Why 928 Prices Will Continue to Drop
11-11-2006, 10:25 PM
#31
Drifting
Originally Posted by michael j wright
As a new 928 owner I would have to say that they're the most wonderful cars around. ..... While driving around town,even with bad paint I get comments on what a great car I've got! Can't get any better than that!! 
Originally Posted by 928ntslow
Uhmmm...who cares? These conversations are just idle chit chat I guess. I just chuckle when they turn into an announcements and debates.
Is there anyone out there that was foolish enough to buy their 928 as an investment?...Please stand up and be counted! ...guess you really wouldn't want to speak up would you?
If these cars had the value that many claim (me first in line!) 90% of us wouldn't be owning them....or putting blowers and such on them. (That'll kill the value in less time than it does to install it).
I think one should own their 928 because they appreciate what it is and what it was engineered to be. Scream, kick some dirt, hypothesize and wave the flag...they aren't investments...at least not now.
From a financial standpoint, they are a complete waste of money. You will NEVER get the value out as to the money you put in. If you truly love the 928, because of what it is and not because it's Porsche, it can be an understandable reason as to why you own one...or more. I would highly suggest having the means for such a hobby. I think even though the values have dropped, most STILL cannot afford them. I think if many here were honest with themselves, they would not be able to justify owning one. Seriously, there is no getting around it...these are money pits.
Is there anyone out there that was foolish enough to buy their 928 as an investment?...Please stand up and be counted! ...guess you really wouldn't want to speak up would you?
If these cars had the value that many claim (me first in line!) 90% of us wouldn't be owning them....or putting blowers and such on them. (That'll kill the value in less time than it does to install it).
I think one should own their 928 because they appreciate what it is and what it was engineered to be. Scream, kick some dirt, hypothesize and wave the flag...they aren't investments...at least not now.
From a financial standpoint, they are a complete waste of money. You will NEVER get the value out as to the money you put in. If you truly love the 928, because of what it is and not because it's Porsche, it can be an understandable reason as to why you own one...or more. I would highly suggest having the means for such a hobby. I think even though the values have dropped, most STILL cannot afford them. I think if many here were honest with themselves, they would not be able to justify owning one. Seriously, there is no getting around it...these are money pits.
What they said
11-11-2006, 11:18 PM
#32
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Interesting discussion. I remember as a teenager in the late 70's watching the prices of late 60's Z28's, Challengers, GT 350's holding their value year after year with a gas crunch on and everybody trying to ditch their V8 gas guzzlers. So now all those baby-boomers got some extra cash lying around look whats happening to their value. When I was 18 I could've bought a late 60's vette with an original 427 and tri-power carbs for 10k. Mint with low miles. If only...
One thing to remember is what your comparing your investment to. Most of the 928's around where I live tend to hold their value. They don't go up or down, just remain somewhat static and there's never very many for sale. Judging from all the stares I get driving the car I can't see that changing. Just about every vehicle you can buy is going to depreciate. Thats always been the nature of the automobile. The question is how fast is it going to drop. Now if somebody wants to buy a porsche when most of that depreciation is factored out is simply smart. Your simply not gonna loose as much over 5 years as somebody with say, a newer 997, boxter or caymen.
What is expensive is the maintenance. However even that said not many of us are going to drop 50k into the maintenance of their 928. So if you compare the cost of ownership of that to a newer, faster depreciating 911 there's no comparison. Another factor that holds the value of these cars at this static level is the interest of enthusiasts There are alot of people around that just think they're great cars whether they own one or not. For those reasons I can't see the value falling much further off unless the vehicles owners don't maintain/ upgrade them properly. The normal laws of auto depreciation that applies to the family 4/door mercury sable just don't apply to these cars and never will.
Then again, I didn't buy mine for investment. I bought it for fun and it sure is that. Cheers!
Mark
One thing to remember is what your comparing your investment to. Most of the 928's around where I live tend to hold their value. They don't go up or down, just remain somewhat static and there's never very many for sale. Judging from all the stares I get driving the car I can't see that changing. Just about every vehicle you can buy is going to depreciate. Thats always been the nature of the automobile. The question is how fast is it going to drop. Now if somebody wants to buy a porsche when most of that depreciation is factored out is simply smart. Your simply not gonna loose as much over 5 years as somebody with say, a newer 997, boxter or caymen.
