Is the 993 Market Softening?

Good Morning! While our dollar volume continues to remain flat hovering around $1m for the 5th market letter in a row, our sell-through rate took another hit with only 63% of cars on offer yesterday finding new homes.

In other news, Mecum’s Harrisburg sale kicks off today with a handful of Porsche’s on offer. We’ll be there Friday and Saturday to take in all of the action, will you?

THE MARKET

Sell-Through Rate (STR): 63%
Market Volume ($): $956,000
Market Volume (Units): 16

TOP SALES

2023 Porsche 911 GT3 Touring 6sp $299,000 Bring a Trailer
1998 Porsche 911 Carrera S 6sp $151,000 Bring a Trailer
2015 Porsche 911 GT3 $146,000 Bring a Trailer
2015 Porsche 911 Turbo S Cab. $115,000 Bring a Trailer
1979 Porsche 911 Turbo $90,000 Bring a Trailer

SPOTLIGHT

The market’s appetite for the last of Porsche’s air-cooled cars has had a steady climb in price over the last five years, showing that even before the pandemic-pop, buyers recognized the value of these classic 911s. They’ve gone from an average price of just below $50k to an average of just over $80k, with quite a few examples selling for over $100k, especially as of late.

With only 22,000 miles on the odometer, one would expect this 1998 911 Coupe 6-Speed to be one such car, as recent sales haven’t dipped below $100k until mileage has exceeded 40k. But this Black-on-Black example sold yesterday at a high bid of $93,993, bucking that trend.

So why so low? As we know, presentation is everything when selling a car, and this example’s listing was lacking. While 139 pictures may seem like a lot, we frequently see listings with well over double that, and pictures of the trunk underneath the carpets, etc., were missing. A full-service history was lacking other than a few recent receipts, and the tires were outdated as well. Add to that no spare wheel, jack, tools, manuals, and worn stone guards, and you start to see why this low-mileage example failed to jump above $100k.

If everything checks out mechanically and the car has original paint, the buyer got a deal here. There’s no reason why they can’t address a number of the items above and have a $120,000 car. Potentially well-bought, the new owner will discern that upon delivery.

To read the FULL Stuttgart Market Letter, with Noteworthy Sales (and No Sales), New Listings, and a full rundown of every Porsche sold today, subscribe below.