Good Morning! A mixed bag of market emotions here at the SML office this am. On one hand, we have a 996 selling for $190,000 (!!!), and on the other, a market low for a 2022 car and two fairly big no-sales.

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THE MARKET

Sell-Through Rate: 50%

Market Volume ($): $529,472

Market Volume (units): 8

• For the first time ever we don't have 5 sales to make up the Top Sales section as a meager unit volume and a 50% sell-through rate resulted in only 4 sales yesterday.

TOP SALES

2022 Porsche 911 Turbo S Cab $240,000 PCARMARKET

2004 Porsche 911 GT3 $190,722 PCARMARKET

2008 Porsche 911 Targa 4S 6sp $50,000 Cars & Bids

2009 Porsche 911 C2S Cab $48,750 Bring a Trailer

SPOTLIGHT

PHOTO CREDIT PCARMARKET

As I watched this 2004 911 GT3 cross the $190,000 mark to sell for $190,722, I among other commenters thought for sure this 1,000 GT3 MKII was a world record for price and low mileage. With cars with some regular use trading hands for around $90,000 give or take $5k, an extra $100,000 for ultra-low miles would for sure take the crown. But, we were wrong on both accounts.

After a bit of research, we found that two other cars have sold for more in the last 5 years and one car had lower mileage, and it was not one of the higher-priced examples. Earlier this year this 6,000-mile example became the top sale at $215,000. And in May of 2021, this 9,000-mile example sold for $193,000. The lowest mileage example? That would be this Speed Yellow GT3 with only 750 miles. It sold at Gooding & Co. in 2020 for a shockingly low $140,000. I can only imagine what this car would bring today if it came back to the market.

So why does this GT3 seem like a deal compared to other ultra-low mile results? Is this the result of a softening market? I doubt. GT3 sales are still strong with the majority selling between $80-$100k with less than 50k miles. And being that the two higher examples had more miles, but were painted in the more traditional Silver and Black, I'm going to say the color had a slight say in the price paid.

Yes, Porsche people love their odd colors. But PTS wasn't as popular an option back when these were new and it's usually the Blues that bring the money. At $190,000 our Spotlight car was well-bought for someone that enjoys their Porsches in Speed Yellow and gets one of the lowest mileage cars in existence. I also think the selling dealer made out here as they lifted the reserve at $145,250 with three hours to go sending the bidding action into full gear. Well done Porsche Burlington.

NOTEWORTHY SALES

• The Turbo 3.6 market continues to soften with another no-sale, this one, a 1994 example in Polar Silver Metallic failed to sell at $342,500.
• Last-minute fears of metal in the oil might have kept bidders at bay as this 1994 911 Carrera RS failed to sell at $217,964.
• A new market low for a 992 Turbo S Cabriolet with this Shark Blue 2022 example with 5,600 miles selling for $240,000. Yes, these cars are supposed to depreciate people. Welcome back to normalcy.

NEW LISTINGS

• This 1998 911 Carrera S is one of the very last air-cooled 911s offered right before the switch to water-cooled for the 996 generation. And when I say last, I mean this is about the last.
• A rare one on our shores, sort of. This 2004 911 GT3 RS is for sale out of Hawaii by way of the UK and Norway where the car was sold new. But due to Show & Display regulations, we can taste the forbidden fruit of the 996 era.
• Sometimes poor decisions are made. Like when you take one of 2,104 1989 911 Speedsters and chop it up and tune it to make it "your own".

AUCTIONS ENDED 1/18

1994 Porsche 911 Turbo 3.6 $342,500 Bring a Trailer

2022 Porsche 911 Turbo S Cab $240,000 PCARMARKET

1992 Porsche 911 Carrera RS $217,964 PCARMARKET

2004 Porsche 911 GT3 $190,722 PCARMARKET

2008 Porsche 911 Targa 4S 6sp $50,000 Cars & Bids

2009 Porsche 911 C2S Cab $48,750 Bring a Trailer

2004 Porsche 911 Coupe 6sp $21,000 PCARMARKET

1987 Porsche 944 Turbo $19,500 Bring a Trailer

*Prices in Red denote a high bid and no sale