IMHO Porsche will lower the number, not because they want to, but because of the economy. The last thing porche and the dealers want is an overstock of the TT. Right now, at my dealer there are 3 tts sitting on the floor unsold. This is unheard of in CA and is because things are so bad. So, yes, prices will stabilize and probably take an upswing over time. Besides, and everyone knows this, if you bought your porsche for resale or any other such financial reason, then you bought it for the wrong reason.

 

I should clarify my last post, is the dealership offer low 70's for the trade-in. They dont sell any 07's TT for low 70's
The dealership is Paul Miller Porsche, currently they are sitting on 5 TT and 2 GT2.
docjackson1 -feel free to PM and i can send you the name and the info of my contact. I didnt want to mention the name of the dealrship cause they dont sponsor this site. Reason for my initial post is to inform the people that are on the market for a used TT

 

I agree 100%. The 997TT is a fantastic driving experience! Add a few mods, new tracks, new highways, and you'll be for a years to come. In my wee mind, alleged resale values miss and detract from the main point of owning and driving a 997TT (no disrespect intended). Don't worry, just drive.
K.

 

petros-the fact that a used car salesman at a dealership will offer you a crazy price for a car doesn't define the market for the car. the example that you are giving is paul miller-i know the dealership well. if i am correct, one of the 2 turbo coupes is a blue on tan 07 coupe that they have had since summer-i think that they are asking about $109k for the car, and i think that they bought that car at auction, as it isn't a local car. the car is actually not a bad looking car and has relatively low mileage-around 6000. regardless of what your friend tells you, they are not looking to sell that car for under their cost, whatever that was. they have been holding onto that car for at least 6 months. my impression is that they would take about 100k for that car. now look at the other turbo coupe that they have-it is the grey one and it is missing a turbo sports chrono-without that option, the entire character of the car is changed. they are also looking for about 109k for that one-i inquired as to whether they would be willing to sell that car at a deep discount due to the lack of the turbo chrono-they told me to forget it. so your point is that some salesman is offering 70k for a turbo-what else is new-salesman will always offer very low prices for your car-if you want to give your car away to them, that is up to you. go there and see what they will sell their cars to you for-you will see that the price will be nothing close to 70k-my point is that your post is inaccurate-sure the market is no good for turbos, but you are trying to convince people that they are offering and getting cars for the low 70's, and because the market is bad, they are going to sell cars for less than they paid (i am paraphrasing your statement)-this petros, is just not true. by the way, the 2 gt2 cars that they have i'll bet could be bought right, if that is your car. paul miller was really hot to aquire gt2s during the summer and fall. one of those 2 cars was purchased from some dude who bought same car in august from jack daniels-he paid about msrp from daniels-then a few days later he decides that the gt2 is not the right car for him, so he takes it to paul miller and sells it to him for a few grand over list-at the same time, paul miller had another gt2 in his inventory that he was looking to get 50 over list for, so they thought by aquiring this baby they would be in good shape. now here, you might be right-the gt2 market has died-i would be willing to bet that they would be willing to take less than they paid for these cars to sell them. i would imagine that they have been looking at these 200k porsches for long enough.

 

The retail depreciation can vary greatly based on region, supply, and market conditions. Recently the 997S took and up and down path but held strong where a used CPO car 06 or 07 with low miles sells in the high 60's . That's approximately a 24 percent drop in two or three years . In contrast the 997Turbo Manheim and trade in prices are talked about but a CPO 997tt costs well above it .If a 140K 997tt sells for 90 it's a 35 percent drop .

It's bad but it's not so awful to render despair .

Perhaps it's hard to swallow the idea that an expensive car became even more expensive with modifications and customizations . It's my thought that the type of buyer who looks at modified cars has a set of expectations and if he likes the way one upgraded the car he might choose not to buy a stock one . If he loves your car as much as much as the owner he may want to pay more and if the owner loves his car ... he might not sell it .

I'm not selling mine .

If I was facing a financial pitfall I would first cut back other expenses to keep the car and if ultimately I had to sell it to eat or pay bills .. then its loss would hurt that much more.

How does one attach a price to this emotional reasoning ? I can't . That's how much I love my car I suppose. That absence of logic is main justification to even buy such an expensive car in the first place --IMO.

 

Yrralis1
I enjoy your posts and like the way you think. I agree with you. And things may get a tad worse before they get better--but as always these things will cycle. By the way any dealer that surcharges 50k on any porsche is a dealer I would NEVER buy anything from.

 

Yes, dealers can be stubborn (or just plain greedy) sometimes. It's important to note that a car's depreciation does not stop just because it's not being driven and sitting in a showroom. During the 6 months the dealer has had the car I would imagine at least a few grand in depreciation plus carrying costs for the dealer. The updated 09's have also come out since then. Maybe they'll hold the cars in storage until the economy recovers in 2010 (?) and then they'll be able to get their asking price of $109k for a 2007 Turbo

 

997TT is great I'm very happy after buying this ! Its great I had good experience with 997TT.....

