Car investors “spoiling the market”, says Porsche-supported article

Porsche 993 911 Widebody RS Clubsport

Prices for highly desirable used Porsches such as the 993 911 RS Clubsport have surged

German brand promotes magazine’s story that slams owners of cars that “rarely see the light of day”

An article published on Porsche’s official website has hit out at people who buy the brand’s vehicles purely for their investment potential, calling this “immoral”.

The article, which comes from the Porsche Klassik magazine, says that these investors are “spoiling the market” by “causing an explosion in prices even for ‘normal’ Porsche vehicles”.

While these comments don’t come directly from Porsche, the article’s appearance on the brand’s website suggests a dissatisfaction with buyers who own Stuttgart-made vehicles to make a profit on them, rather than to drive them.

“This demand has sent prices skyrocketing and left an increasing number of old Porsche vehicles sequestered in garages, rarely or never seeing the light of day because they were bought purely as investments,” the article states.

“The speculation in which many dealers are currently indulging is heading towards the downright immoral.”

The prices of used Porsches have increased at record rates in recent years, headed by the rarest and most sought-after models, which is in turn dragging up the price of many used Porsche models.

Two years ago, a 993-generation 911 GT2 from 1995 sold in a London auction for £1.8 million, setting a new record for a Porsche road car. It’s also close to nine times the price of a new 911 GT2 RS. Last year, a ‘flat nose’ 1989 911 Turbo SE, a special version of an otherwise common model, went for £245,250.

Similar price surges have been seen for Ferrari models. This was headed by the $38,115,000 (currently equivalent to about £28,285,150) sale of a 1962 250 GTO at auction in 2014.

Aston Martin CEO Andy Palmer has also hit out at buyers of car build slots who intend to sell them for profit, even before the car is built. He said that anyone reserving a Valkyrie hypercar doing this would lose their slot.

In a similar move, Ford implemented a 24-month no-resale period for buyers of its new GT.

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…read more

Source:: Autocar

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