pors9

Yes. 2018 was a market where the gap between buyer and seller expectations has not been wider for some time. Our market data suggests that this is already narrowing in 2019 as seller expectations adjust. Buyer money has been there all along.

Me&You

There's always an opacity to transactions at this level, as most individuals - whether buyer or seller - appreciate discretion (a shocking number of brokers wouldn't know that term if it bit them in the a**).

I don't doubt that there were a lot of sales that many or most never heard of, but there were also plenty of cars on offer for awfully long periods that ultimately sold, publicly, for very steep discounts from their previously lofty asks.

It's one thing for "those in the know" to talk about a "strong year", but for those that just casually observe the market in a who's-got-what-at-what-price way, it's easy to conflate the "strong year" claims and the strong asking prices posted by some dealers and brokers, even though to anyone that's paying closer attention, many cars are being passed around like a hot potato. A casual observer may note the seemingly high (aka "strong") asking prices and assume the price is market-correct, but that's simply a snapshot; they might not realize (or care) that the car has been available for a long period through various dealers and brokers...

Agreed. In large part, those seller expectations are driven by the unrealistic asking prices purported by brokers or posted by some dealers. In time, reality sets in and prices adjust to a more normal bid / ask spread, which seems to be where we're heading now. Perhaps sales are not yet as brisk for Q1 2019 as they were through 2018 (as it's typically a slower time of year anyways), but that's understandable as expectations adjust.

Sterling Sackey

Just continuing this as it's interesting conversation, and this forum can be a bit quiet at times...

Truth, although a bigger problem with many in this line of work, in my opinion, is they offer cars for which they are two or three layers away from the owner!

Totally, the market has a price it will bear for every car, and CGT buyers tend to be fairly educated, often times buying their 2nd or 3rd CGT they have owned since the cars were new. Plus, there are enough of them around in similar spec that a buyer can wait for the next car if it is not 100% right.

Yes, I understand everyone has a different perspective, I'm offering the perspective of someone who trades in the cars and thus is involved with the "behind the scenes" of the market on a daily basis. The casual observer will have a different viewpoint, naturally.

Totally correct and very unfortunate. In fact, that might be why there is a bit less interest in the market right now (as far as we can tell in my office - YMMV), buyers looking last year were likely turned off by the public pricing nonsense going on with these cars.

Exactly right.

Jrtaylor9

I can remember Porsche North Houston selling 3 right around dec17-early18 and they went quickly (meaning they went at/near asking; i think one traded same-day it was posted). Pretty sure they were all on RL. Two silvers and a black if I remember correctly. I don't remember prices but I'm sure someone can dig them up if really wanting the info. I do remember they listed them at prices that would trade instead of the insane numbers we'd seen for long time that sat and sat. That seemed to prime the market and then a surprising number seemed to change hands throughout the year, as opposed to the stalemate we'd had for a period of time before. I think Merit sold a couple on here? CJ too?

I personally bought 2 and sold 1 early in 18 and neither were on the market. My perception on pricing was a little different. It felt like early 18, some sellers finally got real after a lot of the same inventory sitting at LOFTY levels hoping for pricing from the peak insanity from a year or two prior. Some new inventory came in at more realistic prices, sold and dragged down asking prices on the stuff that had been sitting forever. The more realistic prices cleaned up some inventory and a few buyers came in late as things had dried up some to pay a little higher prices again. Since then, idk? I'm guessing the slightly recovering prices on CGT brought out some additional inventory and less buyers and here we sit again???

But ironically, the thing that got the strong market going for CGT in 18 was new inventory at realistic prices early on that sold very quickly. Transactions beget more transactions.

Sterling Sackey

Good memory, they took a silver car on trade towards their black car, I then resold the black car for owner privately soon after.

nuvolari612

Variance of quality will push ones buttons

It's hot it's cold - knee jerks.

CGT continues to rise to the next level - dealers have to sell cars individuals are simply amused.

raclaims

No matter how you look at it the car is still undervalued and that makes to me a buying opportunity.

There are so many "lesser" cars selling for higher prices...I still think the car has a PR problem with people afraid to drive them and kill themselves...despite how idiotic some people drive...they still deep down realize they can't handle a car like the CGT properly.

Every owner I personally know has a racing background and couldn't love any car more. If you drive it with educated driving skills...you literally couldn't find another "modern" car that can come any place close to replicating the drive of a true racing car.

Sterling Sackey

Agreed on the first line.

As far as the PR problem, I think the car also suffers from being only 15 years old, which can be a bit of an awkward stage between new and true modern classic. Those who know already appreciate the CGT fully, but to reach something like F40 values, the car is going to need to reach the F40's age, at which point more true CGT fans will have come of buying age and values will reach their potential.