Is the Porsche 992 GT3 market going south?

[nickfrog]

Dimebars said:

But its been said repeatedly here already - the market is doing everything you'd expect of it

Exactly this. For all we know the 992 GT3 is following the same depreciation curve as the 991 GT3. No need for any bizarre schadenfreude. Weird thread.

[av185]

911hope said:

As for the RS cars on sale for c£500k, the next owner will take a serious loss on resale.
Perhaps £150k down in a year!

Said it before that is their choice....if someone is insane enough to pay this kind of overs even for an RS they deserve everything they lose when they sell it on again. A fool and his money etc.

Again, you are tending to conflate depreciation from cloud cuckoo speculative flippers highs which a second or third owner CHOOSES to pay due to their stupidity in order to secure a car with actual real world depreciation.

[911hope]

nickfrog said:

Exactly this. For all we know the 992 GT3 is following the same depreciation curve as the 991 GT3. No need for any bizarre schadenfreude. Weird thread.

So many people seem to get confused about depreciation, which is loss of value of an item as it ages.

When the value of 1 year old cars in 2023 is say 20% lower than a similar 1 year old car was worth in 2022, then it indicates that the market has gone down.

If people would like to reference depreciation, we could assert that the rate of depreciation is increasing as the market for these cars goes south.

Evidently, this has happened. Saying this always happens with GT3 cars does not make this less true.

It will be interesting to see how much further it moves. £175k seems to be the new floor.

[Far Cough]

I've got me eye on a 992 GT3. It's was 205k two weeks ago. Then it dropped to 199k and this week it's at 189k.

This is getting closer to RRP by the week and as Xmas is only round the corner there is more drops to come. One thing that has been overlooked is that as the overs market declines , the part ex offers also decline when discussing a sale and the cost to change.

[911hope]

av185 said:

Interesting point Nick.

Using prices for decent spec and average mileage OPC listed Clubsport cars with ceramics percentage wise the used 991.2 averaged c22% over basic list in June 2020 at around 2 years old. In June 2022 this percentage increased to c40% over basic list.

For the 992 assuming a used sale price of £215k for a similar car the percentage over basic list is c36%.

How is this assessment looking 8 months later?

[av185]

911hope said:

When the value of 1 year old cars in 2023 is say 20% lower than a similar 1 year old car was worth in 2022, then it indicates that the market has gone down.

Doubtful a 2022 GT3 is now worth a whole 20% less than a same spec and miles 2021 GT3 12 months ago?

[911hope]

av185 said:

911hope said:

When the value of 1 year old cars in 2023 is say 20% lower than a similar 1 year old car was worth in 2022, then it indicates that the market has gone down.

Doubtful a 2022 GT3 is now worth a whole 20% less than a same spec and miles 2021 GT3 12 months ago?

I did use 20% depreciation as an example, but this can be tested by looking at what was said on the subject a year ago, on this thread.

Here's a post from late September 2022.

911hope said:

Looked at all 2021 GT3 on Autotrader. cheapest dropped by £1k.

Non CS outnumber the CS cars by about 10%

Non CS asking prices range from £210K to £230K (mean £220k)

CS cars asking prices range from £215 to £240 (mean £228k)

Here is a CS car, with all performance extras at £180k.

https://www.autotrader.co.uk/car-details/202305117...

You can even have 2022 CS car for £180K

So 180/215 is 16.3% depreciation.

[PinkHouse]

911hope said:

Here is a CS car, with all performance extras at £180k.

https://www.autotrader.co.uk/car-details/202305117...

You can even have 2022 CS car for £180K

So 180/215 is 16.3% depreciation.

This car has pretty much every option going - even the body coloured stitching, painted aircon vents and upgraded seat inserts for all the additional performance gains!

[VorsprungT]

Saw that blue one at East London a few weeks ago, it was in awful condition with half the letters missing from the badge. Not surprised it's the cheapest in the market.

