The answer depends on the Porsche in question and who you ask. A few months ago I wrote an article about a 928 GTS that sold for the record price of $92,500. This represented a premium of $7,000 above it’s original selling price. Not huge, but gigantic when compared to its lesser priced contemporaries (the 928S, S2, S4, 928 GT, etc.).
Last April, Michael Willhoit told me, “I believe in the 928 and have done everything in my power to keep the car in the public eye and help people to appreciate their true value.” Well, just this week, he made good on that statement for the second time this year when another super low mileage 928 GTS he sold set a record sales price of $103,500 (almost $20k more than the original sticker)
Built in 1995, this newer 928 is a year younger than the first GTS mentioned above, has the same low mileage (6k) and is in the type of condition you would expect for that kind of premium; AS NEW!
While not all Porsches are recession proof, certain models are definitely holding their value better than others (such as the 930 and 993 series). While others, like the two 928s mentioned above, are appreciating at a fantastic rate. As I’ve said before, the market might be soft, but good, clean cars are still hard to come by and people still pay for quality and exclusivity.
What other models do you think will see appreciation over the next few years? Personally, I think a rust free 914 would be a great buy right now.
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The Three Most Common Myths about the Porsche 928
[Source: Willhoit Enterprises]
View Comments (18)
Nice car, maybe too nice to drive. I don't think cars are a recession proof investment, there may occaisionally be one like this that finds a buyer at a high price, but it's the exception, not the rule.
What is worth pointing out is that Porsches do hold a greater % of their original selling price, compared to other cars. Just like anything else there are good examples that have been meticulously cared for, and others that have been neglected or hideously modified.
So I guess it's more about the individual car, rather than "all Porsches".
Good question. I think it depends on the model and the condition. Not all Porsches for sure. But many, low mileage models will be a safe place to park your money. If you are looking for fast appreciation no. But if you want to drive your money instead of watch it, a decent low mileage P-car is a place to put your money.
BUT, you can't drive it much or the value will decrease. This is the pain I feel with my 62k mile 911SC. I love it, but to keep the value up, I rarely drive.
Personally, I think saying to think of a Porsche as a sound financial investment is like telling someone botox injections and *ahem* "body" augmentations are a foolproof way to improve their appearance. With both, the introductory price is usually high, there's always maintenance surprises popping up, and don't even think about trying to turn a profit via resale!
All joking aside, I really don't see the point of "investing" in a Porsche, unless the reasons aren't for monetary gains. I have the utmost respect for folks who have a veritable Porsche museum for a garage, filled with rare racers and production models; but at the core of Porsche ownership, I think the passion of the drive is what is most important, not status or rarity of a specific car. The person who paid $103k for this 928 is a complete fool because they will either waste thousands of dollars logging miles on the car (and thousands more when the engine seals and gaskets, dried into antiquity, decide to fail) or worse, miss out on the opportunity to place a balanced and powerful sports car where it belongs -- on the road. I know there's many who will vehemently disagree this opinion, but I really couldn't care less.
You guys keeping your cars in the garage are really missing out on something special. :-D
I'm going to second Andrew's opinion - not on the Botox and augmentation as I have no experience with either - but on the car. Let's see, 6,000 miles driven in 15 years - that's 400 miles per year, a little more than a mile a day. Can't have much fun with that.
Then there's my once gorgeous 944S2. 12,000 miles on the clock when I bought her in '06. 8,000 miles, three track events and a year later, she has scored cylinders #1 and #3. As a garage queen, she wasn't able to make the transition to a street/track beast. Like a wild animal raised in captivity. Thankfully, after a turbo swap, all is well so far. Just ran Mid-Ohio last weekend. That's one place that 928 will never be seen.
Then there's my '07 997. Still less than 10,000 miles on her and I'm feeling guilty about that. Got her with 700 miles two years ago. Guess what - the RMS had shrunk and dried so it leaked within the first month after I bought her (thankfully under warranty).
As for keeping the value up, it seems like you need to never drive them to do so. That's not good. Even a little driving and the values will fall. I will disagree with Andrew on one point, Not all Porsches hold their value better than other cars - just ask 996 and Boxter owners.
errr Boxster
John, you do know that finding a rust-free 914 (ORIGINAL) would be like America finding a balanced budget, right? I mean, it COULD be there, somewhere, but there's going to be one Hell of a catch! The 914 me and my dad fixed up had the battery tray disintegration disorder and a couple other spots under the weather stripping -- but it started making more after we took to restoring it!
Unquestionably, the proper Porsche "bought right" is a fantastic and perhaps very nearly a recession-proof investment. The 930 I bought and drove the snot out of, doubling the mileage in 12 years (to 25k), fetched 20% more than I paid for it way back when. To think, had I (not that I would), bought a late '90s Vette, it would be worth, what, $15,000? Like the article said, in the 911 family, it's looking like the 993 is where a guy wants to be. I've had one for about a year. Investment be damned, I drive it every opportunity possible. Just love the thing!
The 996 turbo has been a horrible investment with every mile you put on it, But a truly great great car! !Maybe some day ,people will reconize its super engine and wonderful driving ability.
I have to agree with what others have said so eloquently already. I recently purchased a 993 (1995) in pristine condition with about 68,000 miles on it and got it for a song. If I wanted an investment vehicle, there are plenty of other cars out there that I could stick in the garage and watch my investment grow. I just LOVE my 993 though and I take it out every chance I get. Is it a daily driver - no. I bought a Porsche to drive it...not to collect it...
I HAVE a balanced budget! Actually I've had it all its life.
Yes, sports fans, residing in my 'Toy Box' is an original, un-restored, matching numbers, unmolested and rust free Nepal Orange 1976 V W Sport Coupe, aka 914, in pristine show car condition that I have owned since it was a baby. (New) It is a muti concours winner including Porsche Parade Division in Preservation Group.
Is a Porsche a good investment? Probably not. My fading window sticker and fading memory says my car cost me around $8,250.00 plus tax and title, so considering Excellence says an excellent example would be worth maybe $20k, I'd say with inflation, the answer is no.
Do I have fun with it? Yes. Do I drive it? Yes, but only 1,000 miles a year to shows and PCA events. It's just shy of 34k. Would I part with it? Maybe. For the right price most anything is for sale, but please remember that I'll want a ton of cash so that I can prove/disprove the investment claim, depending on your point of view.
Is a balanced budget a good investment? Well, if you ask Obama the answer is a resounding "No!" If you ask the average Joe the Plumber who has to pay the bills the answer is quite the oposite.
Oh, B T W, autographed pictures are available for the aforementioned VW Sport Coupe/914 for a small fee to help subsidize the care and maintenance of the other two air cooled vintage antique collector show cars residing with it in the "Toy Box'.
You are offensive. Casting aspersions toward plumbers who bill on the average $100/hour, and you're asking for money for pictures of your 'no-one wants it orange' car? See you at comic con...