MJones

Fiscal Year not too good

Alan Smithee

Ouch, that's grim...less than half of last July sales. And that is with all new models, low financing, and huge discounts...

CMOS

There have been many calls for a bottom in the Porsche new and used sales prices, after much anecdotal posting of deals being had all over the country on new cars.

Looks like that call for a bottom may be premature.

baileybonds

Wow....these numbers are bad.

Anyone hear about what Programs PCNA is bringing out for August in light of these numbers? I've gotta imagine that they've got to be even better than the July programs...

MJones

The Porsche Moment:
1.9% APR and Special Lease Rates
thru September 30, 2009

batty

Wow. Somehow i doubt selling more GT3s than Boxster Ss was part of the business plan. Strange days indeed.

JoeShark

Wow, these units sales numbers are pretty horrible. With some buyers gettting up to 20% off M.S.R.P., I can't imagine how bad the gross sales $$$ are going to look.

HOWEVER, compared to June numbers, these could have been worse.

964C4

Always thanks for this info !

ADias

Indeed. June was far worse.

rijowysock

i think financing deals are better for them overall than discounts.. cause keeps "value" higher for everyones cars.

i think year to date and month of last year is pointless info especially when some cars were available last year that arent even available this year they they get factored in to the "percents"

nyca

I am not sure how you could call a bottom here - take a look at the income demographic that is going to be targeted for tax increases over the next 12+ months. Then plot that against the income demographic who buys these cars. Add another one to the list - take a look at the number of physicians who buy these cars, and tell me what happens to incomes in that group once the health care system is nationalized.

997, esq

The main factor in the current lousy sales figures is the economy & the economy will dictate what happens in the future. There's a lot of hysteria out there, but the impact of anything on the table right now is not all that great. Physicians, wealthier folks will still be buying Porsches. For folks making between $250K and say $500K the impact isn't that much, a couple of percent of gross. Above that, the impact is on a larger part of the income, but so what? A person who makes $1m a year and gets hit with $30-40K more in tax. It doesn't force these oppressed and exploited people to buy Camrys instead of Porsches.

nyca

Well, all I can tell you is that a cardiologist friend of mine recently put off a Mercedes purchase because he is afraid of what could happen to his practice. It's not that he buys a Toyota instead, he just keeps what he has. In this segment, no one really "needs" a new car for transportation, this is purely a "want" segment. People buy these cars because they want them, on a purely discretionary basis.

djcxxx

The assumption underlying most of these analyses is that the previous boom sales figures were sustainable and representative of a financially secure customer base. The current slump is closer to a market correction given that the number of potential customers for expensive luxury goods like sports cars, boats, and waterfront property was not unlimited, yet these goods were grossly overproduced (Porsches included) and supported by consumption financed by credit w/o sufficient capital to back it up. Liquidity evaporated w/ the credit crunch, which then led to insolvency for many. People still don't seem to have internalized the message that the previous prosperity was based largely on hubris and bad business practices. Porsche sales figures suggest that the Boxster/Cayman may have run its course as these figures have been trending down for some time. The 911 is actually doing rather well given that affluent Americans expect to see their disposable income redirected toward the promotion of fairness.

CMOS

Yes, yes and yes. You got this analysis exactly right. (Been reading CR? http://www.calculatedriskblog.com/)

The whole $1000+ handbag business has got to be hurting. All that stuff bought with >100% LTV refis - no more.

Getting back to Porsche, either Porsche is going to have to get used to lower sales nos, or they are going to have to get used to lower prices, or some combo of both.

I wouldn't be surprised to see some dealers disappear during this.