Let’s talk every Porsche-head’s favorite subject: car values.
It was a topic near and dear to my heart during my search for an appropriate used GT3 to buy. Back in January, the market was quite robust for 911 GT cars, with the 2018 gen-two cars still selling for MSRP and above, while the gen-one cars that I was searching for were trading for only 15% off of the original sticker for decently low-mileage samples. Porsche sports car are notoriously keen to keep value, and that little amount of depreciation for a nearly four-year old car is a tremendous hold. Indeed, that is ultimately the kind of price I paid for my Sapphire Blue Metallic 2015 GT3, with a “savings” of 15% off MSRP.
These days, I don’t care how much the GT3 is worth: I bought the car to drive and enjoy, and how much it’ll fetch me some ways down the road when I sell it – which I have no plans to – is of zero concern to me. Not to say I wouldn’t be at least slightly disconcerted if the trade value of these 991-era GT cars suddenly drops off a cliff, but that would still only be an exercise in the hypothetical. A vehicle loses money in actuality on the day you sell; much like how stocks only truly appreciate in value it on the day you sell it for cash.
Otherwise it’s just paper games, though it seems many owners out there are intent to play it. During my research for the GT3, there were many threads on the Porsche forums discussing values of these cars, like what are the best specifications to buy, and how to treat the car afterwards in order to minimize the value loss. This phenomenon is difficult for me to understand, because why on earth would I buy a car whilst keeping in mind what the next owner would prefer? Isn’t the whole point to select what I want? So what if not picking a car with the Sport Chrono Package (I detest that tacked-on clock on the center dash) makes it that bit less desirable to potential buyers later on? I couldn’t care less.
Perhaps it’s innate to the price segment of Porsche GT cars – a shade above six-figures – that’s got people stressing over retaining resale value. At this price category, car enthusiasts earning a middle-class income can afford these cars with a bit of savings streak (like yours truly), and unlike the ultra-rich who can drop money on multi six-figure cars with no issues, these particular enthusiasts can’t afford to have their money disappear into thin air and not feel some disturbance. High-dollar sports cars may be toys, but for the middle-income owner, those cars also have to act as something of a solid place to park money, funds to be extracted out of in case of emergency or a change of plans (like buying a house).
These people can’t stand to lose a chunk of money on a car later on, and therefore would never entertain buying cars with steep depreciation potential. It explains why Porsche 911s – especially the GT models – are so popular, because their value-retention is near legendary. It’s somewhat ironic, then: why the numerous discussion threads of 911 values if these cars are already notorious for having the least amounts of depreciation?
It also explains why we would never buy a big-body German sedan brand new, because we understand that four years later that BMW 7-Series will be worth half its original six-figure sticker price. Youtuber Doug DeMuro bought his used E63 wagon after it has already suffered through steepest part of the depreciation curve; he also acquired his dream car the Ford GT (early 2000s version) partly because he knows it will lose little of its value, if at all. Car enthusiasts are a savvy bunch, especially so when dealing with cars in the six-figure sums. I think the tendency for us to switch out of cars often is also a big reason why depreciation is such a calculative factor in the purchasing decision: ideally you’d want a decent trade-in value in return so the new acquisition wouldn’t be as much of a burden financially (though it’s sale tax that really hurts in California).
As I’ve said, I don’t care how much my GT3 is currently worth: it gets driven often and utilize for its purpose. There’s no self-imposed mileage limit, nor is there a climate-controlled garage for me to keep it in. The plan is to keep the car practically forever, so hopefully until the end, what the GT3 will fetch in trade won’t matter at all.
While I am decidedly insensitive to depreciation, for academic purposes I’ve been keeping a regular eye on the trade values of 991-era GT cars. Bring a Trailer’s daily newsletter on cars closing auction on its platform makes it super easy to keep track of prices, and lately it’s not looking good for these specialized 911s. Since January this year when I bought the GT3, the 991 GT cars – gen-one or gen-two - have lost from around $15,000 to $20,000 in depreciation; even perfect low-mileage samples and the vaunted GT2 RS aren’t immune to the market softening. To go from trading above MSRP to now almost $20,000 below in a matter of 10 months is quite a thing to see.
