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Norfolk & Idea
Barcelona


Joined: 15 Jan 2016
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Location: South Yorkshire


PostPosted: Sat Aug 18, 2018 8:32 am    Post subject: 991GT3's dropping?? Reply with quote

Just had a quick shufty on PH and the 991 GT3's market seems to have cooled off. And there's loads of them!

If this continues I may well be contemplating some creative man maths... Question
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easternjets
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PostPosted: Sat Aug 18, 2018 11:34 am    Post subject: Reply with quote

I've been following prices and this last month or so the values have taken a big 'hit', could be lots of factors driving it but sales are not just slow they're virtually at a standstill.
The book value on a lot of 911's has dropped dramatically, some up to 5% just in the last few months.
I looked at a really nice GT 3 a few months ago, started at £129,995. Eventually it sold and the advertised price was £115,00, what the actual selling price was who knows but when I spoke to the seller (Trade) he was desperate to sell as I think he thought he would make money on it going up but it didn't.
It's def a buyers market, I dare say the really good cars will still hold their money but they'd have to exceptional in this market.
There's a lot of uneasiness in financial markets and what with that and the U.K. situation people are just saying 'I think I'll wait and see what happens'.
Good time to buy, if you've got the nerve and the cash spare!
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toddy2
Spa-Francorchamps


Joined: 11 Jan 2015
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Location: Dorset


PostPosted: Sat Aug 18, 2018 1:41 pm    Post subject: Reply with quote

I too had been considering the man maths on this.

I've been looking at an '08 green GT3 RS, the dealer's had it up for a year but hasn't dropped the price. I'm hoping they drop below the £100k mark....

Not a lot seems to be shifting at the moment, but I don't think prices have dropped though.
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jkeith
Montreal


Joined: 22 Jan 2010
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PostPosted: Sat Aug 18, 2018 3:23 pm    Post subject: Reply with quote

BCA have a 991 GT3 coming up for auction, four years old, 15k miles if I remember correctly, would be interesting to see what it goes for.

Cheers, Keith
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spongebob squarepants
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Joined: 20 Dec 2009
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PostPosted: Sat Aug 18, 2018 3:40 pm    Post subject: Re: GT3's dropping?? Reply with quote

Norfolk & Idea wrote:
Just had a quick shufty on PH and the 991 GT3's market seems to have cooled off. And there's loads of them!

If this continues I may well be contemplating some creative man maths... Question


Big move down in everything, particulary the top end stuff, personally I'm hoping the pound keeps taking a battering too Thumb
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kas750
Reims


Joined: 31 Mar 2013
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Location: Chorley lancashire

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PostPosted: Sat Aug 18, 2018 4:14 pm    Post subject: Reply with quote

Any clubsport GT3 with no stories will be a good long term prospect.
 
  
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squelch
Spa-Francorchamps


Joined: 05 Jun 2016
Posts: 330
Location: Bucks


PostPosted: Sat Aug 18, 2018 5:24 pm    Post subject: Reply with quote

Funnily enough I was looking yesterday and couldn’t believe how many 991 GT3’s are on the market. There are 55 on the Porsche Approved website alone and 77 on Autotrader!! An incredible 39 of the cars on Porsche Approved are the Gen2 version (arguably the better car) which will inevitably push down the prices of the Gen 1 cars. They range from £155k to a tenner shy of £208k. My guess is that a fair chunk of these (possibly the higher priced cars) will be SOR cars from customers who bought speculatively. As we know, Porsche really doesn’t seem bothered about flippers so I’m sure they’re content to have a GT3 in their showroom if (for now) there’s still a chunk in it for them. Given the supply available I reckon some owners on SOR will be open to offers. The remaining Gen1 “stock” cars are likely ones taken in p/x against Gen2 models and the Gen2's probably p/x'd for money back against RS models. The Gen1 market has certainly slowed with many cars having been on the market for a while now (and prices dropped by enough to buy a used daily driver in many cases too!)

Controversial comment alert: For some people part of the appeal of the GT3 is exclusivity and I’m not sure the 991.1 ticks that box any more... I'd still have one though Cool
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squelch
Spa-Francorchamps


Joined: 05 Jun 2016
Posts: 330
Location: Bucks


PostPosted: Sat Aug 18, 2018 5:31 pm    Post subject: Reply with quote

jkeith wrote:
BCA have a 991 GT3 coming up for auction, four years old, 15k miles if I remember correctly, would be interesting to see what it goes for.

