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Scholester
Suzuka


Joined: 16 Jan 2012
Posts: 1022
Location: South West


PostPosted: Mon May 21, 2018 10:16 pm    Post subject: To sell or not to sell? Reply with quote

I am moving house next month and am looking at my options to fund the extra borrowing required. I could just up the mortgage, or alternatively, sell the Turbo and not extend the mortgage.

The third option would be to sell an investment property but there would be a tax liability as I have not lived there.

I have only covered 300-400 miles since buying the Turbo 2.5 years ago due to work and home improvement commitments so this may be the sensible route to take. It has only covered 29300 miles and has correct FSH so should achieve top money.

Question
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997.1 Turbo Coupe, manual, black/black. 29k miles under its belt.
 
  
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HSC911
Shanghai


Joined: 23 Jul 2014
Posts: 4919
Location: Bedford


PostPosted: Mon May 21, 2018 10:27 pm    Post subject: Reply with quote

Sell it and buy a 996 Turbo Dont know

Or another cool 70's 80's car Cool

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T8
General
General


Joined: 29 Jun 2010
Posts: 14261
Location: Kent


PostPosted: Mon May 21, 2018 10:30 pm    Post subject: Reply with quote

As you're not using the car I'd say sell and cash in on the profit you've probably made in that 2.5 years.

You can always buy another 911 when your lifestyle allows you to enjoy it more.
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ex 2004 Polar Silver 996T Tiptronic
ex 2002 Seal Grey 996.2 C4 Tiptronic
ex 1978 Silver 924 Manual
 
  
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Scholester
Suzuka


Joined: 16 Jan 2012
Posts: 1022
Location: South West


PostPosted: Mon May 21, 2018 10:33 pm    Post subject: Reply with quote

HSC911 wrote:
Sell it and buy a 996 Turbo Dont know

Or another cool 70's 80's car Cool

Thumb


I am not selling it to replace it with a lesser car - just looking at sensible choices based around house purchase and borrowing rates etc. All very boring I know but all options are currently on the table.

I would have absolutely no idea what I could ever fill its garage spot with. But, maybe an 80's hot hatch in concours condition would be far enough removed from the Turbo to not have me make constant comparisons between the two!
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Scholester
Suzuka


Joined: 16 Jan 2012
Posts: 1022
Location: South West


PostPosted: Mon May 21, 2018 10:40 pm    Post subject: Reply with quote

T8 wrote:
As you're not using the car I'd say sell and cash in on the profit you've probably made in that 2.5 years.

You can always buy another 911 when your lifestyle allows you to enjoy it more.


It's a definite option T8 and one worth considering if I don't ever want another 997T as I could not replace it with a lesser example.

If it weren't my dream car then it may make too much economic sense not to sell but great cars just grab your at your heart. I remember having a lump in my throat for hours after I sold my immaculate Tuscan when my first born arrived!
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MisterCorn
Long Beach


Joined: 08 Jan 2011
Posts: 6019
Location: Nottingham, England

2004 Porsche 996 Turbo

PostPosted: Mon May 21, 2018 11:42 pm    Post subject: Reply with quote

If you aren't using it sell it. Unless you appreciate it as an ornament.

MC
 
  
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Scholester
Suzuka


Joined: 16 Jan 2012
Posts: 1022
Location: South West


PostPosted: Tue May 22, 2018 6:26 am    Post subject: Reply with quote

MisterCorn wrote:
If you aren't using it sell it. Unless you appreciate it as an ornament.

MC


It is a very handsome ornament but better viewed at speed!

Usage would improve this year but still to around only 500 miles but has been the case for all of my 'second' cars over the years. I am not concerned with this and always keep on top of servicing and maintenance so the car does not suffer the low mileage.

I have my mortgage man and accountant crunching the numbers so will be in a better position to make a call next week.
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RXP.
Silverstone


Joined: 24 Oct 2017
Posts: 142



PostPosted: Tue May 22, 2018 7:24 am    Post subject: Reply with quote

The fact that you are considering selling it signifies you might possibly become stretched.

The fact you are asking opinions from a car forum signifies you don't really want to sell it.

On balance, sell it.

Fulfil your investment plans and then when you get the itch again then buy another. Maybe when that time comes you will have more free time to enjoy it.

All the best

S
 
  
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Counter Of Beans
Trainee


Joined: 10 May 2018
Posts: 59
Location: Hampshire


PostPosted: Tue May 22, 2018 8:35 am    Post subject: Reply with quote

In my opinion, and I'm not trying to be provocative here, limiting debt is the best thing you can do. Better, I believe, than having a nice car; the freedom of (later on?) being debt free outweighs any motoring pleasures.
A long term liability versus a barely used asset - the car should go, I'm afraid. Head over heart. But that's just my thoughts; others will disagree.
 
  
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Phil 997
Brands Hatch
Brands Hatch


Joined: 05 Dec 2015
Posts: 13694
Location: Bournemouth,Dorset

2009 Porsche 997 Carrera 4S

PostPosted: Tue May 22, 2018 9:56 am    Post subject: Reply with quote

Counter Of Beans wrote:
In my opinion, and I'm not trying to be provocative here, limiting debt is the best thing you can do. Better, I believe, than having a nice car; the freedom of (later on?) being debt free outweighs any motoring pleasures.
A long term liability versus a barely used asset - the car should go, I'm afraid. Head over heart. But that's just my thoughts; others will disagree.


I agree you can buy a nice toy anytime in your life , but you must put home and family first Thumb
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Dammit
Albert Park


Joined: 23 Sep 2016
Posts: 1658



PostPosted: Tue May 22, 2018 10:10 am    Post subject: Reply with quote

What do you think is going to happen to interest rates over the next ten years?

