996 Pricing
02-22-2017, 11:26 PM
#46
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Originally Posted by dkraige
What about insurance?
02-23-2017, 12:04 AM
#47
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Nice we had a spreadsheet earlier in the thread. I did something similar before I purchased mine, but completed the statistical analysis with a determination of the R^2 value. I didn't publish it, or even use it because the R^2 came up pretty lousy.
Of course, stats people will usually reference 'gigo' theory when the R^2 value doesn't measure up. I guess plenty of truth to that in my case as well. Frankly, the poor fit of the data analyzed also says something about the case, as my stats prof used to say. What it says to me is that buying a Porsche 996 is very much an impulse type of transaction. There are sales in the very low teens, and then there are sales in the high 20s, and not all of the variance can be attributed to the difference in options, condition, mileage, and the other typical independent variables present.
There is an element of stochastic chaos involved in the selection and purchase of a 996. For me, I had the money, had the idea I wanted and when it showed up - 'bam!' I grabbed it. In fact, I had to buy it while I was out of the country on vacation. If it were priced $3k higher, I still would have bought it.
The car has been irreparably stained by the IMSB, and '50 way to lose your engine' problem. The market knows only one thing for sure, and they know it cold; 'hey, isn't that one of the Porsches that blows up the engine every 3000 miles?'. Not fair, and not true in all cases, but the damage is done, and there's no going back.
I suspect we are at the nadir of values, and that the curve upward will be slow, and quite flat. But, that's just my guess, and not backed by any stats on sales or prices.
Of course, stats people will usually reference 'gigo' theory when the R^2 value doesn't measure up. I guess plenty of truth to that in my case as well. Frankly, the poor fit of the data analyzed also says something about the case, as my stats prof used to say. What it says to me is that buying a Porsche 996 is very much an impulse type of transaction. There are sales in the very low teens, and then there are sales in the high 20s, and not all of the variance can be attributed to the difference in options, condition, mileage, and the other typical independent variables present.
There is an element of stochastic chaos involved in the selection and purchase of a 996. For me, I had the money, had the idea I wanted and when it showed up - 'bam!' I grabbed it. In fact, I had to buy it while I was out of the country on vacation. If it were priced $3k higher, I still would have bought it.
The car has been irreparably stained by the IMSB, and '50 way to lose your engine' problem. The market knows only one thing for sure, and they know it cold; 'hey, isn't that one of the Porsches that blows up the engine every 3000 miles?'. Not fair, and not true in all cases, but the damage is done, and there's no going back.
I suspect we are at the nadir of values, and that the curve upward will be slow, and quite flat. But, that's just my guess, and not backed by any stats on sales or prices.
02-23-2017, 12:18 AM
#48
02-23-2017, 10:43 AM
#49
I have a 1999 C2 with Aero Kit and 65,000 miles. I have an agreed value insurance policy for $20,000 value on the car.
So my Insurance company calls the wife to arrange a visit to the house to "update their documents regarding the condition of the 996 and the garage".
Yesterday I receive an email telling me they have reviewed the car and established a value of $36,300 for the car and my rates will be going up due to the valuation! 1) They lied to my wife for the reason of the visit, 2) How in the hell do they get a valuation of $36,000!!!!!!
I told my agent they are smoking dope if they think my car is worth $36,000, and if they are correct I want them to find me a buyer NOW and I will go buy a Turbo. They claim NADA lists a value ranging from $37,000 to $48,000.
I love my car and will want the value as high as possible when I sell it, but they are artificially inflating the value to charge me a higher rate.
So my Insurance company calls the wife to arrange a visit to the house to "update their documents regarding the condition of the 996 and the garage".
Yesterday I receive an email telling me they have reviewed the car and established a value of $36,300 for the car and my rates will be going up due to the valuation! 1) They lied to my wife for the reason of the visit, 2) How in the hell do they get a valuation of $36,000!!!!!!
I told my agent they are smoking dope if they think my car is worth $36,000, and if they are correct I want them to find me a buyer NOW and I will go buy a Turbo. They claim NADA lists a value ranging from $37,000 to $48,000.
I love my car and will want the value as high as possible when I sell it, but they are artificially inflating the value to charge me a higher rate.
02-23-2017, 11:07 AM
#50
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^^ if you are in US, call AAA. Every time I do a comparison they are a lot cheaper.
02-23-2017, 11:13 AM
#51
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02-23-2017, 03:22 PM
#53
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Most reputable insurance companies won't use a single source for determining value. When I had my 993 valued, they included a nation wide search on Autotrader and Cars.com. Of course, in my case, I had the opposite problem... convincing them that their valuation was too low!
02-23-2017, 04:28 PM
#55
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02-23-2017, 04:44 PM
#56
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02-23-2017, 05:13 PM
#58
People make mistakes. My dad ordered an Audi A6 with the V6 gas engine. Sales guy ticked the 3.0 TDI box by accident, and now my dad drives a diesel. Oops.
02-23-2017, 07:46 PM
#60
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