Has the Market changed drastically?

[Ringmaster999]

Well to say I’m shocked is an under statement. But the latest valuation from WBAC has socked me. 2013 981 PDK with 32k miles and FSH has been getting reasonable prices recently until today. £18765 😳😳😳 Wow that’s down from 25k only a mth ago. 

I know the market is incredibly slow, been trying to sell mine for the last six weeks, but is this now the trade in value?

 

[Menoporsche]

Did they end the email with “Hold out yer aaaanndd….”?

[Davey P]

21 minutes ago, Ringmaster999 said:

Well to say I’m shocked is an under statement. But the latest valuation from WBAC has socked me. 2013 981 PDK with 32k miles and FSH has been getting reasonable prices recently until today. £18765 😳😳😳 Wow that’s down from 25k only a mth ago. 

Sounds about right, I check mine on WBAC now and again, and it's currently down to £19,835 according to their system (2014 Cayman, manual, and similar mileage to yours). A moot point in my case, because mine is a keeper, but it's always good to keep an eye on things (It did go up in value just after I bought it a few years ago, but car prices went a bit crazy for a while back then... 😮)

At the end of the day, WBAC is a quick and easy way to shift your car, so I'd guess the prices reflect that.

[Mattman42]

1 hour ago, Ringmaster999 said:

Well to say I’m shocked is an under statement. But the latest valuation from WBAC has socked me. 2013 981 PDK with 32k miles and FSH has been getting reasonable prices recently until today. £18765 😳😳😳 Wow that’s down from 25k only a mth ago. 

I know the market is incredibly slow, been trying to sell mine for the last six weeks, but is this now the trade in value?

 

Not seeing many cars selling recently, some people are holding out, others I've seen the price dropping £1k or so.

WBAC algorithms are odd though, probably go back up next week. Have you tried motorway? My nephew is selling his mini jcw - 2 weeks ago he was getting offers of £12k, last week that went up to £16k

[daz05]

There's a big gap this year between the trade in value/ wbac because of their perception of risk and what the market is willing to pay. I saw that recently on an early Q3, trade value was about £5k, seller expected maybe £6.5k private but when checking the cheapest dealer asking price was about £9k for a like for like car. The phone literally rang off the hook when advertised just below.

I would adjust your price to attract a buyer or hold on and be patient for a buyer to come along.

Remember that some sellers are trying to flog the gts for £60k, one OPC just dropped from £62k, things are very strange at the moment.

[Ringmaster999]

5 minutes ago, daz05 said:

There's a big gap this year between the trade in value/ wbac because of their perception of risk and what the market is willing to pay. I saw that recently on an early Q3, trade value was about £5k, seller expected maybe £6.5k private but when checking the cheapest dealer asking price was about £9k for a like for like car. The phone literally rang off the hook when advertised just below.

I would adjust your price to attract a buyer or hold on and be patient for a buyer to come along.

Remember that some sellers are trying to flog the gts for £60k, one OPC just dropped from £62k, things are very strange at the moment.

I’ve only had one serious enquiry and funnily enough it was from a Scottish gentleman. Funny because that’s where the car came from OPC Glasgow supplied the car and I bought it from the second owner who lived in Edinburgh. It now lives with me in S Wales and I thought it’d be nice for it to go home. So to speak 😂. But he was concerned about the x73 and its stiffness. Which is a fair one but what I thought was a selling point, for some it’s the opposite it would appear.

[Cabby]

I think the new and used car market has slowed considerably in a short time. There is a long pistonheads thread running at the moment discussing the number of new Porsche’s starting to appear at OPC’s. 

The Taycan market seems to be in real trouble and even 992s are now available from stock. Quite a few 718s as well.

Hope you manage to sell it soon.

 

[½cwt]

When I was down at Silverstone OPC last week there must have been a dozen Taycans on the forecourt and a couple of sale guys were saying over a coffee with me how good CPC deals are at the moment on cars that are now £75-£80k not £100k...  Not sure of the real facts but discounted Porsches!?!

[Patt]

I was at Reading last week - I only saw thee petrol engined cars on their approved used forecourt. Plenty of electric cars everywhere.

Inside they had  way more new cars than usual - at least two 4.0 Boxsters (one being an aniv) Sadly that was in silver. The other had a huge spec, but skipped the headlights and they are on my "must have" list.

Neither are showing on the website as for sale either.

I spent about 30 mins looking at both cars as the GTS ticked all my wishes except paint and lights...not once was I approached by a condescending salesman, so they must still be counting their pennies from the last 7 months of commission.

 

AS a reference point they often have a race car or a heritage car front of stage taking up as much space as possible.

[Carmand]

5 hours ago, ½cwt said:

When I was down at Silverstone OPC last week there must have been a dozen Taycans on the forecourt and a couple of sale guys were saying over a coffee with me how good CPC deals are at the moment on cars that are now £75-£80k not £100k...  Not sure of the real facts but discounted Porsches!?!

Someone posted a picture recently of a compound of (I think pre-registered) Taycan at the Silverstone PEC.  Close to 400 brand new (unregistered) ones showing on the Porsche site - and you can bet that’s not the whole truth.  Just too expensive, too niche and a poor reputation for reliability imho.

[daz05]

Looked at one on salary sacrifice at work and the lead time was horrendous, monthlies are also through the roof because of the poor residual. If they offered a better deal on one I would take one.

[Codfanglers]

On 8/30/2023 at 9:11 AM, ½cwt said:

When I was down at Silverstone OPC last week there must have been a dozen Taycans on the forecourt and a couple of sale guys were saying over a coffee with me how good CPC deals are at the moment on cars that are now £75-£80k not £100k...  Not sure of the real facts but discounted Porsches!?!

