The Low End Of The Speedster Market

Good Morning! It looks like Friday saved the week as our sell-through rate and dollar volume spiked back up to where we were last weekend. But will it continue?

In tomorrow’s edition of Sunday Drive, I’ll dive into the month of May with a recap of all the pricing action we saw and what I believe the future holds for the Porsche market as we navigate through the spring and into the summer selling season.

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THE MARKET

Sell-Through Rate (STR): 79%
Market Volume ($): $1,204,263
Market Volume (Units): 19

TOP SALES

2022 Porsche 911 GT3 Touring 6sp $285,000 Bring a Trailer
2022 Porsche 911 GT3 $245,500 PCARMARKET
2021 Porsche 718 Cayman GT4 6sp $153,000 Bring a Trailer
2008 Porsche 911 Turbo Cab. 6sp $86,997 Bring a Trailer
2012 Porsche 911 C2S Cab. 7sp $71,000 Bring a Trailer

SPOTLIGHT

First introduced in 1954 on Porsche’s 356, the Speedster was conceived after a request from US distributor Max Hoffman for a lower-cost, more spartan open-top version that he believed would sell in the American market. And sell it did, the instant hit became the choice of celebrities and weekend racers alike.

In the late ‘80s, Porsche decided to bring back the Speedster moniker for the 1988 model year and introduced the G-Body 911 Speedster. Like the 356, the 911 had a low-slung windscreen and little equipment with the manual top hidden under a plastic bubble behind the seat.

With the success of the G-Body, Porsche continued the Speedster tradition for the next generation with the 964 Speedster released in 1992 and sold as 1993 and 1994 models. That car too featured a low-slung windscreen, no air conditioning, electric windows, or airbags, and received the seats from the Carrera RS. Due to the success of the ‘88 car, Porsche planned to build 3,000 964 Speedsters but due to market conditions, only about 930 examples left the factory.

Out Spotlight car, the 1994 911 Speedster pictured above is one of 427 964 Speedsters built for the US market. It’s finished in Black over Black with Grey leather seat inserts (remember, Carrera RS), and features Yellow seatbelts and other Yellow accents throughout the interior. It shows 52,000 miles, has had six owners, and features an aftermarket exhaust and ECU tune. It is presented in very nice condition with over 200 pictures showing a very clean body, engine bay, and undercarriage as well as plenty of service history and “white-glove” paint meter readings. This example failed to sell at a high bid of $140,000.

While not the lowest production numbers of the 911 Speedster family (only 356 997 Speedsters were built), it occupies the lowest rung of pricing of the four 911 Speedster variants with average prices of just over $200,000. When looking at comps for high-mileage Speedsters the highest-mileage car over the last year was a 43,000-mile car that sold for $175,000. To find a comp with similar mileage we have to look back to 2019 where a 51,000-mile example brought $123,000.

Based on those numbers the high bid of $140,000 isn’t far off. Perhaps $150, maybe $155 would have taken this home, but as the market sits right now, the seller might be correct in saving this sale for another day. I would have held onto this one too.

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