Welcome to the Flat 6 Club Market Letter for October 2022!

This is a new feature where we look at the pricing of many cars in the Porsche market. We're back! We took September off for number of reasons but mainly due to Shon moving houses and not writing blogs... but we are back and October was another interesting month in the world of Porsche sales!

We need your help! We'd like to expand to more detailed areas like the sub types (930, 991.2, 718, etc) If you'd like to help us with the Market Letter please email us: market@flat6club.com and let us know!

As a reminder, our methodology in compiling the data for the Market Letter is including data from multiple sources (listed below). Generally, we're only looking at data involving cars being sold and we're ignoring cars being listed for sale, and generally we're looking at auction data because it's public and fairly solid in terms of accuracy.

Data sources: Bring A Trailer, classic.com, Pcarmarket

914

Starting off with the 914, this month we see slightly lower highs, and slightly lower lows. Since we're currently look at the entire vehicle type (914, 997, 991, etc), it's good to keep in mind that how much price variability there is due to rarity, spec, modifications, provenance, etc. As agood example of this variance, the global high price this month was set by a Signal Orange 1971 914-6 which sold for $112,011 via Bonhams in Belgium. While on the low side we have a fairly clean looking Orange 1972 914 with a rebuilt 1.7L Flat 4 which sold on BAT for $11,000, an order of magnitude less than the '71.

 

 

F-MODEL / LONGHOOD 911

For October, The longhood Porsche 911 market again shows us just how large the price gap between cars in the same generation can be, with the top global price being set by a Bahama Yellow 1967 911S 2.0 which sold in for €230,000 ($224,022) in Belgium via Bonhams. In the U.S. the high-price was set by a Cocoa Brown 1969 911E Soft-Window Targa, selling on BAT for a healthy $204,000. On the bargain side, we have a modified (SC style) 1971 911S Coupe which sold on BAT for $36,750. Although the '71 was modified to look like an SC, complete with a 911SC badge, the car retains it's 2.2L engine. Interestingly, the true low bar of the longhood Porsches was set by a 1967 912 which sold on BAT for $31,000.

 

 

 

 

G-MODEL / IMPACT BUMPER 911

The Porsches perhaps most recognizable by 80's kids are the Impact Bumper generation of the 911. October was a solid month with the top price being set by two cars which tied, both at $230K: a rare (823 made in the model-year) low 13K mile Guards Red 1989 Porsche 911 Speedster, which sold on BAT for $230,000, and a similarly rare 1987 M505 Factory Slantnose/Flachbau 911 Turbo in white which also sold on BAT for $230,000. Also of note is the Black 7K Mile "one owner" '79 930 Turbo which sold on 9/27/22 for a whopping $370,930 on BAT via the veteran seller "911r". On the bargain side we had a White "Euro" 1983 911SC Cabriolet which was listed by did not meet reserve on BAT, however, it is listed as SOLD for $35,000 on Pcarmarket. Another interesting bargain that sold at near the lowest price this month was the modified / rebuilt Twin-plug 3.2L 1981 911SC Targa which sold on BAT for $36,250.

964

As you may know, the 964 is the preferred base from which Singer Vehicle Design constructs it's masterpieces. We don't normally include Singers because they're not really 964s once Singer is done with them, but it's worth noting that this month, not one but two Singer 911s sold: A 1991 C4 Singer sold on BAT for $1.2MM, and the "Dartmouth Commission" Singer sold for a heady $1.3MM on Pcarmarket. Back in the "normal" world of factory 964s, on the high end, an Amethyst Metalic 1994 911 Turbo sold for $401,000 (not a record for a turbo but not far that off) on BAT this month. On the bargain side, a '94 C2 Cabriolet sold for $45,000 on BAT making the high nearly 9X higher than the low.

993

The 993 had an interesting month, with the top sale being made by Artcurial, a European auction house with a very interesting car; a 1995 993 GT2 with racing history and JPS livery, which sold for € 292,040 or around $284,000. The top sale in the U.S. was a lovely Arctic Silver 993 Turbo which sold on BAT for $240,000 this month. The best bargain came from a no reserve auction from Barret Jackson, for a Black 1998 Carrera 2 Cabriolet which sold for $40,700.

