Used market
Thread Starter
Instructor
Joined: Nov 2006
Posts: 230
Likes: 0
From: Foothills of Shasta Cascade
Used market
Friends are looking for an early model ( 2000-2004) 996... about 1.5 years ago, I saw many in mid $20K range.. I see less inventory and higher pricing today. I apologize if this has been discussed as I haven't been here in a while.
Has used market picked up some?
Has used market picked up some?
Racer
Joined: Jul 2009
Posts: 456
Likes: 1
From: Rio Rancho, New Mexico
I purchased a 2002 Porsche 996 (C4S) last month and saw many in the $30K price range to choose from in relatively good condition. When I viewed others in the mid to high $20K price range they seemed to need allot more work than I was willing to put into it.
With that being said, I'm sure there is a car out there in your price range. With the recession, many Porsche owners are letting their cars go and it's a good time to buy. Do your routine searches on Autotrader, Craigslist and E-Bay and you'll find good inventory of 996's across the nation. You just have to work with your budget and find the best car for your budget.
With that being said, I'm sure there is a car out there in your price range. With the recession, many Porsche owners are letting their cars go and it's a good time to buy. Do your routine searches on Autotrader, Craigslist and E-Bay and you'll find good inventory of 996's across the nation. You just have to work with your budget and find the best car for your budget.
Thread Starter
Instructor
Joined: Nov 2006
Posts: 230
Likes: 0
From: Foothills of Shasta Cascade
Well, that's what I'm saying. I bought my my 02 with 45,000 miles for $28,000 year and half ago, granted yours is C4S. Fast forward, now it's in $30K range.. I would have expected mid to low $20K range.
Burning Brakes
Joined: Nov 2009
Posts: 984
Likes: 4
From: Cleveland, OH
Yes I've noticed recently the high asking costs of 996s. I bought mine in 2009 with 13k miles on it for $34k. It seemed a bit high at the time, but the condition was simply near perfect and CPO. But now I don't feel so bad with what the market is doing.
It's very surprising that these are the asking prices at dealers anywhere from $25k to $52k for the 40th anniversary: http://ucl.porsche.de/ucl/plsql/usa/...AKHDAUU&pnr_=1
It's very surprising that these are the asking prices at dealers anywhere from $25k to $52k for the 40th anniversary: http://ucl.porsche.de/ucl/plsql/usa/...AKHDAUU&pnr_=1
Three Wheelin'
Joined: Jul 2008
Posts: 1,288
Likes: 13
From: Jacksonville, FL
Economics 101
Supply - Demand
Two years ago the country was in a very deep recession, even capable buyers were frozen in their tracks not wanting to make any big purchases, and lots of folks got caught out on debt vs employment.
Many Porsche owners are "marginal players" financially and there was a huge need to sell luxury items (Porsches).
Fast forward to today, the job market fears have eased for those who remained employed during the last 4 years, and thus the purse strings have opened up a bit to address pent-up demand.
Additionally, the used car market is flourishing as new car sales struggle to return to former levels because, although they are willing to spend to buy a Porsche, they are not necessarily as willing to buy a NEW Porsche. Easier to get a loan on a $30K car than a $100K car. Two years ago the banks weren't loaning money to anyone for anything.
Some folks have now downsized their dreams for a new Porsche to simply finding a nice used one.
This change in buyer trends is not limited to Porsche.
I believe that those able to keep their Porsche during the recession, wanting to sell but not wanting to give their car away to someone, chose to simply wait it out to get a better price.
And, I believe, many who still have them prefer to hold them rather than trade them up and take a large hit on resale.
Supply - Demand Need vs Want
Supply - Demand
Two years ago the country was in a very deep recession, even capable buyers were frozen in their tracks not wanting to make any big purchases, and lots of folks got caught out on debt vs employment.
Many Porsche owners are "marginal players" financially and there was a huge need to sell luxury items (Porsches).
Fast forward to today, the job market fears have eased for those who remained employed during the last 4 years, and thus the purse strings have opened up a bit to address pent-up demand.
Additionally, the used car market is flourishing as new car sales struggle to return to former levels because, although they are willing to spend to buy a Porsche, they are not necessarily as willing to buy a NEW Porsche. Easier to get a loan on a $30K car than a $100K car. Two years ago the banks weren't loaning money to anyone for anything.
Some folks have now downsized their dreams for a new Porsche to simply finding a nice used one.
This change in buyer trends is not limited to Porsche.
I believe that those able to keep their Porsche during the recession, wanting to sell but not wanting to give their car away to someone, chose to simply wait it out to get a better price.
And, I believe, many who still have them prefer to hold them rather than trade them up and take a large hit on resale.
Supply - Demand Need vs Want
Team Owner
Joined: Jun 2007
Posts: 21,539
Likes: 195
From: IA
The people on the forums often seem to undervalue their cars. I think pricing has definitely leveled out for the 996 for the time being. I'm seeing the same thing in the Lotus market--Elise and Exige models are $2-5k more today than they were a year or two ago.
