Good Morning! We enjoyed a relatively quiet weekend here at the SML office as we gear up for the run of Porsches we'll see through the multitude of auctions out in Arizona starting this week. Very excite.
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THE MARKET
Sell-Through Rate: 73%
Market Volume ($): $798,346
Market Volume (units): 11
- Decent weekend with only one auction house closing sales, Bring a Trailer. Still, a car or two away from $1m off of 11 units isn't so bad. Barrett-Jackson kicked off but today is the first day any Porsches cross the block.
TOP SALES
2022 Porsche 911 GT3 Touring 6sp $223,000 Bring a Trailer
1996 Porsche 911 Turbo Coupe 6sp $200,000 Bring a Trailer
2019 Porsche 911 Targa 4 GTS $163,000 Bring a Trailer
1996 Porsche 911 Coupe 6sp $87,000 Bring a Trailer
2004 Porsche 911 Turbo Coupe 6sp $58,000 Bring a Trailer
SPOTLIGHT
PHOTO CREDIT BRING A TRAILER
A new week brings a new low for 2022 GT3s of both touring and non-touring varieties. And although they are inching closer and closer to MSRP, sellers are still making a profit, as long as they are the original owners and not selling dealers.
The 2022 911 GTS Touring pictured above was a 6-speed example finished in GT Silver Metallic with a black interior and had 5,000 miles added to it by an enthusiast owner. No stories, excellent condition. It sold for a new market low of $223,000 miles over the weekend. And yes, you're probably saying "it had high mileage compared to all of the delivery miles we've been seeing", and you are correct. But 1, it's not the highest mileage 992 GT3 available, and 2, for a car that will be driven, not collected, what's the difference between 600 and 5,000 miles? None.
While the supply of GT3s and availability to order a new GT3 has exceeded demand for quite some time, the gap is narrowing and will continue to narrow over time as Porsche will keep producing them, and then they will make 992.2 GT3s, and they will produce "99?" GT3s. The point is, Porsche will keep producing GT3s. They are not the collector cars that some might perceive them as and will not continue to rise, softer market or not.
Those that got in early on the action, well done, and it's not too late to make a few bucks after enjoying the car. This seller did this as the MSRP for our Spotlight car was $168,350. Even after taxes, insurance, etc. the seller still made a bit of profit. But the real issue lies with the 137 or so odd cars on the market that were bought by dealers at inflated prices and now that prices are starting to fall due to supply/demand, those dealers are stuck with these cars at an inflated purchase price and are not willing to take the hit... yet.
But as this sale proves, prices are coming down and it's better to get out now before they fall further. Which they will. A hand full of cars have adjusted their listing prices online by about ~$5,000, but it still isn't enough as the market days supply has been growing. Well-sold in our opinion as the seller got to enjoy the car for a driving season and still made out and it will be well-enjoyed by the buyer.
NOTEWORTHY SALES
- One man's trash is another man's treasure? That looks to be the case as the buyer of this 1969 911T project has a long lonely road ahead of them before this Targa sees the light of day. While $8,600 might seem like a deal, the cost to restore if paying someone else will put you upside-down fast.
- With this modified 2004 911 Turbo Coupe 6-Speed selling for $58,000, it begs the question: Higher mileage 996 Turbo or super-low mileage C4S?
- At $200,000, this 1996 911 Turbo sold for strong money considering its 58,000 miles. Plus there a quite a few others selling over the next two weeks. Was this sale a preview of things to come?
NEW LISTINGS
- This 4,000 2003 911 GT2 last sold on Bring a Trailer for $148,000 in July of 2019. Although that was before the current run-up in prices, 996 GT2s have been oddly soft over the last year, and they shouldn't be. Will be interesting to see where this one ends up.
- Here's a test of the delivery mile 992 GT3 market. This 700-mile 2022 911 GT3 in Signal Yellow may be PTS, but yellow has been a tough color and the PDK transmission might not help its cause.
- This very nice Signal red 1963 Porsche 356 B Coupe benefits from a recent engine rebuild and a bump up to 1,820cc for a bit more speed and sound.
AUCTIONS ENDED 1/21-1/22
2022 Porsche 911 GT3 Touring 6sp $223,000 Bring a Trailer
1996 Porsche 911 Turbo Coupe 6sp $200,000 Bring a Trailer
2019 Porsche 911 Targa 4 GTS $163,000 Bring a Trailer
1996 Porsche 911 Coupe 6sp $87,000 Bring a Trailer
2014 Porsche 911 C2S Cab. $68,000 Bring a Trailer
2004 Porsche 911 Turbo Coupe 6sp $58,000 Bring a Trailer
1969 Porsche 912 COupe 4sp $44,924 Bring a Trailer
1999 Porsche 911 Cab. 6sp $34,996 Bring a Trailer
1984 Porsche 928S 5sp $23,750 Bring a Trailer
2013 Porsche Cayenne GTS $23,000 Bring a Trailer
1969 Porsche 911T Project $8,600 Bring a Trailer
*Prices in Red denote a high bid and no sale
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