Porsche Market Update - December 2022

Welcome to the Flat 6 Club / Porsche Market Letter for December 2022!

WOW, what a year! In general we've seen many asset classes rise quite dramatically over the last 2-3 years. Now the economy is shifting along with Inflation and the subsequent increase in interest rates. On December 15th, the prime rate hit 7.50%, the highest it's been since 2007. Most cars buffs know this, and most people have been hearing doom & gloom about the economy for at least the last few months. So how are our beloved Porsche's doing? Read on to see where the Porsche Market was in December!

As a reminder, our methodology in compiling the data for the Porsche Market Letter includes pulling data from multiple sources (listed below). Generally, we're only looking at data involving cars being sold at auction and we're ignoring cars being listed for sale. 

Data sources: Bring A Trailer, classic.com, Pcarmarket, other auction sites as notated.


This month we had a higher high and a higher low than last month on the global auction market. Looking a bit into the details we believe this probably comes down to just the individual cars that set the prices being simply more desirable than last month. The high-mark was set by a very cool 1970 Porsche 914/6 setup for vintage racing which sold for $144,398 via Aguttes on 12/14/22 in Paris. The car's recent racing history reportedly includes a run at the 2022 Classic Le Mans. 

On the bargain side, we a bit of an upset, a fairly high-priced project car that is mostly disassembled, which sold for nearly $30K. At first glance this seems a bit crazy until you dive into the details and realize that this 914 project comes with a fully intact 3.6L M64 Flat 6 sourced from a 1995 911. The car also comes with 2 sets of Fuchs (including a set of 17" Braid's) and some other nice goodies. So now it makes more sense that a 1974 Porsche 914 Project sold for $27,000 via a No Reserve Auction from BAT on 12/17/22. That engine and wheels alone are probably worth the full auction price.




F-MODEL / LONGHOOD 911 (1964-1973)

Last month's high number was an anomaly due to a very rare Carrera 2.7 RS setting the mark at over $700,000. This month we have a much more "reasonable" car on the high side: An Albert Blue 1970 911E Karmann Coupe (1 of 677 that year) which sold for $167,000 via Pcarmarket on 12/9/22. The 911E is said to have over $100K invested and looks to be a lovely example.

On the flip side, we have just the opposite this time: a very rough looking, non-running, somewhat incomplete 1970 911T Project which sold on BAT for $19,911 on 12/9/22. That's a little less than half the price of last months "nice driver" 1966 Porsche 912 which sold for $42K.





G-MODEL / IMPACT BUMPER 911 (1974-1989)

For December we had a higher high and a higher low in the Impact Bumper market. The high price this month, as with last month was set by a 911 Speedster. The G-Model Speedster is a rare beast with only about 2000 being produced. This rarity, combined with its muscular wide-body and Speedster-specific styling is why these cars command such high prices. With all that said, this month's car, a Black 1989 911 Speedster which sold via RM Sothebys for $368,000. That's nearly $70K more than last month's '89 Speedster!

On the bargain side, we have an RHD 1984 911 Targa which sold for in the UK for $29,842 via a Collecting Cars auction on 12/15/22. The price of this month's 1984 Targa is just a few grand higher than last month's 1985 911 Targa "Project" and while December's '84 isn't called a Project, it's only covery 80 miles since 2013, so while it does look a bit nicer, there's most certainly some work ahead.



Once again the 964 generation cars are posting up some big numbers. For the 964 market, December was a lot like November, only better. Last month our high was set by a Carrera RS which sold on BAT for $469K. This month, the high was a bit higher, actually it was just shy of triple. The stellar price was set by a Black 1994 911 3.6L Turbo S with the X88 Power Package and it sold for a heady $1,265,000 via BAT on 12/9/2022. Someone had a very merry Christmas indeed! So why was this 964 so expensive? Rarity is a big component here, along with general badassery. The 964 Turbo was initially offered with a 3.3L turbocharged Flat 6, an evolution of the 930 motor. However, for the final 2 years of the 964, Porsche created a new 3.6L Turbo Flat 6 and they produced around 1400 964 Turbos with the new motor. Of those 1400 3.6 Liter Turbos, just 93 very special cars were modified with the Turbo S "package" which included lots of good things, and of course more power. Of those 93 very special Turbo S cars, most were also converted to to Flachbau or 'Slantnose' bodywork. Only 17 cars received Turbo S modifications and retained their original non-flat bodywork. This is one of those 17. So yes.. very rare and badass.

On the bargain side of the market, last month in November we had a 1990 911 C2 Cabriolet selling on BAT for $56,000 on 12/17/22. This month we have a better bargain with a Guards Red 1990 C2 Tiptronic Cabriolet selling via BAT for $39,000 on 12/22/22, that's $17K cheaper than the 1990 cab from last month. Last month's C2 was a 5 Speed which always commands a premium, but that's a big premium!



 993 (1994-1998)

The 993 market had a much higher high and a better bargain this month. As a refresher, last month's high was set by a 1996 Carerra RS which sold on 11/19/22 for $335,000 via Broad Arrow Auctions. This month we have another rare beast (1 of 183 for the year) a 1997 911 Turbo S in Arctic Silver which sold via RM for $643,000 on 12/10/22. This 993 Turbo S is an amazing car and it represents the ultimate development in air-cooled 911 performance. With that said, compare it to the 964 Turbo S this month which sold for nearly double the price of this 993!

On the bargain side, last month a Black 1997 C2 Cabriolet sold for AUD75,500 ($50,413) on 11/17/22. This month we have an ever better looking deal, a nice looking 1997 C2 Cabriolet in Arena Red with a 6-Speed Manual sold via Pcarmarket for $36,250 in a No Reserve Auction on 12/19/22. This 993 seems nice and well cared for which is important since it has traveled more that 270,000 miles! This friends, is why I am in love with Porsche!

