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.

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.

Porsche Insurance Valuations for All Models

Market valuation insurance policies on classic cars are the wrong way to go. If someone steals your classic Porsche in impeccable condition tomorrow, a market value policy will create no end of hassle and may leave you seriously out of pocket. This is when you need an agreed value classic Porsche insurance policy with assistance from a UK valuation expert.

Porsche Insurance Valuations UK

Porsche valuation consultant, John Glynn, has clocked up almost thirty years in the motor industry, buying and selling cars for trade and retail. John also spent ten years as an Editor with Glass’s Guide in the UK valuing older cars, vintage classic vehicles and ‘modern classics’, for clients in the trade and the financial services industry.

“Always run an agreed value policy on your classic Porsche,” John insists. “It’s the easiest way to ensure you will be properly compensated should the worst ever happen. Never leave the total loss of a car worth tens of thousands of pounds open for debate. Always agree a value.”

John does agreed insurance valuations on classic Porsche cars that are accepted by every UK insurance company, even when an independent engineer’s inspection is required to begin with. Agreed valuations cost £35. Go to our ‘Get A Valuation‘ page to submit your details.

Don’t own a Porsche? We own, collect and issue insurance valuations for all makes and models of classic cars. Contact us for more information.

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.