Porsche valuations in 2020

While the retail Porsche market is still pretty sleepy at the start of the year, Porsche valuations have been coming in fast across the first half of January 2020.

Regular clients have commissioned updated insurance valuations for cars including a 1972 Porsche 911E, a modified Porsche 964 with RS equipment and several standard-to-modified Porsche 3.2 Carrera models.

I’ve had a few enquiries from people looking for help to sell their 911s. Strongest at the minute is an early 911 project, unfinished but with most of the parts required to get it completed. I’ll know a little more about that in the coming days.

Pre-purchase inspections remain a bit of a theme. Early impact bumper 911s are in demand and the 3-litre SC (perhaps my favourite air-cooled 911) has come up in a few conversations. I’ve guided a few people on what to look for and there are a few potential inspections looming through January on apparently solid cars.

On the legal valuation side, I’ve been retained by a UK dealer group looking for an independent expert witness to help find the way to a settlement on a collectible later 911 and am also helping UK Trading Standards as an expert witness, in a case which comes to court next month. I did a report on classic Porsche values for some special cars as part of an overseas divorce case at the end of last year: that is an ongoing project.

Air-cooled Porsche market overview January 2020

The market remains pretty short of what I would call nice classic stock, particularly desirable 964 models with low mileage and sensible history. Those cars are increasingly hard to source and owners should ensure that they are properly insured.

Carrera 3.2 models are a bit easier to find but not the easiest cars to sell at the minute. Still, replacement costs for properly nice cars are high so insurance valuations are super important.

Early 911 SC is a definite point of interest. It never ceases to amaze me how many people are reading buyers guides more than ten years old and still coming into this thinking that the SC is a great starter 911. I mean, it is, but not for the reasons it was fifteen years ago.

The days when a Porsche 911 SC was a cheap car you could cut your teeth on are long gone. Good examples fetch strong money and the cars that look cheap are frequently cheap for several very good reasons: normally relating to rust, oil leaks and snapped head studs. 3.2s are often a cheaper way into air-cooled and fit better with a big picture of a buy now/sell in twelve months.

What are you buying? What are you selling? I am always interested in talking to people who are active in the market. Feel free to get in touch if you need any help or ideas.

Porsche Market Watch – Ruf BTR2

A rare 1995 Porsche 993 Ruf BTR 2 will be offered at Brooklands’ Historics auction sale on Saturday, November 23.

Ruf chassis number W09TB0367SPR06006 is one of five 420hp RHD BTR 2s produced. First delivered to Top Marques in Singapore and sold to a local businessman, that aspect of provenance could make it quite an attractive prospect for re-importation into a famously locked-down export destination where Porsches command serious prices.

The original car was finished in Aventura Green, but a later owner refinished the body in Guards Red. Personally, I love dark green cars but red is quite rare and suits the 993 shape. Somewhere down the line, the engine was also rebuilt by a New Zealand specialist. The original Ruf EKS automatic clutch system (think Sportomatic-ish) has been replaced by a more conventional arrangement.

The Guards Red 993 came to the UK in 2015 and sold to a retired engineer who took it to his place in France and maintained it in-house. It is now back in the UK. The sales description says it has been MOT’d but the MOT database says the last test expired in 2016, so crossed wires somewhere. The mileage is low at less than 30k from new.

Offered for sale with history including the original book pack, the auction’s pre-sale estimate is £68-84,000. We’ll have to see what the market is like at the end of November and how the changes to the Pfaffenhausen spec – including a colour change and non-Ruf engine rebuild – affect the car’s desirability.

A factory 993 Turbo with less than 30k miles would be pretty good news, even in the current slow market. What’s the price jump (up or down) from a Ruf BTR 2 to a factory Porsche 993 Turbo, and what’s the net effect on that number of diluting the original Rufness through later modifications to an already modified car? Will we be able to look at the eventual auction result and say ‘that’s the correct answer’?