996 (1997-2005)


In some ways the 996 generation cars all seem like bargains and this month reflects that with a lower high and what looks like a worse deal on the bargain side. Last month the high price was set by a 2004 GT3 RS which sold for €157,500 ($157,707) via a Collecting Cars auction. This month we have a less rare but still awesome 2004 Porsche 911 GT3 in Arctic Silver that sold via BAT for $94,996 on 12/19/22.

On the bargain side,  last month we saw a Zenith Blue 1999 6-Speed Carrera 4 Cabriolet selling for just £7,200 ($8,460). This month we have a project car with coolant in the oil... an otherwise nice looking 2000 6-Speed 911 C2 Project in Arena Red which sold for $12,996 via BAT on 12/28/2022 in a NO Reserve auction.  

997 (1994-1998)

This month the 997 market touched the sky with stellar price for this super-low mileage Carrera White 2011 911 GT2 RS which sold via RM for $753,000 on 12/10/22, a result that is more than double the price of last month's Triple Black Manual 2010 GT2 RS which sold for £259,000 ($314,083). These are rare cards with only 500 being made but we'll leave it as a exercise for the reader to understand why this month's GT2 RS sold for almost double the price of last months... what do you think!?  Let us know in the comments below!

The bargain of the month for December was this nice looking Slate Grey 2005 6-Speed C2 Cabriolet which sold via Marqued for $21,000 on 12/27/22. Compare this with November's Silver 2005 911 Carrera S Tiptronic being sold £17,175 ($20,705). Typically manuals command a premium, as do "S" models, where Cabriolets typically sell for less than coupes. Smiles for miles at bargain prices here either way!




991 (2011-2019)

For the 991 market, top-tier prices have been trending higher for 3 months in a row. This month, a White 2016 Porsche 911 R brought $555,000 and was sold via a RM auction on 12/10/22, that's almost double this car's 2016 MSRP! Also compare this with last month's top-tier Irish Green (PTS) 2019 911 GT2 RS Weissach which sold for $475,000 or in back in October, a nearly-identical-looking (different VINs, we checked) 2016 911 R which sold for $450K on BAT. 

On the bargain side, we have a Agate Grey 2014 Carrera S Cabriolet which sold for $52,001 via Cars & Bids on 12/16/22. Compare to November's White 2013 Carrera Coupe with a PDK which sold on Pcarmarket for $47,000. Here a fairly low mileage "S" was likely worth a $5K premium. 






The 992 generation has been unique in that used cars in this 3-year-old generation often sell above MSRP due to supply issues. 

This month the high price was once again set by a beautiful 2022 GT3 Touring, though month a softer price was achieved as compared with last month when this 2022 Agate Grey 911 GT3 Touring sold for $286,000 via BAT on 12/2/22. Compare with November's Albert Blue (PTS) 2022 GT3 Touring with a 6-Speed Manual which sold for $312,000 on 11/24/22.

On the bargain side in December, the least expensive 992 sold at auction was a White 2020 Carrera 4S Coupe which sold for $127,000 via BAT on 12/15/22. Compare to last month's Aventurine Green Metallic 911 Carrera GTS which sold for £120,700 ($143,452) on 11/20/22 or to October's bargain: a Dolomite Silver 2020 Carrera S Cabriolet which sold on BAT for $128,000.





We may be seeing the market shift here on the newer 718 based Boxsters that have been trading above MSRP. Several cars in the higher price range have not met reserve. We usually don't worry about that except in this case, there's simply aren't many actual sales in the higher priced market as many did not meet reserve as you can see in this chart from BAT:

Now onto the data we do have! This month the high price was set by a great-looking Jet Black 2016 981 Boxster Spyder which sold $111,361 via Pcarmarket on 12/7/22. Compare this to November's (again not much high-price data) which was set by a Modified 2011 Carrera White Boxster Spyder 3.8 which sold for $86,000. And also compare with October's Gulf Blue 2021 718 Spyder 6-Speed which sold on BAT for $163,500. Are we seeing a trend of the 718's not meeting reserve?

This month, the best bargain was a low-mileage Arena Red 1999 5-Speed Boxster which sold for $9,800 via BAT on 12/7/22. Last month's bargain was a Red 2001 Boxster 5-Speed which sold for $4,400 on 11/10/22 via a Mecum Auction in Las Vegas. Compare that to October's Lapis Blue 2001 Boxster 5-Speed which sold on BAT for $11,500 in a No Reserve auction.




This month's high-price was set by a 2021 Python Green Cayman GT4 which sold for a healthy $141,500 on Pcarmarket.  Compare with Last month's high was a 2021 Cayman GT4 in Chalk which sold for $126,300. Or with October's 2022 GT4 in Chalk which sold on BAT for $146,600.

The best bargain this month was a 2008 Arctic Silver 987 Cayman Automatic which sold for $15,951 via Collecting Cars in the UK. Compare that with November's Arctic Silver 2006 Cayman S 6-Speed which sold on PCarmarket for $20,000 and still seems like a good deal compared to October's newer but non-S 2007 5-Speed Cayman in Arctic Silver which sold on BAT for $27,000.


Thanks for reading the Porsche Market Letter for December! If you have comments please leave them below, we love hearing feedback!

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We need your help! We'd like to expand to more detailed areas like the sub types (930, 991.2, 718, 924 etc) If you'd like to help us with the Market Letter please email us: market@flat6club.com and let us know!

1 comment

  • Please post any 924 info.
    1982 Porsche 924 original owners 58 K miles.

    Terry Smith

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