Cheers, Keith


The BCA car has 19k miles and is in from Sytner Group. It’s a Grade 2 so should be in pretty good nick, but given that Sytner Group has Porsche Approved dealers I would be sceptical as to why it’s going through BCA. Interestingly its first MOT was due (and done) in October 2017 and it was MOT’d again on May 3rd this year with 19,137 and then again on July 12th with 19,195. No advisories on any MOT’s. The cynic in me may suspect that it was sold in May with a full MOT but for whatever reason was returned / rejected for a refund and then sold again in July with another fresh MOT and has since been rejected again.... A one way ticket to BCA just passes the headache to someone else with no comebacks whatsoever. I could of course be wrong and it all could be perfectly innocent (people's circumstances can change very quickly), but that’s an expensive risk for someone (else) to take.
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FZP
Magny-Cours


Joined: 18 Jan 2015
Posts: 2572
Location: Cheshire


PostPosted: Sat Aug 18, 2018 6:06 pm    Post subject: Reply with quote

I've also noted the drop on GT prices. Even a 997.2 GT3RS at an OPC is sub £150k. The 991 market is getting smashed by all those who got allocation for the 991.2 GT3 by giving up their 991.1 GT3 back to OPC. Release of 991.2 GT3RS and GT2RS will no doubt impacting values as owners trade in their cars.
Secondly with Br Exit looming, and uncertainty in the air, perhaps some have thinned out their holdings in cars just in case things go bad. I've seen a few extra high end homes on the market £2.5m+ on the market recently so perhaps this isn't just the car industry.
Could be wrong though....
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kas750
Reims


Joined: 31 Mar 2013
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Location: Chorley lancashire

2006 Porsche 911

PostPosted: Sat Aug 18, 2018 6:08 pm    Post subject: Reply with quote

squelch wrote:
jkeith wrote:
BCA have a 991 GT3 coming up for auction, four years old, 15k miles if I remember correctly, would be interesting to see what it goes for.

Cheers, Keith


The BCA car has 19k miles and is in from Sytner Group. It’s a Grade 2 so should be in pretty good nick, but given that Sytner Group has Porsche Approved dealers I would be sceptical as to why it’s going through BCA. Interestingly its first MOT was due (and done) in October 2017 and it was MOT’d again on May 3rd this year with 19,137 and then again on July 12th with 19,195. No advisories on any MOT’s. The cynic in me may suspect that it was sold in May with a full MOT but for whatever reason was returned / rejected for a refund and then sold again in July with another fresh MOT and has since been rejected again.... A one way ticket to BCA just passes the headache to someone else with no comebacks whatsoever. I could of course be wrong and it all could be perfectly innocent (people's circumstances can change very quickly), but that’s an expensive risk for someone (else) to take.


Wouldn't a none OPC service in the book (JZM etc) or none standard parts see it being punted to the trade?
 
  
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squelch
Spa-Francorchamps


Joined: 05 Jun 2016
Posts: 330
Location: Bucks


PostPosted: Sat Aug 18, 2018 6:39 pm    Post subject: Reply with quote

kas750 wrote:
squelch wrote:
jkeith wrote:
BCA have a 991 GT3 coming up for auction, four years old, 15k miles if I remember correctly, would be interesting to see what it goes for.

Cheers, Keith


The BCA car has 19k miles and is in from Sytner Group. It’s a Grade 2 so should be in pretty good nick, but given that Sytner Group has Porsche Approved dealers I would be sceptical as to why it’s going through BCA. Interestingly its first MOT was due (and done) in October 2017 and it was MOT’d again on May 3rd this year with 19,137 and then again on July 12th with 19,195. No advisories on any MOT’s. The cynic in me may suspect that it was sold in May with a full MOT but for whatever reason was returned / rejected for a refund and then sold again in July with another fresh MOT and has since been rejected again.... A one way ticket to BCA just passes the headache to someone else with no comebacks whatsoever. I could of course be wrong and it all could be perfectly innocent (people's circumstances can change very quickly), but that’s an expensive risk for someone (else) to take.


