Tons of 911’s for sale!
07-16-2024 | 10:05 AM
#811
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Economy is going to get worse. The real pain hasn’t been felt yet but it’s coming. And lavish, discretionary items don’t fare well when there is an economic downturn. So if you are looking to buy and you yourself won’t be impacted by a down economy, I would wait a bit longer.
Last edited by SToronto; 07-16-2024 at 10:07 AM.
07-16-2024 | 10:21 AM
#812
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From: Taxronto
For example, I was going to get a $200K Taycan as a daily driver but I refuse to pay the Trudeau luxury tax so I got a <100K Macan S and put the remaining $100K in the Td TEC ETF, which is up 40% over 1 year. So, the dealer gets less profit to hire people and expand, and I get richer. I also have a few properties I was going to renovate and refurnish, but I didn't want to pay the increase in capital gains now, so instead of taking money out of my corp to hire construction workers and designers, etc., I am going to keep my money invested in the markets (majority in the US). So less people get hired for work, my investments in the US contribute to the US not Canadian economy, and I get richer (S& P 500 up 25% over the last year). This government truly is stupid.
1. Perceived low inventory or production with charging higher MSRPs. Folks aren't willing to pay the increased MSRPs on anything from Tahoe/Yukons/Escalades to 911s. Even G wagons are down by alot!
2. Luxury Tax
3. High Interest Rates
2025 and 2026 will be scary as mortgages renew and we face elections!
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KenTO (07-17-2024)
07-16-2024 | 10:25 AM
#813
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This is the perfect example of where the government haven't done their homework. Both the Lux Tax and CGT have had negative effects on the car and housing markets that we are just starting to see or feel the effects of. I don't believe the June 25th rush for the Liberals has worked out as a buddies real estate firm are not selling as many cottages as they figured and even though many appraisals or valuations were done, they have not seen a ramp up in sales before that deadline and cottages still aren't moving.
Thing is also, who are they selling to now....doubt many are looking to drop $500k+ on a cottage right now. Some would be looking for opportunity buys.
It's all round non-sense.
07-16-2024 | 10:27 AM
#814
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07-16-2024 | 10:51 AM
#815
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From: TO
even if rates go down another 150 bps, lots of people still renewing at more than double their existing rates. Add to that the large amounts that need to be refinanced plus lower real estate values, satisfying stress test requirements, other large debt loads that need to be serviced, eg, credit card balances, lines of credit etc., and it all adds up to fewer 911’s being sold.
07-16-2024 | 11:28 AM
#816
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even if rates go down another 150 bps, lots of people still renewing at more than double their existing rates. Add to that the large amounts that need to be refinanced plus lower real estate values, satisfying stress test requirements, other large debt loads that need to be serviced, eg, credit card balances, lines of credit etc., and it all adds up to fewer 911’s being sold.
07-16-2024 | 11:30 AM
#817
Instructor
Joined: Mar 2018
Posts: 247
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I think there are a lot of young people on here that haven't been buying Porsches long. Everything changed in 2019 with Covid, it's simply supply and demand. Porsche always offered discounts until the pandemic. There will be regression to the mean, the economy is already tanking thanks to Trudeau, and the rich get richer.
For example, I was going to get a $200K Taycan as a daily driver but I refuse to pay the Trudeau luxury tax so I got a <100K Macan S and put the remaining $100K in the Td TEC ETF, which is up 40% over 1 year. So, the dealer gets less profit to hire people and expand, and I get richer. I also have a few properties I was going to renovate and refurnish, but I didn't want to pay the increase in capital gains now, so instead of taking money out of my corp to hire construction workers and designers, etc., I am going to keep my money invested in the markets (majority in the US). So less people get hired for work, my investments in the US contribute to the US not Canadian economy, and I get richer (S& P 500 up 25% over the last year). This government truly is stupid.
For example, I was going to get a $200K Taycan as a daily driver but I refuse to pay the Trudeau luxury tax so I got a <100K Macan S and put the remaining $100K in the Td TEC ETF, which is up 40% over 1 year. So, the dealer gets less profit to hire people and expand, and I get richer. I also have a few properties I was going to renovate and refurnish, but I didn't want to pay the increase in capital gains now, so instead of taking money out of my corp to hire construction workers and designers, etc., I am going to keep my money invested in the markets (majority in the US). So less people get hired for work, my investments in the US contribute to the US not Canadian economy, and I get richer (S& P 500 up 25% over the last year). This government truly is stupid.
I refuse to pay luxury tax out of principal. The government is already taking more than your fair share through my income tax, sales tax and all the hidden 'taxes' that it is at the point where I just refuse to pay anymore than needed.
I love all the patchwork to cover up the stupidity too. Let's propose a surtax on properties over $1MM after we handed out money during COVID and created some insane inflation... instead of trying to actually solve the supply end of the equation...
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Booth9999 (07-16-2024)
07-16-2024 | 12:09 PM
#819
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IMO. Another factor wrt Porsche prices (and other lux OEMs) coming down is what is happening in the US. Currently - with our weak dollar - I suspect there's a considerable amount of arbitrage going on. Would need US demand to dry up as well.
07-16-2024 | 01:30 PM
#820
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There is one more factor that hasn’t been mentioned…profit margins. EVERY company raised their profit margins during the pandemic because they could. I believe we are just seeing margins begin to erode, but this will take some time as no one wants to give away their profits. Just like tipping in restaurants…it has become ridiculous! People expecting 20% tips on take out. Mediocre table service scoffing at 25% and suggesting 30% on top of the already inflated menu prices and smaller portion sizes? We need a bit of a wake up call to bring back some sanity.
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07-16-2024 | 01:52 PM
#821
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Joined: Feb 2014
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There is one more factor that hasn’t been mentioned…profit margins. EVERY company raised their profit margins during the pandemic because they could. I believe we are just seeing margins begin to erode, but this will take some time as no one wants to give away their profits. Just like tipping in restaurants…it has become ridiculous! People expecting 20% tips on take out. Mediocre table service scoffing at 25% and suggesting 30% on top of the already inflated menu prices and smaller portion sizes? We need a bit of a wake up call to bring back some sanity.
07-16-2024 | 03:03 PM
#824
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Joined: Jul 2019
Posts: 578
Likes: 147
From: Calgary
There is one more factor that hasn’t been mentioned…profit margins. EVERY company raised their profit margins during the pandemic because they could. I believe we are just seeing margins begin to erode, but this will take some time as no one wants to give away their profits. Just like tipping in restaurants…it has become ridiculous! People expecting 20% tips on take out. Mediocre table service scoffing at 25% and suggesting 30% on top of the already inflated menu prices and smaller portion sizes? We need a bit of a wake up call to bring back some sanity.
07-16-2024 | 03:47 PM
#825
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Last edited by Onami; 07-16-2024 at 06:32 PM.