Porsche buying experiences from a decade ago
Discussion
What was it like compared to today? Did they incentivise sales or slash production during the financial crisis? Was the gap between used and new much wider than today?
I’m particularly interested to know if they (OPCs) offered any incentives during the GFC or discounted in any meaningful way? Perhaps with 0% APR offers or generous contributions?
I find it very surprising that today people will pay c6.9% for their finance from Porsche/VW whilst interest rates are almost rock bottom. Clearly that currently works for Porsche but what if there was a downturn, maybe not as bad as the GFC, but a recession nonetheless?
My curiosity on this topic stems from looking at the used 991 targa market and finding it incredible that 20k miles and 4 years means only a saving of c9% off the original list price. This has made me think there’s no point buying used but also got me wondering what it was like before the $trillions of QE (in my opinion) distorted everything.
This is not meant as another thread on future values, just about what buying a Porsche was like during the last downturn.
I’m particularly interested to know if they (OPCs) offered any incentives during the GFC or discounted in any meaningful way? Perhaps with 0% APR offers or generous contributions?
I find it very surprising that today people will pay c6.9% for their finance from Porsche/VW whilst interest rates are almost rock bottom. Clearly that currently works for Porsche but what if there was a downturn, maybe not as bad as the GFC, but a recession nonetheless?
My curiosity on this topic stems from looking at the used 991 targa market and finding it incredible that 20k miles and 4 years means only a saving of c9% off the original list price. This has made me think there’s no point buying used but also got me wondering what it was like before the $trillions of QE (in my opinion) distorted everything.
This is not meant as another thread on future values, just about what buying a Porsche was like during the last downturn.
I can remember back when 2008 happened, 996s were losing £1k a month and for a lot f owners who had financed to the hilt it was a scary time, They couldn’t sell and could just see negative equity building on an asset that was dropping like a stone.
I think it was a game of two halves, if you had a job you were laughing as interest rates dropped and mortgage cost dropped through the floor. If this was you you were loaded.
If not you were in the s
t.
No idea how the Porsche dealers coped, but I don’t recall the OPCs suffering much.
With interest rates still at crazy low levels I have never understood why anyone would finance through a dealer at 6% when high street banks were offering 2%.
The way modern 911s hold there value is quite surprising, but then if you are in for £80k then I guess you would be happy. It will be interesting to see if it lasts.
I think it was a game of two halves, if you had a job you were laughing as interest rates dropped and mortgage cost dropped through the floor. If this was you you were loaded.
If not you were in the s
t.No idea how the Porsche dealers coped, but I don’t recall the OPCs suffering much.
With interest rates still at crazy low levels I have never understood why anyone would finance through a dealer at 6% when high street banks were offering 2%.
The way modern 911s hold there value is quite surprising, but then if you are in for £80k then I guess you would be happy. It will be interesting to see if it lasts.
I was at an OPC at the time. The dealers just reduced their overheads (staffing levels) to a suitable level and Porsche put the brakes on supply. If there were any stock cars then there were deals to be had on those, but no 0% finance. A good value UK-only Boxster Sport Edition was launched, but nothing much beyond that. Supply and demand has always been the key word, so no real deals on new cars but that has meant strong residuals on the used cars and confidence in the future values which is what buyers want. Still my favourite and easiest brand to sell.
supersport said:
With interest rates still at crazy low levels I have never understood why anyone would finance through a dealer at 6% when high street banks were offering 2%.
I think because a) buying using OPC finance gets you in bed with the dealer and b) buying on PCP can get you a lower monthly payment, even if you’re paying more in interestEarly 2009 got 17% discount on a new stock 987.1cs, and in late 2011 got roughly the same on a new stock 987 Spyder ( no finance taken from OPC)
Lots of cheap second hand cars as well ie fairly new GT cars under list , any one who thinks this won't happen again is foolish the cracks have already started to appear with amount of cars for sale and falling prices!
Lots of cheap second hand cars as well ie fairly new GT cars under list , any one who thinks this won't happen again is foolish the cracks have already started to appear with amount of cars for sale and falling prices!
GT4P said:
Early 2009 got 17% discount on a new stock 987.1cs, and in late 2011 got roughly the same on a new stock 987 Spyder ( no finance taken from OPC)
Lots of cheap second hand cars as well ie fairly new GT cars under list , any one who thinks this won't happen again is foolish the cracks have already started to appear with amount of cars for sale and falling prices!
I agree, the 11 year bull run is slowing down, and its not good when it slows down. Interest rates are already rock bottom, so will be interesting to see how the down turn is dealt with this time around. 10 Years ago alot of people offloaded cars, full buyers market and I saw 30K drops in things like the F430 and Gallardo, no one wanted a GT car so demand was little. As mentioned if everyone is in jobs, businesses still do ok, interest rates are still low, it might not be that bad.........only time will tell but I hope the 458 Spider or Gallardo Performante drop alot so I can buy lol.Lots of cheap second hand cars as well ie fairly new GT cars under list , any one who thinks this won't happen again is foolish the cracks have already started to appear with amount of cars for sale and falling prices!
