No more sub $10k drivers?

[CLynn85]

After a couple years of waiting, lurking, researching, etc, I'm finally in the market for a 911. Unfortunately it seems as though the market is moving on without me. I haven't seen a single "beater"/driver car come up in a while and nothing really even close to the 10k range, especially here in the DC area.

Is this just a temporary spring surge and come fall these are going to come back down? I hate to fuel paranoia that prices are skyrocketing and it's the end of the "cheap" 911. They just made way too many in the 80s for me to believe that.

[X JBM X]

Fortunately (or unfortunately...) many, including myself, think the days of a cheap 911 are over. Even the mid-70s cars are selling at a premium.

The truth is that yes, they did make quite a few 911s in the 80s, but as they get older, totaled, whatever, there are less on the road, and they're no longer being made.

My hope, having bought recently, is that the market only continues to rise.

[dienstuhr]

The experienced brokers will likely weigh in and I defer to their views on the market. However from what I have seen the <$10K driver 911 will rarely be seen again. Even the mid-year (74-77) cars that formerly inhabited this space are moving up in price and no, I don't think it's seasonal. Driver SC's and Carrera 3.2's haven't been seen under $10K for some time now (if Carreras ever were there, I'm not sure they ever got that low) and continue to strengthen. When I bought my 120K-mile original-paint white over black '85 3.2 in 2010 I paid ~$14K and thought I got a pretty good deal. A similar car nowadays would likely bring $20K, and that's only three years later.

It's possible (but in my view extremely unlikely) that another financial crisis might bring out "fire sales" and mark a return to the days of sub-$10K driver 911s, but don't hold your breath. I think the market has stabilized and will be this way for awhile.

Buy one now if you can!

Cheers

w.

[Matt Monson]

They were over $10k all winter long. It has nothing to do with Spring. If there is any sort of seasonal spike it is about to/is happen/ing.

Buy a 912. That's what I did. Fabulous cars. Not 911 power but the chassis balance makes up for it if what you are looking for is a vintage experience.

If you want something IB, grab a middie (74-77) while you still can. There's some rough SCs for $10k kicking around, but to get one you aren't going to lose sleep over the mechanicals on expect to spend $15k and still have it be an average driver quality car.

[SilberUrS6]

Originally Posted by dienstuhr

The experienced brokers will likely weigh in and I defer to their views on the market. However from what I have seen the <$10K driver 911 will rarely be seen again. Even the mid-year (74-77) cars that formerly inhabited this space are moving up in price and no, I don't think it's seasonal. Driver SC's and Carrera 3.2's haven't been seen under $10K for some time now (if Carreras ever were there, I'm not sure they ever got that low) and continue to strengthen. When I bought my 120K-mile original-paint white over black '85 3.2 in 2010 I paid ~$14K and thought I got a pretty good deal. A similar car nowadays would likely bring $20K, and that's only three years later.

It's possible (but in my view extremely unlikely) that another financial crisis might bring out "fire sales" and mark a return to the days of sub-$10K driver 911s, but don't hold your breath. I think the market has stabilized and will be this way for awhile.

Buy one now if you can!

Cheers

w.

Completely agree. And a good 3.2 is sitting at the *low* end at $20k these days.

Sub-$10k Porsche-badged drivers? Pronounce them "Boxster" or "924" or "914" or "944". "911" won't come into that conversation.

[Bristol]

Yes, the market has moved on (and up). There is one chance you have for still getting a cheap driver - find someone selling who has not kept up with the market. You "might" find this kind of deal on eBay or Craigslist, but you have to be very, very quick to react and brave enough to buy sight unseen. The better route I have found is to simply get the word out with friends, especially "car guy" friends who hang out with other car guys and talk about... well cars! Let them know that you are on the hunt for a cheap, driver quality Porsche. I have acquired four Porsches in this last year just through word of mouth and friends, and all were purchased well below market value. Two were 912's which Matt mentions are still a decent deal right now.

Kirk

[Jrboulder]

It's supply and demand.

Over the last several years a lot of the nice ones went to Europe and a lot of the "drivers" got parted out. Compound that with overall demand going up and prices start to move up fast.

In the end they are not only not cheap to buy, but also to own. Over the last couple weeks I've spent more on my 912E than I bought my first Porsche for.

If 10k is more than you want to spend you're going to have to look at 912's, boxsters, or 944's.

[CLynn85]

I actually went to look at/drive a 83 SC last weekend. It was well sorted mechanically, but had some cosmetic issues and interior was so-so, color also less than desirable. It's priced at almost 15k, and part of me thinks it's a fair price, but I just can't help but think "this is a 10k car" when I look at something like that.

By the time you buy it, redo the interior, respray, I have a hard time imagining ever getting my money back out of a run-of-the-mill SC.

BTW, my initial question was directed more towards the middies, sorry.

[Matt Monson]

We saw this on the 356 market and more recently on the 901/longnose cars. On both vehicles there was a period where they cost more to restore than they were worth. A good original restoration quality parts started to dry up and get more rare, the price of those parts went up accordingly. That in turn pulled up the value of all restored or nice original cars.

People who restored early and had been $10-15k upside down on the car but had owned it for 5-10 years now stood to make a nice little profit if they ever wanted to sell.

Some may think I'm of my nut but I am doing something similar with my 912. Anything that is nice and getting hard to find I am removing and putting in a time capsule. I am also buying other things it needs but not putting them on the car today.

For today it is a sort of sport purposes rat rod while I go through the mechanical. Appbix carpets, RS doorcards, harnesses and seats. Then I am going through every bushing in the chassis along with brakes, suspension, etc.

It has a 50ft paint job. After I drive it for half a dozen years, it will come all the way down, bare metal paint back to original color and correct interior.

