This 992 Was Once Our Top Sale, now...

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Good Morning! The market seems to have flat-lined, hovering around $1m n sales for the fourth market letter in a row, although our sell-through rate dipped a little below average at 69%. With no real heavy hitters in the pipeline save for a handful of GT cars and a 993 Turbo, I’m thinking we might see more of the same until things potentially ramp up in August along with the legacy sales in Monterey. We shall see.

THE MARKET

Sell-Through Rate (STR): 69%
Market Volume ($): $927,500
Market Volume (Units): 16

TOP SALES

2022 Porsche 911 GT3 6sp $260,000 Bring a Trailer
1985 Porsche 911 Coupe Backdated $178,000 Bring a Trailer
2022 Porsche 911 C2S Coupe $142,000 Cars & Bids
1988 Porsche 911 G50 Modified 3.3L Turbo $83,000 PCARMARKET
1963 Porsche 356C Coupe $72,000 Bring a Trailer

SPOTLIGHT

Porsche’s 992 Carrera S made its debut in November 2018 as a 2019 model-year car, but we didn’t see its auction debut until June 2020. That first listing was for a very nice Miami Blue 2020 example with only 2,009 miles, and it sold for $113,500. While other Porsches were shooting up in value, the 992 Carrera S was still acting like a normal new car and depreciating.

It wasn’t until June 2021 that the 992 Carrera S’ caught the “overs” bug and shot up in value like everything else, peaking in May 2022 at $168,000 for an example with 888 miles. And that exact car just so happens to be today’s Spotlight car, this 2022 911 Carrera S.

This Carrera S is a well-optioned car with almost $50,000 in options, including a rare factory Aerokit in high gloss black, Sport and Premium packages, rear-wheel steering, Exclusive Design rear lights, Night Vision Assist, and a whole lot more. It is finished in Shark Blue over Bordeaux Red and Black leather and not shows about 3,200 miles on the odometer.

Despite a few recent comps in the $ 160k range, our Spotlight car sold for $142,000, a far cry from the previous high of $168,000. And while they only put 2,200 miles on the car, any more than that would have cost them a whole lot more in depreciation than the $26,000 they lost over the last two years.

I do hope that the seller didn’t purchase this car thinking the sky’s the limit and these would keep on rising. They basically paid MSRP at a time when allocations were few and far between and most dealers were asking over. But now these cars are acting as they should in the market with prices pushing downward. Welcome back to pre-pandemic pricing.