I got £10k off a brand new manual 997 GTS early 2011, without trying, and could of probably pushed for a bit more but had a good relationship with OPC so didn't want to take the pi s s. Also at the time GT cars were the correct value - nothing was over list. It's dangerous to think the same can't happen again. At the moment no one truly knows what the fk will happen, and it'll be the same for a year or so yet, but any *confirmation* of a negative in the economy and high-value cars will take a slap. My worry is - manufacturer's have rammed so much product into us this past 6-7 years with cheap PCPs, contributions, deals etc etc that more of us now have these cars as 2nd/3rd/4th vehicles (weekend toys).. and we all know what is the first thing to go in a recession or downturn whatever you want to call it
k will happen, and it'll be the same for a year or so yet, but any *confirmation* of a negative in the economy and high-value cars will take a slap. My worry is - manufacturer's have rammed so much product into us this past 6-7 years with cheap PCPs, contributions, deals etc etc that more of us now have these cars as 2nd/3rd/4th vehicles (weekend toys).. and we all know what is the first thing to go in a recession or downturn whatever you want to call itPhooey said:
I got £10k off a brand new manual 997 GTS early 2011, without trying, and could of probably pushed for a bit more but had a good relationship with OPC so didn't want to take the pi s s. Also at the time GT cars were the correct value - nothing was over list.
Same here - bought my first Porsche in 2011 - 997 GTS - achieved a really good deal with discount. Could easily have purchased one of the 2 or 3 997.2 GT3 that were on the forecourt at the time or order a new one for delivery with no issue - as i even weighed up the options with the sales at the time vs my intended usage.The market a decade ago. In 2006 I picked up a 997.1 turbo at a factory collection in Stuttgart. In 2007 I bought a 964RS for low £40k. Mid way through 2007 I was asked if I wanted a GT2, there being a limited allocation of roughly 1 per OPC. I took delivery of the GT2 in May 2008. By then the market was looking a bit soggy and the bid on my turbo was discouraging so I kept it as well. Some time later I traded the GT2 at list, bought a new 430 at an attractive discount, and traded the 964RS for a 996.2 GT3.
In soft markets buying is not the problem necessarily but selling may not be that easy and it pays to be able to hold a position until the climate improves. With the benefit of hindsight not all of these deals were as prescient as they might have been
In soft markets buying is not the problem necessarily but selling may not be that easy and it pays to be able to hold a position until the climate improves. With the benefit of hindsight not all of these deals were as prescient as they might have been
Edited by lowndes on Wednesday 19th December 15:57
lowndes said:
The market a decade ago. In 2006 I picked up a 997.1 turbo at a factory collection in Stuttgart. In 2007 I bought a 964RS for low £40k. Mid way through 2007 I was asked if I wanted a GT2, there being a limited allocation of roughly 1 per OPC. I took delivery of the GT2 in May 2008. By then the market was looking a bit soggy and the bid on my turbo was discouraging so I kept it as well. Some time later I traded the GT2 at list, bought a new 430 at an attractive discount, and traded the 964RS for a 996.2 GT3.
In soft markets buying is not the problem necessarily but selling may not be that easy and it pays to be able to hold a position until the climate improves. With the benefit of hindsight not all of these deals were as prescient as they might have been
That's the best photo I've seen for a while! What a selection In soft markets buying is not the problem necessarily but selling may not be that easy and it pays to be able to hold a position until the climate improves. With the benefit of hindsight not all of these deals were as prescient as they might have been
Edited by lowndes on Wednesday 19th December 15:57
jakesmith said:
lowndes said:
The market a decade ago. In 2006 I picked up a 997.1 turbo at a factory collection in Stuttgart. In 2007 I bought a 964RS for low £40k. Mid way through 2007 I was asked if I wanted a GT2, there being a limited allocation of roughly 1 per OPC. I took delivery of the GT2 in May 2008. By then the market was looking a bit soggy and the bid on my turbo was discouraging so I kept it as well. Some time later I traded the GT2 at list, bought a new 430 at an attractive discount, and traded the 964RS for a 996.2 GT3.
In soft markets buying is not the problem necessarily but selling may not be that easy and it pays to be able to hold a position until the climate improves. With the benefit of hindsight not all of these deals were as prescient as they might have been
That's the best photo I've seen for a while! What a selection In soft markets buying is not the problem necessarily but selling may not be that easy and it pays to be able to hold a position until the climate improves. With the benefit of hindsight not all of these deals were as prescient as they might have been
Edited by lowndes on Wednesday 19th December 15:57
. Think there were only 2 grey UK GT2s
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