Good Morning! First off, welcome to the new subscribers. And welcome to day 2 of what might be a market meltdown. Just when we thought yesterday's 50% sell-through rate could get any worse, here we are at 47%.
Now it could be the election, but if we see similar numbers tomorrow I'd say we're in a pretty big correction in the Porsche market
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THE MARKET
Sell-Through Rate: 47%
Market Volume ($): $423,227
Market Volume (units): 19
- Just when you thought the sell-through rate couldn't get any lower, the market says "hold my beer".
- Also the lowest total market volume we've seen since this letter's inception and not a single car over $100,000 found a new home yesterday.
TOP SALES
2007 911 GT3 $82,997 PCARMARKET
1980 930 Turbo $81,430 Bring a Trailer
1996 Carrera Cabriolet 6sp $81,000 Bring a Trailer
2006 911 Carrera S Cabriolet $38,750 Bring a Trailer
1987 928 S4 $37,250 Bring a Trailer
SPOTLIGHT
PHOTO CREDIT BRING A TRAILER
The second no-sale in 2 years for this paint-to-sample 918 Spyder Weissach package might have you scratching your head as the bid was a whopping $1,851,000. Could it still sell in "back-room" talks or should the seller have lowered their reserve to get the deal done?
The car was purchased by its current owner in July of 2019 with 1,406 reported miles and the last time we saw this car at auction was at Mecum in March of 2020, and we all know what was happening then. So a no-sale at $1.2m was not a total surprise.
At that point, the car had 1,653 miles on the odometer and at the time of the current listing, it showed 1,800. A few hundred miles in a handful of years leads one to believe that this car was purely an investment.
The market for Weissach cars back in 2019 was a tad over $1.5m with a high sale of $1.9. As an investment one would think that the seller would have looked at recent sales data to get an idea of what the car was worth. The last PTS Weissach car sold earlier this year for $1,975,000 with similar miles, which I would assume is close to what the seller paid for his three years ago, and the highest sale this year over $2m was for a much lower mile car although non-PTS.
If it were an investment, why sell when the market really hasn't moved on to where one could make a reasonable return? In this case, the final bid was fair, but I assume that the seller wanted much more and we weren't even close to the reserve. We'll be monitoring the comments to see if a deal was reached outside of Bring a Trailer for sure.
NEW & NOTEWORTHY
- Two 2004 911 Carrera 40th Anniversary cars offered in two days. If you miss one you have a chance to snag the other!
- Looking for a time machine back to the '90s? This 17k-mile 1994 911 Carrera 4 Widebody should do the trick.
- What's the market for bumperettes you ask? This super-low mileage 2001 911 Turbo will set the high for sure.
AUCTIONS ENDED 11/8
2015 918 Spyder Weissach $1,851,000 Bring a Trailer
2022 911 Turbo Coupe $201,000 PCARMARKET
1977 911 S $158,000 Bring a Trailer
2021 911 Carrera S Coupe $130,492 Cars & Bids
2015 911 Carrera GTS Coupe $96,000 Bring a Trailer
2007 911 GT3 $82,997 PCARMARKET
1980 930 Turbo $81,430 Bring a Trailer
1996 Carrera Cabriolet 6sp $81,000 Bring a Trailer
2001 911 Turbo Coupe 6sp $60,000 Bring a Trailer
2006 911 Carrera S Cabriolet $38,750 Bring a Trailer
1987 928 S4 $37,250 Bring a Trailer
2005 911 Carrera 6sp Modified $36,000 PCARMARKET
2014 Cayenne GTS $35,750 Bring a Trailer
2012 Panamera Turbo $32,000 PCARMARKET
1983 911SC Cabriolet $31,750 Bring a Trailer
1999 911 Carrera Coupe 6sp $20,800 PCARMARKET
1974 914 $19,000 Bring a Trailer
1999 Boxster 5sp $18,500 Bring a Trailer
2000 Boxster S 6sp $13,500 Bring a Trailer
*Prices in Red denote a high bid and no sale
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