Is the used Porsche market slowing down?
With an ear to the ground, there are rumblings that the used 911 market is losing momentum. Undoubtedly we’re in times of global uncertainty, hot on the tail of a global pandemic, but is there any truth in it?
“In short, no,” says Philip Raby, of Philip Raby Specialist Cars, while highlighting the difficulty in predicting future trends. “When Russia hit, everything dropped overnight, but it came almost straight back,” he adds. Philip started selling 911s remotely during lockdown, and stresses that trend has accelerated. “The market is changing; people now look to buy remotely,” he says.
Jonathan Ostroff, sales manager of Hexagon Classics, echoes another key shift in buyers of late. “What we’ve learnt since March 2020 is that buyers are more focused, prepared to patiently wait for an example of their low mileage or their favourite metallic colour Porsche, before deciding to buy,” he says. “Unfortunately, there just isn’t enough quality stock to supply the market.
“The war in Ukraine has no doubt dented confidence in some sectors of the motor industry,” Jonathan continues. “There’s a shortage of new car parts causing disruption in production plants, and more universally the general hike in gas and oil prices is affecting decision making.”
Is all this causing owners to hang on to their treasured 911s? Yes. “In air-cooled cars, we’re not seeing as many 993 and 964,” says Philip, musing that people are probably keeping them rather than sell, but says 996 and 997 are hot sales property. Hexagon finds similar, leaning towards air-cooled. “The market for rare, modern classic Porsches has stayed strong,” says Jonathan. “Hexagon has watched steady market value rises, particularly for the very best 993, 964 and 997.2 cars. Low-mileage 930 Turbos have also been very popular.” If you have a desirable 911, you’re unlikely to look to sell, faced with an appreciating asset.
The take then seems to be that no, the market hasn’t slowed, but it is perhaps in flux. Buyers are happy to wait for their car, but equally owners aren’t as keen to sell. Online buying may be growing, but the reality is that a renowned 911 specialist has always been a safe way to source a car. Technology has just aided that process.