Good Morning! So much to unpack here as the first of many in-person auctions in January comes to a close. We'll see later if our second Carrera GT of the month can sell today after the Feyance Yellow example failed to sell yesterday.

Did someone forward you this email? Subscribe HERE for daily Porsche market updates.

THE MARKET

Sell-Through Rate: 67%

Market Volume ($): $2,296,000

Market Volume (units): 30

• Now that feels more like a Spring market. Although our sell-through rate was lower it was good to see quite the volume of units roll through a number of different auctions yesterday resulting in over $2m in sales.

TOP SALES

2018 Porsche 911 GT2 RS Weissach $395,000 Bring a Trailer

2022 Porsche Cayenne Turbo GT $194,500 PCARMARKET

1987 Porsche 911 Turbo Slant Nose $192,500 Mecum

1978 Porsche 911 Turbo 5sp $165,000 Mecum

1965 Porsche 356C $159,500 Mecum

SPOTLIGHT

PHOTO CREDIT BRING A TRAILER

996 Turbos have been hot recently and have shown no signs of slowing down with a number of $100,000 sales in the past month. The first, a Guards Red X50 Power Package 6-Speed with 27,000 miles sold for $101,000, and this week, a pristine 11,000-mile example sold for $109,000.

The 2003 911 Turbo 6-Speed above was a modified example with over 100,000 miles and offered without reserve. It sold for $44,000, about $5-10,000 less than the moving average for Turbos just a tick over 100k. Sounds well bought, doesn't it? Well, we left out one little tidbit from the description. This was a project car.

Our Spotlight car is in need of a rebuilt rear spoiler mechanism, repairing the sound system and air-conditioning system, and addressing the transaxle, which intermittently slips out of second gear. Once the mechanical work is complete, the paintwork needs to be "refreshed" and the interior a bit of work as well. And that's just the items noted by the seller. There is always more. Always.

So at $44,000 where do you go from here? The above work, even at the most in-expensive independent repair shop or shade-tree mechanic is easily double the $5-10k saved compared to the market. Some in the comments section suggested driving it as-is and then selling it along at a profit in a few years. The problem is, even more repairs and deferred maintenance will eat away at any imaginary profit you think you might take down the road.

You wouldn't know it from the comment section filled with congratulations to the buyer, but this example was 1,000% well sold by the selling dealer. They listed enough issues for "buyer beware" and ripped it No Reserve. I can only imagine the surprises awaiting the new owner.

NOTEWORTHY SALES

• Although it missed its low estimate of $275,000 by quite a bit, this factory M505 Flachbau 1988 911 Turbo Slant Nose sold right where it should have at $192,500. That estimate was quite optimistic.
• Easily the deal of the day, where else are you going to find a 1999 Boxster 5sp for $10,100? This was a no-brainer for a decent car.
• 40th Anniversary cars are still looking strong with this latest 35,000-mile example selling for $45,000. Looking for a sub-$50,000 with room to grow while you enjoy it for a few years? This would be my pick.

NEW LISTINGS

• Another week, another low-mileage 996 Turbo Coupe 6sp in Guards Red. Did nobody drive their Red cars???
• The perfect car to buy right before heading to the 24 Hours of Daytona in a few weeks? How about this 1 of 235 2017 911 Carrera S Endurance Racing Editions built to commemorate 17 victories at the 24 Hours of Le Mans?
• A very nice one-off tribute to the King of Cool, Steve McQueen, this 1980 911 BR was a custom tribute built by noted Porsche builder Bisi Ezeriohia and was auctioned for charity in 2016.

AUCTIONS ENDED 1/13

2018 Porsche 911 GT2 RS Weissach $395,000 Bring a Trailer

2022 Porsche Cayenne Turbo GT $194,500 PCARMARKET

1987 Porsche 911 Turbo Slant Nose $192,500 Mecum

1978 Porsche 911 Turbo 5sp $165,000 Mecum

1965 Porsche 356C $159,500 Mecum

1987 Posche 911 Turbo $154,000 Mecum

1997 Porsche 911 Turbo $145,000 Bring a Trailer

2015 Porsche 911 Targa 4S 7sp $118,000 Bring a Trailer

2015 Porsche 911 Targa 4S $115,500 Mecum

2008 Porsche 911 Turbo 6sp $110,000 Mecum

2017 Porsche 911 C4S $106,700 Mecum

1989 Porsche 911 Turbo Cab. 5sp $104,500 Mecum

1986 Porsche 911 Turbo Coupe M505 Conversion $101,000 Bring a Trailer

1984 Porsche 911 Coupe $84,700 Mecum

2005 Porsche 911 Turbo S Cab. 6sp $69,000 Bring a Trailer

1974 Porsche 911 Coupe 3.0L $63,000 Bring a Trailer

2005 Porsche 911 C2S Coupe 6sp $60,000 Bring a Trailer

1989 Porsche 944 Turbo $55,000 Mecum

1983 Porsche 911SC Coupe $50,000 PCARMARKET

2004 Porsche 911 40th Anniversary 6sp $45,000 PCARMARKET

2003 Porsche 911 Turbo Coupe 6sp Project $44,000 Bring a Trailer

2007 Porsche Cayman S 6sp $24,000 PCARMARKET

2008 Porsche Cayman S 6sp $19,737 Cars & Bids

1979 Porsche 928 5sp $13,500 Bring a Trailer

1999 Porsche Boxster 5sp $10,100 Bring a Trailer

1998 Porsche 911 Cab. No Sale Mecum

2018 Porsche 911 GTS No Sale Mecum

2005 Porsche Carrera GT No Sale Mecum

1986 Porsche 911 Cab. No Sale Mecum

1995 Porsche 911 Coupe 5sp No Sale Mecum

*Prices in Red denote a high bid and no sale