996 resale value. 27% drop in 9 months from new!
Discussion
rich1231 said:
Jesus H, its like pulling teeth talking to you. You know exactly what I mean and yet you continue to be a pedantic bleep. Ok so I buy a ST24 brand new, how much will it be worth in a years time, 50-60 odd percent of list?
I wasnt intending to ge my calculator out like you seem to want to do.
50-60% of list perhaps. Which part of " no one pays list" for these (mondeos et al) is beyond your understanding ?
Look at the price people actually pay for these cars, look at the trade values and get your calculator out. Look at what you have posted and reconcile the reality with your statement.
Mainstream Porsches depreciate the same as other manufactures cars. You have to compare the price paid and the price sold to get a true picture. £18K and 27% are the figures quoted for this 996 and I wouldn't expect to lose more on a mainstream car.
The moral of the story is, buy a porsche and keep it because it is fantastic legendary sports car. Dont buy it because it is the latest model. Dealers always win.
Or preferably buy something less likely to depreciate and that will become a classic like the GT3, or an RS model.
Ive recently bought a Mk1 gt3. I could have got myself a new 997 instead or even a 996 turbo. I havent driven the other cars, but I know there would be no comparison.
Or preferably buy something less likely to depreciate and that will become a classic like the GT3, or an RS model.
Ive recently bought a Mk1 gt3. I could have got myself a new 997 instead or even a 996 turbo. I havent driven the other cars, but I know there would be no comparison.
Fantastic car Steve......personally i would SELL!!!
it will be a lot cheaper in a year////as mentioned there are 4-5 996TT for every 993TT...when talk of 997TT comes about there will be a lot of people looking to jump....then you add in probable Bk of England rate hilke tomorrow....cooling housing market in due course...now is the top of the current 996TT market.
BUT....does any of that matter? what on earth are going to buy that will be as good even if you buy it back much cheaper in a year or so....A really difficult decision to make. Either way your choice will probably be right for different reasons
it will be a lot cheaper in a year////as mentioned there are 4-5 996TT for every 993TT...when talk of 997TT comes about there will be a lot of people looking to jump....then you add in probable Bk of England rate hilke tomorrow....cooling housing market in due course...now is the top of the current 996TT market.
BUT....does any of that matter? what on earth are going to buy that will be as good even if you buy it back much cheaper in a year or so....A really difficult decision to make. Either way your choice will probably be right for different reasons
GetCarter said:
Hmmmm
I've just been offered nearly 90% of what I paid 10 months ago S.O.R. on my 996 Turbo X50. I now have to decide whether to sell now or stay the distance.
Methinks there will be no middle ground.
Did you buy it new? And when you say you must sell it now or stay the distance, I take it you mean you think there will be a steep drop in value around the corner? But surely the biggest drop happens in the first 12 months. I am confused!
The other thing is......what would you replace it with? A Ruf?!
How many private individuals buy a car (mondeo, porsche or whatever) in order to turn a margin? You buy the car because you want to and part of that decision has to involve the fact that you are going to lose a lot of money on it (if bought from new). Can I suggest people stop whingeing about taking the loss. I've got a 2003 996 so I'm sitting on a huge loss but I'm not going to off-load it just yet and I expected to take a loss. Don't buy a depreciating asset and expect to make money. Buy a Monet.
johnny senna said:
Hmmmm
I've just been offered nearly 90% of what I paid 10 months ago S.O.R. on my 996 Turbo X50. I now have to decide whether to sell now or stay the distance.
Methinks there will be no middle ground.
Did you buy it new? And when you say you must sell it now or stay the distance, I take it you mean you think there will be a steep drop in value around the corner? But surely the biggest drop happens in the first 12 months. I am confused!
The other thing is......what would you replace it with? A Ruf?!
Probably the most stupid thing I ever did was buy a Land Rover new - which did, as you say plummet. In fact I lost 1/3 of its value in the first year. Conversely, I bought one of the first of the new M3's and was offered £5k more than I paid for it when it was 3 months old.
As there is a - l o n g - wait for the turbo - and some people always want one NOW, depreciation is much slower than on more 'popular' models.... as demonstrated by a mate of mine up here in Scotland (a fellow PHer) who just sold his 8 month old turbo for well over 90% of the purchase price. Provided the spec and colour are right and the mileage stays low - the price remains high.
