997 was one of only two cars sold...
Recent reports from CAP indicate that used prices have firmed-up in the past couple of months, so we went down to the Manheim auction at Bruntingthorpe, where there were a number of prestige and performance vehicles going under the hammer.
Despite some tempting cars getting close to their CAP Clean values (and some that didn't) and plenty of bidding action, a number of cars failed to sell. In fact, only two of the prestige cars up for grabs were sold on the day - and both were the only two that attracted bids higher than the CAP Clean figure. Coincidence?
Speaking to some of the trade buyers there gave an indication as to why the market is firming-up: in a nutshell, they'd rather pay strong money for a very good example rather than less for one that needs some attention. That, and the fact that the companies who bring the cars to auction are aware of a shortage of quality stock and so won't let it go for buttons.
...with this 996 cab the other
To illustrate this there was an 8000-mile 2008 M3 Convertible, which looked good in metallic grey with a red interior. It needed a wheel refurb, a little paintwork on the bonnet to sort out a couple of chips, and a small 'trolley' ding taking out of the boot lid - otherwise it was in fine fettle. With a CAP Clean value of £31,800, the bidding stopped at £29,300 (£30,147 including buyer's premium and VAT), but it didn't sell despite the fact that convertibles, unlike 4x4s, have seen their CAP values drop significantly.
Something that did sell was a 70,000 mile 2004 Porsche 996 Turbo Cabriolet which, save for a professional cut-and-polish, was in borderline-mint condition. With a CAP Clean value of £25,250 it was surprising to note the lack of raised eyebrows in the hall when it went for £26,400 (£27,160 in total.) The other car sold on the day was also a Porker - a 2006 997 S Tiptronic in very good shape despite a recorded mileage of 86,594. It sold for £26,000 (£26,750 all-in) against CAP Clean of £26,150.
Whereas this lightly tatty M3 didn't go
One trade buyer told me; "I'm not surprised. Recently we've been paying over book price for a mint car - especially if it's one we have a buyer waiting for. Good quality stock is in short supply and the finance companies are expecting a shortage of good cars, so they're holding-out for CAP Clean bids and upwards as the market firms-up."
It looks like the finance companies are adopting a forward-looking strategy, aware that lease terms have generally been extended and that there's been less de-fleeting of late than in the past - leading to fewer good cars being available.
The thing is that there were still a lot of clean prestige cars there which still didn't get anywhere near CAP Average - never mind CAP Clean. So with vendors holding out for strong money and buyers only prepared to pay such money for select cars, will the finance companies and such like find themselves with a lot of stock to shift in the near future?
We'll keep a close eye on the market to see how things develop; meanwhile here is a selection of other lots which didn't sell and their final bids.
*All prices include buyer's premium and VAT.
07 Porsche Cayenne S, 23,168 miles, minor chips/dents, £24,709 (CAP Clean £25,850)
04 Porsche Cayenne Turbo, 122,727 miles, minor chips/scratches, £9,453 (£10,050)
05 Porsche 911 S, 83,292 miles, noisy engine/minor chips, £21,634 (£22,500)
08 Audi A5 Quattro, 30,750 miles, very clean, £20,194 (£22,500)
02 Bentley Arnage T, 60,042 miles, very clean, £23,684 (£27,050)
10 Jaguar XJ V8 Portfolio, 13,445 miles, very clean, £38,729 (£40,200)
09 Jaguar XJ V8 Portfolio, 8,113 miles, clean, £36,503 (£41,800)
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