One-owner Porsche 912 sells for under £40k

A smart looking 1966 Porsche 912 with just one owner from new recently sold at the Bonhams auction in Knokke-Heist, Belgium. Chassis number 352139 was a rare and desirable early 912 with the 3-gauge dashboard. Built by Porsche (not Karmann), the car was finished in Bahama Yellow and had covered just 51,000 miles from new. Here’s the auction description:

This desirable early matching-numbers Porsche 912 was sold new in the beginning of 1966 in the USA via Porsche Car Pacific of Burlingame, California. Being one of the early 1966 examples produced it features the typical and desirable early series 3-clock dashboard, the enamel badged wheels and thin engine support. We are advised that the body of this car with chassis prefix ’35’ was produced by the Porsche factory itself where the vast majority was produced by Karmann.

Its first owner was Mr George Papageorge of San Jose (later Nipomo), California, who would keep the car until 2013 when it was sold to the current owner who unfortunately passed away and was never able to drive this car meaning this effectively is a ‘1 registered owner from new’ car.

A copy of the original Porsche Kardex is on file together with a State of California Certificate of Title and the 2013 bill of sale. EU duties have been paid. Still in its original (professionally repainted) colour scheme of Bahama Yellow with black (original) interior, this remarkably original Porsche 912 has led an easy life, as a single look will confirm. Even the carpets in the passenger compartment and boot appear original, and we are advised that there are no signs of welding or accident damage.

The odometer reading is circa 51,000 miles. We are advised by the vendor that the engine starts instantly and runs well, while the transmission is said to be in good working order. In addition to the aforementioned documentation, the car also comes with its original jack, service book, factory options book, and Blaupunkt radio instructions.

While the description clarifies some of the headline-grabbing stuff (i.e. it is not a one owner car and the 51,000 miles is not described as warranted), the price still looks reasonable. Such early 911s and 912s are notorious for rust and the condition of the bodywork has a sizeable effect on value. If the bodywork of this car is all in good order and the mileage is correct, this 912 was a good buy that should certainly be insured for a higher value.

Porsche 991 Options vs low spec Carrera

I enjoyed an interesting conversation and follow-up exercise this week with a good friend and Porsche 991 owner about the relative desirability of factory options on a 2012 Porsche 911 Carrera.

The car in question is his own. In the fleet since the middle of 2018, he was gearing up to part exchange it against a 987 Cayman. I have a couple of people on my books looking for a well priced 991 with full Porsche history and preferably the manufacturer’s warranty. The Guards Red 991 for sale ticked all those boxes, apart from the spec: it was a relatively simple car with manual transmission, Xenon lights, electric sports seats and a diff.

Many reviewers will claim that the perfect 911 is a simple “driver’s” spec with very few options, but try getting a buyer to go down that road. The 911 has always been sensitive to specification and buyers are aware of this. The notion that one will spec a new car to appeal to the next buyer may seem slightly twisted, but the reality is that this is how it has to be if you want to easily exit the car when the time comes to sell it.

I am not sure that a perfect spec exists: it really depends on your plans for the car and how long one intends to keep it. I like a sunroof, good lights and heated seats. A rear wiper is nice. Multifunction wheel is nice but not essential. DAB radio is kind of a must but overpriced factory navigation is something I can get by without.

That would be enough for me on a new 911, but bring a used car like this to market in a challenging colour and get ready for some pain. Buyers like dark metallics, they like navigation, they are not too bothered on sunroof, but PSE (sports exhaust) and PASM (active suspension) are acronyms they appreciate, and sort of expect.

I ran the 991 past a couple of people who I thought would click with the basic spec and classic profile, at a price in the mid £40ks, but it soon became obvious that this conversation was not going far. They don’t necessarily want a high spec car for themselves, but again they were looking to the next guy.

When it comes to options and setting a price for what the car comes with, it is usually the case that a car with reasonable spec should be the market average. Lower spec cars should cost less, and really high spec examples will fetch more. Paint to sample with high spec is the creme de la creme and well worth the premium (assuming the shade is your sort of thing). Personally, I like the simple life and lean towards simple Porsches, but buying a simple Porsche should only be attempted at an irresistible price.

1972 Porsche 911 2.4S restoration insured

I recently enjoyed a good discussion on insurance valuations and the state of the market with the owner of a very smart 1972 RHD Porsche 911 2.4S. 