A mortgage which you can afford now, in a time of historic low interest rates, may become a significant problem if said rates increase. Property prices are trending downwards at the moment, and dependent upon events this autumn (basically whether Johnson, Hammond or Corbyn win the general election) you may (emphasis on the may) face negative equity if we have a sustained recession.

Good news is that older cars are likely to become very cheap in that scenario as people dump assets in favour of liquidity.

= I'd sell the car to minimise risk, and then pick another one up once we work out if we are leaving (Johnson, Corbyn) or staying (Hammond).
 
  
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Scholester
Suzuka


Joined: 16 Jan 2012
Posts: 1022
Location: South West


PostPosted: Tue May 22, 2018 12:22 pm    Post subject: Reply with quote

Some good points here.

I have always lived within my means and any mortgage would be comfortably affordable. I do however wonder if, on balance, selling the car now could reduce my selected retirement age of 55 by a year or two which would be appealing (I am 47 now).

The head over heart argument is one that is currently 60% in favour of heart and 55 is a pretty decent age to start tending tomato plants in the greenhouse anyway Grin

I have a month or so before applications have to be made so I have a bit more time to decide. I guess the key question (interest rates aside) will be what the car would realise as cash in the bank? I don't want to turn this into a valuation thread but a £10000 spread (between price someone would want to pay and what I would hope to receive) would take any decision out of my hands essentially.

If I did sell then there would be the initial grieving period and I would look for a cheap toy outside of the Porsche family as nothing could compare. A slow classic may be more suitable for 500 miles pa ownership.
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DrJimBone
Silverstone


Joined: 12 Oct 2017
Posts: 112
Location: Bournemouth


PostPosted: Wed May 23, 2018 2:32 pm    Post subject: Reply with quote

IMHO, if you're only doing 500 miles a year and being religious about servicing and maintenance then the car is pretty much an investment rather than a pure toy...

So why would you consider selling another investment which leaves you a tax liability rather than this (admittedly very pretty) investment?

Take it out for one last drive. Take some photo's of the two of you together at some of your favourite spots. Come home and give it one last, loving polish...

Then sell it. Thumb
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Hooner
Newbie


Joined: 03 May 2018
Posts: 46
Location: Ballycastle,NI


PostPosted: Wed May 23, 2018 2:51 pm    Post subject: Reply with quote

Not much point having it if ya don't drive it,i'd sooner drive a 996 rather than look at a 997 sat in a garage. Thumb
 
  
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Scholester
Suzuka


Joined: 16 Jan 2012
Posts: 1022
Location: South West


PostPosted: Wed May 23, 2018 8:25 pm    Post subject: Reply with quote

Advert is written and posted on another forum site. I will try and transfer the guts of the ad over to this site but I do come up against issues with posting photos. Will give it a go though.

I have a month to sell but my mortgage man has plan B sitting waiting for the go-ahead. Plan C (investment property sale) is off the table due to associated tax liabilities.

It is indeed a lovely ornament currently so it may just be the right thing to let head rule over heart on this occasion.........
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Scholester
Suzuka


Joined: 16 Jan 2012
Posts: 1022
Location: South West


PostPosted: Wed May 23, 2018 8:31 pm    Post subject: Reply with quote

Hooner wrote:
Not much point having it if ya don't drive it,i'd sooner drive a 996 rather than look at a 997 sat in a garage. Thumb


Can't agree with you there but it's what makes us all fantastically different. I would rather step away from Porsche if it meant substituting the Turbo for a model less appealing to me.

An eighties hot hatch or sixties sports car would be an acceptable step change for the few miles I do.
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weebz
Montreal


Joined: 05 Jul 2010
Posts: 547
Location: Nodnol


PostPosted: Wed May 23, 2018 9:55 pm    Post subject: Reply with quote

Scholester wrote:
Hooner wrote:
Not much point having it if ya don't drive it,i'd sooner drive a 996 rather than look at a 997 sat in a garage. Thumb


Can't agree with you there but it's what makes us all fantastically different. I would rather step away from Porsche if it meant substituting the Turbo for a model less appealing to me.

An eighties hot hatch or sixties sports car would be an acceptable step change for the few miles I do.


Owning a car at all for 400 miles a year seems pretty pointless tbh Dont know
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pcat
Spa-Francorchamps


Joined: 16 Oct 2013
Posts: 309



PostPosted: Wed May 23, 2018 10:52 pm    Post subject: Reply with quote

Sell the "investment property" its going to depreciate a lot more in the next 36 months than the car

The smart money has been ditching buy to let for 6-9 months already
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Exelzion
Trainee


Joined: 14 Oct 2009
Posts: 67
Location: Planet 9


PostPosted: Thu May 24, 2018 7:05 am    Post subject: Reply with quote

"I have only covered 300-400 miles since buying the Turbo 2.5 years"

criminal.
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Thefinn
Imola


Joined: 11 Jun 2014
Posts: 811
Location: Essex


PostPosted: Thu May 24, 2018 3:48 pm    Post subject: Reply with quote

You are doing the right thing Scholester by selling the car as you know you don't drive it enough, plus you have always told me that your real dream car is the ride on lawn mower at the golf club for your part time keep yourself busy job in early retirement.

If you still want a toy to play with why not pick up another mini or camper for now which is like you have said not going to be compared to the turbo, then in a few years you can always come back once you do sell the other property. If you do want a fix you can always ride shotgun in mine all be it not a turbo, you never know i might even put you on the insurance if we ever don't let work get in the way and actually make one of the meets or weekend trips!

p.s. now i have seen your thread you know i am now going to bombard you with auto trader links for classic hatches and campers! Floor
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