonkers that you base your self esteem on what car you drive , totally understandable if you felt differently from others as a child but
get some therapy and sort yourself out
house would be my preferred choice
I just don’t understand why people pay thousands for lease hire posh cars etc
rather than saving for their future!
some of the most wealthy people I know drive old cars

I don’t want to pile in and be mean but it will indeed label you but not in a good way.

Buying a Porsche won’t help you deal with your past. It’s not going to erase the bad experiences you had. Invest in yourself and get some therapy. You deserve to be proud of your accomplishments without feeling like you have to prove yourself to others by buying signs of success like trousers without holes and fancy cars. Having a fancy car is often a sign of having high debt these days as people aren’t paying outright and have loans etc

Personally I’d save for when you’re ready to buy a house. You might not want to live in your current area forever and the housing market could change.

Suggest you look on you tube especially if you are considering a Taycan, multitude of problems.
The depreciation on these vehicles are enormous as are the repair costs.
Suggest looking at BMW's

Clearly you have done well in your career, and have raised children. and this alone should give pride.

it seems absurd to being driving a prestige vehicle if you don’t own a property.

maybe owning a property isn’t so important. But surely investing in assets that will grown in value makes more sense? Super investing in your pension? Building up funds so you can retire early? Buying a holiday home that you can let out now, but live in when you retire?

DH got the car of his dreams some years ago, but the stress of owning it (scratches, vandalism etc) was so great that he sold it after three months. And for a lot less than he paid for it.
My mantra: anything that costs you your peace, is too expensive.
Ps anyone else thinking of Joey from Friends?

Your priorities are all kinds of wrong OP! And your inferiority complex is getting in the way of this. 🤷‍♀️

Can you afford to pay for it twice in full? If not then you can’t afford it.
Focus on buying a house if that’s what you would like. No one sensible is impressed by what car you drive. We own several properties outright and I drive a £10k second hand car. I don’t need to impress anyone. We didn’t have a lot of money growing up either.
You are a success! Be proud of what you have achieved. Aim for the house next!

Also, try to be a bit less inward-looking and concerned about what people might think of you. You say your post is "deep" but it really isn't. You want to impress people with the car you drive because of self-esteem issues. That's understandable given your background, but it won't solve anything because, amongst other reasons, most people simply aren't that interested in other people's lives.

Mental if you don’t own a home.

A home is really useful for your inheritance allowances for your child. I would look at that and make it a priority over a Porsche.

If you can buy a Porsche outright and it’s a car you’ve always wanted for yourself I’d say go ahead. If it’s a car you are thinking of because it’s flashy and expensive and will (you think) impress people and are going to pay a high monthly payment don’t bother.

You don’t own the roof over your head - how is driving round in a Porche going to impress anyone? If anyone is remotely interested (unlikely) they are more likely to think your life choice is a poor one.

Are you even going to own this Porsche? Or is it lease it loan?

What you’re saying is you will finance a Porsche at a high cost per month.

I understand the draw nice things have, especially when people come from humble beginnings.

However, a prestige badge only ever impresses yourself or those foolish enough to make an assumption that you’re wealthy. Renting a house and renting a Porsche gives you nothing from either at the end. It’s literally burning income.

Wealthy people tend to buy cars outright that have depreciated already. They move them on regularly before they drop too far.

A trait of people from humble roots who have gone on to have decent careers is that often they think their salaries are brilliant. It all depends on what you’re comparing them to.

Try and strike a balance - think long term and pay extra in to your pension. Lay down some cash, rather than giving it to a finance company to fund a metal box with a Porsche badge in it.

It matters to you more than those around you and that feeling it gives you isn’t worth the high cost. IMO

This. Get a cheap run around and save for a house deposit.

Can't really say it any better than this.

One of the reasons certain groups of people seem to do well for themselves is that they make investments that will appreciate in the future. An obvious exaple would be putting money into property over a house. The concept of delayed gratification is also an important one. It sounds like you have been spending quite a bit on cars and would like to increase that spend further on a Porsche. In my view you would be better off prioritising the purchase of a house. Drive a modest, reliable car and use the extra to put aside for rainy day repairs for your home. It really does seem.madness to be driving premium cars when you don't own a house!!
I do understand where your thinking is coming from, but I would say now is the time to let go of that old mindset and approach the future doing what is best for you and your family, rather than trying to impress with external toys that will depreciate in value. Most people just won't care and those who do don't matter.

Only you can answer what your motives are. I like nice cars because they drive better, they are more comfortable, quick acceleration, they look nice. I don't think 'I hope Mrs Jones down the road thinks my car is cool.' I couldn't care less.

Be prepared for judgement though, and jealous men trying to race you on the motorway.