The key is my agenda is not to make a buck. It is because I want to own a really nice 901 for the rest of my life. It is the only way I can see getting there.

I know this sounds a little off topic but mention for those readers sitting here thinking about a $10k '75 that over the next 5 years they might spend another $10k on. What I am saying is I believe that even that car will be $20k+ 5years from now and you won't be deep in some hole if you ever want out and will have had 5 years of pleasure in the meantime.

[CLynn85]

Originally Posted by Jrboulder

If 10k is more than you want to spend you're going to have to look at 912's, boxsters, or 944's.

Are 912 values still hanging that low? I'm not opposed to a 912, but I don't see them coming up very often in that range either.

[Matt Monson]

http://forums.pelicanparts.com/porsche-cars-sale/749535-fs-1976-porsche-912e.html

And it comes from a known good caretaker of these cars. If I weren't overflowing I would be considering this one.

[CLynn85]

Originally Posted by Matt Monson

http://forums.pelicanparts.com/porsche-cars-sale/749535-fs-1976-porsche-912e.html

And it comes from a known good caretaker of these cars. If I weren't overflowing I would be considering this one.

I actually had that hanging in the back of my mind when I posted that, it's perfect, except for it being a couple states away. I don't really like buying long distance and most sellers don't want to deal with long distance buyers.

[ennisk1]

I am here to say that a sub $10k 911 driver/beater can still be found....I should know as I just bought one. They don't exist on the boards, those of us selling here know what the market will bear. Become friends with a small local shop that specializes in these cars, comb Craigslist (throughout the day), make sure everyone you know is aware that you will buy one if it shows. Most importantly.....when one comes up, be ready to buy it! I offered this car to two individuals that both expressed a serious interest to me that they wanted a 911 driver/project....both balked and not because the car wasn't any good, just "thought" their way out of it. Oh, and I wasn't a pig on my profit, I offered it at $9700. After driving it for a few days and realizing how good a car it is, I'm going to keep it. Watch for an upcoming thread...

[Matt Monson]

Originally Posted by CLynn85

I actually had that hanging in the back of my mind when I posted that, it's perfect, except for it being a couple states away. I don't really like buying long distance and most sellers don't want to deal with long distance buyers.

You will find that Pelicans may be a little different than your preconcieved notion.

Step 1: Find a good independent shop near car to do PPI for you (if you feel you need one)
Step 2: Call seller and ask them to coordinate with the shop. You will be paying for the PPI. The mechanic works for you, not the seller.
Step3a: PPI is bad Keep looking
Step3B: PPI is good
Step 4: Send seller deposit
Step 5: Book plane ticket and fly out
Step 6: Inspect car in person and hand seller a wad of cash
Step 7: Enjoy a 2 day drive home in your lovely new P-Car.

[Doug&Julie]

Originally Posted by Matt Monson

http://forums.pelicanparts.com/porsche-cars-sale/749535-fs-1976-porsche-912e.html

And it comes from a known good caretaker of these cars. If I weren't overflowing I would be considering this one.

Originally Posted by CLynn85

I actually had that hanging in the back of my mind when I posted that, it's perfect, except for it being a couple states away. I don't really like buying long distance and most sellers don't want to deal with long distance buyers.

Hey thanks for the plug!

CLynn85 don't hesitate to drop me an e-mail anytime. I've done this a few times (..ahem..), both as buyer and seller, so I'm willing to work with you. Only had one call on the car and in no hurry.

I will suggest, if possible, try to drive a 912E closer by to be sure you'll like it. I "like" mine, but I have to admit that I missed that 911 sound too much, and that's a big part of the reason I recently bought the '86 and we're putting the 912E up for sale. That said, Julie has been driving it more and she "really likes" it...and a lot of people "love" their 912Es. I just wouldn't want you to be disappointed if you're really wanting a 911.

Oh, and yes, the sub $10k car appears to be pretty much gone. Really I think all Porsches...say...pre 993...are either stable or appreciating assets (for good cars). Not sure some of the middie or even SC / Carreras are going to skyrocket in price, but I'd say they're done depreciating. Get one now...as they say!

[Josh D]

Originally Posted by CLynn85

run-of-the-mill SC.

Run of the mill, huh? An 83 SC was a $30+ car in '83.

You keep looking while I'm enjoying my "run of the mill SC" daily.

[Esel Mann]

JoshD, and if one waited just a few months longer they would've been able to buy a real sports car, the Carerra!

CLynn85, unless you are willing to expand your search area, you will have no choice but to wait. They do exist, but at $10k they will go very quickly and the days of $10k as others have alluded to are numbered. Since you are looking for a "beater" I presume you have also additionally budgeted for what will almost certainly be a not insignificant amount of sooner than later maintenance necessary to keep it on the road and safe?

[Wiese]

I agree with most that any decent 911 for under $10K will be very hard to find. However, it's not impossible. I saw a couple of running/driving 911 in CL under 10K in the past few months. They went quickly. On the other hand considering the cost of repairs, I would rather spend a little more upfront to buy a decent driver, not a beater.

[DeFreest]

There is an 82 911sc Targa in Craig’s list NH right now. $9900.00 Hi mileage but it’s a driver. Has 2013 inspection sticker. I looked at it but didn't bite. CA car brought to east coast 6 or so years ago. No affiliation just thought I'd pass it along.

[wgerow]

There is an 82 911sc Targa in Craig’s list NH right now. $9900.00 Hi mileage but it’s a driver. Has 2013 inspection sticker. I looked at it but didn't bite. CA car brought to east coast 6 or so years ago. No affiliation just thought I'd pass it along.

You drive it? Any feedback? What is the mileage?