This particular Porsche 911 is quite a rare bird. Said to be one of just two RHD ’72 cars originally finished in desirable Viper Green, the car has just been through a full restoration costing more than £120,000. The body and trim was redone by a well known shop in the south east, while the engine and transmission were refurbished by RPM Technik.

It is rare to find a Porsche owner who doesn’t have a rough idea what their car is worth, and this owner was no exception.  The restoration had taken over a year, putting the purchase date back in the high days, so the expectations were somewhat in tune with that. I never like to disappoint on value, so I did quite a bit of work to try and get to the owner’s preferred number, but we still ended up meeting somewhere south of the initial proposal.

While demand across the classic Porsche market has softened since the high points of 2015 and early 2016, buyers are still looking for good opportunities to invest in rare RHD examples with warranted low mileage and an attractive original spec. A 1972 RHD Porsche 911 S definitely meets that criteria, but few are keen to pay 2016 prices in a much softer market.

UK dealers are currently offering a range of 71-73 911S models with prices ranging from £130-£250k. My opinion kicks off somewhere in the middle of that range for lived in but well presented  RHD examples.  £200k is a lot of money to spend on an early car without an RS badge and there are some good opportunities elsewhere from an investment point of view. 

A 911 S in RHD in just-restored condition is a handsome machine that would turn my head every day of the week. There are always going to be people (mostly those who rely on early 911 sales to make a living) who would argue that selling prices for these cars are still in the mid £200k-bracket, but whether the market would really stand over £200k to buy a car like this right now is debatable. That said, it’s the ballpark I would advise on the nicest examples for insurance purposes. 

Porsche 997 Targa 4/4S – pre-purchase price check

I recently did some pre-purchase price consultancy with a client who was contemplating changing his Porsche 997 Gen 1 Tiptronic (automatic 911 Coupe) and going for a Gen II Porsche 997 Targa 4. The dialogue was interesting and part of what we discussed is worth sharing: see below.

Porsche 997 Gen II Targa 4 buying insight

The Porsche 911 Targa (Gen 2 997 Targa 4) is a rare car that is on the ascent. RHD 997s are a small percentage of total production and Targas are typically 3-5% of total numbers. So we can comfortably say that Gen II Targas were built in very small numbers and Targa 4 or Targa 4S in RHD is a low production car. I have a few on my books and the low mileage, one owner examples are a £70k replacement value.

However, there are some nice early Gen II cars – pre-PCM3 – cars under £50k. If there was a £20k part exchange allowance available for a clean Gen 1 997 Coupe – quite possible if the Targa margin was healthy – then you are looking at a cost to change of no less than £25k.

There are several advantages to buying the right Targa.

  • The cars are not going to get much cheaper if at all
  • PDK transmission which is much better than Tip
  • Perceived advantage of Gen II 997s regards bore scoring and IMS etc
  • Much better trim and cabin giving an improved driving experience

Let’s say you finance a £25k cost to change over three years, you are going to pay something like £1200 in interest at 3%. If the market stays as it is, then the car will still be worth £40k+ in three years.

The running costs will be roughly the same as a Gen 1 Coupe (assuming no engine blow ups) and you can run the bills through your company or claim the mileage to offset. So that is the same. Therefore the worst case scenario is losing £5k on the car and £1200 in interest: £6200 over three years, so it costs you a bit more than £2k a year to drive a PDK Targa.

Let’s say that the coupe stays – if the Targa falls in price, then the coupe will also, so that is going to come down a bit in value every year and cost a bit more over time to run. So it may be a good idea to sell now, especially if it is starting to look a bit tired here and there, as so many Gen 1 997s do. This is a good time of year to sell a 911 as we are mid-season.

Selling your car now and then banking the cash until making a purchase at the end of this year or the start of next may help you do well on a Targa, as you would theoretically be buying out of season.

The only real issue with the numbers is the size of the cost to change. You are selling a reliable but less desirable early 997 and buying into a more desirable and quite rare later car, close to the peak of the season. It may look like the numbers do not make sense at such a huge cost to change, but if you were going to hold on to your next 911 for a while, then it could be a very smart decision. This change will cost you £2k a year compared to running a new £45k Audi or similar, which could cost £7-8k per year in depreciation alone. Old 911s make sense when one takes a view of the bigger picture.

