Global Market Drop slowing classic car sales?

trader220 · 09-01-2015, 06:51 AM

I am starting to see more and more recycled cars on the internet. The same cars over and over not selling at very high prices. I don't think you'll see prices back off a whole lot but they're not going higher and a lot of the really high end stuff is slowing to a crawl.

Looking at the 993 Turbo market there are more cars for sale out there then I can recall seeing at any time. They're priced at very high prices and I don't see them selling at all.

Taking the top off the global equity markets looks like its slowing the sales of these cars.

Skwerl · 09-01-2015, 07:10 AM

Towards the beginning of the escalation a couple years ago, a lot of internet people were saying that cars were going to China and Europe. Not sure how true that is/was, but it might be that those buyers aren't around anymore.

NYNick · NYNick's Garage

I posted a few days ago I have a good friend who is the original owner of a pristine 993TT that's just gorgeous. We have been going back and forth on values over the last year. He's in the car business and knows a lot of car dealers as a result.

When he started saying he could get a really nice Ferrari for the selling price of his 993TT, I think the whole equation changed for me. Not saying it isn't apples to oranges, just saying.......

There are 993TT owners out there who are convinced NOW is the time to sell...they may be right. Problem is, the time might have passed. The prices are just too high, when compared to other cars you can buy or other opportunities for your cash. Yes it is one of the pinnacles of the marque, but it still doesn't have the panache or the rarity of the Carrera GT or the RS'. If it did, the cars would be gone.

I could be all wet, but that's my take on the issue.

creaturecat · 09-01-2015, 08:08 AM

no

Matt Monson · 09-01-2015, 08:10 AM

Of course overpriced cars aren't going to sell...

KNS · 09-01-2015, 12:55 PM

Quote:

Originally Posted by NYNick

There are 993TT owners out there who are convinced NOW is the time to sell...they may be right. Problem is, the time might have passed. The prices are just too high, when compared to other cars you can buy or other opportunities for your cash. Yes it is one of the pinnacles of the marque, but it still doesn't have the panache or the rarity of the Carrera GT or the RS'. If it did, the cars would be gone.

Exactly!

Yorkie · Yorkie's Garage

The Euro to Dollar exchange rate drop has taken some of the European buyers out of the market. You might even argue that a lot of the EU demand for classics has been satisfied over the past couple of years.

As for the US market, many people who wanted to sell their 911 and make a profit have already sold their cars and those who were looking for a 911 now that the economy is healthy have already purchased their dream car.

I think the market is just settling down.

HugoBear · 09-01-2015, 06:11 PM

I agree that the market just seems to be settling down and more balanced.
I feel like my car would probably command about $2500 less than this spring but don't believe the sky is falling.
It was out of control when any reasonably priced car would sell within minutes with no PPI.
That's not really healthy anyways.

gruppe75 · gruppe75's Garage

I,for one, sold my 993tt when the prices started to escalate and have been watching the market since. I agree the market has stalled on these cars and perhaps the reason being there are other Porsches that have become desireable, ie the GT3 and/or the GT4. These cars can be had for similar or less amounts than the 993tt, and still provide the same amount of enjoyment.

Skwerl · 09-01-2015, 07:08 PM

Quote:

Originally Posted by gruppe75

I agree the market has stalled on these cars and perhaps the reason being there are other Porsches that have become desireable, ie the GT3 and/or the GT4. These cars can be had for similar or less amounts than the 993tt, and still provide the same amount of enjoyment.

Not to mention late model Ferraris, R8s, Astons, Teslas, and many more.

zakira · 09-01-2015, 08:48 PM

I was just reading this from Hagerty. Although overall it's slowed down, some cars like the 930 will continue to rise, they say.
https://www.hagerty.com/articles-videos/Articles/2015/09/01/Hagerty-Price-Guide-28-Slowdown-Not-Necessarily-Negative

Nick Triesch · Nick Triesch's Garage

Classic cars are really no different than classic watches or old Fender guitars and martin guitars and Gibson mandolins. When the market is on fire, so are these items. When the market takes a terrible dive, so do these items. It really does not matter to me. I just have my car to drive and shine and tune up and fix up. If my cars value goes back down to $12,000, I will still have my old cool 911.