Why Are Used Porsche Prices Going Up So Fast??
#16
First of all, I am abit surprised how quickly used prices are firming up...maybe its all perception but I find it hard to believe that the stock mkt going up is having this much effect...because unemployment keeps going up not down(although rate is coming down)....but enough about the fake recovery and economics....
I am seeing the exact same car I bought a few months ago on ebay with asking prices almost 10K higher than I paid...I could see if we were into spring and it was getting sunny but were right in middle of winter....granted I got a great deal but this is strange...they are selling well optioned 06-07' C4S's for 60-70K now...crazy.
I would be quite annoyed if I was looking for a used Porsche right now given the price changes...anyone else notice this also??
I am seeing the exact same car I bought a few months ago on ebay with asking prices almost 10K higher than I paid...I could see if we were into spring and it was getting sunny but were right in middle of winter....granted I got a great deal but this is strange...they are selling well optioned 06-07' C4S's for 60-70K now...crazy.
I would be quite annoyed if I was looking for a used Porsche right now given the price changes...anyone else notice this also??
#17
Guys --this high pricing won't last forever. It's been through these cycles many times over the last 15 years . Many who post here can even remember back in 2007 when prices (new and used) were high too .
The difference between this up and down volatility and those in the past is that first off the cars themselves cost a lot more . Porsche 911 cars in the 90's and early 2000's cost in the 65-80 range new and now they are in the 85-110 range. That in itself makes them harder to sell because that increase is huge in propotion with how prices in general have climbed.
The main difference though is this --consumers have not forgotten how frightening the economic meldown was last year . The huge Dow decline, the freefall of real estate value , and the lack of confidence in the financial sector --left areminder in the minds of most who think twice BEFORE they buy anything .
Even the dealerships might be all excited now but they were very quiet in sales at one time -- and they have not forgotten either.
This high price cycle will pass .
The difference between this up and down volatility and those in the past is that first off the cars themselves cost a lot more . Porsche 911 cars in the 90's and early 2000's cost in the 65-80 range new and now they are in the 85-110 range. That in itself makes them harder to sell because that increase is huge in propotion with how prices in general have climbed.
The main difference though is this --consumers have not forgotten how frightening the economic meldown was last year . The huge Dow decline, the freefall of real estate value , and the lack of confidence in the financial sector --left areminder in the minds of most who think twice BEFORE they buy anything .
Even the dealerships might be all excited now but they were very quiet in sales at one time -- and they have not forgotten either.
This high price cycle will pass .
#20
I would think the strong sales in '09 due to incentives would compresses the prices/value of all the recently sold cars up to that point. That in turn put pressure down the chain....but I have to agree with the OP, prices are firming.
#21
I believe prices are firming due to many of the reasons stated I also believe that the newly created Porsche / VW union will bring some significant changes to Porsche. While there will be both good and bad, the one thing that may change is the customer's perception of the new Porsche. Are all new Porsche cars going to have more VW content when it comes to parts ? Will new Porsche be built by VW ? Many VW parts are shared with the Cayenne and it hasn't hurt sales but what if they do it on the 911 ?
I also believe that the recent price downturn was more dramatic than it should have been given the fact that even if 400-500 cars were available in a specific model range that availabilty is nationwide not in one market. In any given market there may be no more than a dozen used 997's available. Our friends to the north shop the same markets for used Porsches as well making for a supply demand curve that probably suggests their are more buyers than sellers right now particularly for cars properly optioned.
I also believe that the recent price downturn was more dramatic than it should have been given the fact that even if 400-500 cars were available in a specific model range that availabilty is nationwide not in one market. In any given market there may be no more than a dozen used 997's available. Our friends to the north shop the same markets for used Porsches as well making for a supply demand curve that probably suggests their are more buyers than sellers right now particularly for cars properly optioned.
Last edited by Dadio; 01-20-2010 at 05:32 PM.
#22
I did my shopping last spring and pulled the trigger the first week of June. I opted for a 2010 factory order even though I could have got a killer deal on a 2009. I wanted the color and options that ~I~ wanted. After all it's supposed to be ~my~ '"dream car" not someone elses. I also didn't want to pay for options that I didn't want like Bose (as a former audio engineer I'm not a big fan of Bose) or power seats since I'll be the only one driving the car. I also reasoned that since 2010 inventory was projected to be very low (and it looks like that is the case) that I'll benefit from a little higher resale value when the time comes.
Sadly, I won't be able keep the car more than the length of the warrantee. If the car should suffer some kind of catastrophic engine failure which Porsche seems to have more than it's share of, I would be bankrupt! I do not have 18-20K just sitting around in case it needs a new engine so I would be totally screwed.
Full disclosure here I'm not a "man of means" by any stretch of the imagination. I'm self employed which might sound glamorous but my bottom line is just around what statistics rate as poverty level in the US. So how am I driving a 2010 Porsche 911? Well, I'm a very disciplined saver. I'm also not married (and NOT looking ladies so no PM's please) and don't have any children at least that I'll admit to. I never go on vacation and I never go out for fine dining. The local Chinese take out joint is about as fancy as it gets for me. I drove my 1994 Mazda Miata around for 15 years while I was saving for the 911. I'm not stupid and having Mazda sports cars almost all of my life (had 2 RX-7's before the Miata) I'm fully aware they are high maintenance machines so I did manage to save a few extra K for tires, brakes and the $600/year annual service but that's where it ends. So in 4 years when the warrantee runs out I'll be "forced" to sell regardless of how much I've fallen in love with "her".
If anyone likes the way my car is optioned I'll be happy to entertain offers now but you'll have to wait another 45 months to take delivery.
