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.

Porsche Owners Up to 90% Under-Insured

The Telegraph reports that some Porsche owners are up to 90% under-insured.

“An index of the most valuable cars compiled by the Historic Automobile Group International has risen about 500% in the decade to December 2013. Ten years ago, a 1974 Ferrari 365 GTB/4 “Daytona” Coupé was worth approximately £76,000, for example. It is now worth nearer £450,000.

Gerry Bucke, general manager at Adrian Flux Insurance Services, said: “We reviewed our classic car portfolio, and noticed that a number of our customers had declared values that looked very low in today’s market.”

Porsche Values Increase by 1000% in 18 Years

The Telegraph spoke to one Porsche owner, Darren Campbell from Surrey. Darren bought a 1970 Porsche 911S some 18 years ago. he paid £8,000 but a recent insurance valuation put the car at a staggering £80,000: ten times his purchase price.

“I think if you’ve bought one of these quite recently you’re more likely to keep an eye on the market values, but if you’ve had it for as long as I have it’s easy to take your eye off the ball,” said Darren.

Under-Insurance could cost owners “Tens of Thousands of Pounds”

“Some of the cars have almost doubled in value since the owner’s last valuation,” said Gerry Bucke at Adrian Flux. “Under-insurance works on classic car insurance – where the premium is partly calculated based on the value – in a similar way to home insurance, so owners could end up only receiving a percentage of the car’s true value.”

“We suggest reviewing valuations every year. Otherwise, if the worst happens, you could lose anything from a couple of hundred pounds to tens of thousands.”

Get a Porsche Valuation

Porsche Valuations is the leading UK source of agreed insurance valuations for classic Porsche. All we need is some information on condition, a selection of photos and a phone conversation. The service costs £35 payable by bank transfer or Paypal. Visit our “Get a Valuation” page to start.

Modified Porsche 911 3.2 Carrera Sport Valuation

Spotted a familiar car at Tuthill Porsche yesterday: Simeon’s modified Porsche 911 3.2 Carrera hot rod.

Based on a 1985 chassis, this 911 is a great example of impact bumper upgradery. Now kitted out with Tuthill 6-pot brakes, EXE-TC suspension, Recaro trim and an engine transplant, the Carrera also runs a torquey 3.6-litre engine, rebuilt by Nick at Redtek to give 290bhp.

I first encountered Simeon’s car for its 2013 insurance valuation. Back then it was painted mid metallic blue, but it now wears a colour worthy of its sass. Somewhat reminiscent of Oli Wheeler’s Lime Green 3.2 update, last seen at Cameron Sports Cars down in Wiltshire, the big difference is Oli’s car (previously owned by Chris Harris) ran a stock engine, with Jenvey throttle bodies and an Omex ECU.

Insurance valuations for modified Porsche 911s can go a number of ways. Some 911s are modified in a way that adds to a likely selling price and also increases the replacement value: Simeon’s being one of these cars. But the value for insurance purposes is not always equal to total spend on the car.

Of course, other modified Porsches can sometimes be worth less than a nice condition original Porsche, but then life is not just about the value of objects. Sometimes it is better to do whatever floats your boat, and enjoy life rather than focusing on money.

Need an agreed insurance valuation for a UK classic Porsche? Visit our ‘Get a Valuation’ page.

Mileage Adjusting Classic Porsche Values

Mileage is a thorny subject on Porsches. How hard do you hit a high-mileage Porsche versus something with average distance? Everyone has an opinion: mine comes from ten years creating and maintaining mileage tables for ‘normal’ cars, as Glass’s Guide Editor for Older Cars and Consumer Values. Glass’s is like the UK’s Kelly Blue Book, and traders here are very hot on mileage adjustments.

Glass’s don’t do mileage tables for Porsche cars and the like, as mileage adjusting prestige sports and supercars is a complex strategy requiring some research into history, maintenance, big money spent and condition at the point of sale. One can’t simply say “£1,000 off per ten thousand miles” as, on some Porsche cars, that would leave nothing.

A Porsche 911 acquaintance recently sold his much-loved Porsche 993 Carrera 2S with a terrific spec. I valued this Porsche car for insurance, which prompted the owner to review his priorities: a process which led to a private sale ad on Pistonheads, and the immediate sale to a very sharp buyer.

