992 GT3 Update. Spoiler: They Aren't Going Up

Good Morning! It’s been a rough week in the Porsche market as the sell-through rate and dollar volume remain at the lowest level we’ve seen for the fourth day in a row. It looks like the market is speaking and sellers are going to need to adjust their expectations (and reserves) in a similar fashion to what we saw at the beginning of this year.

THE MARKET

Sell-Through Rate (STR): 50%
Market Volume ($): $524,777
Market Volume (Units): 20

TOP SALES

1992 Porsche 928 GTS 5sp $139,666 Bring a Trailer
2017 Porsche 911 C4S Coupe $76,000 PCARMARKET
1997 Porsche 911 Coupe 6sp $73,500 Bring a Trailer
1976 Porsche 911S Targa RS Tribute $65,000 PCARMARKET
2006 Porsche 911 C4 Coupe 6sp $44,670 Bring a Trailer

SPOTLIGHT

We’re five months into the year and as the 992 Porsche GT3 market continues to evolve, I figured it’s about time for another market update. And while we’ve had several 6-Speed Touring examples cross the block over the last thirty days, this 2022 GT3 Touring is the first PDK example we’ve seen in the same period.

A little less than a year ago, not too long after new GT3s began to arrive at dealers, we saw several PDK-equipped cars with delivery mileage cross the block, the majority selling for over $300,000. By the fall prices began to creep down with a 1,200-mile example breaking the $300k floor and selling for $286,000. Still, quite a bit above MSRP.

However, after the first of the year, PDK cars began to deflate as bids and sales inched closer and closer to MSRP. Yesterday our Spotlight car, with an MSRP of $195,000 and 1,200 miles, failed to sell at a high bid of $241,000 making this the lowest high bid we’ve seen for any Touring, PDK, or otherwise.

While not the highest MSRP we’ve seen for a GT3, the car is finished in Shark Blue with PCCBs, Front Axle Lift System, Carbon Roof, and another ~$5k in smaller options. It definitely had the options you’d want, so I wouldn’t attribute the low bids to the MSRP, or the fact that this car has 3 owners already listed on the CARFAX.

What I do attribute this high bid to is good old market dynamics. We haven’t seen a 6-Speed GT3 Touring bid to over $300k since March of this year, and they are always the price leaders. So as 6-speeds get cheaper, PDKs have nowhere to go but down as well.

Had the seller been the original owner, I would guess they might have been a bit more inclined to let the car go as they still would have eked out a profit even with sales tax. But since the seller was the third owner and purchased the car in March, they were probably reluctant to take a loss. But if they keep waiting, that price is just going to keep getting lower. Since they are a private party and not a dealer, at least they can keep the car and enjoy the drive.

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