I think it's easy to give armchair opinions, when in reality a buyer would consider the range of cars out there and happily pay 5/10/15K more for the right spec, condition etc. That one is clearly, the bottom of the market or very close currently.

[Far Cough]

VorsprungT said:

Saw that blue one at East London a few weeks ago, it was in awful condition with half the letters missing from the badge. Not surprised it's the cheapest in the market.

I think it's easy to give armchair opinions, when in reality a buyer would consider the range of cars out there and happily pay 5/10/15K more for the right spec, condition etc. That one is clearly, the bottom of the market or very close currently.

Exactly that........... At that price point an extra £5k for the better spec, condition and probably a few less miles is always going to win out. That said, it could be a cheap ( relatively speaking ) purchase for someone who is already stretching themselves just to get into a 992 GT3.

[911hope]

Far Cough said:

VorsprungT said:

Saw that blue one at East London a few weeks ago, it was in awful condition with half the letters missing from the badge. Not surprised it's the cheapest in the market.

I think it's easy to give armchair opinions, when in reality a buyer would consider the range of cars out there and happily pay 5/10/15K more for the right spec, condition etc. That one is clearly, the bottom of the market or very close currently.

Exactly that........... At that price point an extra £5k for the better spec, condition and probably a few less miles is always going to win out. That said, it could be a cheap ( relatively speaking ) purchase for someone who is already stretching themselves just to get into a 992 GT3.

They could always go for the even cheaper (relatively) £175K 2022 car.
Or wait a few more months until.........

[Far Cough]

yes but ................... I want , I want generation .............. and will strap myself up the neck to have it now.

You only have to go into some of the sty London estates. People are happy to live in a hovel but have a top of the range motor parked somewhere close.

I saw a post somewhere else asking the question , does a premium car now signify wealth , or the fact you are happy to borrow yourself upto your ear holes ? But I digress ...

[911hope]

There are several pre-registered GT3s available, now.

https://finder.porsche.com/gb/en-GB/details/porsch...

https://finder.porsche.com/gb/en-GB/details/porsch...

https://finder.porsche.com/gb/en-GB/details/porsch...


https://finder.porsche.com/gb/en-GB/details/porsch...


https://finder.porsche.com/gb/en-GB/details/porsch...

https://finder.porsche.com/gb/en-GB/details/porsch...

Is this due to the would-be buyer pulling out, or OPCs abusing their allocations?

You can have one for £190K List with options about £170K

[cayman-black]

Never the less a £20k premium right now is still incredible.

[Denno B]

cayman-black said:

Never the less a £20k premium right now is still incredible.

Are they going to sell for a premium though.

[Sukh13]

Six being available suggests that the premium is vaporware

[LamedonM]

Far Cough said:

yes but ................... I want , I want generation .............. and will strap myself up the neck to have it now.

You only have to go into some of the sty London estates. People are happy to live in a hovel but have a top of the range motor parked somewhere close.

I saw a post somewhere else asking the question , does a premium car now signify wealth , or the fact you are happy to borrow yourself upto your ear holes ? But I digress ...

Value laden posts like this do irritate a lot. Because somebody is living in a council estate does not mean they are poor, it is the same finance companies that are lending money to majority of people on Pistonheads, that are lending money to 'these council estate people, with the same affordability checks' A lot of people in council estates may be there because they don't want to mortgage themselves to death. Those cars you see parked in council estate areas might have been bought cash.

[911hope]

£170k now gets you a 2021 992 GT3 with 6k miles.and all the options...from an OPC... seller lucky to have got £165k for it.

Would have cost at least £220k a year ago...

[av185]

Still c £15k prof on price paid assuming they took only £165k.

Not bad whos complaining for 2 years ownership and 6k miles in a decent car.

[Denno B]

av185 said:

Still c £15k prof on price paid assuming they took only £165k.

Not bad whos complaining for 2 years ownership and 6k miles in a decent car.

Don’t know about this specific car but some owners last year would have paid £220k so list price will be irrelevant to them if trying to get out now. Imagine asking Porsche for a px or buy price, they would get bent over.