Is the Porsche 992 GT3 market going south?

[av185]

Posted before if someone is stupid enough to pay £220k for a flipped car they deserve to get raped on trade in price it really is their choice but more money than sense immediately comes to mind.

Different scenario of course for the first owner of that 2021 car which listed at c£127500 basic and c £150k specced up so as posted a £15k profit even accounting for the trade in price is not to be sniffed at for over 2 years motoring and 6k miles.

[Gregmitchell]

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.

It's not though is it, most people paid overs, those that didn't have to sell through OPS and get bent over, massive losses on these cars now for people who paid overs, bet they feel silly now

[Far Cough]

Alot of these cars are coming back to the OPC`s not in stock but SOR.

Once you factor in the 5% ( roughly , some OPC`s may charge more ) SOR premium, the owners will be lucky to get RRP back. Its slowly sliding back to normality.

[Evolved]

MX100 said:

911hope said:

911hope said:

Following the asking prices for GT3s, as the market dynamic interests me.

Everyone knows that used cars sell for a big premium over new, as it is the only way to get one.

A month ago most <1yo car would be advertised at about £240k, by dealers. Now it is £220k...~8% drop in a month!

So it the market starting to slide, for even this solid performer?

1 year later, you can have a 1 year old car for £175K

or a 2013 car with 300miles and all the options for £200K

There are 44 cars at £200K or less on the OPC site.

AT has 80 cars for sale. a year ago it was 30.

People are trying to get out.

I see the same (as a 991 GT3 owner)

First OPC 992 GT3 with decent options (PCCBs etc) in the 1,7s

Down it comes.

[PinkHouse]

Evolved said:

MX100 said:

911hope said:

911hope said:

Following the asking prices for GT3s, as the market dynamic interests me.

Everyone knows that used cars sell for a big premium over new, as it is the only way to get one.

A month ago most <1yo car would be advertised at about £240k, by dealers. Now it is £220k...~8% drop in a month!

So it the market starting to slide, for even this solid performer?

1 year later, you can have a 1 year old car for £175K

or a 2013 car with 300miles and all the options for £200K

There are 44 cars at £200K or less on the OPC site.

AT has 80 cars for sale. a year ago it was 30.

People are trying to get out.

I see the same (as a 991 GT3 owner)

First OPC 992 GT3 with decent options (PCCBs etc) in the 1,7s

Down it comes.

Be careful, you'll get accused of "talking down the market" soon!

[Sukh13]

Last year it was the cars are worth the overs as the market has dictated the price.

Now they are tumbling: if you paid the overs last year you are an idiot.

So we have had:
Car supply to remain low forever and a high margin future.
Sofa seats and plastic dashes
Overs show the market price last year, but now were for idiots who paid them
It's still over list
I'm sure winter prices is coming up next

Any other moving goalposts?

[PinkHouse]

Sukh13 said:

Last year it was the cars are worth the overs as the market has dictated the price.

Now they are tumbling: if you paid the overs last year you are an idiot.

So we have had:
Car supply to remain low forever and a high margin future.
Sofa seats and plastic dashes
Overs show the market price last year, but now were for idiots who paid them
It's still over list
I'm sure winter prices is coming up next

Any other moving goalposts?

"2023 list price is higher than 2021 list, so most owners are still in profit"

[911hope]

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.

Same spec comes in at £180k list price now, so was probably £160k new 2 years ago..so original owner may have had zero depreciation, if you ignore the finance cost.

[rawenghey]

LamedonM said:

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.

Exactly. It's just the usual moral high ground taken by people who are mortgaged to death on some oversized property against those who regularly finance new cars. One is considered faking it, whereas the other quite socially acceptable. If people looked at how much their home is actually costing them in purchase price plus interest over the total term their toes would curl. I'd much rather be under water on some PCP'd motor than a gigantic mortgage. Flogging a car you can no longer afford and taking the loss on the chin is easy. Uprooting yourself and disrupting the life of your entire family because you wanted a massive house you couldn't really afford is a far bigger deal.

Edited by rawenghey on Wednesday 18th October 09:53

[911hope]

rawenghey said:

Exactly. It's just the usual moral high ground taken by people who are mortgaged to death on some oversized property against those who regularly finance new cars. One is considered faking it, whereas the other quite socially acceptable. If people looked at how much their home is actually costing them in purchase price plus interest over the total term their toes would curl. I'd much rather be under water on some PCP'd motor than a gigantic mortgage. Flogging a car you can no longer afford and taking the loss on the chin is easy. Uprooting yourself and disrupting the life of your entire family because you wanted a massive house you couldn't really afford is a far bigger deal.

