What’s happening with prices? 2024

[Matt_Chaps]

Hi all, 

 

Anyone got any insight into the market right now and where prices are at? I feel like the arse has fallen out the bottom of it. What’s going on? Do we expect it to come back? 

[Aaron]

The market is still weak at the moment.  Prices have been falling month on month through the winter as far as I can tell.

 

It is spring now and prices should start to perk up, but not sure by how much.  Used car prices in general have fallen in the past year.  The pre-pandemic prices are starting to return closer and closer as the market returns to normality.  The pandemic boom prices are long gone at this stage; they started to decline around the end of 2022.

 

[MartinF6]

Before you adjust for inflation, prices are probably still slightly higher than pre-pandemic. But only very slightly. In other words, what would have been, say, a £20k 987.2S (to give one example) might now be £21-22k.

 

Adjusted for inflation, however, they have depreciated quite a bit as we've had a total of at least 25%, and probably more, inflation since just before the pandemic.

 

Interest rates aren't going to fall dramatically any time soon. It's cheap credit as much as anything that pushes prices up. I don't see the market getting much worse, but I also don't see it getting much better.

[Matt_Chaps]

That’s interesting. I bought my 987.2 S in 2020 for £21k at 84k miles. Did I get a bad deal? WBAC now valuing it at £13.5k! What on earth!? I would say it’s worth at least £19k now. 

[MartinF6]

WBAC doesn't tell you what your car is worth, but it does indicate market movements. In other words, if the WBAC price moves by 10%, then that's a good indicator that the market has moved by 10%. But you'll get quite a bit more in a private sale for a decent car than the WBAC price.

 

As for your car, I'd say it depends on spec and history etc, but I'd say the minimum provided it's a decent example is probably more like £17k than £19K. Probably £20K at the top end. But with that mileage advertised privately at £20K I think it would be a slow sale. And that's assuming it's still on 84K.

 

In market terms, 84k miles is quite high. I'm not commenting on the reality of what that means for the car mechanically, just the fact that the market views a Porsche with 84k as high miles, for better or worse.

 

If it's much higher than 84K, I'd say £19K is pretty optimistic. Mileage really hammers the value.

[yuffyhaggo]

If you buy from a dealer you're probably paying £5k more than you're likely to get back on the same day, so write that off immediately in your mind.

 

Yes Caymans (along with all other marques) have taken a dip recently. It's all relative and only a downside if you want to sell a car and replace it with nothing (or a much cheaper model).

 

Who cares what it's worth, maintain it, drive it, enjoy it. 

[Paz]

Good question, I’d say they have slightly gone down, which is good for me in terms of looking for a Cayman, and bad as I won’t get as much for my S2000 😆 

[briggy]

I had 987.2S up for sale with 67,000 miles and full OPC service history for £21,987 recently and got no interest. Dropped it to £20,987 and got one potential private buyer who eventually decided against it. However, I got an offer from RSJ Sports cars who would come and collect for £19,000. The deal fell through when they pointed out my tyres weren’t N rated. The point is that if they’re buying stock at that price, there’s still profit to be made. Car now withdrawn from sale I’ve come to my senses and realised there’s nothing as good in that price range. 

[Paz]

On 20/04/2024 at 08:45, briggy said:

I had 987.2S up for sale with 67,000 miles and full OPC service history for £21,987 recently and got no interest. Dropped it to £20,987 and got one potential private buyer who eventually decided against it. However, I got an offer from RSJ Sports cars who would come and collect for £19,000. The deal fell through when they pointed out my tyres weren’t N rated. The point is that if they’re buying stock at that price, there’s still profit to be made. Car now withdrawn from sale I’ve come to my senses and realised there’s nothing as good in that price range. 

Where are you based? 

[briggy]

14 hours ago, Paz said:

Where are you based? 

I’m in Gloucestershire. Pretty sure we’ve already chatted about mine and you ruled it out because it’s not a manual. Can send you more details if you’d like them. 

[Paz]

On 24/04/2024 at 07:17, briggy said:

I’m in Gloucestershire. Pretty sure we’ve already chatted about mine and you ruled it out because it’s not a manual. Can send you more details if you’d like them. 

Thank you but I’m alright. 

[Matt_Chaps]

Well, I sold my 987.2 S…she’s with her new owner now. It is a sad day! What am I going to do next…

 

For anyone interested it was on 94k miles and had a decent spec, sold for £18k. 
 

So much car for the money.

[MartinF6]

I'd say you did pretty if not very well to get £18k in this market with that mileage. Well done!

[TimsterC]

Currently buying a 987C for £18k with 73k miles.

Tidy and well cared for. Aftermarket head unit and reversing camera already fitted.

[TimsterC]

On 06/08/2024 at 16:45, TimsterC said:

Currently buying a 987C for £18k with 73k miles.

Tidy and well cared for. Aftermarket head unit and reversing camera already fitted.

whoops, that should have read "37k miles."