I think that there is compression between 991.2 and 992.1 GT3 prices occurring. The older they get, the more they will be seen as substitutes. For a buyer who has to have the latest model, the 992 is it, but over time, neither will be the latest, and without that benefit, the 991.2 will be seen as a very close substitute for the 992.1, with options and condition mattering more than model at some point. My 2c.

 

I think that the more analog interior, smaller feel, and better ride quality of the 991 is also increasing in appeal to potential buyers.

 

Sold my winged 991.2 GT3 yesterday for $20K over list. The market may have softened, but if you have a unique car in great shape w/ low miles, rarity typically costs more and values have more support.

 

agree and I think in the $180k-$280k market where the 991.2 and 992 prices are, there just aren’t that many attractive options out there, especially if you want a MT and/or NA engine

 

Also remember we are approaching spring and prices tend to firm a little as we approach driving season - soft in November and a little firmer in April - ceteris paribus.

 

at least where I am (north DFW), house prices seem to be increasing again as well despite higher mortgage rates, layoffs, and inflation

 

This makes the most sense, to me.

If I do the same build and same loan terms, it would cost me $20k more all in for a ‘23.

 

The February increase is the largest increase for a February since 2007.

Part of this isnt just due to a lack of production as the video suggests, but also the fact that cars coming off lease that were leased during Covid werent that big of a pool given that people were working from home. That's what was behind the initial increase that surprised everyone in the first half of February.

 

Crazy to think that automakers were offering 90 day payment free 0% loans with huge discounts just 3 years ago...

 

What's interesting is that the increase in interest rates across the board hasnt really hit the average household like it has traditionally done in the past.
There's been a structural change in the economy.

For example, 90% of mortgages (since the Great Recession) are fixed, so households have been fairly immune to the traditional blow that having a variable rate mortgage in rising rate environment would present.

That's why we've seen strong retail sales by the consumer and inflation in the service sector even during a dramatically rising rate environment.
The household mortgage payment has been immune.

People are going out and booking trips, hotel acommodations, restaurants are busy, and airline traffic is surging and setting records.
The super strong January employment report was highly reflective of this, with increased hiring for restaurants, hospitals, nursing homes, and child care centers.
All parts of the service economy. Wages are increasing to maintain/attract staffing.

This is what the Fed is currently fighting.

 

I find it concerning that hard asset inflation such as used cars is starting to reverse course and is heading higher because the service related inflation is super sticky and will take a while to come down which means that the Fed will probably keep hiking interest rates to 6% or beyond. One problem is that Fed interest rate adjustments take time to work their way through the economy and we are only starting to feel the first rate hike now. The consumer is definitely resilient but will see how long that holds true. I worry that the Fed will go too high and end up breaking something hence why I'm hoping that inflation continues to come down.

 

FYI: Mooty has over 12,000 miles on his 992 GT3. A fellow Rennlister remarked that he was surprised by the high mileage and wondered if it was "really that much better than a 991 eh?"

His reply:

 

I agree with those sentiments exactly. Whatever I get, I get because I want it and not what some reviewer says. I think there is a lot of futuretripping on this thread which is fine but it doesn’t change the fact that all gt3s command ex-991.1 command a significant premium over sticker. These cars are bad *** and special. I gave up a long time ago arguing against facts. I just buy the car I want and forget what anyone else thinks. I’m much happier that way.

 

This C8 Z06 just went for 100k over MSRP on BAT.

Buyer took it knowing that GM would void the OEM warranty.

If this is any indication, supply constraints and ADMs are not going anywhere anytime soon unfortunately.

https://bringatrailer.com/listing/20...orvette-z06-5/

 

What was Chevy thinking with that steering wheel. Yikes