Trending Topics
Racer
Joined: Jul 2009
Posts: 456
Likes: 1
From: Rio Rancho, New Mexico
Rennlist Stories
The Best Porsche Posts for Porsche Enthusiasts
Porsche Reveals Coupe Variant of the Electric Cayenne With a Fresh Look
Verdad Gallardo
10 Porsche Colors That Have More Personality Than Most People
Verdad Gallardo
Guntherwerks' Final Speedster Creation Is the Ultimate Porsche Restomod
Verdad Gallardo
10 Reasons I Hate Going to the Porsche Dealership (& the 1 Reason I Stay)
Joe Kucinski
Porsche Shakes Up The Nürburgring Lap Record Table Once Again
Verdad Gallardo
6 Ways the Porsche 911 GT3 S/C Redefines Performance
Joe Kucinski
10 Wildest Homologation Specials Porsche Ever Sold
Verdad Gallardo
Super Rare RUF BTR III Comes Out of Hibernation, Looking For a New Home
Verdad Gallardo
10 Porsche Opinions That Can Start a Fight
Joe Kucinski
Racer
Joined: May 2008
Posts: 372
Likes: 0
From: Sacramento, Cali
I don't think prices are going up on the 996's but maybe they have leveled a little. However, I have noticed prices declining on turbs and even some early 997's. Look around there are some deals on those.
Instructor
Joined: Feb 2003
Posts: 242
Likes: 6
From: Silicon Valley
Economics 101
Supply - Demand
Two years ago the country was in a very deep recession, even capable buyers were frozen in their tracks not wanting to make any big purchases, and lots of folks got caught out on debt vs employment.
Many Porsche owners are "marginal players" financially and there was a huge need to sell luxury items (Porsches).
Fast forward to today, the job market fears have eased for those who remained employed during the last 4 years, and thus the purse strings have opened up a bit to address pent-up demand.
Additionally, the used car market is flourishing as new car sales struggle to return to former levels because, although they are willing to spend to buy a Porsche, they are not necessarily as willing to buy a NEW Porsche. Easier to get a loan on a $30K car than a $100K car. Two years ago the banks weren't loaning money to anyone for anything.
Some folks have now downsized their dreams for a new Porsche to simply finding a nice used one.
This change in buyer trends is not limited to Porsche.
I believe that those able to keep their Porsche during the recession, wanting to sell but not wanting to give their car away to someone, chose to simply wait it out to get a better price.
And, I believe, many who still have them prefer to hold them rather than trade them up and take a large hit on resale.
Supply - Demand Need vs Want
Supply - Demand
Two years ago the country was in a very deep recession, even capable buyers were frozen in their tracks not wanting to make any big purchases, and lots of folks got caught out on debt vs employment.
Many Porsche owners are "marginal players" financially and there was a huge need to sell luxury items (Porsches).
Fast forward to today, the job market fears have eased for those who remained employed during the last 4 years, and thus the purse strings have opened up a bit to address pent-up demand.
Additionally, the used car market is flourishing as new car sales struggle to return to former levels because, although they are willing to spend to buy a Porsche, they are not necessarily as willing to buy a NEW Porsche. Easier to get a loan on a $30K car than a $100K car. Two years ago the banks weren't loaning money to anyone for anything.
Some folks have now downsized their dreams for a new Porsche to simply finding a nice used one.
This change in buyer trends is not limited to Porsche.
I believe that those able to keep their Porsche during the recession, wanting to sell but not wanting to give their car away to someone, chose to simply wait it out to get a better price.
And, I believe, many who still have them prefer to hold them rather than trade them up and take a large hit on resale.
Supply - Demand Need vs Want
The used car market is absolutely flourishing and that is the reason behind this. It is a *psychological* shift in the market and also a *very real economic one*
A DODGE dealer today told me that over the past 4 years, he has seen sales go from 70/30 new/used to the REVERSE.
People used to extend themselves well beyond where they are willing to today. Yesterdays $100k C2 buyer is todays frugal used buyer.
But sales of the new cars arent down, AFAIK (BMW had a record US quarter), because other markets are there to pick them up and, I dont know, maybe the elites who vacuumed up the middle class wealth buy matching P Cars for their dogs
It will be interesting to see when the used market "levels".
Team Owner
Joined: Jun 2007
Posts: 21,539
Likes: 195
From: IA
Sure, that makes sense to me. Those are more expensive vehicles...there's always going to be a "floor" for pricing on a solid, used Porsche 911. Seems to be somewhere in the $15-20k range right now.
Rennlist Member
Joined: Sep 2010
Posts: 1,640
Likes: 451
From: Long Beach, CA & Alexandria, EGYPT
Used car prices are UP not down! if you goto the auction the past year and a half it has been ridiculous, not even worth going...the recession hurt the NEW CAR market more than the Used car market, all the BIG DEALERS are doing is going to auctions and buying and bumping UP THE PRICE OF USED CARS because that is their main market now as new car sales are totally down
Rennlist Member
Joined: Sep 2001
Posts: 734
Likes: 29
From: Kirkland WA USA
The current Excellence issue reports a continued down trend in 996.. but their data is most likely 6 months out due to sale data collection timing & publishing time-lines. So it is likely we have leveled out. And yes the dealers are looking for cars. Every issue of our PCA club magazine has had a full page ad from Parkplace Motors - in the last 4 months - Asking to used Porsches. They used to say they had 50 Porsches in stock at all times. This is a specialty Consignment dealer that focuses on high end Sport & Exotic cars.... so Demand is up.
Three Wheelin'
Joined: Sep 2010
Posts: 1,601
Likes: 6
From: Bay Area, CA
I think there are still great deals to be had for the 996. I believe prices have leveled of but Excellence showed interesting numbers showing it coming down
99 coupe low end was showing $14k ????
99 coupe low end was showing $14k ????