Porsche had a lot to do with it: due to demand – and wanting to combat dealers from charging exorbitant markups - they increased production for the gen-two 991 GT cars massively. From listening to Matt Farah’s podcast, word on the street is that in 2018, 40-percent of all 911s made had a GT badge. This dramatic increase in supply did the job to depress prices, with a glut of .2 GT cars available to buyers. It forced the values of used 991 GT cars finally followed a normal depreciation, though comparatively it still got one of the shallowest curves, and a floor that’s likely higher than anything lacking a Ferrari badge.
Yes, it means my gen-one 991 GT3 have lost nearly $20,000 in depreciation since I’ve bought it at the beginning of the year. That’s the risk I took and accepted when I decided to spend over six-figures on a singular car. You only live once, as the kids say these days.
However, the price of the car does sort of effect how you treat it, at least initially. Very cognizant of the fact that I’m driving around in a car that’s worth a healthy down payment on a home, the first few months of ownership came with great apprehension. I got afraid at every extraneous noise and knock, as if it’s a signal the car will soon fall apart entirely. I didn’t dare to push the car, fearing a lack of mechanical sympathy will spell doom for such a highly-strung machine.
I was super precious with the GT3, and that was a mistake. Belie its six-figure cost, the GT3 remains just a car like any other on the road, one that is to be used and driven. If it breaks, I’ll simply get it fixed.
It’s important to remember that the 911 is made by Porsche, a company renowned for making some of the best most solidly built cars, with great reliability. Therefore, I needn’t treat the GT3 with kid gloves: it’s designed for heavy track use, so my weekend jaunts on the mountain passes is barely touching its prescribed operating window. Some errant debris on the road isn’t going to turn the GT3 into a worthless machine, and the usual potholes on public roads won’t do a thing to the forged wheels that are engineered to be bashed into track curbing continuously.
I mustn’t be precious with it. There’s no need.
Indeed, the 911 has German built quality in spades. Even with frequent track use by the previous owners, there’s not a single squeak or rattle to be heard inside the car, aside from the jingle of my house keys hanging off the ignition during fast cornering. The fit and finish of panels is expectedly excellent. It’s a marked contrast compared to my previous cars: the WRX STI was full of interior rattles infamous to that era of Subaru, while the MX-5 Miata had an annoying clatter from the convertible top when the temperature got low (which for San Francisco means always). It is true what people say: the quality of German cars will spoil you, and you can’t ever go back to brands from other countries.
Of course, the reliability of German cars is a whole separate story. Porsche may have the best track record amongst the German marques, but there’s a reason I sought a GT3 with a certified preowned warranty: you hedge your bets whenever you can.
The seasonal rain has managed to hold off for much of November, and as a result there was plenty of cold and dry weather, utterly perfect conditions for the 9A1 motor in the GT3, though getting heat into the tires was a challenge. The sounds emanating from the engine behind my ears are just that extra bit crispier this time of the year, with a distinct clarity that’s absent when the temperatures are hot. The growl as it sings to a 9,000 RPM crescendo is the GT3’s party piece, and it’s best experienced during the autumnal chill.
Hearing the wailing engine note reverberate and bounce off the mountain cliffs as I blast along the road is where the magic and sublime of the car lie.
I only wish the wind noise isn’t so great when the windows are down. At speeds above 50 miles an hour, the buffeting is loud enough to rival the engine, which sort of defeats the purpose of putting the down the windows. A company called AWE Tuning makes a simple wind deflector to be installed on the triangular piece right above the side mirrors that claims to eliminate the wind buffeting, and I’m seriously considering buying it. The GT3’s sweet atmospheric motor deserves to be heard with the windows rolled down.
Up next in December is very few miles if the seasonal rain is due to appear normally; as they get worn down, the Cup 2 tires becomes ever more useless in cold and wet conditions, so I won’t be hitting the mountains roads when it rains. The big item for the month will be taking the GT3 in for its annual service. I’m going to ask the dealer to take a look at a slightly misaligned bumper piece right beneath the driver side DRL strip, an issue that’s been there since I bought the car. Armed with a proper CPO warranty, I’m hoping it won’t cost me a dime for what looks like an easy fix once the front bumper is taken off. We shall see.
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Date acquired: January 2019
Total mileage: 28,681
Mileage this month: 510
Costs this month: $380.72
MPG this month: 17.11 mpg