And just like that, another Porsche Carrera GT fails to meet its reserve.

October 25, 2022

“The sky is falling, the sky is falling” cried the Chicken Littles in the comments section of this latest Carrera GT auction as it failed to meet its reserve yesterday on Bring a Trailer.

Yes, it had higher miles and yes, it was “just” a GT Silver Metallic car. BUT this was a car you could drive unapologetically AND it benefitted from a recent major engine out service at Porsche of Monterrey just a few months ago. So why did it fail to find a new home?

With 17,000 miles one would expect this 2005 CGT to sell in the neighborhood of $1,250,000 but the top bid was only $1,095,000. The last two higher mileage cars to sell this year had just over 12k on the clocks and sold for just shy of $1.3m, but in a totally different European market.

But with now 4 no-sales in a two-month span, I think it is safe to say that some air is being let out of the proverbial balloon. How will this latest failure affect things moving forward? I think that we’ll probably see more owners holding on to their “normal” cars and waiting for this economic-induced lull to pass.

Will we see a sale below $1m again? Probably not. Most likely just a flat line with rarer paint-to-sample cars or ultra-low mileage collector cars trading hands until things start to pick up again. Only time will tell.