Welcome to Q2 of the Cayman Market Watch, our regular feature primarily to provide you with a view of pricing on the Porsche Cayman market. Aimed at helping those selling or buying to make more informed decisions on price.
The not so new 4 cylinder turbo car introduced in 2016 seems to be a veritable bargain at the moment, prices for private sales of the base 2.0L car with average mileage and a few options are now around £28-30k. Think what you like about the turbo flat-4 cars, but with prices for these cars nearing that of a 987.2, it does start to make you think. These cars would have been around £40k when new depending on how extensively optioned they were.
If you're after a well specced 718 S, sporting the 2.5L flat-4 unit, and adorned with such delights as PASM, Sports Chrono, some interior garnish and premium paint and wheel options and a Porsche warranty, you'd have been looking at the thick end of £50k odd when they were new. Today you you will be paying somewhere in the region of £37-40k from a private seller or independent specialist, an OPC will be asking mid-£40k for the same car. Add around £3k for a GTS model, though these are not so sought after as the 981 GTS, and probably not the sweet spot for the 718 model.
The recently released 718 GT4 is an interesting thought, it's barely hit the showrooms and the recent CV-19 pandemic has undoubtably had an impact on both deliveries and sales, but also perhaps that it's not been as well received as it's 981 forebear for various reasons. I recently had a conversation with a gentleman who was due to take delivery of his GT4 within weeks, but had decided that in fact he didn't want it. Now, not that long ago you'd have accepted delivery and sold the car on before even collecting it and would definitely have made a decent profit. The 981 GT4 was trading at this point in its life for around 35% over list. Not so the 718 GT4, it seems that if you want one then there are plenty of options and you don't need to pay a premium to get one if you keep your head screwed on.
Our prediction on the 718
718 and 718S will hold within 10% of current prices until the end of 2020. Private sales of 718 2.0L could be the sweet spot with sellers keen to sell. The 718 GT4 will be readily available by the end of 2020 and prices around 10-15% below list depending on spec for early delivery cars.
The base 981 cars were introduced in 2013 at a price of £39,694 devoid of options. Today, a well optioned 2.9L car with around 50-60k miles on the clock and generally average in spec, history and condition will be costing you around £24-26k. Find a low mileage, well cared for example with more desirable colour options, some interior chintz, PASM, Sports Chrono etc and you will be looking at £28-30k from a dealer.
The 981 Cayman S commanded a £9,000 premium when new and with some nice options would have been a car costing around £55k. Today the premium for an S is a lot less than that. Using the examples above, you should aim to find a well cared for, well optioned reputable independent dealer car for around £30-32k These cars top out in the high £30k's for exceptional well specced cars, with low mileage and a decent warranty at OPCs.
The pick of the 981 bunch remains the GTS model. When new these cars represented great value for money for those who were looking for a slightly more driver focussed machine with a good level of specification and all for just £6.5k more than the S model. Today, that margin has grown, with the lowest priced GTS fetching over £40k and the more desirable cars with Porsche warranty, in manual with more expensive options (bucket seats etc) commanding as much as £52,000. Prices have softened for these cars recently, 12 months ago the market was not carrying many cars below £50k.
The 981 GT4, was one of those cars that traded at ridiculous margins over list price when it was introduced in 2015, considering it had a list price of around £64.5k, these cars were swapping hands for over £100k at one point provided they had decent and desirable options. The inflated prices softened a bit in 2018, then continued to fall steadily back to more realistic prices. Expect to pay a more realistic price today for a nicely specced car in the region of around list £65k. Prices top out at £73k for top spec, super low mileage OPC cars.
Our prediction on the 981
The Cayman S is probably the sweet spot for a prospective owner wanting a 3.4L car with some nice options and prices are likely to hold through to 2021 on these cars. GTS prices may soften a bit more, but desirable and rarer manual cars will probably remain popular, maintain a premium and be snapped up quick.
The bottom end of the GT4s will probably fall into the mid-high £50k bracket and paying £70k+ for top end will be a thing of the past by the beginning of 2021.
Prices for the 987.2 cars have held quite firm for a while, a slight softening recently due to economic uncertainty and dropping out of the 2 tier age bracket. But still, they command strong money predominantly driven by lack of availability and still possessing the desirable purity of the 987 cars but with the slightly more modern interior finish. The 2.9L base model cars still command in the region of £17-20k depending on mileage and spec. If you're looking for a 3.4L Cayman S you can find rather leggy examples for £17k upwards, but the decent lower mileage, well cared for cars with desirable options still requiring you to spend up to £23-25k. Black edition models may fetch slightly more, but generally only because they tend to be better cared for examples, certainly don't over-pay for the 'limited edition' here.
The Cayman R is perhaps one of the most sought after Caymans made to date, and rightly so. Prices held firm in the mid-£40ks for some time, with some OPC cars advertised at as much as £50k until towards the end of 2018 when the market started to soften and prices have steadily dropped since. That said, you will still pay a healthy premium over a 987.2 S. Finding the right car with the most desirable options is the challenge prospective owners face, not helped by low volume production numbers. You may find some OPCs still offer these cars for sale and will come with a warranty, these will be the top end of the Cayman R market, advertised for around £40-42k. At the lower end of the market, more leggy, less desirably specced cars will be in the lower end of the £30k bracket. Expect to pay around £35-37k for a car with a good history and the important 3 Cayman R options (bucket seats, Spyder wheels and a manual gearbox). There seems to be some denial amongst owners and independent specialists on realistic prices for these cars until recently, so expect to haggle to obtain correct pricing with either.
Our prediction on the 987.2
We wouldn't bet on prices for any of the 987.2 cars to move much for the remainder of the year and into 2021. There may be the odd bargains around if you're happy to take a punt on a higher mileage car requiring a few quid to make up for neglecting previous owners, but generally these cars prices are buoyant because of the limited supply.
Were it all began in 2005 with the newly introduced Porsche 2 seater coupe, the Cayman S shortly followed by the base model Cayman. Prices are perhaps most varied for this generation of car than any other Cayman. Those brave enough to enter Cayman ownership can do so for less than £10k, but expect these cars to have traveled over 100k miles and certainly requiring some care and money over the first 12 months of ownership. Cars with much lower mileage do exist and prices as high as £22-24k are not uncommon for mint examples at some non-specialist dealerships, perhaps hoping to take advantage of prospective customers with little knowledge of the cars. These top end priced cars are best avoided in our opinion due to the instant depreciation you will suffer and dubious warranties offered being worth very little. Aim for a car in the mid teens (£14-17k) with a healthy mileage and a good maintenance record and don't be put off by a car which has had a specialist engine rebuild. Enthusiast owned cars are also likely to be a better bet and pre-purchase inspections can help to avoid any nasty expense in the first 12 months of ownership.
Our prediction on the 987
We don't expect prices to move much but mint examples are likely to be harder to find. Increasing variation in price due to cars falling well into the sub £10k price bracket going into 2021.