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Want to hire me to talk values? Drop me an email.

Porsche Market Trends: September 2017

UK weather through summer 2017 was slightly disappointing, which has left dealers holding a few more soft-tops than they would probably prefer as we head into winter. Some of these will be cars on consignment (offered to the Porsche market by owners through dealers on a commission sale basis) but some will be owned by the dealers themselves. Dealers being dealers, they want these convertibles gone, to put money back into the bank for buying new stock.

Once summer has drawn to a close, many owners decide to sell as they have ticked all of their road-trip boxes, or they fancy something new or they are getting out of Porsche. Dealers love buying and selling, so cashflow is king: when cars stick around in the showroom, there is always pressure to get rid of them and try something else.

Porsche cabriolets are all-season vehicles, but, as autumn continues to creep over the UK and the central heating goes on for the winter, soft tops seem less relevant and dealers will begin to cut prices on the cars they own, which will also put pressure on commission sales and private sale prices. Cabriolet buyers should pick their moment carefully – no point jumping too soon on a car that is often avaiable. Rarer models are a slightly different story.

Porsche Cayman GT4 prices

There is still a healthy supply of Cayman GT4 on offer – some might even call the market slightly constipated for the time of year. My view is that the oversupply from earlier in 2017 has been addressed, with independent dealers sending overpriced consignment cars home and Official Porsche Centres leading the charge to get prices down to a sensible level in order to shift some metal.

Making GT4 prices more attractive is not a charitable move on behalf of the network. Almost half of the UK Cayman GT4 stock right now is held by the official dealer network, which definitely wants to keep cars moving. The only way to shift cars quickly is to undercut independent prices, so it is that we find the seven cheapest Cayman GT4s currently on sale in the UK are all at OPCs.

Some have issues, of course – wrong colour, wrong spec, too many miles or owners – but competition in GT4 pricing is certainly hotting up and all sellers need to get their elbows out. Private sellers with a GT4 to shift should be well below OPC prices for a similar car. Currently, private sellers are some of the dearest out there, so their sales stand no chance at all.

Modern vs Classic 911 Carrera

Dealers report good interest in “standard” 911s – Carrera and Carrera S models – with good spec and sensible mileage when offered at reasonable prices. The 911 has a reputation for being evergreen (i.e. a good seller whatever the weather), and the modern 991 Carrera is a fine platform for those who want to drive a 911 rather than stick it away in a dehumidified garage, so well specced 991s are steady sellers.

A nice 991 Carrera S with decent warranty is now under £60k from a good independent, which creates problems for air-cooled cars around the same price point. Yes, that 964 C2 for £55k may be a very nice car in good condition, but stick a significant other in the passenger seat of an average mileage 964 vs much lower mileage 991 and the decision will often swing to the modern equivalent if the car will be used regularly.

Air-cooled 911 Carrera sales at 991 price levels have been slightly under pressure all year. Good cars with average mileage and solid history are simply not drawing the attention they were twelve months ago when advertised with optimistic asking prices – nicely restored low mileage examples and one-owner cars not included – so sellers should take care with their asking price to avoid months of advertising with no bites whatsoever.

Porsche 991.2 GT3 used market premiums

As regards the latest 911 Gen II GT3, independent dealers have already passed a number of Gen 2 991 GT3s through their invoice systems and premiums are apparently much more sensible than the PDK-only Gen 1 cars were when first released. I’m pleasantly surprised by the sensible numbers I’m hearing, but of course there will also be more than a few new owners out there asking way too much money. The effect on 911R is still to be felt in its entirety, but that is not a car I would be buying right now.

The recent announcement of the Touring package for Gen 2 991 GT3s created quite a buzz in certain circles. I thought it was a bit of a faux pas not to shoot the car with a ducktail, but no doubt that large numbers of GT3 customers have no interest in classics: they want the cutting edge and not some pastiche. As with 911R, time will tell what the market thinks of it and which side of the classic line values sit down on.

Porsche Market Trend – Feb 2017

As a Porsche market follower and long-time valuations expert (for want of a better word), I watch price trends and market activity and create used Porsche price analyses for Porsche dealer clients. This translates into market reports to help investment buyers and dealer purchasing, as well as informing my detailed online Porsche insurance valuations.

