Hilton CEO Says a Porsche 944 Was His Worst Purchase
The tale of overextending on a used sports car, only to have the thing become a parasite on your finances, is a familiar one for many enthusiasts. It is also one that Hilton CEO Chris Nassetta has some past experience with, centered around a Porsche 944 purchase during his 20s, which he calls the worst financial decision of his life.
The details of the story come by way of an interview with CNBC, and take us back to the 1980s. Nassetta was in his 20s when he spotted the black front-engined Porsche at a local used car lot in Arlington, Virginia. The 944 piqued the young man’s interest, who ultimately set up a third-party inspection to ensure the car wasn’t a heap. With that added peace of mind, Nassetta took out a loan to help cover the car’s $20,000 price tag, which would be around $60,000 in today’s money. At the time, Nassetta’s annual salary was only $17,000. The exec recants that the steering rack on the car needed replacing almost immediately, which carried a $2,000 repair bill. The problems only escalated from there, with the young Porsche owner unable to keep up with the expensive service bills.
“It nearly broke me,” Nassetta said, CNBC Make It reports. “I spent all my money on that stupid car.”
The Porsche would only stay in the garage for around 18 months before Nassetta had to move on from it, vowing to never purchase another sports car again. That reaction is probably a bit extreme, especially considering how robust many modern platforms truly are. That’s especially true with the budget of a CEO at your disposal. Nassetta currently has a 1969 Ford Bronco that he restored with a local shop in the garage in place of a sports car.
As a decrepit 944 owner myself, I understand the pain Nassetta endured. What seemed like an affordable entry to a storied brand resulted in several embarrassing phone calls to the tow yard in my teenage years. And while I haven’t moved on from my car yet, its engine is currently in several hundred pieces. With entry prices and parts only continuing to get more expensive as time goes on, I implore our younger readers to use a little caution before diving into the 944 experience. I know Nassetta agrees with me.
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