Edited by rawenghey on Wednesday 18th October 09:53

Defending the finance of property....it is not a depreciating asset and you eventually own it and can live your retirement with minimal accomodation costs.

If it was too large, then you can downsize and pocket some equity.

None of these apply to a lifetime of financing cars.

[LamedonM]

911hope said:

rawenghey said:

Exactly. It's just the usual moral high ground taken by people who are mortgaged to death on some oversized property against those who regularly finance new cars. One is considered faking it, whereas the other quite socially acceptable. If people looked at how much their home is actually costing them in purchase price plus interest over the total term their toes would curl. I'd much rather be under water on some PCP'd motor than a gigantic mortgage. Flogging a car you can no longer afford and taking the loss on the chin is easy. Uprooting yourself and disrupting the life of your entire family because you wanted a massive house you couldn't really afford is a far bigger deal.

Edited by rawenghey on Wednesday 18th October 09:53

Defending the finance of property....it is not a depreciating asset and you eventually own it and can live your retirement with minimal accomodation costs.

If it was too large, then you can downsize and pocket some equity.

None of these apply to a lifetime of financing cars.

Say that to people that their properties have been repossessed because of job loss, falling house prices and negative equities. Cars are much more liquid assets than houses and you can easily flog them (you can sell your cars within hours/days if desperate) or do voluntary termination (return the car to the finance company, if you have paid more than half of the overall finance cost). Finances on cars are fixed for their lifetimes and you own them at the end, if HP, whilst finances for properties are either variable or only fixed for 2-5 years, thus the reasons many are now finding it difficult to pay their mortgages when it is time to renew because of increased rate and inflation. The goal posts continue to change as determined by Bank of England. Hardly do families get torn apart or lives being lost because of re-possessed cars but all this happen because of repossessed properties

Increasing house prices are good for individuals but bad for the society, the youngsters are now being offered 35 year mortgages at monthly premiums that leave nothing else on the table and they would probably continue to pay mortgages until they retire

Please debates are debates and do not represent the real life situations of those making them. So don’t let us project.

[Far Cough]

C'mon own up ..... Who bought the CS in Crayon from Leicestershire ?

It was up for £189k ?

[Far Cough]

992 GT3 RS at Tonbridge has just had a haircut by £10k after only 2 weeks. Yours now for much cheapness !!

[GT4RS]

Here’s a question, who thinks we will see a
992 gt3 being advertised in a opc for 150k or less by spring?

[Far Cough]

GT4RS said:

Here’s a question, who thinks we will see a
992 gt3 being advertised in a opc for 150k or less by spring?

Personally I doubt it unless it is a poor spec and Spring time is when they generally start to creep back up as the nice weather returns.

Ashgoods have a GT3 for £79k now albeit a leggy 991.1 and comfort spec. Still a gamble on the 10yr engine warranty

[Pflanzgarten]

Far Cough said:

GT4RS said:

Here’s a question, who thinks we will see a
992 gt3 being advertised in a opc for 150k or less by spring?

Personally I doubt it unless it is a poor spec and Spring time is when they generally start to creep back up as the nice weather returns.

Ashgoods have a GT3 for £79k now albeit a leggy 991.1 and comfort spec. Still a gamble on the 10yr engine warranty

Why wouldn't the Porsche extended warranty cover it to 15 years?

[911hope]

Far Cough said:

992 GT3 RS at Tonbridge has just had a haircut by £10k after only 2 weeks. Yours now for much cheapness !!

I would guess that waiting a year will save you at least £100k.

[PinkHouse]

Far Cough said:

GT4RS said:

Here’s a question, who thinks we will see a
992 gt3 being advertised in a opc for 150k or less by spring?

Personally I doubt it unless it is a poor spec and Spring time is when they generally start to creep back up as the nice weather returns.

Ashgoods have a GT3 for £79k now albeit a leggy 991.1 and comfort spec. Still a gamble on the 10yr engine warranty

Around 3 months ago they were selling another 991.1 GT3 for roughly £115k!

[911hope]

2022 992 GT3 car for £168K. Fallen below the £170K previous low.

https://www.autotrader.co.uk/car-details/202309131...

[av185]

'Risen' above average mileage may well have something to do with the price. In fact a whole c 2k miles over.

As would the steel brakes of course.

Still way over list.