Tim Suddard
Tim Suddard Publisher
8/4/22 9:00 a.m.
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Anyone in the classic car market, especially on the Porsche side, has been asking and worrying about an upcoming correction.

While Bring a Trailer might cover the high end of the market, it still does show what people are willing to pay.

One recent sale forced us to admit that reality might be setting in. On August 2, a 2006 …

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Olemiss540
Olemiss540 HalfDork
8/4/22 9:06 a.m.

I sure hope so. Looking at GT3 prices last night reminded me how I will never smell the inside of a GT3 ever again after unloading mine to buy a house. :-(

Was a glorious trip to Road Atlanta I will never soon forget. Cant believe tracked 997 GT3s start in the 110-120k range now (MSRP basically). Considering the costs of keeping the transmissions/diffs rebuilt and suspensions fresh as they get in the 50k mile range, amazing what money it would take to actively DE a car like that nowadays. 

docwyte
docwyte PowerDork
8/4/22 9:13 a.m.

From what I've seen?  Nope.  GTx or Turbo cars are still bringing all the money in the world.  Maybe a "regular" carrera is dropping in value byt my 996 Turbo 6MT sure isn't...

glyn ellis
glyn ellis New Reader
8/4/22 10:05 a.m.

I don't really care what the market says is the value. I have a 2009 Carrera S cabriolet that I will probably never sell. Had it for nearly 9 years and it still is a wonderful car to drive.

GM > MG
GM > MG New Reader
8/4/22 2:06 p.m.

Sold my Targa years ago. Have regretted it every (EVERY) day.

Often wake up in middle night sweating, and punch myself in a particular tender spot till I fall back asleep.

surprise

Yes, I deserve it cause never sell your dream car thinking, sure I'll get a better on in a few years...

 

 

Meporsche
Meporsche New Reader
8/4/22 2:38 p.m.

The market is turning down.   A near collector quality 1970 911 that sold on BaT for $117.5K in January was just re-sold on BaT.   $95K.    20% drop with no appreciable change in mileage or condition.  The bubble will burst.

Tom1200
Tom1200 UberDork
8/4/22 4:10 p.m.

I really hate the whole market correction thing; right before the 2008 housing crash I remember realtors said that prices were due for a correction............the statement was right but not in the direction they thought..............I'm always left feeling the the "due for a market correction is half of what drives the price up"

Now that I can afford a 911; I probably won't buy one because the prices mystify me. I just feel like many of them are overpriced.

Note I've had the opportunity to drive every model of 911 (on track) from 1967 through to 2021.

Used 911s are not far off of the price of a brand new Cayman..................so if I finally do buy a Porsche it will likely be a Cayman. 

My .02

 

AnthonyGS (Forum Supporter)
AnthonyGS (Forum Supporter) GRM+ Memberand UltraDork
8/4/22 4:25 p.m.

I don't regret selling my 996.  I was never going to drive it 100%, and now I have cars I can drive 100% with no work tries.  Today I just got a trailer in case 100% makes things say no.  I'd rather drive a beater car 100% than worry about Porsche engine part prices, but that's my choice.  Everyone has to decide for themselves.  

Pete. (l33t FS)
Pete. (l33t FS) GRM+ Memberand MegaDork
8/4/22 6:05 p.m.
Meporsche said:

The market is turning down.   A near collector quality 1970 911 that sold on BaT for $117.5K in January was just re-sold on BaT.   $95K.    20% drop with no appreciable change in mileage or condition.  The bubble will burst.

Don't give me hope.

docwyte
docwyte PowerDork
8/4/22 6:15 p.m.

In reply to Meporsche :

Can't say that shows anything, my corrado sold for 50% less than another one did 4 months previously, both on BaT.  That doesn't mean the market went down, just that there were more motivated buyers looking at that auction vs mine. 

 

yupididit
yupididit GRM+ Memberand PowerDork
8/4/22 6:18 p.m.

That isn't a "market correction". They're still overpriced lol. Just shows the market for these cars will always be ridiculous and mysterious. 

I feel like the market for high-end luxury goods only goes down so much in a recession. Still plenty of rich people that will still be rich, they just see it as a buying opportunity. I've been waiting for thirty years for the price of vintage Martin guitars to come down, all I've learned is that I should have bought one thirty years ago.

Olemiss540
Olemiss540 HalfDork
8/4/22 8:44 p.m.

Sorry folks. If you do not think the Pcar (and other vehicle) market isn't headed for a correction, I don't know what to say.

When C7 corvettes with miles are selling over MSRP, there finda be a market correction fellas.

I know we all are so accustomed to assets raising in prices that we have forgotten what eventually ALWAYS happens. Industry gets supply in line which lowers cost of existing supply or recession POPS ya in the nose just when everyone is certain it cant.

Slippery
Slippery GRM+ Memberand PowerDork
8/4/22 8:58 p.m.

AnthonyGS (Forum Supporter)
AnthonyGS (Forum Supporter) GRM+ Memberand UltraDork
8/4/22 10:30 p.m.

In reply to Olemiss540 :

Assets didn't rise in price, the value of the dollar is dropping.  That's inflation.  That's how fiat currencies always go.

SKJSS (formerly Klayfish)
SKJSS (formerly Klayfish) PowerDork
8/5/22 8:40 a.m.

Those with experience, how different is the 997 from the 996?  We love our 996 cabrio, but would love to upgrade if it's worth it 

Olemiss540
Olemiss540 HalfDork
8/5/22 8:43 a.m.
AnthonyGS (Forum Supporter) said:

In reply to Olemiss540 :

Assets didn't rise in price, the value of the dollar is dropping.  That's inflation.  That's how fiat currencies always go.

Inflationary pressure would push new MSRP prices up (which they have) but supply congestion is what has driven used prices up IMO. If they could ease supply constraints of new vehicles, it would instantly decimate used car prices by 15 or 20% across the board. Inflation doesn't explain the fact that a 12 month old used Toyota is more expensive than a brand new dealer purchased one. The fact you have to wait 6 months to get it in hand is what's driving prices up.

docwyte
docwyte PowerDork
8/5/22 10:06 a.m.

In reply to SKJSS (formerly Klayfish) :

Not enough to change unless you really like the look of the 997, or can grab a great deal on a 997 turbo or GT car...

Olemiss540
Olemiss540 HalfDork
8/5/22 10:28 a.m.
SKJSS (formerly Klayfish) said:

Those with experience, how different is the 997 from the 996?  We love our 996 cabrio, but would love to upgrade if it's worth it 

Biggest update is in interior aesthetics. The 996 has a driver focused, retro styled interior compared to the 997 which takes it more modern. Also the 997.2 powerplant is much better from a reliability standpoint based on my background googlefu from a bore scoring/IMS/self distruction standpoint which drives costs up dramatically compared to the .1's. 

Tom_Spangler (Forum Supporter)
Tom_Spangler (Forum Supporter) GRM+ Memberand PowerDork
8/5/22 11:25 a.m.
Olemiss540 said:
SKJSS (formerly Klayfish) said:

Those with experience, how different is the 997 from the 996?  We love our 996 cabrio, but would love to upgrade if it's worth it 

Biggest update is in interior aesthetics. The 996 has a driver focused, retro styled interior compared to the 997 which takes it more modern. Also the 997.2 powerplant is much better from a reliability standpoint based on my background googlefu from a bore scoring/IMS/self distruction standpoint which drives costs up dramatically compared to the .1's. 

Well summarized. I would just add that the 996 interior (which is essentially same as my 986) is made of late 90s biodegradable junk plastic, so that's something to keep in mind, too.

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