This 993 C2S was well up on the miles at just over 200,000, but had bills totalling tens of thousands of pounds. Everything worked, including the electric hardback seats and air con. A full service history showed an engine rebuild at 187k including RS flywheel and clutch, uprated cams, and a remap to 330 bhp with 300 torques.

At 192k, the transmission was rebuilt, with new pinion shaft bearings and a Porsche Motorsport four-plate LSD. At 197k miles, the body was redone; glass out, corrosion in the screen apertures corrected and a respray in proper Vesuvius. New windscreen, and wheels refurbed to match the paint.

At 200k, the suspension was gifted some KW Variant 3 dampers and springs, new rear control arms, front wishbone bushes, eccentric assemblies and bolts for camber adjustment. Taking all this into account while bearing the mileage in mind was quite a tricky process.

The adjusted sale price seemed a bargain for this car, which I valued rather higher for insurance. The seller is happy and I guess the new owner is too, but I wouldn’t want to have to replace that car with only the selling price to spend. Remember your insurance values – always agree when offered the chance, and watch that rising market!

Need an agreed insurance valuation for your classic UK Porsche? Go to our ‘Get a Valuation’ page.

Porsche 911 Carrera Club Sport Agreed Valuation

On a visit to Autofarm last week, Josh Sadler and I got talking about a Porsche 911 3.2 Carrera Club Sport he had sitting in the corner of a barn. It looked a smart car: totally standard in very good nick.

The Club Sport was owned by Porsche author, Gordon Wingrove, and was famously featured in one of the mags as an accident repair on one side a few years back. With just 27,000 miles on the clock, this is a special Club Sport. The model has its detractors, who love to point out it’s a basic Carrera 3.2 with a lighter interior and a blueprinted engine, but those who have driven one know there’s something else.

Josh has heard all the Club Sport knockers but, as he asks: “What else is there from the 1980s? This is it.” I reminded him of the 5-speed 930, but I agreed on the affordable/available 911 road car side. There’s plenty of front-engined Porsche stuff from that era, but they’re not rare-bird 911s and the SC RS and 959 hardly count.

Coincidentally, two days later I was asked to do an insurance valuation on a different Porsche 911 3.2 Club Sport, one I’ve seen a few times (I value a number of the UK Club Sport cars ). I had talked money with Josh and used that conversation as a reference for the valuation on this other 911 Club Sport.

What’s the forecast for Club Sport values? I think steady, trending slightly upwards to match the base model. There were only 53 RHD ‘Clubbies’ made for the UK and only 29 of those are estimated to survive (possible urban myth). Standard Carreras in the best condition are £30k+ now, but there are many hundreds of those cars. So a factory hot rod in tip top notch has to be worth substantially more than a regular 3.2 Carrera Coupe. Try replacing a Club Sport after total loss: that’s not going to be pleasant.

European Porsche Values: Essen Techno Classica

Another year, another Essen Techno Classica as I visited Germany with a pair of fellow Porsche nuts. The 2014 show weather was gorgeous all the way through, prompting a half day sitting by the Rhine, watching the world go by rather than slogging around seventeen halls of old cars.

In three days, we ate enough pork to fill a 911 and drank enough beer to sink one. We drove there in a Saab diesel estate, which did all the European miles on one tank of fuel: impressive. Even more impressive was the amount of Merlot crammed into it on the way out of France.

There are always Porsches at Essen, but the number of classic Porsche cars on show in 2014 was lower than in previous years. Some very lovely 356s, a handful of pre-1968 911s and not as many impact bumper (IB) cars as two years ago. I spotted one or two 928s, but 924s and 944s were thin on the ground.

A good showing of Porsche 964 911s this year. A yellow 964 Speedster below was tucked in one hall: seemed like a sensible Essen price circa €120k but I didn’t study it too hard after finding a few details lacking. One Lemon Yellow Porsche 911 3.2 Speedster was a favourite car this trip: on the lottery wish list.

You’ll need a lottery win if rising IB Speedster prices keep at it. One of my travelling companions owns a 3.2 Speedster in black with less than 20k miles and full Porsche history. As a low-mileage narrow-body 3.2 Speedster recently sold for £250k at auction, he’s overdue an updated Porsche 911 agreed insurance valuation.

Life doesn’t get much better than a road trip into Germany with beer-loving friends. I highly advise you to follow my lead.