Here is my Porsche Market Report for February 2017, shared as part of the JZM Porsche newsletter. Sign up for the JZM Porsche newsletter and get the used Porsche market report delivered to your inbox every month. Contact me to arrange a professional consultation on the state of the current Porsche market.

The big news in Porsche circles during February was of course the Sothebys RM Auctions sale at Retromobile in Paris. More than £28 million pounds’ worth of cars were sold on the night, with many record prices for collectable 911s.

Surprise of the show was undoubtedly a 2004 Porsche 996 GT3 RS with less than 200 kms from new, which fetched a staggering £343,000 including premium. Other Porsches also fared well: one 993 Turbo S Cabriolet finishing at a jaw-dropping £1.1M including premium. A 959 Sport sold for £1.7M including premium and both 964RS models offered made just under £200k each including premium.

Some may say that auction results are pie-in-the-sky numbers which do not relate back to the retail market, but we disagree. These sales offer an important window into buyer mindset at the very top end of the market. They also contextualise the two-tier market that we often refer to in our market reports: high end collectors versus enthusiast owners.

JZM Porsche caters for both markets and sales often cross from one to the other. Many of our enthusiast customers are keen collectors with more than one Porsche, and many of our serious collectors with portfolios of ten or more cars always retain one or two models with average mileage, which can be driven guilt-free. Understanding the difference in perceived market value between a collectable Porsche and a driver’s car is where auctions can help. So what lessons can we take away from the RM Paris results?

The first and most important signpost was the continued rise of the 996. Four 996 models were offered on the night, with the GT3 RS and a 24,000-km GT2 Clubsport both beating their top estimates by some margin. The Mk1 GT3 Clubsport and higher mileage 996 Turbo S Cabriolet each achieved more than mid-estimate including premium.

The second point is that production levels remain critical to achieving the best prices. The 993 price was easier to understand when one considers that the 993 Turbo S Cabriolet is a very limited production model, with fewer than 15 examples manufactured. Compare this to production of the 1973 Carrera RS, where up to 100 times that number were originally manufactured (a ’73 RS Touring sold for £470k including premium on the night). Another low production model is the 964 Turbo S, a 23k-mile example of which was sold on the night for almost £790,000 including premium. JZM has sold a number of Turbo S models in the last twelve months and this price was a pleasant surprise for all of our owners.

The final point we take away from the latest RM sale is that, while air-cooled prices are holding up well, water-cooled prices are gathering pace, indicating a growing willingness among collectors to look to later models for stars of the future. The 996 GT3 and RS are good examples of this. Compare circa 600 996 GT3s produced to the 991 GT3, where up to 6,000 models may have been manufactured, and it is easy to see why collectors are snapping up early GT3s at this time.

Bringing these points into the retail market, one might reasonably wonder why some sellers are still asking twice the list price for used 991 GT3s when clearly the market is not going to stand that. Our activity in the modern GT3 market and occasional foray into other modern sports cars such as the Lamborghini Huracan LP610-4 recently sold and the Ferrari 458s we have handled means that we benefit from the input of a wide audience – not just the Porsche crowd. Having sold a number of 991 GT3s this month, we do not sense an appetite for overpriced GT3 stock and so carefully monitor our prices.

JZM Porsche Showroom Activity

January was a busy month at JZM Porsche, with 29 cars sold. February started somewhat quieter but, as the month progressed, enquiry levels increased and we were happy to welcome serious buyers to the showroom. The global nature of our business continued, with cars selling as far afield as Belgium and the Far East. Air-cooled was again at the forefront, with several air-cooled cars sold through February, including our 964 30-Jahre Anniversary car. JZM special projects have also been selling: one 964 hot rod with retrimmed interior, new KW suspension and some other tweaks was a very quick seller and we have another special 964 in build which we think will find a new home in short order.

Our success with 911 Turbos continues. Two very smart 997 Turbos (Coupe and Cabriolet) have just arrived in the showroom and we continue to bring in some fantastic 930s. The latest 930 in Black with original Tartan Recaro trim is just about to land and we have a couple of appointments lined up for that car.

