997 Turbo depreciation next year - savage?
 

Found a 997 turbo advertised that is an 07 plate with the spec I'm interested in. It is advertised £33k off new price and has 2000 miles.

What holds me back taking it further is the potential depreciation over the next few years. Turbos used to be good for this, but no longer?

I think the economy will be utterly toast next year, wondering if I'm too early to be looking at a car like this, or is the bad news already priced into used car prices?

Looking at 996 turbos, they are bottoming at about £30k for an 8 year old example. A good spec 2004 is still mid 40s though.

I'd say they will plummet at a similar rate next year - don't forget there is a Gen2 997 turbo out in the future also. I'd expect them to be under £60k by the end of next year, if not the cheapest approaching the £50k mark :)

I'm looking at spending about £35K on a 2003 996TT X50 in March/April next year (about 35K miles, fully optioned).
I don't think it'll be much cheaper than that.
I know for a fact it cost £115K new and I know the existing owners payed about £70K for it 3 years ago.

Thing is, if you keep on holding off buying one, that's however many months of NOT driving it!

You only live once!

If I could afford one right now, I'd get one and bugger the depreciation.

I have been looking at 996 GT3/2 prices and they are starting to look very attractive. Interesting I tried to buy one new and did not make the cut on 100 and was not prepared to pay £10k over list.

Looks better now :)

Well if you do get one John, the please post some nice pics of it!

I LOVE the 997 Turbo.

I've always thought if you worry about the cost/servicing/depreciation/fuel consumption/insurance of supercars you can't afford it.

On a smaller scale its why I have an MX5 not an Elise:(

They will all depreciate because of the excess of the last few years ,the fact that so many people bought expensive motors (not a rarity at all to see Astons/porkers/Ferraris nowadays)and people can't bail themselves out of running costs anymore by re mortgaging

Hold on to your cash for a bit I reckon

The new M5/M6's seem to be consistent in losing £1,700 per month and are continuing to do so suggesting there are little or no buyers. So I would imagine for 2009 a 997 turbo must be in for a real pasting.

Great minds think alike. :thumb:
At the prices next year, I think i'd be stupid not to get one. My dream car at an affordable price. Would be looking at between £30-35k.
996 in Cobalt blue (rare for a 996) or Black.

Although with the prices of 997 tumbling too, I could be tempted to get the newer car. It would only be a CS or C4S though. Think the Turbo will be out of my price range.

Dont count on prices falling that much outside of normal depreciation.
Most 997s are still 40K+. You might find a 2004 car thats 35k, but you need to remember thats a 4+ year old car, with still less than 50% depreciation in 4 years. I think most 911s are c.60% residual after 3 years, when most other cars are 40 to 50%.

I was talking to someone the other day who was only offered £28k for his mint C2S in trade in against a new car. That was actually the most he was offered for it. He was offered much more last year but decided to keep it.

Boss got offered £29k for his 57reg RS4, he paid £66k for it this time last year.

More than 50% in 1 year.......Bananas:eek:

:eek:

3k a month, that's got to hurt. http://www.hankscorpio.net/forumpics/smilies/ky.gif

£28k, plus a couple of grand in prep, maybe new rubber, maybe a service, maybe a warranty.... hence screen price of £35k to £40k... depending how long the dealer thinks he might have to carry the car for. What year is his car? Colour and spec?

What he is offered PX makes no direct connection to what you could actually go and buy the car for. 99% of people are going to get stuffed royal on a trade in - unless you own a very desirable car, such as a classic Porsche / Ferrari etc.

This is because the average 911 buyer will want the car to be mint, and also they are going to want a warranty. OPCs will add £1350 just for this alone..

I bought my 997 only 3 weeks ago so I would say I am fairly upto date with the market. The auctions (blackbushe etc) are throwing up 997s at about the £30k mark, mabye just under for a 2004 car.

If he really wants to know what its worth then just ring Henry and 911 Virgin..

The only thing I would say with any certainty is that prices will not rise next year. But I can think of several reasons why they might stabilise a bit, continue to fall, or even drop right off another cliff! I also expect rare or more desirable cars to maybe hold prices better. I dunno, that's just a guess. Truth is we've never been in this economic situation before and NOBODY knows what's going to happen.

I bought my wife a 3yr old Audi TT two weeks ago. The price was good, but I know I could have saved another couple of grand by waiting a few months. Thing is, she needed the car now, it was exactly the right model as if she'd personally specced it from new (not a common colour/interior combo), and there it was, waiting to be driven home.

If you see exactly the right car for you, now, at a good price that you can afford, I say go for it. You might get an even better bargain next year, but it will surely take you many more hours of searching, hundreds of miles checking things out, a fair amount of the inevitable hassle and you might not save a huge amount. Buying a car like that is an emotional purchase, and getting just the right motor is more important than saving a few quid IMO. And meanwhile, a bird in the hand... :D

BTW, v, v nice motor that, John. It's class that lasts, so unless you're likely to swap it in a couple of years, the longer you keep it the less painful any short-term depreciation will be.

Richard.

Nottingham OPC had a 2003 Cobalt 996TT in a few weeks back.
I had a look at it but it had no PCM and did look a little tired.
It had only done (IIRC) about 30K miles and was up for sale for £37K.

I'd thought about a newer 997 but like you, it would only be a C2S but mine will only be a third car doing 5K miles pa so age doesn't really matter.
I'll buy on condition and history.

I worry about depreciation because this particular car has lost £15 PER MILE so far. Even though I could afford that (and being realistic it won't be that bad now it has had the initial hit), I don't want to.

