Time to Buy a Porsche?

[williamsmix]

According to JayEmm, the bubble has burst for Porsche with dealers heavily discounting new stock and massive price discounts in the nearly new market, thanks to an over supply in a cost of living crisis with rising bank base rates impacting car financing … Surely it’ll happen elsewhere too(?).

 

[SE_123]

I don't think Porsche is the first bubble to pop.

 

[Mattmaser]

You can get £40k off a turbo s - a lot of unsold cars in the network

 

[Andyk]

I think looking at high end cars in the classifieds it is hurting most brands with shed loads of stock. It selling or taking an age. There is a stunning yellow MC20 that has been for sale for ages at a dealer that started at £210k and now down to 185k and still not sold. Just think it’s the market with everything that is going on at the moment.

 

[zagatoes30]

There is a lot of stock just to moving both new and classic, traders are prepared to make deals but private owners still have rose coloured glasses.

If you look at last weekends Anglia Classic auctions there were some silly cheap prices, not always the best quality stuff but stuff that was at least £3-6k more not 6 months ago

 

[Felonious Crud]

The place where I store my car does a lot of work with a local Porsche dealer. They are over-run with all manner of unsold Pork at the moment, waiting for buyers to come along. Mostly Taycans, a fair few 911s as well, including at least one 911 Dakar.

 

[allandwf]

There will NEVER be a time to buy a Porsche.

 

[williamsmix]

There is a lot of stock just to moving both new and classic, traders are prepared to make deals but private owners still have rose coloured glasses.

If you look at last weekends Anglia Classic auctions there were some silly cheap prices, not always the best quality stuff but stuff that was at least £3-6k more not 6 months ago

Yes, I’ve been watching a few used cars for a while and I’m seeing some reductions on the forecourt and at auction of about 10%. As you say, folk selling privately have been slower to catch on. I suspect we’ll see a further slide as we go into next year …

 

[gb-gta]

When most people have got used to buying cars with cheap finance it’s not really surprising that when they give their current one back they now can’t afford another one now the cost of finance has shot up.

Especially when all their mortgages/bills have done the same and they don’t really want to hand their house back so they can still have an expensive car.

Super rich will not be bothered of course but I guess there aren’t enough of them to prop up the current high new list prices for Porsche’s.

It’s a problem for normal stuff too though, with normal hatchbacks being 30 or 40k now, with high finance costs.
China will probably swoop in now with loads of cheap EV’s in this ‘must have a new car under warranty every 3 years because all second hand cars with no warranty always blow up/break down’ sector.

 

[midlifecrisis]

There will NEVER be a time to buy a Porsche.

Amen, brother...

I'm off to see the new GT in a fortnight. Let see what they're down too....

 

[gb-gta]

Amen, brother...

I'm off to see the new GT in a fortnight. Let see what they're down too....

Maserati do seem to have bad timing releasing new cars. Original granturismo in 2007 just before financial crash, now the new one just before another!

 

[cheburator]

Maserati do seem to have bad timing releasing new cars. Original granturismo in 2007 just before financial crash, now the new one just before another!

true that, but the original GranTurismo did rather well in terms of number of cars sold - 28k - not bad for a niche car with some stiff competition and a high entry cost
crisis come and go - if the product is good, normally it finds its footing

 

[williamsmix]

I see Autotrader shares are up 8% this morning ... all of this oversupply generates extra advertising business, I guess!

 

[conaero]

Good lease deals next year, its about time I got a new car. Lease deals have been **** of recent.

 

[Guy]

Good lease deals next year, its about time I got a new car. Lease deals have been **** of recent.

Matt, aren't they dependent on low interest rates and strong residuals? I would have thought PCP world will be quiet for a while because of these factors.

 

[cheburator]

Matt, aren't they dependent on low interest rates and strong residuals? I would have thought PCP world will be quiet for a while because of these factors.

Absolutely... got some parts for the old M3... my local stealer had an M3 Touring with delivery mileage. APR of 11.5% and no PCP available - only HP. £2.25k per month over 4yrs! That tells me that BMW has no idea where the Guaranteed Future Value of the car would be in 3 or 4 years, hence the lack of balloon option at the end. If they cannot roughly estimate the depreciation of the car, how can they set a decent lease deal, which relies on the customer to pay for the depreciation and also leave a margin on top?

 

[Ewan]

Strangely my new Audi E-Tron, on a 3 year lease, is going to be two-thirds of the price of the one its replacing. Even though interest rates have gone up and Audi now know that the GFV's they were using have proven to be too low (as there is negative equity in the one I'm handing them back, and they have to take that on the chin). Seems odd to me, but it is what it is and I'm happy to be the beneficiary. I'm getting a newer, better car, with increased range and improved efficiency, etc, and all for several hundred Pounds per month less. The explanation must be that they can now build these things far more cheaply.

 

[Guy]

Strangely my new Audi E-Tron, on a 3 year lease, is going to be two-thirds of the price of the one its replacing. Even though interest rates have gone up and Audi now know that the GFV's they were using have proven to be too low (as there is negative equity in the one I'm handing them back, and they have to take that on the chin). Seems odd to me, but it is what it is and I'm happy to be the beneficiary. I'm getting a newer, better car, with increased range and improved efficiency, etc, and all for several hundred Pounds per month less. The explanation must be that they can now build these things far more cheaply.

or massive manufacturer incentives to keep the factory going. With higher interest rates, much higher insurance and steep depreciation, it will be interesting to see how the govt/manufacturers react when EV take up reduces significantly. A friend's Tesla S insurance renewal came in at 6k from under 1k for the previous 8 years since new.

 

[Ewan]

I bet he doesn’t live in rural Dorset!

 

[Guy]

I bet he doesn’t live in rural Dorset!

lives in rural Wiltshire. It's not like RRs which are mainly stolen in London. It's the battery costs if damaged in accidents,