Here's a owner's rant about how much his car has cost him. Eyewatering.

 

[greenman986s]

I was talking to someone recently who ran a AM V8 Vantage for c7 years. Reckons it cost him £100k in service, warranty, repairs, and £60k deprecation 

[andygo]

33 minutes ago, Codfanglers said:

Here's a owner's rant about how much his car has cost him. Eyewatering.

 

I watched an earlier youtube from this chap. H ethought he had an issue with his battery overheating. Cost of a new one was just £40k. Fortunately, his battery was ok, but no wonder insurance is getting silly. Imagine clobbering you battery in a bump or off road excursion. BOOM! write off..

[Wish]

Dealers are just sitting on stock now. Nothing is selling. 
It’s only going to get worse ….. 

[ATM]

On 8/28/2023 at 12:39 PM, daz05 said:

things are very strange at the moment.

Not strange

 

Quite simple 

 

If you ask me

 

Market has changed 

 

But some people are slow to react or head in the sand 

 

House prices starting to dip

 

Cars have to get cheaper 

 

First to go is the extras which were added by Buttercup

 

Second to go will be the bulk of the rest of car values

 

I'd anticipate some bug hair cuts

 

More than people except is usually the way it works

 

 

[andygo]

Bit scary really. My car is all paid for cash, but the price difference to swa§p for a newer Porker is scary. OPC;s expect you to accept lower prices whilst still asking prices from 6 months ago IMHO.

 

They are going to get a bump with reality! That will be a whole new experience for them, lol.

 

[jnwright71]

I’ve been looking for a new (to me) 981 or 718 (Boxster or a Cayman) for 4 months.  Lots for sale but nothing is moving.  I’m watching circa 15 cars I like but can’t justify paying £5-£10k above true value and that’s what most are asking.

However, new listings are showing up everyday and the prices are still ludicrous (£35k for basic 2013/2014 Boxsters with 40-50k miles),  These sellers will be in for a very long wait  

The market will continue to drop, and probably heavily, with the end of summer and the current cost of living pressures.

Tough market if you are selling, but a good time to buy if you are prepared to be patient.

[iborguk]

11 hours ago, Codfanglers said:

Here's a owner's rant about how much his car has cost him. Eyewatering.

 

Couldn’t get past first ten seconds.

Who knew that most cars are depreciating assets.

[½cwt]

Buy second hand and wisely.  The Better ½'s Golf Cabrio that we bought at just over 6 years old has just been written off after a no fault bump 4 years later; cost a mere £65 per month in depreciation over 4 years.

Edited September 1, 2023 by ½cwt

[EXY]

2 hours ago, iborguk said:

Couldn’t get past first ten seconds.

Who knew that most cars are depreciating assets.

I didn't make it past the first three minutes. 

However there is a big difference between getting a haircut (his haircut was hilarious) and getting your head chopped off depreciation wise.

[Nobbie]

9 hours ago, jnwright71 said:

I’ve been looking for a new (to me) 981 or 718 (Boxster or a Cayman) for 4 months.  Lots for sale but nothing is moving.  I’m watching circa 15 cars I like but can’t justify paying £5-£10k above true value and that’s what most are asking.

However, new listings are showing up everyday and the prices are still ludicrous (£35k for basic 2013/2014 Boxsters with 40-50k miles),  These sellers will be in for a very long wait  

The market will continue to drop, and probably heavily, with the end of summer and the current cost of living pressures.

Tough market if you are selling, but a good time to buy if you are prepared to be patient.

I think at the moment it’s the buyers who are being hit by higher interest rates on the loans they need to buy the cars, but most sellers don’t need to sell, so can sit and wait hopefully. Eventually some of the sellers will get squeezed by higher rates when their fixed rate mortgages come up for renewal and have to drop their price to shift it. As more have to do this, asking prices will adjust.

[jimmy p]

It depends on the seller really, not all have mortgages or not much left on them.

Depends how much they want to sell.

 

I've just loosely listed my very low mileage (13000 miles) 981 on pistonheads as its free for me to advertise on there.

I don't need to sell and won't unless I get a price that's agreeable. Mine is almost like new and in my opinion the only alternative if looking at condition is a low mileage 4 cylinder 718 as most 981's now have far more miles and not the 'as new' condition.

 

It may not sell in this market as I really don't think there are many buyers out there currently (although you only need one!), but I'm lucky as I don't need to sell. In the future I think these really low mileage 981's will be sought after. The market won't always be this down.

 

[ATM]

29 minutes ago, jimmy p said:

The market won't always be this down.

 

How do you know?

You are guessing or hoping.

We had 15 years of super low interest rates.

Artificially made low and also help to buy schemes and stamp duty discounts and first time buyer free loans and Buttercup bail outs and furlough hand outs. They had negative interest rates in Europe FFS. If I told you this was going to happen 15 years ago you would have thought I was crazy.

What if we now have 15 years of high interest rates?

That can't happen right?

I am crazy right?

But it could.

If interest rates keep nudging higher or just stay at these levels for 15 years what will this do to the market?

[jimmy p]

The fact they will not be building ice boxsters any more, so if you want a 6 cylinder Boxster that's like a new car there will be less and less choice. Not everyone wanted a 4 cylinder 718 boxster let alone an electric car. This in the long term will stabilise prices of low mileage cars.

I get the interest rate thing but people were buying cars and financing them 20-25 years ago when interest rates were very similar to what they are now. People just have to adjust to the new normal and what is affordable to them.

No one knows the future, we just all have our opinions on it!!