41–50 of 57 posts
That it only took 14 trades to go from phone to Porsche is most impressive. He's gonna have an awesome last year of high school with that ride. Wonder what his insurance costs?
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the red paper clip guy actually hired a pr firm to help him gain publicity and achieve his goal (I knew a guy at the pr firm he hired)
Seems like a legitimate tactic to me.
There's a reason why old sports cars seem to cost so little : it's because they'll cost their purchase price again in a few years in maintenance. They have expensive engines, expensive tyres, expensive suspension, expensive interiors. Plus, they get bought by people who like to drive fast and so wear out quicker. And, largely, they aren't servicable by the home mechanic. Consdier the Boxster in the article - you have to have a hoist just to even look at the engine- there's no engine cover or user-accesible access panel.
While a used Porsche is probably the best of a bad bunch of old sports cars (Corvette excepted, to a point) they are only for the person who really knows what they are doing. There's a reason many Ferraris don't ever get past 12,000 miles or so : because they need servicing all the time, and that servicing costs a bomb. In some cases you have to remove the engine for relatively routine jobs like changing a clutch, spark plugs or a water pump, and that costs serious money.
Anyone thinking of buying a 'cheap' sports car should watch one of the many 'Top Gear' episodes where they purchase a cheap sports car from the classifieds/internet and then try and drive them a certain distance, outperform a standard Honda, etc. That should put your dreams on hold for a bit.
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The article estimates his current car (the Porsche) to be worth $9,000. (By the way, I always thought a Porsche would cost more, even used. Hey, I may get myself one for this price.) We also don't know what other trades he has made during this time. Judging by the description in the article, he seems to be quite prolific, and has probably also made some money with refurbishing electric gadgets and so on. And we also…
Porsche's seem to depreciate in price pretty rapidly. I was surprised to find that my used 98 Boxster is now worth only 9k. Bad investment, these cars. And I bought mine used for less than the price of a new Accord. But fun rides!
No car is an investment, unless you're making money from driving it, ie a limo or rental car.
Porsches have some of the best depreciation resistance in the business, but even they can't resist the pull of gravity that comes with use, and the inevitable production of newer, better models. A pristine, low mileage used Porsche is a good buy, a well-used cheap model is best avoided and admired from a distance.
Earlier quoted context omitted.
The article estimates his current car (the Porsche) to be worth $9,000. (By the way, I always thought a Porsche would cost more, even used. Hey, I may get myself one for this price.) We also don't know what other trades he has made during this time. Judging by the description in the article, he seems to be quite prolific, and has probably also made some money with refurbishing electric gadgets and so on. And we also…
Porsche's seem to depreciate in price pretty rapidly. I was surprised to find that my used 98 Boxster is now worth only 9k. Bad investment, these cars. And I bought mine used for less than the price of a new Accord. But fun rides!
Not that I'm complaining - I picked up a 97 back in 2004 for about $13k (when I worked at a car dealership), drive it for 2 years, and sold it for $14k. What's nice about the Porsche was that a 97 looked just like a 2006 since they rarely change their body styles. I did have to replace 2 tires though which was like $500. Not cheap to own, but plenty of fun to drive.
It was alarming to read that people tell him he is a con artist. He's a good businessman.
He's a businessman, but whether or not he's good is a question for debate. Most people working the same hours have a higher income. Do the math, if the Porsche trade represents all of his "income" from bartering he made $3.6 an hour, if it represents half of his income then he made minimum wage. It's interesting, and somewhat novel, but hardly astounding or terribly impressive.
So, rather than say his achievement is unimpressive, say "imagine what he'll do once he comes into some real capital".
Possibilities -- it's what HN is about.
That it only took 14 trades to go from phone to Porsche is most impressive. He's gonna have an awesome last year of high school with that ride. Wonder what his insurance costs?
Insurance rates, while higher because of type of car and age, shouldn't be too absurd. Even if he wrecks the thing, the company is only out ~9,000 or so.
Car insurance isn't expensive because cars are expensive, but because people are expensive. You can hurt a lot of people in a fast car, even if it's not expensive.
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That's what I thought. But I doubt he actually spends that much dedicated time. Rather he's probably multi-tasking, checking in periodically over the course of 5-6 hours. I bet he's mastered some important negotiating skills.
Yes, for a kid, this was probably an extremely valuable use of his time, and he seems to have had fun doing it. He probably learned more than he would have working a retail or service job, even if he made less money per hour. My parents are antique dealers, and my grandmother was a junk dealer who owned a thrift store. I grew up going to flea markets and garage sales, and my first business was started when I was twel…
That it only took 14 trades to go from phone to Porsche is most impressive. He's gonna have an awesome last year of high school with that ride. Wonder what his insurance costs?
Insurance rates, while higher because of type of car and age, shouldn't be too absurd. Even if he wrecks the thing, the company is only out ~9,000 or so.
Male, under 25, driving a used old sports car? Been there, done that, paid the insurance...and it wasn't fun!!
He spends five to six hours a day on his i-Phone scouring the website for good deals.