Cheers,
Terris,
Living in Miami beach real estate

 

The Dec. 13-19th Economist's business section has a relevant article titled "Luxury cars: crash" (pp. 76-78). Some of the facts include:

- sales in new luxury cars in the US were 39% lower than the same time last year (2007)
- Mercedes sales are down 43%
- Porsche sales are down by more than 50%
- European car makers are shutting down production for a month or so to save %
- many customers are trading down (those that need to sell or leases expiring) or keeping their cars longer (I'm in the latter category)
- to attract buyers for new cars dealers have been offering significant discounts of up to more than $8K (to keep cash flow as credit is hard to come by these days for them)
- with these discounts used, sorry "pre-owned", luxury cars come with even bigger discounts to buyers
- luxury gas guzzlers (e.g., Porsche Cayenne) have a less than 50% of their previous trade in value
- ironically, Porsche 911 Carrera's (and Ferrari F430 and Lamb Murcielago) are in the top ten of cars that best hold their value

Have to sell your car in 2009 or 2010 is going to hurt. Be patient, it will pass and things will settle. In the mean time, stop reading this and go for a drive!

 

Since I'm a 997S driver, I guess I qualify as a lurker on this forum. But my 2005 was the first car (well, there was my grad student Dodge Dart) that I bought used. And, even pre economic meltdown, the commentary in this thread makes me think it wasn't a half-bad idea. I was really concerned about the depreciation that occurs in 1-2 years and that I could get a lot more car if I bought used, and because P-cars have a lengthy warranty (which I've had to exercise), it would work to my favor.
The concern was, and is, how hard do people beat on these cars? Notwithstanding having to compromise on some options, some of which I've gone back and added, the question is whether the car will hold up? And, in that context, and the reason to loiter here , is whether on average you think people beat on TT's more than S's, more than regulars (I'll bet Targa's are the least abused cars, FWIW). As more and more talk about these dropping prices on lease returns and bailouts, are all models an equivalently safe bet? Just doing some early planning...

 

Well stated. How can one rationalize irrational enthusiasm for a car? It must be true love--not hard to do with all mods yrralis1 has. I'm jealous!

 

good question-i have had greater than 10 porsches-i have been lucky enough to have 1 996tt and 2 different 997tt cars (an 07 which i stupidly traded in and an 09 which i acquired first week of october when the epa released the 09 cars from the ports). these cars are very hearty cars-they tolerate quite a bit of aggressive driving-having said that, i think most owners love their cars and take good care of them-i don't think boxster owners treat their cars any worse than turbo owners. a used turbo would be a great car-if i bought a used car, i would get a car traded in to the dealer that had i previous owner-i would tend to stay away from cars bought at auction and any car bought back from the owner by porsche. i think other people have made the point-don't get hung up on resale-these cars are not good invrstments. buy one because you love the car and will enjoy the experience of driving/owning it. buy a turbo to own and drive possibly the finest awd supercar that you can purchase. this is a 480 hp car that drives in all weather conditions as quickly and solidly as any car you can buy, while at the same time having that distinctive porsche look with that big *** and workmanship and interior second to none. when i read the reviews and comparison of the nissan gt-r to the turbo, i look at the interior materials of the turbo and compare it to the gt-r--there is no comparison. no matter how you look at it, no one would disagree that the nissan was hit with the ugly stick. it might be a touch better on the track, but do most of us drive our turbos on the track all day? i think you know the answer. good luck with your decision.

 

Thanks for your perspective. To be clear, I never consider cars an investment. I buy them with the intent of holding on to them for an indeterminate but lengthy amount of time. The motivation for my questions was to get a sense of what cars would be better to 'hold' for that lengthy period; whether there was any potential pattern that might imply that one should stay away from a particular model. Your point about how the car was obtained for resale as a surrogate for the manner in which the car was cared for is an interesting one. Separately, I'm pretty sure that the contributors to this forum don't represent the average P-car owner and we're more likely to take particularly good care of these cars. Driving around the silicon valley, I see a lot of TT's that, at a distance, are not cars I'd want to take possession of. Driven hard from a cold start, a particularly creepy indicator. Anyway, not an urgent issue in that I'm still totally in love with my 'S'. In fact, just got back from a quick drive (in which I surely let her warm up before I WOT'd) and am still smiling...

 

Thanks for the compliment . The time and expense might seem like work to some but for me it became a labor of love .

I have a few very sentimental items . Some are not even expensive but they trigger an emotion . I look at my car and relish in the past , enjoy the present , and look at the future as if it has memories in the making.

 

Somebody mind clerifing what means what. I mean we all know the obvious ones bu some things im confused on.

Are there more then one dealer auction throughout the country? I know of manheim, im guessin riverside, dallas also have them.

Then whats the lease/regular mean?

Then Is the avg and above the condition, or pricing related?

Thanks