997 GT3 Market Watch

[HWY]

All comments make sense, and Porsche are in the business of making money so if there is demand, then they will fill the market- I guess the high profit margins in Australia means we do get our fair share of RHD GT cars despite the dealers all saying how tight supply is.

https://www.cnbc.com/2018/10/15/porsche-denies-ipo-plan.html

That silver 9.2 GT3 shows well. Cash is king in Melbourne these days.

[SS 3]

9 minutes ago, Zelrik911 said:

I dont think anything expensive is selling in Melbourne just now. GT3 looks great - but Finance will kill you.

RE sales have tanked as the Chi's exit the market (2/3 of RE Agents expecting to be let-go). Banks making you suffer cause they might have to pay back some money. I expect that Sydney is the same? If you have cash, then bargain time is soon.

 

 

8 minutes ago, Ozvino said:

Price - cant see people paying that sort of money given what the 991 GT cars will do. I realise its not an apples to apples comparison 991 v 996/7

Had an interesting conversation with someone at Porsche last week; the huge increase in demand for GT cars over the past 5 years that drove supply to unprecedented levels 991 onwards from a GT perspective is going to have a huge impact on future values. Lease cycles coming to fruition now on the 991 are going to see a huge number of cars come onto the market. 991 models in general are seeing the impact of lease cycles pushing down prices, will increase downward pressure on the GT cars also.

When you add into the mix that its now a lot harder to finance toys and a slowing property market, sub $200k 991 GT3's, $150k 997 GT3's and $100k 996 GT3s would have to be a possibility

These cars are made to be driven - if people are buying them as an investment it could end in tears

 

This is a slightly different conversation as to what I expected none the less it is an indication as to peoples sentiment i guess. Its definitely a look and see market I agree with regulatory pressures forcing banks to really tighten up on lending criteria reducing some peoples borrowing capicity.

As to values as Ozvino has stated anything is possible depending largely on the interest rate moves and they seem to be ticking up globally for the moment, meaning markets will slow etc etc...

If things do turn to shit, which there is a chance, then the quality of asset/s and the level of debt will be our personal story lines!!! 

 

 

[HWY]

5% discount from previous price

sharemarket dropped more than that in the last week. 

 

[edgy]

6 hours ago, Scott SS964 said:

What is peoples views on why this is not selling -

It is a Porsche Cars Melbourne car (meaning i would think well checked and warranty) they have just reduced the price to $234,900 drive away

https://www.carsales.com.au/dealer/details/Porsche-911-2011/OAG-AD-15831828/?Cr=10

Personally, I think is pretty good buying considering it is under factory warranty, Porsche approved and the stamp duty is included, puts it at $220-225 + ORC. Which is where I think most those 7.2's would probably transact, you've only gotta look back 12 or so months back and they were nudging the high 200's almost 300 some sellers were 'asking'. 

I think there is a few factors at play, as to why it hasn't sold:

• Choice - consumers are spoilt for it at the moment; GT4, 991.1, 991.2, 997.1, 997.2, 996.2 ... ALL but the 991.2 is available to buy around the similar ask ^^
• Manual Transmission - You can now buy a 991.2 with a 6MT - I doubt this is a high factor in terms of marketplace competitiveness as the 991.2 is nearly double the money, but maybe more of a factor that negates the "last of the manuals" sentiment
• 991.1 price overlap -  the 991.1 is a GREAT option, and is dropping in price, it has to be taking down the 7.2 (and the rest) with it to some extent...  
• Retention - I think a lot of the owners who wanted a Mezger era GT3 already have them and are holding onto them  
• Economic - The financial reasons already mentioned for sure 

 

[symsy]

18 hours ago, edgy said:

7.1 Pumpkin ? Sold or removed from sale.

I vote for stored

[GRK930]

6 hours ago, edgy said:

Personally, I think is pretty good buying considering it is under factory warranty, Porsche approved and the stamp duty is included, puts it at $220-225 + ORC. Which is where I think most those 7.2's would probably transact, you've only gotta look back 12 or so months back and they were nudging the high 200's almost 300 some sellers were 'asking'. 

I think there is a few factors at play, as to why it hasn't sold:

• Choice - consumers are spoilt for it at the moment; GT4, 991.1, 991.2, 997.1, 997.2, 996.2 ... ALL but the 991.2 is available to buy around the similar ask ^^
• Manual Transmission - You can now buy a 991.2 with a 6MT - I doubt this is a high factor in terms of marketplace competitiveness as the 991.2 is nearly double the money, but maybe more of a factor that negates the "last of the manuals" sentiment
• 991.1 price overlap -  the 991.1 is a GREAT option, and is dropping in price, it has to be taking down the 7.2 (and the rest) with it to some extent...  
• Retention - I think a lot of the owners who wanted a Mezger era GT3 already have them and are holding onto them  
• Economic - The financial reasons already mentioned for sure 

 

I agree with this

[hugh]

I just jumped on Carsales and there are currently 8 997 GT3's for sale. This is in comparison to 33 991 GT3's for sale. Sure some of the 997's have been sitting for a while but overall 997 market is far from flooded. I can't say the same for the 991 market, definitely seems to be an over supply there. 

The sky hasn't fallen......yet, but when it does the 991 market will be the biggest casualty. 

[Mick]

Can’t wait..... hopefully the 991. RS’s will join in the fall

[DJM]

6 hours ago, Mick said:

Can’t wait..... hopefully the 991. RS’s will join in the fall

There are 18 X 991.1 RS on Carsales including 11 lava orange.......?  so much for scarcity and exclusivity.  Imagine pulling up at your local coffee shop in your $400k Orange weapon to find 3 others sitting there........

