How Does New GT3 Affect the Collector Market?
With the hot new thing finally available, what will happen to the values of cars now mooted because of it?
In a recent thread, Rennlist Member rosenbergendo posited an interesting question; Wondering if the launch of the 991.2 GT3 would decrease demand, and thus asking prices of 991.1 GT3 RS. The statistics are remarkably similar between the two cars, both four-liters, both 9000-ish RPM redlines, both five-hundred horsepower, the list goes on. With one significant difference, the 991.2 GT3 is available with an enthusiast sating manual transmission. The thought here being that 991.1 GT3 RS values are inflated by Porsche enthusiasts who want the ultimate machine, and are willing to put up with PDK for lack of a manual. The train of thought continues, now that there is a manual transmission car available with essentially the same engine, some will jump ship from the GT3 RS to the new GT3.
There is some logic to validate this line of thinking. The first thing that comes to mind is the massive demand, limited supply, and subsequent exorbitant overvaluation of the 911R. Additionally, 997.2 GT3 RS models (especially the RS4.0) have seen a huge upward swing in value since the announcement that 991.1 GT3 and GT3 RS would be PDK only. Clearly, there is a contingent of Porsche nuts that are willing to pay for the manual transmission driving experience. So, will the new manual GT3 tempt people out of their PDK GT3 RS or 911R?
Our impression of this whole situation is that there will be some changes, but they won’t be as drastic as you might think. So what can 911R, 997.2 GT3 RS, 991.1 GT3, and 991.1 GT3 RS owners expect to see in the coming months as 991.2 GT3 deliveries begin?
The biggest effect of the new 991.2 GT3 will be a normalization of 911R prices. With only 991 of these cars built, they won’t ever be non-collectible, and will certainly continue to command a premium. In recent months these have been selling for several hundred thousand dollars over the original MSRP, which is nutty. The upcoming GT3 is essentially the same car with a different front bumper and a wing on the decklid. While the rarity factor will likely keep 911Rs above sticker, we predict the markup will now be in the tens of thousands of dollars, rather than six-figure profits.
991.1 GT3 RS owners will likely see their cars devalued slightly as well. Essentially since this car was new it has been selling for fistfuls of cash above sticker. Like the 911R, the new GT3 is essentially the same engine available in a slightly narrower shell with a smaller wing. If you could experience 98% of the car for a hundred grand less, wouldn’t you? Porsche folks will always want to pay for the “RS” factor, though, so don’t expect them to drop in value too much.
With the newer cars out of the way, let’s focus on the 997 GT3 RS for a moment. Porsche has placed the new GT3’s MSRP at $143,600, and coincidentally there are three 997.2 GT3 RS models on eBay at the moment with buy-it-now prices higher than Porsche’s asking price. We can guarantee beyond a shadow of a doubt that Porsche’s new GT3 will be faster than the 3.8 liter 997 GT3 RS at any track in the world. There really isn’t a reason for that generation of car to continue to command such a high price. It’s a great car, but is it really worth the quarter-million dollars some sellers are demanding when it’ll get trounced by a 140K car?
What are your thoughts? Do you still want a 911R more than a new GT3? Let us know what you think, and chime in on the forums.
