How much can I expect my 911 to depreciate?
03-08-2013, 09:08 PM
#16
Three Wheelin'
I just purchased 2009 C2S Coupe with 27K miles for $54,400 including shipping in the first week of February. The thing stickered for just over $110,000. I had the Manheim auction prices for C2S coupes, nationwide, for the prior month and figured the auction price to be around $53K or so.
The Manheim auction price is your price floor. The data I had showed prices all over the place and I didn't understand the "condition" real well..... but I eye-balled it to be about $54... maybe a tad lower. I learned a few things:
1 - Options don't count at auction except maybe (just maybe) transmission type
2 - Consumer selling price is set by what they can get you to fork over.. in other words, shop around, be patient and firm. Be prepared to say no and don't fall in love with the first girl you meet at the dance... I almost did... I almost purchased a C2 base model, no options, for $56 a few weeks earlier. Whew!!!
3 - Cabriolet's go cheaper at auction than coupes.... or maybe the same.... but they apparently devalue faster.
Sorry I don't have more science but I think this data was good enough for me at the time. I spent about three months looking.
Bruce
The Manheim auction price is your price floor. The data I had showed prices all over the place and I didn't understand the "condition" real well..... but I eye-balled it to be about $54... maybe a tad lower. I learned a few things:
1 - Options don't count at auction except maybe (just maybe) transmission type
2 - Consumer selling price is set by what they can get you to fork over.. in other words, shop around, be patient and firm. Be prepared to say no and don't fall in love with the first girl you meet at the dance... I almost did... I almost purchased a C2 base model, no options, for $56 a few weeks earlier. Whew!!!
3 - Cabriolet's go cheaper at auction than coupes.... or maybe the same.... but they apparently devalue faster.
Sorry I don't have more science but I think this data was good enough for me at the time. I spent about three months looking.
Bruce
These cars sell ok to people that just want the crest on the hood, but any knowledgable P-Car enthusiast will be able to spot from a distance that they are just shined up turds. The truly nice cars bring more money, they may take longer to sell but the knowledgable shopper will see the light eventually.
Remember they usually only end up at the sale if the Porsche store they were turned in to decided to pass on them. Do you think they pass on nice inventory when cars are hard to get...
03-09-2013, 04:43 AM
#17
Rennlist Member
There's a bit more to it than that such as, local market, hard to sell options/choices, current inventory etc.
03-09-2013, 09:00 AM
#18
Drifting
I made this chart last year from Edmunds pricing data. Depreciation of 997 has been fairly constant, so if you want to find out what a 2009 will be worth in 3 years, you can look at what a 2006 is worth today.
03-09-2013, 12:18 PM
#19
Three Wheelin'
If those options the only ones than mean I might be interested would be the last two. So like I said it doesn't mean that they are all bad but the key is most. If I see a car at the auction or it has auction history I look a LOT more closely...
03-09-2013, 02:49 PM
#20
RL Community Team
Rennlist Member
Rennlist Member
Actually, there really is more to it than that. What if the dealer receiving a Porsche for trade is not a Porsche dealer? I purchased mine from a Volvo dealer who was about to dump it at auction. I know for a fact, as told to me by a Porsche dealer sales person, that they get most of their used inventory from auction.
I also dealt with a respected Porsche speed shop and used dealer... highly rated here on Rennlist, who gets virtually all of his inventory from auction. He is open about it and is not concerned one bit as he has been doing it for many many years.
I think it is a bit extreme to assume that most Porsche's sold at auction are not good. My data shows that buying a used Porsche at a Porsche dealer has a high chance of being from auction.
Peace
Bruce in Philly
I also dealt with a respected Porsche speed shop and used dealer... highly rated here on Rennlist, who gets virtually all of his inventory from auction. He is open about it and is not concerned one bit as he has been doing it for many many years.
I think it is a bit extreme to assume that most Porsche's sold at auction are not good. My data shows that buying a used Porsche at a Porsche dealer has a high chance of being from auction.
Peace
Bruce in Philly
03-09-2013, 09:04 PM
#21
Poseur
Rennlist Member
Rennlist Member
A lot of people really like the features of the 997 over the 991 still and I predict that will hold through the first couple cycles of 991s coming up on the used market.
How the vehicle appears, good options, mileage, maintenance--everything is a factor toward resale.
How the vehicle appears, good options, mileage, maintenance--everything is a factor toward resale.
03-10-2013, 12:36 AM
#22
Rennlist Member
Interesting Graph, funny thing is when I was shopping comparable Cabrio's were the same or less than the Coupe. Also the C4S seemed to be the same, it appears the curve for those are greater due to the initial higher price tag. I guess the same would be said for a highly optioned car.
03-10-2013, 09:52 AM
#23
RL Community Team
Rennlist Member
Rennlist Member
Interesting Graph, funny thing is when I was shopping comparable Cabrio's were the same or less than the Coupe. Also the C4S seemed to be the same, it appears the curve for those are greater due to the initial higher price tag. I guess the same would be said for a highly optioned car.
I understand the emotions that we want to believe a Porsche is something special, that they don't go through the auction system like lesser cars, but they are subject to the same market forces as GM or Toyota. Auctions are simply inventory clearing houses were dealers and used car lots pick up and move inventory. That includes Porsche dealers, Chevy dealers, and Joe's Used cars. Iron is iron.
Peace
Bruce in Philly
03-10-2013, 11:06 AM
#24
Drifting
Marvin, that was my experience shopping also. Cabs were the same if not less than coupes... therefore a higher depreciation rate. Options, as far as auctions went are pretty irrelevant.
I understand the emotions that we want to believe a Porsche is something special, that they don't go through the auction system like lesser cars, but they are subject to the same market forces as GM or Toyota. Auctions are simply inventory clearing houses were dealers and used car lots pick up and move inventory. That includes Porsche dealers, Chevy dealers, and Joe's Used cars. Iron is iron.
Peace
Bruce in Philly
I understand the emotions that we want to believe a Porsche is something special, that they don't go through the auction system like lesser cars, but they are subject to the same market forces as GM or Toyota. Auctions are simply inventory clearing houses were dealers and used car lots pick up and move inventory. That includes Porsche dealers, Chevy dealers, and Joe's Used cars. Iron is iron.
Peace
Bruce in Philly
As to the graph, it's reflecting Edmunds True-Value (or whatever they call it) base price, not option packages which could vary wildly. Cabs in my area always seem to command a premium over coupe, so I dunno. Generally speaking, you can look for a 2006 with similar options to the 2009 you're shopping and have a pretty good idea of its resale value. And remember: asking price isn't selling price! A lot of Porsche owners (and dealers) tend to ask WAY more than their cars are actually worth in the hopes that someone will come along and pay it.