Wouldn't a none OPC service in the book (JZM etc) or none standard parts see it being punted to the trade?


Oops, forgot to mention the services. It's had two services, both at Main Dealer (presumably in 2016 and 2018 as per schedule). Two MOT's so close together shouts "rejected and re-sold" car to me. It would be interesting to see if both MOT's were done at the same place (I'm going to the MOT station on Monday so will ask them to look it up if I remember).

And with so many 991's in the OPC Approved network, what difference will one more make. I smell a rat! nooo
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kas750
Reims


Joined: 31 Mar 2013
Posts: 4061
Location: Chorley lancashire

2006 Porsche 911

PostPosted: Sat Aug 18, 2018 7:02 pm    Post subject: Reply with quote

Fair comment Thumb
 
  
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vroomvroom
Montreal


Joined: 06 Mar 2007
Posts: 507
Location: Wilmslow


PostPosted: Sun Aug 19, 2018 8:15 am    Post subject: Reply with quote

Carzana suggets it was listed last month at £119k but doesn't say where.

https://cazana.com/uk/car/LF64EPK


A friend bought one for £100k in May (that is were trade bids were at) ran for 6 weeks or so, serviced it and managed to get just shy of £110k
 
  
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Roro
Long Beach


Joined: 01 Oct 2010
Posts: 6199



PostPosted: Sun Aug 19, 2018 3:00 pm    Post subject: Reply with quote

FZP wrote:
I've also noted the drop on GT prices. Even a 997.2 GT3RS at an OPC is sub £150k.


I didn’t believe that when I read it but yes, up for 147 I think it was. It’s “high mileage” for one of these though at 30k-ish, which is really nothing (unless you’re buying as an investment then it’s very leggy). Also that’s stlll about £60k more than when I was considering buying one about 5/6 years ago to put things in perspective
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Bikeracer1098
Suzuka


Joined: 28 Mar 2015
Posts: 1003
Location: Camberley, Surrey


PostPosted: Sun Aug 19, 2018 11:49 pm    Post subject: Reply with quote

This was discussed a few weeks ago

http://www.911uk.com/viewtopic.php?t=128911
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Diggermeister
Spa-Francorchamps


Joined: 26 May 2015
Posts: 368



PostPosted: Tue Aug 21, 2018 11:26 am    Post subject: Reply with quote

I'd agree there are a number of factors at play in the market, all with a general downward pressure on prices:
* Br Exit uncertainty. (Seems people haven't read Warren Buffett's advice on when to be bold.)
* The numbers of 991.1 GT3's sold.
* The numbers of 991.2 GT3's that have been flipped, many through the dealer network.

With all the prices compressing like this on the 991 range, the pressure will also be reflected in the 997 and 996 market too.

In reality, for someone looking at buying and owning a car for a few years, the difference from £70k to £120k is considerable, but not poles apart. Do you choose older, rarer and more analogue, or newer with (theoretically) longer warranty? (Of course there are threads discussing the relative merits of Mezger versus DFI engines.)

Aside from actual cost of finance, the other factor for cars under £100k is the cost of insuring them on track. From what I've been told by Mannings, the underwriters want twice the premium to insure a £100k car at the Nurburgring, than a £99k car.
 
  
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squelch
Spa-Francorchamps


Joined: 05 Jun 2016
Posts: 330
Location: Bucks


PostPosted: Tue Aug 21, 2018 12:20 pm    Post subject: Reply with quote

Just to follow up on the BCA car (LF64EPK). It was MOT'd at Porsche West London on 12th July (10 weeks and 58 miles after its previous MOT in May).

It's just been through and sold provisionally. Tried kicking it off at £98k with no interest so dropped to £95k. Bids then crept up to £102k when the hammer fell as a provisional sale. Assuming a dealer bought it, it'll be interesting to see when and where it appears and for how much...
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mikeluke
Barcelona


Joined: 03 Jun 2014
Posts: 1449
Location: Hampshire


PostPosted: Sun Aug 26, 2018 5:11 pm    Post subject: Reply with quote

Had a ride in a 991 GT3 RS today - what a car!

Owned by the guy in this story

https://petrolicious.com/articles/hidden-in-a-barn-is-one-man-s-gulf-racing-obsession

Owner has never even driven the car himself - well... he only has about 95 cars!
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