I have four options:

Keep the Evo (as my only car) that does everything well except the dreadful image and the lack of refinement.
Get a (possibly cheap) wafter (anything from LS430, XJR, 7 series up to an M5) as my only car.
Get the wafter and keep the Evo to fulfil the four wheel drive turbo nutter need.
Get one all rounder (eg 996 or 997 Turbo).

The reluctance of having two cars is that I wouldn't use one of them very often, and it is just more hassle.

The Evo is ridiculously good VFM and quite easy to look after for what it does, but I am rather fed up with the image and the lack of refinement.

I'm sorry to bore, I have these threads every so often, yet I rarely change my cars.

But compare having an E60 M5 and an Evo IX with a 997 turbo. The M5 and the Evo then look rather good value...

What ruined my resistance was finding a locally advertised 997 turbo at what appears a competitive price relative to others.

Thing is, you can do comfortable, refined if you don't mind it being comparatively slow for a tenth of the price - eg LS430 etc.

LOL John. What a terrible predicament ;) Don't expect any sympathy from me :D

All I would say is, if I won the lottery and had to have just one car to drive everyday for the next ten years, no excuses, it would be a 997 turbo (but I'd want the PDK box :lol1: )

Richard.

Go for a GTR, still gives you your 4wd craving, and goes round the ring just as quick as a 997 turbo for a lot less money!! ;)

I think it depends on how long you intend to keep the car. A probable £20k loss over 18 months is a big hit, whereas 40-50k over 7-8 years is far more palletable.

My father bought his (used) 997 C2S this year. It has lost an easy £10k in the last few months in depreciation since he bought it. But it doesn't matter in the slightest, as it is not for sale, and will not be for many years.

It doesn't need to be: in 10-15 years time it will still be fantastic to drive and fantastic to look at. Sure, the game will move on, but in the age of nannying control systems and safety, will it be for the better?

Oh, and I drive it probably more than he does, and would recommend one over the Turbo. Has to be a manual too. Less money, more involving, more "analogue" (if you see what I mean), probably more fun, and in my personal opinion, anything that anyone could ever possibly want or need from a car. It's fantastic.

Buy one now whilst they're cheap (for the age of the car), and keep it for the long term.

It is a horrible situation to be in, i feel for you John! :D

I presume you really don't need a 4 door car then? If not then having that extra is a waste imo and a focused 2 door sports car is the way to go.

I'm big on depreciation myself, as well as having the grip of 4wd, so i'd probably look for a slightly older model direct from the dealer. I thent has the warranty at least and still won't drop another silly amount, IF it was to drop at all.

That's actually quite a good idea and in a grey/black colour, it won't stand out like the Evo and also won't/doesn't come with much noise.

It ain't gonna drop in value like many other cars at that price tag.


Only thing i'm curious about the GTR is repair work. Where will it need to go to have the job done and how long will it take to fix. I couldn't stick a new car going wrong, but if it'll take 2 months to get a gearbox sorted, no-one wants that.

The GTR does interest me, I resisted ordering one because I thought they would be easy to come by next year, but with the Yen rising and the list price going up who knows? I gather in the US there are many unsold examples. However, some 997 turbos lightly used are not far off the price of a new GTR.

The porker will definately be a much more pleasant environment to be in....GTR won't be unlike the 350Z imo, but then the last Porsche i had a look in didn't fill me with joy either. Quite plain i thought. Not at all what i was expecting anyway.

Good advice from Olly :)

But only buy a car that you really want, not just because it's a bargain right now.

If I'd taken that view, my missus would be driving around in two tons of Merc metal right now. But she's always wanted a TT, not a huge and vulgar limo, and so, credit crunch or not, that's what she's got.

Richard.

Atleast if your 997TT goes wrong and the parts have to come from Germany they will give you another 997 as a min as a loan car.... Nissan will lend you a Micra! LOL.

Have you driven a 997 Turbo? If you are serious about this then I would go and have a drive, they are mind bending. Very few cars can be so tame and smooth at normal speeds then smash your face in when you put your foot down. :thumb:

double post

I have to say though I admire people driving older looked after cars rather than those that get panic stricken at new number plate time.

As people have said,buy it and keep it for a good few years.There is a bottom where depreciation should even out,and how the heck could you get bored of driving it:D

i remember in the depths of the last recession -- about 1993 you could pick up a 4 year old porker -- the "big bumper" 911, so an 89 model i think for about 16k

which i remember was V cheap at the time -- and if youd bought a mint one it would prob still fetch that today!!!!

so if you can go for it -- cant be a better time

sorry just seen the credit crunch porsche thread -- mmmm may not quite 16k today but i think the point still holds

Used car values seem to have dropped off a cliff, and there are very very few buyers out there. I'm currently trying to shift a 4yr old Audi A3 which would have easily fetched 10k+ this Jan, but now I'm getting virtually zero interest at only £6.7k! :eek:

I had planned to trade up to an A4 cab or Boxster, but I've been spooked by just how much values have fallen, and I've now bought a old 2001 Polo Gti which I plan to keep for at least a few months to see how things pan out.

IMO you'd have to get a serious serious bargain to make it worthwhile getting such an expensive car at the moment. Even then I expect you'd struggle to shift it, and the worry that it's losing money sharply might spoil your enjoyment of the car.

It's only a worry if you have to shift it, though.
I don't plan on selling mine anytime soon after I buy one.
In fact, the one I'm thinking of buying is an unusual colour. But I'm not bothered about re-sale value.
:)