Advice Needed: 2020 Taycan 4S

[jonjon808]

Just got to say what a great thread this has been. Props to the OP for asking the question and everyone else for giving their own, reasoned opinion and all in a considerate way. I'll not add my own, other than to say I had MkII Golfs in my 20's, various other junk in my 30's, then classic Mercedes and B7 RS4, C7 RS6 in my 40's. Just tipped into 50 and have a CT 4S on the way for June. For me, I think it has been the right way.

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[Dmitrii]

Hey ! I want to buy a Porsche Taycan gts But in the salon they told me that they would not give me insurance for the first car at the age of 25. So is it or not?

 

[tchavei]

I wouldn't give you insurance either nor to my kids at that age.

I once was 25 and I know exactly what I did with my Honda back then. Would have probably killed myself in a Porsche. Insurance companies weight the risks vs the premium and statistically 25yr old people are much more likely to get into accidents than "older" people. Insurance Companies are in it for the profit (meaning the less accidents the better) not for charity.

There's a reason, that in some countries, the driver's license B (taken at 18) only gives you access to driving motorcycles to up to 125cm³ once you get 25. The same reason probably applies why you can't drive a Yamaha R1 Sports Bike even with a class A motorcycle license unless you have at least 6 years of previous driving experience on motorbikes... Bottom line... young people tend to die in fast cars and bikes... that would be fine (darwin law of evolution) but unfortunately they also tend to kill other innocent people in the process.

 

[mutanthands]

Hey ! I want to buy a Porsche Taycan gts But in the salon they told me that they would not give me insurance for the first car at the age of 25. So is it or not?

You're trying to get insured on a Taycan GTS as your first car at 25 y/o?
No wonder they won't give you insurance. Get a cheap run around for a few years, build up some no claim's bonus, and then try again in 4 or 5 years.
It still won't be cheap, but you'll have a much better chance.

 

[4NIQUES]

Thanks for the input. I agree.

I am in Canada. Everyone has different circumstances and many people here are saying not to buy this car? They would tell me the same and I would still buy one lol.... I am 41 and I would say my net worth is about 1.4 million (I hold maybe 4 million in properties)– much less than many people on this forum. At 26, I had a 2000 BMW 3 series, 27 a 2009 BMW 128 series cabriolet , 30 a 2012 BMW 128 series coupe, 32 a 2011 BMW 335, at 34 a 2015 BMW 435 coupe, at 36 a 2018 BMW 440x drive Cabriolet and at 39 a 2022 BMW M4 Cabriolet xdrive competition (bought in 2021) and now at 41 a 2020 Porsche Taycan 4S. I want to be frank – I was told for years by friends and family that I am crazy to purchase these vehicles and I would get myself into trouble. I have zero RRSPs , I have about $20,000 in shares, but I hold 3 properties – one in which I live in. I have tenants that cover ¾ of my main mortgage on my home and I could be mortgage free if I were to liquidate my homes. I only make $145,000 a year (this is not a lot of money) and I am able to afford my cars (which I still hold my M4). I suppose I have taken risks and been very lucky. I started my real estate journey at age 22. I had my daughter at 18 and she will be 23 in December 2023. Therefore, I do not really have any dependents. I also don’t take vacations more than once per year – and I do not go to wonderful restaurants, theatre, events downtown etc – which I would love to do – but can’t because I have chosen to have the Taycan 4S and the M4.



I must say for both my M4 and Taycan – equity was used from my properties for hefty down payments. ($68,000 on M4// cash Taycan) Both cars no luxury tax.



My advice to you is this – Buy a home first. If you can buy a home and make the mortgage payments comfortably and still have money left over for the Porsche - Go for it! Do not restrict yourself on driving the car of your dreams – you only live once! I think when driving these cars over $100,000 – you should be a homeowner. Also, although the 2020 has problems, I would buy the 2020 vs 2024 because of depreciation.



I just picked up my Taycan last week for $123,000. I didn’t finance it because the rate was 9.9%!!!



Just my two cents.


Good luck!

 

[4NIQUES]

Agreed.

Do what makes you happy in the present, while not fcking yourself for the future (plenty of good advice here). If that time comes when you look back and making the decision to buy a Taycan screwed you, you might kick yourself for not making it worthwhile and getting a Turbo S

I’d like to enjoy the finer things in life here and there while I’m not crusty and fat.

Bruh, its your money, enjoy it. Life is short. While planning for the future is key, if you are maxing your 401k then you are ahead of most people. I for one do not subscribe to the belief that only old people with grey hair are allowed to enjoy life.

While the smartest decision is to invest whatever disposable income you have when you are young, you have plenty of years ahead of you (hopefully) and if material items can bring you some joy, then go for it. And yes i said that, because the fact is nobody needs a Porsche. We can all get by driving Chevy Bolts or Toyota Priuses to get around and that would be a far more responsible use of money.

You have no kids, so you are responsible to nobody except yourself. If you feel like you want a car like this, and you're not hurting anyone by getting it, then go for it.

BEST ADVICE ON THIS FORUM!!! I don't believe in being old and grey and then enjoying life either!!

 

[gnop1950]

Your money so do what will make you happy without losing track of the future. Finding that balance is the real challenge.

I was lucky, I spent 20 years in the Armed Forces and, except for a couple of assignments, it was mostly party time, scuba diving, sky diving, rappelling, fishing, you get the idea Once I retired I finished a couple of degrees and started a new career, one that I loved, in computer science.

On cars, well I had "fun" cars, but always something that I felt didn't detract from my other financial goals. Pretty much always cash, keep them for 15-20 years, then buy a new one. It took my son, wife, and grandson to talk me into buying my Porsche.

If it were me I think I'd look for a "fun" car, maybe an older Porsche there are many out there that are quite reasonable. If I were looking for something fun, but reasonable, in an EV there are now a lot of options that would be much less of a financial burden/risk than a used Taycan.

 

[xirtam2381]

Hold on a sec. If you are 27 years young, willing to spend $2200+ on car, and don't have any other expenses, then are you living at home with your parents?

If my son lived with me rent free and decided to buy a $100k+ car, he'd be either charged rent the next day or kicked out

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