Call 911, the world’s gone mad. At some point over the last few years, Porsches (both modern and classic) have become slightly more sought-after than The Holy Grail.
The classic car market in general has gone berserk, with values of some models rising 300-400% in the space of half a decade, but for some reason Porsches have been particularly affected.
At the time of writing, there is a 2010 997 GT2 RS for sale in Queensland for – are you sitting down? – $949,000. Yes, this is a supremely rare – just 500 built – and desirable Porsche, however that price is $390,000 more than it cost brand new!
Don’t think the ‘regular’ GT2 has escaped unscathed, either. Of the four for sale online the cheapest 997 is $550,000 (these were $447,000 new) and the sole 996 is $450,000. Five years ago, a mint 997 GT2 could be yours for under $300K.
It’s a similar story with the naturally-aspirated GT3 RS. At the time of writing, there are three 997.2 911 GT3 RSs easily found for sale online, the cheapest being $478,000, the most expensive $550,000.
Now, the GT3 RS is a brilliant car, one of Porsche’s greats and MOTOR’s 2010 Performance Car of the Year, but it cost $387,000 when new – aren’t cars meant to depreciate as they get older?
The obvious culprit for this explosion is the fact that Porsche no longer make a manual 911 GT car, but how then to explain the sole ‘used’ 991 GT3 RS (it has 400km on the clock) wearing a $650,000 sticker?
It seems that if your 911 is wearing a GT or an RS badge it might as well be made out of solid diamond.
But hang on, I’ve just punched 993 into the search engine. As the last of the air-cooled 911s, it’s always occupied a special place in the hearts and minds of Porsche purists, but prices have recently exploded.
Want a clean Carrera? You’ll need $150,000. A tidy Turbo? That’ll be between $350,000-400,000, a car that five years ago you could have picked up for around a third that amount.
While these prices seem absurd given what similar cars were fetching a handful of years ago, any car is only worth what someone is willing to pay for it, so if you can sell it for twice what you paid, good luck to you.
However, as prices skyrocket the cars affected will be increasingly seen as investments rather than something to enjoy, which means all enthusiasts will be deprived of seeing these beautiful machines in their natural habitat – on the road or racetrack.
Thankfully, there is still value to be found in the Porsche world. Clean 996 Turbos are creeping up, but still relatively affordable (around $110K) given their durability and the outrageous performance on offer. Silly roof aside, the 987-series Boxster Spyder is also brilliant at similar money.
While Porsches have been the topic of this piece, as mentioned at the top of the article the classic car market in general has gone crazy, with any classic or limited edition Ferrari, Mercedes or Lamborghini skyrocketing in value.
The whole thing has more than a whiff of the mid-Noughties Aussie muscle car boom about it, a time when values of local classics soared for no reason other than everyone seemed to want a piece of the action.
I could be wrong, but I suspect the market will at some point undergo a significant adjustment. As with any bubble picking when it’s going to burst is nigh impossible, but in the meantime, if you’re about to buy a car that was worth half as much a few years ago, it might be worth asking yourself why.