Eyes Peeled for the Right TT
02-13-2009 | 06:36 PM
#16
Three Wheelin'
Joined: Oct 2004
Posts: 1,565
Likes: 3
From: West Chester
I'm not sure where the bottom will be, but I also want to enjoy the car. Porsche is cutting production from now on, so the glut won't continue forever. If I could find an excellent deal like Rainey, that would be acceptable--especially if in the next 6-9 months things drops a bit more.
Right now we see the increased used inventory from people who have taken losses in the stock market or people who can't sell their home due to being upside down. But another argument for waiting is that the real driver of used inventory will be the option-adjustable, faux-wealth people who bought their P-cars on HELOC money or refi-money and have to give them back as they can no longer "afford" the monthly payment after reset/recast. All we've seen is the effect of subprime from 2006-2008. Anyone in the know knows that the relatively better off middle class (who would consider a 100k new car) have better credit and got loans with 3-5 year fuses. Those problems are coming 2009-2011.
We may see some more distress, but at some point the inventory will be absorbed. Porsche is doing everyone a service by cutting production. They see the handwriting on the wall.
Hence, if I can find a good specimen in the 30s at some point, I'll buy. Anyone have any experience buying wholesale?
Right now we see the increased used inventory from people who have taken losses in the stock market or people who can't sell their home due to being upside down. But another argument for waiting is that the real driver of used inventory will be the option-adjustable, faux-wealth people who bought their P-cars on HELOC money or refi-money and have to give them back as they can no longer "afford" the monthly payment after reset/recast. All we've seen is the effect of subprime from 2006-2008. Anyone in the know knows that the relatively better off middle class (who would consider a 100k new car) have better credit and got loans with 3-5 year fuses. Those problems are coming 2009-2011.
We may see some more distress, but at some point the inventory will be absorbed. Porsche is doing everyone a service by cutting production. They see the handwriting on the wall.
Hence, if I can find a good specimen in the 30s at some point, I'll buy. Anyone have any experience buying wholesale?
The 996tt is a good value at $70k. The fact that you can buy a good one for under 60k is incredible.
02-13-2009 | 10:15 PM
#17
Rennlist Member
Joined: Feb 2004
Posts: 12,312
Likes: 9
From: Roseville, CA
For about the tenth time I'll reference the guy I bought the wheels from. Local Bay Area 1 owner '01 6 speed with 45K, cosmetically better than 95% of them I see. Mechanically? No idea, but I'm sure the buyer did his due diligence. Sold 6 weeks ago for $36.5K from an asking price of about $45K.
Count me among the interested; I'm in the direction of a cab, but as THEY didn't start until '04 I'm having a hard time selling my wife on that much for a runaround car.
Count me among the interested; I'm in the direction of a cab, but as THEY didn't start until '04 I'm having a hard time selling my wife on that much for a runaround car.
02-14-2009 | 05:14 PM
#18
Thread Starter
Instructor
Joined: Feb 2009
Posts: 160
Likes: 0
With respect, Justin, I expect prices to continue to tank. The economy isn't going to return to the glory days of 2005 in the next 2-3 years, there is already wage deflation, and how many people do you know with sufficient cash for this kind of discretionary purchase?
The type of deal race911 noted is out there and sounds good to me. The mannheim numbers suggest there are plenty of acceptable daily drivers being auctioned in the 30s. Some savvy dealer might want to make a couple k instead of buying and holding at their wishing price. I see the same cars on autotrader for weeks and weeks, rotting. If it was such a good deal, why aren't people buying?
The bubble economy is over, it's time for the prudent to reap the benefits.
I mean, holy cow, in the last week like 5-6 new listings have popped up sub 40k for higher mileage. This is a sign the market hasn't bottomed. There's quite a selection now 40-.
The type of deal race911 noted is out there and sounds good to me. The mannheim numbers suggest there are plenty of acceptable daily drivers being auctioned in the 30s. Some savvy dealer might want to make a couple k instead of buying and holding at their wishing price. I see the same cars on autotrader for weeks and weeks, rotting. If it was such a good deal, why aren't people buying?
The bubble economy is over, it's time for the prudent to reap the benefits.
I mean, holy cow, in the last week like 5-6 new listings have popped up sub 40k for higher mileage. This is a sign the market hasn't bottomed. There's quite a selection now 40-.
02-15-2009 | 01:42 AM
#19
Race Director
Joined: Oct 2004
Posts: 13,005
Likes: 17
From: KC ex pat marooned in NY
Wholesale buying, since you asked. First you have to be a dealer or come in with a dealer. I've bought a number of cars in the past at auctions, you usually have to make a split second decision after barely looking at the car, if at all. You are covered somewhat with a post auction inspection that varies in thoroughness. At least that was my experience 10 yrs ago in the south central USA, not sure if current auctions work the same.