However with the 997 turbo being due in a couple of years, demand for the 996 will surely drop (probably already started) - hence I sell now or keep it for the long term (or just bite my lip and take the 'hit').
Buying new cars is probably stupid. Spending that amount of money on a car is definitely stupid. Ergo - I'm stupid. My mother was obviously right all along.
Steve
fulham911club said:
How many private individuals buy a car (mondeo, porsche or whatever) in order to turn a margin? You buy the car because you want to and part of that decision has to involve the fact that you are going to lose a lot of money on it (if bought from new). Can I suggest people stop whingeing about taking the loss. I've got a 2003 996 so I'm sitting on a huge loss but I'm not going to off-load it just yet and I expected to take a loss. Don't buy a depreciating asset and expect to make money. Buy a Monet.
possibly the only sensible message on this thread.
cars lose money. that's life. i've lost over 100k in depreciation in the various cars i've owned but don't regret a single purchase. you can't let the depreciation factor spoil the enjoyment of owning these great cars
buy one, run it, sell it get another. you can't take it with you when you go, and the money you lose isn't going to be the difference between life and death so just accept it! 911fan said:
Clubsport,
Re; the bloomberg ads, can you please post the web details where I can have a look at them?
Much obliged.
Bloomberg is an independent system...you can't just see it on the net,unless you have a log on,these normally cost about £12-15k p.a. per terminal,,if you tell me what you are looking for and i can mail if something arrives,,,there were 4x 996 yesterday, 1xTT, 2 x boxster, 1x 550 maranello...sometimes you get ads offered for a week or so and then...dealer offered this, will go to px in 3 days unless anyone can do better....as it is mostly for the financial community, often people who call have the disposable to buy such cars.
Guys - for the record Porsche dealers make 10% margin on 911 and 12% on Boxster. This is not all up front: PCGB hold back a chunk to ensure franchise standards are upheld. On used cars, a certain rather influential dealer group targets an average £2,100 (net) - anything approaching £3k would be deemed pretty special. Stuart, your dealer does appear to be a little cheeky and you will find others prepared to pay more. If you don't have the inclination, let me know your full spec. and mileage and I will get you some other bids.
GetCarter said:
GetCarter said:
Hmmmm
I've just been offered nearly 90% of what I paid 10 months ago S.O.R. on my 996 Turbo X50. I now have to decide whether to sell now or stay the distance.
Methinks there will be no middle ground.
Did you buy it new? And when you say you must sell it now or stay the distance, I take it you mean you think there will be a steep drop in value around the corner? But surely the biggest drop happens in the first 12 months. I am confused!
The other thing is......what would you replace it with? A Ruf?!
Probably the most stupid thing I ever did was buy a Land Rover new - which did, as you say plummet. In fact I lost 1/3 of its value in the first year. Conversely, I bought one of the first of the new M3's and was offered £5k more than I paid for it when it was 3 months old.
As there is a - l o n g - wait for the turbo - and some people always want one NOW, depreciation is much slower than on more 'popular' models.... as demonstrated by a mate of mine up here in Scotland (a fellow PHer) who just sold his 8 month old turbo for well over 90% of the purchase price. Provided the spec and colour are right and the mileage stays low - the price remains high.
However with the 997 turbo being due in a couple of years, demand for the 996 will surely drop (probably already started) - hence I sell now or keep it for the long term (or just bite my lip and take the 'hit').
Buying new cars is probably stupid. Spending that amount of money on a car is definitely stupid. Ergo - I'm stupid. My mother was obviously right all along.
Steve
Right I'm with you now. Thanks.
I hope to get a 996 Turbo in a year or 2. I would really prefer an X50 like yours. Obviously I'm hoping the values keep heading south for my own sake. Once I've bought it, I hope the depreciation stops and the dealer offers me free servicing because I am a nice chap.
I would definitely like to blag a passenger ride with you Steve at Vmax. I guess it will focus my mind on getting the readies together more than any motorshow would.
GetCarter said:
Johnny
Me being so remote (in more ways than one) you should check out Daz at Vmax - who has an almost identical spec to my car... and is, I can confirm, a mine of information.
Steve
>> Edited by GetCarter on Thursday 10th June 20:34
Sorry Steve, I was under the impression you were off to Vmax. I'll ask Daz for a ride then.
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