This 997 GT2 Was Right On The Money. So Why Didn't It Sell?

Good Morning! And just like that we are back below the million-dollar mark. Even though we saw an incredible sell-through rate of almost 90%, we had a smaller unit volume and only two cars over $100k. But not to fret, with both Mecum and Barrett-Jackson sales starting today, expect that unit volume to jump.

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THE MARKET

Sell-Through Rate: 87%
Market Volume ($): $726,361
Market Volume (Units): 15

TOP SALES

1990 Porsche 911 Coupe 5sp $132,964 Bring a Trailer
2020 Porsche 911 C2S Coupe $116,500 Bring a Trailer
2007 Porsche 911 Turbo Coupe 6sp $96,997 Bring a Trailer
2016 Porsche Cayman GT4 $90,000 Bring a Trailer
1996 Porsche 911 Cab. 6sp $65,000 Bring a Trailer

SPOTLIGHT

When Porsche’s 997 generation GT2 hit dealerships in November of 2007 it was the fastest and most powerful 911 ever produced with 523 hp, a 0-60 time of 3.3 seconds, a top speed of 204 mph, and a Nordschleife lap time of 7 minutes, 32 seconds. It truly was a twin-turbo, manual, rear-wheel drive rocket ship that only 194 US customers were lucky enough to take home.

The average price for 997 GT2s has risen in the last 18 months from around $176,000 to just over $200,000, mostly because within the last year, we’ve seen quite a few low mileage cars push the average up as sellers capitalized on the market of last summer.

Our Spotlight car, this 2008 911 GT2, is finished in Midnight Blue Metallic over Black leather and Alcantara and has just over 19,000 miles. It presents extremely well in the listing with paint meter readings showing no paintwork and a clean DME report in the photos from a recent PPI at Porsche Huntington.

It failed to sell at a high bid of $212,000 and currently has a Buy Now price of $299,000. Even though it is in one of the rarer shades offered, the mileage isn’t conducive to an almost $300,000 example. In fact, not a single comp over 17,000 miles has sold over $200k in the last five years, even during the peak prices of last summer. At $212,000, this would have been a fair number with the mileage and color. It looks like the seller will be holding onto this one until the next run-up.

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