What is expensive is the maintenance. However even that said not many of us are going to drop 50k into the maintenance of their 928. So if you compare the cost of ownership of that to a newer, faster depreciating 911 there's no comparison. Another factor that holds the value of these cars at this static level is the interest of enthusiasts There are alot of people around that just think they're great cars whether they own one or not. For those reasons I can't see the value falling much further off unless the vehicles owners don't maintain/ upgrade them properly. The normal laws of auto depreciation that applies to the family 4/door mercury sable just don't apply to these cars and never will.
Then again, I didn't buy mine for investment. I bought it for fun and it sure is that. Cheers!
Mark
11-12-2006, 01:52 AM
#34
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I paid less for my '89 S4 a couple of years ago than it would have cost me in depreciation just to drive a new Carrera off the dealer's lot, so I figure if it's resale value goes down, I'm still ahead of the game. Meanwhile I've got a really nice daily driver that, surprisingly, often gets more favorable attention than the hordes of 911s around here. As to maintenance costs, take a look at the forums for cars like the BMW 850 or the Jags.
11-12-2006, 01:54 AM
#35
Nordschleife Master
The unique qualities and abilities of the 928 are balanced against the cost of ownership to create the market price.
Market price is actually way too low in all fairness to the 928, but I think that is due do uneducated consumers. VERY few know what 928 ownership is like, and many see repair costs as much higher than they need be (if perhaps they spent a few $k more and started with a nicer car, or knew more about how to reduce service costs).
Fact is we are all eating steak at MacDonalds prices, and arguing about the Wendys 99 cent menu.
Market price is actually way too low in all fairness to the 928, but I think that is due do uneducated consumers. VERY few know what 928 ownership is like, and many see repair costs as much higher than they need be (if perhaps they spent a few $k more and started with a nicer car, or knew more about how to reduce service costs).
Fact is we are all eating steak at MacDonalds prices, and arguing about the Wendys 99 cent menu.
11-12-2006, 02:16 AM
#36
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I've been selling 928's for 10 years now and have yet to lose money on one yet. Thenagain, I sell very low mileage examples. It'll be interesting to see how my '89 GT with 119K on it does.
My thought on this is that you should thank people like Willhoit and myself for bringing prices up on these cars. I've taken alot of criticism over the years for charging a profit on these cars (shame on me I make money doing what I love), but in the end, the market price will reflect past sales of these cars. If Willhoit sells one for $70K, you'd better thank him! He just brought the value of your car up as well.....................
My thought on this is that you should thank people like Willhoit and myself for bringing prices up on these cars. I've taken alot of criticism over the years for charging a profit on these cars (shame on me I make money doing what I love), but in the end, the market price will reflect past sales of these cars. If Willhoit sells one for $70K, you'd better thank him! He just brought the value of your car up as well.....................
11-12-2006, 02:23 AM
#37
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Originally Posted by low miler
I've been selling 928's for 10 years now and have yet to lose money on one yet. Thenagain, I sell very low mileage examples. It'll be interesting to see how my '89 GT with 119K on it does.
My thought on this is that you should thank people like Willhoit and myself for bringing prices up on these cars. ..............
My thought on this is that you should thank people like Willhoit and myself for bringing prices up on these cars. ..............
11-12-2006, 03:24 AM
#40
Hopefully 928 values will follow the muscle cars example.
As others have said maybe the children of Baby Boomers will be buying 928s in ten to 15 years and prices will go way up.
Why? Because the 928 remains the only Supercar that Porsche designed from a blank sheet.
Too optimistic? Probably.
tino
As others have said maybe the children of Baby Boomers will be buying 928s in ten to 15 years and prices will go way up.
Why? Because the 928 remains the only Supercar that Porsche designed from a blank sheet.
Too optimistic? Probably.
tino
11-12-2006, 03:24 AM
#41
Drifting
Originally Posted by Charley B
Harvey - Sounds to me like your getting ready to buy a 928 and just setting up the market.
11-12-2006, 03:37 AM
#42
Nordschleife Master
Whats wrong with a little counter point.
I haven't been in the market for a 928 in a LONG time, so I don't know what the trends are, but it seems to me that a number of very fine cars have come on the market, and as you say yourself you sell them at a profit, so the PO was willing to sell such a fine car for even less then you are asking. Fact is many sell the 928 and are HAPPIER with another car, GASP. As much as we like them, for every one of us buying one, there is a previous owner that prefers our money to keeping their 928.
This is why no matter how much I want the car, when the dealer says only 27 5 spds were made that year, I nod my head sadly and say, yeah its a shame they didn't sell well toward the end.
