Good Morning! Will October 24th forever be remembered as the day the Porsche market took a turn? We'll have to see the week out to find out if this was just one off day for the market or the new normal.
Did someone forward you this email? Subscribe HERE for daily Porsche market updates.
THE MARKET
Sell-Through Rate: 33%
Market Volume ($): $295,250
Market Volume (units): 21
- With both the lowest sell-through rate and market volume ($) we've seen yet, it's hard to say if this is just an off day or the way things are going to continue from here on out.
- The amount of red numbers at the top of the sales list below is staggering.
TOP SALES
2003 911 Carrera 4S $73,000 Bring a Trailer
2016 Cayman GTS $69,500 Bring a Trailer
1990 964 Carrera 4 Cabriolet $55,000 PCARMARKET
2014 Cayenne GTS $40,750 Bring a Trailer
2001 911 Carrera 6sp $31,000 PCARMARKET
SPOTLIGHT
And just like that, another Porsche Carrera GT fails to meet its reserve.
PHOTO CREDIT BRING A TRAILER
"The sky is falling, the sky is falling" cried the Chicken Littles in the comments section of this latest Carrera GT auction as it failed to meet its reserve yesterday on Bring a Trailer.
Yes, it had higher miles and yes, it was "just" a GT Silver Metallic car. BUT this was a car you could drive unapologetically AND it benefitted from a recent major engine out service at Porsche of Monterrey just a few months ago. So why did it fail to find a new home?
With 17,000 miles one would expect this 2005 CGT to sell in the neighborhood of $1,250,000 but the top bid was only $1,095,000. The last two higher mileage cars to sell this year had just over 12k on the clocks and sold for just shy of $1.3m, but in a totally different European market.
But with now 4 no-sales in a two-month span, I think it is safe to say that some air is being let out of the proverbial balloon. How will this latest failure affect things moving forward? I think that we'll probably see more owners holding on to their "normal" cars and waiting for this economic-induced lull to pass.
Will we see a sale below $1m again? Probably not. Most likely just a flat line with rarer paint-to-sample cars or ultra-low mileage collector cars trading hands until things start to pick up again. Only time will tell.
NEW & NOTEWORTHY
- This 1970 911T will make a very nice entry into vintage 911 ownership.
- A brand-new 2022 718 Cayman GT4 with delivery miles should give us an idea if people are willing to pay over MSRP, or if that ship has sailed.
- The original GT4, this 2012 Cayman R offers a fun car for a lot less money.
AUCTIONS ENDED 10/24
2005 Carrera GT $1,095,000 Bring a Trailer
2018 911 GT2 RS Weissach $405,911 Cars & Bids
2019 911 Speedster $365,000 Bring a Trailer
2016 911 GT3 RS $181,000 Bring a Trailer
1985 930 Turbo Slant Nose $150,000 PCARMARKET
1979 930 Turbo $140,930 Bring a Trailer
2007 911 GT3 $115,500 PCARMARKET
2015 911 Turbo Coupe $115,000 Bring a Trailer
2007 911 Turbo Coupe 6sp $112,998 Bring a Trailer
1961 356B Coupe $85,000 Bring a Trailer
2009 911 Carrera S Cabriolet 6sp $73,997 Bring a Trailer
2003 911 Carrera 4S $73,000 Bring a Trailer
2016 Cayman GTS $69,500 Bring a Trailer
1990 964 Carrera 4 Cabriolet $55,000 PCARMARKET
1986 911 Carrera Cabriolet $46,500 Bring a Trailer
2014 Cayenne GTS $40,750 Bring a Trailer
2001 911 Carrera 6sp $31,000 PCARMARKET
1975 914 $17,000 Hemmings
2001 Boxster $16,000 Cars & Bids
1971 914 $14,500 Bring a Trailer
2001 Boxster 5sp $11,500 Bring a Trailer
*Prices in Red denote a high bid and no sale
0 comments