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It just dawned on me that after watching the local Kreigslist for 928s, that almost all of the cars offered cluster in 2 separate groups... very close to either $4000 or $11,000. Not very much in between. Do you find the same pattern in your area?
Interesting. Years ago I sold my prized Corvette Z06 to a gentleman living in California, who said that the "same" Z06 would have cost him 1/3 more if he bought locally....
When the delivery driver arrived to pick up the Z06, he also stated that lots of "nicer" Midwest cars ended up sold and transported to California. I wonder if there is a similar 928 migration.....
I have noticed a similar pricing pattern in D.C. area...probably sub $6K and up to $15-$20K+ cars, with nothing in between. I also have noticed well restored 914s going for $10K plus. One with the 6 cylinder was priced over $25K. These are often on display at Katie's Cars and Coffee in Great Falls. A great place to sell a car for top dollar (Just watch out for the lady in the Mercedes convertible).
I dunno about Doc, but I picked up a spectacularly clean 87 S4 for $1000.
Rare, but it was advertised for sale as a parts car here on RL for $1000, paid it, replaced the MAF, cleanest smog result i've ever seen, daily driver. Pics as purchased.
And came with $51k in parts+labor receipts since 2001.
Out here, it's more like the $4,000 to $25,000 gap.
Of course the $4,000 cars need $45,000 worth of work and the $25,000 cars need $24,000 worth of work so it ends up being exactly the same, in the end.
Greg,
If your business ever tanks [heaven forbid] I reckon you should try a second career as a stand up comedian or talk show host - I reckon Jay Leno would have some serious competition on his hands.
So doc, what was your best snag? May not have been the cheapest you've bought but the best for the money.
Most recently would be my 968 purchase. I found a guy advertised a ' 1992 928' for $2000. When I saw the pic, I knew it was a 968 and it had been sitting for 6 years. The paint was shot, but the int was actually nice since it had been under a canvas tarp protecting the inside. I took a batt, and can of carb cleaner over and offered $1800. I got it to start, and saw oil pressure, and the clutch and brakes worked so I carted it off. Sold for $9000 after paint and some catch up mx. Many years ago I found an Iso Rivolta in a barn for $600. After fixing that up, sold it for $21k. Bought a Lamborghini Espada for $11k and sold for $26k back in 2010 after making it run right by tuning the carbs and ignition.
I've noticed the same gap in pretty much all the non-911 P-cars: sub-$4k basket cases or plus-$10k concours entries. 914s, 944s, 968s, 928s.
The "non-911's" will always be in this odd limbo state. No other marque has such a hierarchy between models. Nobody looking at a '69 Camaro for $60k and says: "Oh ****, I can get a '69 Vette for the same money" - they are shopping for a Camaro and they want a Camaro.
A big part of the problem is the mentality that goes along with this family hierarchy. There are a lot of Porsche "in the know" people (some of them 928 owners) that are oblivious to 928 values and the overall market. This happens a lot when you find an "undervalued" 928. People who have been out touch with the collector car world, they remember buying their "cheap" 928 years ago and price accordingly today. Afraid that if they price it too high they won't get any "hits".
There appears to be some kind of assumption that an 80's 911 selling for $40,000 is "perfect". Nothing could be further from the truth for a lot of these cars. They could be $30,000 away from being a $45,000 car.
There is a very nice....on the outside... 911 at a friends shop. The guy paid what those things are going for.....and it needs SO MUCH WORK the shop is tempted to tell him to sell it, cut his losses and run away.....it's that bad. This is NOT an isolated case either.
We act like the 928 is the only vintage car that could cost a **** load of money to only be worth a tad bit more than we paid for it. You ever restore a Corvette that will end up being worth $100k? That restoration might have cost $80,000 and the car cost you $40k.
Post #2: 800-1000 hours @ $65 - $85 per hour - that was in 2006!!!!!! http://www.corvetteforum.com/forums/...ion-costs.html
I appreciate Greg's comments on the cost of restoration, he's spot on - but why does that have to be a negative??? You want a perfect car it's going to cost a lot of money. I don't care if it's an MG, Corvette, or Dodge Dart. Go to a car show, every vehicle there that is "perfect" that isn't a survivor, most likely cost more to look that way than it will ever be worth.
Hell...go buy a $200,000 brand new Lamborghini and wait 3 years. The depreciation you lost could have bought a fully restored Greg Brown built 928.
Originally Posted by Shawn Stanford
The only exception seems to be 924s, which are all cheap as hell.
Not so much anymore, even those are starting to gain a following as the pure, lightweight sports car of the trans-axle family:
So I don't know about you guys, but I bought my 928 to drive it (eh em once I get it running) not to speculate on what I could sell it on for like a stock. I'm in it for the for the long haul. I bought mine for $4500 and like Greg said it probably needs $45K, but that is if I want it to be perfect. I don't need it to be perfect. I plan to own this car for at least the next 30 years. So instead of blowing my load all at once I will invest in upragading it slowly and steadily every year and enjoy it for what it is. Now in 30 years if I decide to sell it, it will feel like pure profit at what ever it's worth by then. Because money I will have spent on it up till then would have been money I spent on other things had I never owned the car. Either way it won't be in my bank account in 30 years. But the money from that sale will be.
I was talking to 356 guy yesterday, polite small talk. When I mentioned my 928 restoration, he said that was a good "entry level" Porsche.
The term made my eye twitch, and I wanted to tell him it was actually the flag ship car at the time....
I bit my tongue, however. It seemed counter productive to go off on a 80 year old man. Perhaps I've matured somewhat...
Anyway, it would seem as much buzz as we have gotten lately, there's still plenty of misconception left out there too, maybe enough to allow people to get a few more deals?
As was mentioned, I have seen the 944 market go up recently, but then again the car was likely pretty undervalued.
10-13-2016, 07:53 PM
The $4000 < - - - - - - - - - - - - - > $11,000 gap . . .