I haven't been in the market for a 928 in a LONG time, so I don't know what the trends are, but it seems to me that a number of very fine cars have come on the market, and as you say yourself you sell them at a profit, so the PO was willing to sell such a fine car for even less then you are asking. Fact is many sell the 928 and are HAPPIER with another car, GASP. As much as we like them, for every one of us buying one, there is a previous owner that prefers our money to keeping their 928.
This is why no matter how much I want the car, when the dealer says only 27 5 spds were made that year, I nod my head sadly and say, yeah its a shame they didn't sell well toward the end.
11-12-2006, 04:38 AM
#43
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I've been selling 928's for 10 years now and have yet to lose money on one yet. Thenagain, I sell very low mileage examples. It'll be interesting to see how my '89 GT with 119K on it does.
My thought on this is that you should thank people like Willhoit and myself for bringing prices up on these cars. I've taken alot of criticism over the years for charging a profit on these cars (shame on me I make money doing what I love), but in the end, the market price will reflect past sales of these cars. If Willhoit sells one for $70K, you'd better thank him! He just brought the value of your car up as well.....................
My thought on this is that you should thank people like Willhoit and myself for bringing prices up on these cars. I've taken alot of criticism over the years for charging a profit on these cars (shame on me I make money doing what I love), but in the end, the market price will reflect past sales of these cars. If Willhoit sells one for $70K, you'd better thank him! He just brought the value of your car up as well.....................
Sorry if this sounds a tad pissy, but that is a huge statement you make in which you are bearing responsibililty for maket value. These higher end cars have no bearing on the higher mileage or larger produced quantities of any given year. Do you think because you or Michael sold a few low mileage 928's over the years, that you have helped to maintain world value for all 928's?
I ain't buyin THAT sales pitch!
11-12-2006, 04:47 AM
#44
Nordschleife Master
OTOH if I had them big bucks who ya gonna call, its a service.
Most of us complain because we are shopping for the same cars that get converted from wow I got a great deal, to more than we plan to spend and some rich guy oppresses us.
What really keeps the value up are the members of the regional clubs etc. that directly do things to keep cars on the road and still in the hands of the people who want them. Half the list couldn't keep their cars running without that help, and the other half would have half the fun without the fellowship.
Most of us complain because we are shopping for the same cars that get converted from wow I got a great deal, to more than we plan to spend and some rich guy oppresses us.
What really keeps the value up are the members of the regional clubs etc. that directly do things to keep cars on the road and still in the hands of the people who want them. Half the list couldn't keep their cars running without that help, and the other half would have half the fun without the fellowship.
11-12-2006, 04:55 AM
#45
Drifting
Anyone who buys a car for an investment is out of their mind. Old car trends are just that, trends. Right now the current trend is 60's era muscle cars. Why? Because there are a lot of baby boomers who have the kids out of the house which is paid off, and they now have a lot of disposable income. Those cars are icons of their youth, and the one thing I've learned about baby boomers is they will pay any price to try and feel young. This is why Stingrays that are nothing more then a rolling chasis are going for 30K$+. I would bet that many of the current car trends will fizzle now that housing is on a decline.
Also keep in mind that the 928 only went out of production 11 years ago. The oldest examples are less then 30 years old. Many are still out on the road in an unrestored state. Give it 10 more years when the only nice 928s you see are ones that have been restored and then look at their prices.
The 928 was years ahead of its time when it first came out. This was a stark contrast to the 911 which has spent most of its life being outdated. Because it is so modern the 928 hasn't gotten the vintage appeal yet.
Give it more time. Every day another fed-up owner says "I've had it with this ****" and realizes the best thing he/she can do is start to part it out on e-bay. Every time a 928 dies, the rest of our cars become a little more unique and valuable.
But as I said before, only a fool would buy a car as an investment. I bought mine because I wanted it.
Also keep in mind that the 928 only went out of production 11 years ago. The oldest examples are less then 30 years old. Many are still out on the road in an unrestored state. Give it 10 more years when the only nice 928s you see are ones that have been restored and then look at their prices.
The 928 was years ahead of its time when it first came out. This was a stark contrast to the 911 which has spent most of its life being outdated. Because it is so modern the 928 hasn't gotten the vintage appeal yet.
Give it more time. Every day another fed-up owner says "I've had it with this ****" and realizes the best thing he/she can do is start to part it out on e-bay. Every time a 928 dies, the rest of our cars become a little more unique and valuable.
But as I said before, only a fool would buy a car as an investment. I bought mine because I wanted it.