996

The 996 is always an interesting car to track. In the past, there have been great bargains to be had in this first water-cooled generation. Values have risen post-COVID pushing the rarer GT3 and Turbo values much higher, yet there are still bargains to be found. On the high side, we have a lovely Zanzibar Red 911 Turbo X50 which sold on BAT for $130,000. On the bargain side, we have what looks to be a good value in the EU, a Lapis Blue 2001 6-speed C2 Cabriolet which sold for just £11,508 or roughly $13K at today's exchange rate. What's more, the Blue C2 is said to be well maintained with extensive documentation. The best bargain in the U.S. this month was a modified Arctic Silver 6-speed C2 which sold on Cars and Bids for $20,250.

997

The 997 market had a few gems this month and is showing a massive gap of about 26X between the top and bottom prices, having to do with the wide range rarity and performance available in this generation. On the top end we have a rare, (only 500 built total) 2011 6-Speed Manual GT Silver GT2 RS which sold for $570,000 on Pcarmarket. The 997 series GT2 is the last version to be built with a manual transmission, which along with it's rarity, has kept these cars moving higher. Foreshadowing a bit, as I write this, I notice another 2011 GT2 RS just sold for $625K, more on that next month. On the bargain side this month, we have a 2005 Carrera 4S Tiptronic Cabriolet which sold for £18,751 ($21,236) via Collecting Cars. In the U.S. market, the best bargain was a Black 2006 6-Speed Carrera Coupe which sold on Pcarmarket for $27,000 this month.

 

991 (2011-2019)

The 991 generation of Porsche 911 starts 2011. In the 2017 model year, the 991.2 was released with major changes including standard turbocharging on all models except the GTS/GT3. Buyers of these cars (especially the traditionally non-turbocharged cars) sometimes prefer the 991.1 for the Naturally Aspirated engines, while others prefer the tunability of standard The top price this month was set by a White 2016 911R which sold for $450,000 on BAT. While over on the bargain side, we have a nice White 2013 Carrera Coupe with a PDK which sold on Pcarmarket for $47,000.

 

992

With only 2 years worth of data, the 992 market is still super interesting because since it's release, the 992 generation Porsches have quickly risen in value, often above MSRP due to high demand and ongoing supply constraints. This month the high mark was set by a 2022 Shark Blue 911 GT3 6-Speed which sold on BAT for $292,000 in a No Reserve Auction. As many know, the GT3 currently has a large "Additional Dealer Markup" which inflates the price from the $167K-or-so that Porsche lists the MSRP and increases it by as much as $100K (I was personally quoted $50K and $100K for a GT3 Touring), but even with $100K dealer markup, the car is still selling for top dollar. On the bargain side, we have a Dolomite Silver 2020 Carrera S Cabriolet which sold on BAT for $128,000, which is just slightly lower that Porsche's MSRP for the C2S Cab at $135,800.

 

Boxster

The car that saved Porsche. The consummate track day car. Some of the most accessible and enjoyable Porsches carry the name Boxster. On the high end this month we have a Gulf Blue 2021 718 Spyder 6-Speed which sold on BAT for $163,500. Like the 992 911, these cars are selling for well more than MSRP ($103K) due to continued supply issues.

On the bargain side, we have a Lapis Blue 2001 Boxster 5-Speed which sold on BAT for $11,500 in a No Reserve auction.

 

Cayman

 The venerable Cayman had another good month with the high mark being set by a 2022 GT4 in Chalk which sold on BAT for $146,600 with 1700 miles so this GT4 again sold higher than MSRP. On the bargain side we have a 2007 5-Speed Cayman in Arctic Silver which sold on BAT for $27,000.

 

Thanks for reading the Porsche Market Letter for October! If you have comments please leave them below!

Next month we'll be starting a podcast series with guests and will be talking to some of the folks who've bought and sold Porsches recently!