Sadly, I won't be able keep the car more than the length of the warrantee. If the car should suffer some kind of catastrophic engine failure which Porsche seems to have more than it's share of, I would be bankrupt! I do not have 18-20K just sitting around in case it needs a new engine so I would be totally screwed.
Full disclosure here I'm not a "man of means" by any stretch of the imagination. I'm self employed which might sound glamorous but my bottom line is just around what statistics rate as poverty level in the US. So how am I driving a 2010 Porsche 911? Well, I'm a very disciplined saver. I'm also not married (and NOT looking ladies so no PM's please) and don't have any children at least that I'll admit to. I never go on vacation and I never go out for fine dining. The local Chinese take out joint is about as fancy as it gets for me. I drove my 1994 Mazda Miata around for 15 years while I was saving for the 911. I'm not stupid and having Mazda sports cars almost all of my life (had 2 RX-7's before the Miata) I'm fully aware they are high maintenance machines so I did manage to save a few extra K for tires, brakes and the $600/year annual service but that's where it ends. So in 4 years when the warrantee runs out I'll be "forced" to sell regardless of how much I've fallen in love with "her".
If anyone likes the way my car is optioned I'll be happy to entertain offers now but you'll have to wait another 45 months to take delivery.
If you truly meant what you said above then you should have bought a 06 or 07' loaded one...saved yourself 40K perhaps...you must be filthy rich haha......you can still live youre dream in an 07'..
Could I have afforded a new C4S?...sure after taking a punch in the face from my wife but Im way too cheap and practical to take the depreciation and for me, its too wasteful to buy a new expensive car...but thats just me.
#23
Was at the Porsche dealer this past saturday having a look and asked about the new 2010 Turbo....pricing came in at $174K...holly crap!!! I will keep my 997S and possibly just buy a turbo kit if I need more power...lol
#25
If you truly meant what you said above then you should have bought a 06 or 07' loaded one...saved yourself 40K perhaps...you must be filthy rich haha......you can still live youre dream in an 07'..
Could I have afforded a new C4S?...sure after taking a punch in the face from my wife but Im way too cheap and practical to take the depreciation and for me, its too wasteful to buy a new expensive car...but thats just me.
Could I have afforded a new C4S?...sure after taking a punch in the face from my wife but Im way too cheap and practical to take the depreciation and for me, its too wasteful to buy a new expensive car...but thats just me.
With all due respect your advice doesn't make sense for my situation. As I stated in my original post I can only keep the car for the duration of the warrantee. Buying new gives me the full 4 years which allows me to keep the car the longest.
I did take a look at the used 911 selection but nothing even came close to what is acceptable to me. Here in North Jersey a good percentage of 911 owners are very busy professionals like Physicians, Lawyers, Stock Brokers, etc. So busy it seems that they don't have the time to care for their cars like I do or perhaps they don't know how or just don't care (no offense intended to you professional types).
It seems that many of the cars are leased and so they probably just don't give a f*ck because in 36 months they'll get to start all over again with another brand new car and that is definitely not the case for me. My 911 experience is only going to be a once in a lifetime shot so I want it to be "perfect". On the used cars I looked at the paint was in horrible condition as were the front spoilers, lower hoods, wheels, etc. When I sold my 15 year Miata last spring "she" was in ~MUCH~ better shape than any of the 2 and 3 year old 911's I looked at.
#26
First of all, I am abit surprised how quickly used prices are firming up...maybe its all perception but I find it hard to believe that the stock mkt going up is having this much effect...because unemployment keeps going up not down(although rate is coming down)....but enough about the fake recovery and economics....
I am seeing the exact same car I bought a few months ago on ebay with asking prices almost 10K higher than I paid...I could see if we were into spring and it was getting sunny but were right in middle of winter....granted I got a great deal but this is strange...they are selling well optioned 06-07' C4S's for 60-70K now...crazy.
I would be quite annoyed if I was looking for a used Porsche right now given the price changes...anyone else notice this also??
I am seeing the exact same car I bought a few months ago on ebay with asking prices almost 10K higher than I paid...I could see if we were into spring and it was getting sunny but were right in middle of winter....granted I got a great deal but this is strange...they are selling well optioned 06-07' C4S's for 60-70K now...crazy.
I would be quite annoyed if I was looking for a used Porsche right now given the price changes...anyone else notice this also??
Second, anyone can ask any price, its the price that buys the car that is meaningful.
#27
Obviously not anywhere near base.
#28
Enjoy the car. It was still a bonehead financial decision if your income is as stated. And as a physician, I take meticulous care of my cars. You could of saved a ton of dough on a CPO, or better yet let your money roll in something that appreciates. My two cents, for what it's worth.
-Getz
-Getz
#29
whoa.....
#30
Just saw a nicely equipped GT3 on the floor. $137k. Holy crap. I love the way the splitter hits my ankle bone.
It is classic. Suzie Orman, or whaterver her name is, goes on TV saying "Sell those stocks and buy T bills if you need the money!" That was exactly the time to buy the Porsche. Friend of mine panic sold his car then - took a bath. Got mine right at the tail end in June. Inventory was getting thin then. It definitely seems even less now. And the Spring is yet to come.
Interesting, the price of the new M3 is coming down. More of them around, even '09's. Seems like a better time to get one of those. When Spring comes the 911 probably holds steady.
It is classic. Suzie Orman, or whaterver her name is, goes on TV saying "Sell those stocks and buy T bills if you need the money!" That was exactly the time to buy the Porsche. Friend of mine panic sold his car then - took a bath. Got mine right at the tail end in June. Inventory was getting thin then. It definitely seems even less now. And the Spring is yet to come.
Interesting, the price of the new M3 is coming down. More of them around, even '09's. Seems like a better time to get one of those. When Spring comes the 911 probably holds steady.