The air-cooled market has not yet started properly, as it tends to coincide with the F1 calendar. Once that first race appears, the 2017 classic Porsche season will get going in style and we could see another record year for the early air-cooled models. Anyone in the market for an air-cooled Porsche would be well advised to be proactive and get enquiries moving early, while the weather is still a bit grey and things remain relatively quiet.

Porsche 996 Carrera Manual vs Tiptronic Prices

Just updated an insurance valuation for a regular customer who owns a nice low mileage Porsche 996 Targa Tiptronic. While Porsche 996 models have not seen the huge jumps of the air-cooled classic 911 models, 996 prices have crept up steadily over the last five years and values are now well and truly trending upwards. This makes an annual update to valuations more important than ever.

Porsche 996 Buyers Guide/Buying Tips

From a driver’s point of view, there is not much wrong with 996s. The early 3.4-litre models cover the 0-60 dash in just over 5 seconds, but those engines were troublesome, so Porsche replaced the 3.4 with a 3.6-litre engine in 2001. This engine also has a number of weak points, but it is undeniably more powerful and ideally the one to go for when considering a 996.

In 2002, the cars had a bit of a facelift to distance the styling from the visually similar Boxster. This was another successful upgrade. With the bigger engine and the more handsome front end on offer, most buyers will now be looking for post-2002 3.6 litre models, thus keeping values higher for later examples. That is not to say that early cars don’t have their charms, just that market demand supports higher prices for later cars (i.e. the so-called Mk II 996).

A few years ago, I came very close to buying a 2003 996 Carrera and often wish I had gone for it. Driving the car was a great experience. The big difference from early 911 (pre-’89) to 996 is the physical size of the later car, the increased creature comforts offered by the more modern example and the sweeter manual shift in the 996.

Some decisions are a no-brainer on 996. I think you want a 3.6-litre and also a facelift car, so the next big decision after that when buying a 996 is whether to go for manual or tiptronic transmission. I like Tiptronic – it is fitted to my Cayenne S and works beautifully – and if you spend a lot of time driving then Tiptronic is great. But for a better resale market, manual transmission is the winner.

Here’s the thing. Tiptronic can be shifted like a manual and it is a wonderful Porsche-patented invention, but sticking a fluid-filled torque converter between the engine and gearbox does blunt the experience. It feels wonderfully smooth when Alpine touring with the mrs or carrying the kids around, but when you’re on your own and looking for fun, a manual gearbox will do it better.

Porsche 996 Manual vs Tiptronic Transmission prices

Porsche is not making any more 996s, so the supply of cars is limited. A Tiptronic-to-manual conversion is a hard thing to do (and ultimately not a great idea) so either you find what you like with a manual transmission, or you find it with Tiptronic. You will find it easier with Tip as those cars are in lower demand, and you will probably find it cheaper, too. So sometimes Tiptronic makes plenty of sense. Manual cars tend to have been driven harder and will show more wear. All of these things make a difference to value!

Anyone who tells you that the manual-to-tip price premium is a set number of a grand or two grand or five grand is talking from where the sun don’t shine. The price difference from manual transmission to Tiptronic in a Porsche 996 depends entirely on spec, condition, mileage and options. There is also the bodystyle to consider but that is another issue entirely.

A general indication on a £30k C2 Coupe in very good all-round condition and offered with sensible mileage is that Tiptronic should save circa £2k or so, but for some cars it could be twice that, for others it could be less. It really depends on what else the car has to offer and how many similar cars are available.

Contact us to discuss an agreed insurance valuation for your Porsche 996. Values cost just £35 and are accepted by all UK insurers. Our valuations are guaranteed independent, so no arguments later regarding conflict of opinions when your dealer or specialist values the car they sold you or look after for you!

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Porsche 991 GT3 RS UK Price Trends (update Jan 2017)

I had an interesting conversation with a dealer friend a few days ago regarding the UK market for RHD Porsche 991 GT3 RS, which suggested that the days of six-figure markups for the latest 911 RS were over and done.

A nice RS had just arrived in stock and was offered to a number of prospects at well below the average market price. Some of his would-be buyers replied with claims of cars being offered behind closed doors for much less than the price my friend offered. Evidence went backwards and forwards until a much lower price was eventually agreed as the RS seller was keen to move on. The seller still cleared the best part of £45k profit out of the deal after paying the dealer’s fixed-price commission.