But, I still think the cars you find in the 30s may not be the most desireable. I think race911's experience is the exception rather than the rule.
But, I still think the cars you find in the 30s may not be the most desireable. I think race911's experience is the exception rather than the rule.
02-15-2009 | 07:24 PM
#20
Three Wheelin'
Joined: Oct 2004
Posts: 1,565
Likes: 3
From: West Chester
There is a big difference between what the average buyer thinks is a good clean car,
and the few people who really are experts and look for these cars 6 days a week, buy and sell them for a living, and uphold a high reputation for selling good, clean, used 911s.
There is a huge supply on the market of arguably one of the best performance cars ever made, they will get cheaper. However, I think the truly good examples will command over $50k to get you in the door. And that is a great price, just a little more than a good 993 and a lot less than a good 993tt.
I think you will pay the difference somewhere on a $35k turbo. Kind of like buying a $75k Ferrari 360, many of them out there, but still a $100k car. There is a good chance a $75K Modena could need $25k in service.
And Like TT Surgeon said, "I think race911's experience is the exception rather than the rule."
and the few people who really are experts and look for these cars 6 days a week, buy and sell them for a living, and uphold a high reputation for selling good, clean, used 911s.
There is a huge supply on the market of arguably one of the best performance cars ever made, they will get cheaper. However, I think the truly good examples will command over $50k to get you in the door. And that is a great price, just a little more than a good 993 and a lot less than a good 993tt.
I think you will pay the difference somewhere on a $35k turbo. Kind of like buying a $75k Ferrari 360, many of them out there, but still a $100k car. There is a good chance a $75K Modena could need $25k in service.
And Like TT Surgeon said, "I think race911's experience is the exception rather than the rule."
02-16-2009 | 02:12 AM
#22
Thread Starter
Instructor
Joined: Feb 2009
Posts: 160
Likes: 0
What do you all think about this '04 cab? Also, what about the ebay auction noted in the thread above? Wow 42k.
http://tinyurl.com/dfqhqb
http://tinyurl.com/dfqhqb
02-16-2009 | 09:31 AM
#23
Nordschleife Master
Joined: Aug 2005
Posts: 5,147
Likes: 10
From: Spring, Texas (The Woodlands)
02-16-2009 | 01:49 PM
#24
Three Wheelin'
Joined: Oct 2004
Posts: 1,565
Likes: 3
From: West Chester
Black is a close second. I like silver and Black. Sick of the grey. But would really like yellow, red, or something that gives it a little more of the super car look.
Why take a mark that has been beaten down to the level of common, and beat it down a little more with one of the many shades of dull color that porsche offers.
02-19-2009 | 12:55 PM
#26
Thread Starter
Instructor
Joined: Feb 2009
Posts: 160
Likes: 0
What's up with this 2004 TT for $28k? Salvage? If it seems to good to be true, it probably is!
http://tinyurl.com/dmpmxq
http://tinyurl.com/dmpmxq
02-19-2009 | 07:44 PM
#27
Three Wheelin'
Joined: Apr 2005
Posts: 1,842
Likes: 0
From: Venice, Florida
02-19-2009 | 10:55 PM
#28
Rennlist Member
Joined: Sep 2002
Posts: 1,737
Likes: 50
From: Palm Beaches Fl /Southern VT
"I've been reading and looking for the right 996TT deal to come my way for about 2 years."
Thats 2 years you are missing great enjoyment i ythink that is Silly.
Buy this one
2002 42k mi no mods, unmolested,
$47.5 k before spring comes
Pm me
Elliot
Thats 2 years you are missing great enjoyment i ythink that is Silly.
Buy this one
2002 42k mi no mods, unmolested,
$47.5 k before spring comes
Pm me
Elliot
02-20-2009 | 01:50 AM
#29
Racer
Joined: Dec 2005
Posts: 426
Likes: 16
From: Barrington, IL
Was trying to point out that the longer he waits, the newer the model he could afford.
If he waits another 2 years he could get an 04 for the price of an 02 now.
If he holds out 10 more years he could get a car that hasn't even been built yet!
If he waits another 2 years he could get an 04 for the price of an 02 now.
If he holds out 10 more years he could get a car that hasn't even been built yet!
02-20-2009 | 10:26 AM
#30
Nordschleife Master
Joined: Aug 2005
Posts: 5,147
Likes: 10
From: Spring, Texas (The Woodlands)