I wouldn't want to be one of those owners and needing to sell.  When RE and stock market are good, RSs for everyone.  Now with the market jitters and banks tightening the reins I reckon at least a few of these owners NEED to sell and with so much competition and few buyers, get out the popcorn. Who flinches first and how low do they go.  Especially with leases expiring, refinancing much harder and a 991.2 vying for the attention of those in a position to pay cash. 

Big difference from those cars listed in the 5s and 6s soon after initial deliveries.  I reckon there was a $650k Orange one for a short time? ?

7 hours ago, hugh said:

I just jumped on Carsales and there are currently 8 997 GT3's for sale. This is in comparison to 33 991 GT3's for sale. Sure some of the 997's have been sitting for a while but overall 997 market is far from flooded. I can't say the same for the 991 market, definitely seems to be an over supply there. 

The sky hasn't fallen......yet, but when it does the 991 market will be the biggest casualty. 

 

Definitely.  Interesting to break it down though.

4 X 991.1 (2 clubsport)

11 X 991.2 (3 clubsport)

18 X 991.1 RS (all clubsport)

So if (like me) you must have cage etc then it's pretty slim pickings in the 991.1 market.  And for me I'd prefer .1 RS over .2 non RS for similar coin.

A couple of .1 CS seem to have moved at mid 200s.  One languishing at 260 and that sweet black one still in 280s.  You'd reckon mid 3s for an RS would be possible today, maybe less if oversupply remains high.  

[micknine01]

Reading this thread makes me think the world is about to end ?

[KGB]

I’ve seen this movie before.

[symsy]

1 hour ago, 901er said:

Reading this thread makes me think the world is about to end ?

It is , go drive your car while you get the chance  Just remember , he who is still holding the key is still smiling 

53 minutes ago, KGB said:

I’ve seen this movie before.

Towering Inferno , the original and the remake ..or is it Herbie goes Bananas

 

[hugh]

1 hour ago, 901er said:

Reading this thread makes me think the world is about to end ?

At least that's what the media would like you to think. 

[wilson59]

Anyone want to buy my car before it's worthless ?

[symsy]

I will take the lot ..well 6 more  will be enough for my daily collection and actually you can keep yours cos i already got a silver one of those 

8 minutes ago, wilson59 said:

Anyone want to buy my car before it's worthless ?

 

[edgy]

Give me 991.1 RS @ low/mid 200’s I’m in @DJM 

[DJM]

11 hours ago, edgy said:

Give me 991.1 RS @ low/mid 200’s I’m in @DJM 

Hell yeah.  Negotiate on a pair of lava orange for $400k perhaps?

 

14 hours ago, 901er said:

Reading this thread makes me think the world is about to end ?

Maybe not end but definitely slowing down.  It's pretty clear in recent discussions that banks have assumed a fuck you posture in response to the royal commission giving them a whack.  "You want us to be more diligent, watch this" and then basically making clients jump through hoops and or refusing finance left right and centre.  People who should be a walk up start are getting dragged through all sorts of shit.  There is no fundamental justification for it but I'm seeing it impacting people daily in my business

[GRK930]

The banks are no good at the moment, but it will pass. The question is, what damage will it do in the mean time? 

All I know is, cars are not an investment. Yes there are a few cars out there which will always appreciate, but they cost more than houses. Buy them, drive them, enjoy them. Happy to stand corrected here. 

[Redracn]

I know of a loan westpac should never have made so the tightening can not be all bad. 

[wirthO]

Just now, Redracn said:

I know of a loan westpac should never have made so the tightening can not be all bad. 

Yup love my new gt2rs!! lol

[edgy]

37 minutes ago, DJM said:

Hell yeah.  Negotiate on a pair of lava orange for $400k perhaps?

Yeah, I’ll circle back in 2024, that’s about when they’ll be that number?  

[Troubleshooter]

On ‎10‎/‎17‎/‎2018 at 6:51 AM, hugh said:

At least that's what the media would like you to think. 

For 2 years media have been blabbing on to anyone who'll read their crap about house prices correcting/coming crash, auction clearance rates decline, median suburb prices diving (no mention of other median suburb prices rising) blah blah blah until people actually believe it and therefore a general decline happens... to a point! Fundamentals are unbelievably good in Australia atm (and America is flying) and money is cheap and even with a few interest rate hikes over the next few years it's still historically cheap - and not so hard to borrow as they'll have you believe. Once we get past the initial "panic" of bank lending and thoughts of a "real estate meltdown" it'll level around what it is atm. Once past our election and the USA midterms, into next year it'll all get back to normal and property will be on a slow increase and borrowing will become less onerous later in the year..... just ask me I have a crystal ball 

[HWY]

Do slick property developers have a disproportional large exposure to GT3s relative to other industries?

Or do GT3 owners have a large portfolio of investment properties?

Perhaps there is just too much money tied up in residential housing stock and it impacts too much on peoples' psyches.

[wilson59]

48 minutes ago, HWY said:

Do slick property developers have a disproportional large exposure to GT3s relative to other industries?

Or do GT3 owners have a large portfolio of investment properties?

Perhaps there is just too much money tied up in residential housing stock and it impacts too much on peoples' psyches.

Does anyone else just save up for a car and just pay cash ? Maybe I'm just old school or stupid or both . Never borrowed money for toys .

[James P]

4 minutes ago, wilson59 said:

Does anyone else just save up for a car and just pay cash ? Maybe I'm just old school or stupid or both . Never borrowed money for toys .

Me to.. Cash all the way..