Average Market Prices for Porsche 991 GT3 RS

Average selling prices for 991 GT3 RS are not easy to calculate without access to accurate transaction data, but the average asking price is pretty straightforward. The premier classified ads site currently has 22 991 GT3 RS models on offer in the UK with prices from £195,000 to £289,995 (22 is not exactly what one might call rare). Average asking price for these cars is a heady £246,000.

This data does not tell the whole story. Amongst these 22 911s are cars with far more than delivery mileage – over 3,000 miles in some cases – and one zero-mileage LHD example. Stripping these cars out and confining data to just RHD cars with fewer than 400 miles on the clock reduces our sample to just twelve cars. Average asking price for these cars jumps to £252,270.

Cost New versus Average Price for 991 GT3 RS

A brand new Porsche 991 GT3 RS bought with no options will set you back £130,296 cost new from Porsche Cars Great Britain, but no one buys a standard RS. A sensible options package of decent paint (£1800), leather trim to the 918 seats (£2k), LED lights (£2k), Front Axle Lift (£2k), PCCB ceramic brakes (£6k), Sport Chrono (£1k) and PCM with Sound Package Plus and phone prep (approx £3k) adds the best part of £20k, which takes the cost new to £149,755.

This £150k list price is for a brand new car with 10 miles or less on delivery, built to your spec and you are the first owner in the log book. The only snag is you cannot order one new: production has been allocated to an oversubscribed list. However, it does indicate what the manufacturer believes their car should be priced at, given the cost to build and their standard margin.

Taking this £150k list price against today’s average UK asking price of £252,270, we see a premium of more than £100k for a car that’s already had one or more owners and may come with up to 400 miles on the clock. If you think that sounds pretty extreme, there is more than one story of a slot on the 991 GT3 RS waiting list being sold for as much as £200k over list at the height of the fever.

Porsche 991 GT3 RS Price Premiums Shrinking

I’ve not driven a 991 GT3 or an RS – these cars simply do not interest me as a driver – but I have looked at plenty up close. The overall impression is of a car that can get away with a £150k price tag, but not a hundred thousand pounds more than that. Lack of supply when the cars were newly-announced sent prices soaring, but now that the RS is two year-old technology and the demand from collectors has likely been satisfied, the low supply premiums are shrinking.

With prices of £190-195k rumoured for LHD cars sold under the radar, that puts the premium closer to £40k for a delivery mileage, one-owner 991 GT3 RS. No doubt some will insist these prices are not happening, but I do trust my source.

Porsche is not building any more 991 GT3 RSs, so the chances of these cars – even 10k-mile examples – selling for less than list price in the near future is unlikely, but exactly where over-list premiums will settle is uncertain for now. Will they drop much below £40k? That is possible: premiums usually keep coming down until there is a sudden injection of demand, or supply shrinks as the market soaks up everything available.

Common drivers behind increased demand include a screamingly low price (exchange rate changes for overseas RHD buyers) or a sudden influx of liquidity to the buyer pool, such as city bonuses, pension payouts, capital gains tax breaks or similar. It’s unlikely that a vote against Brexit in this Thursday’s referendum would cause RS prices circa £260k to suddenly look sensible if people are paying less than £200k elsewhere, but there would likely be a lift in demand for sensibly-priced desirable cars like the 991 GT3 RS if economic uncertainty was eased.

Given this prospect, sensible dealers might be considering a reprice right about now. £200k is still £50k profit on list for a well-specced example. Perhaps sellers are not paying attention to the rest of the market, or banking on a big hit to Sterling exchange rates on Thursday. That’s a pretty big gamble if there are only ten buyers out there and they all do deals tomorrow and Wednesday.

Update January 2017

Update in January 2017: one-owner RHD UK RS premiums are running at about £50k over list price inc the right options, which is in line with expectations voiced in our final paragraph above. There is still no sign of consistently sub-£200k Porsche 991 GT3 RS: a trend which many people have been expecting! Prices very steady at £210-£220k for cars that have been selling. Anything higher may be parked for a while.