Cayman Residuals

[dereksharpuk]

Popped into my local OPC today for their Open Day (free car wash, coffee and valuation). I was shocked to receive news of a catastrophic plunge in Porsche values (especially Cayman). My Cayman S has depreciated £10K in 3 months. Yes really!. Market value at present for a mint 2007 Cayman S, original price £54K, mileage 4000 is now... wait for it.... £30K. Have we reached a calculator situation where we throw it away after a few years? Only saving grace is that the Industry thinks that values have bottomed out and will not reduce further for some time. Good reason not to sell.

 

[InnerSphere]

Welcome to my world Derek.... I seem to remember having this conversation before [] I 100% concur - definitely not time to sell - unless you have no choice [&:] Guess you have to wait a while for the new 997 with PDK - pity - because it does look good on paper!

 

[Rotorhead]

It's not a reflection of the Cayman or Porsche, it's the market in general, and many makes have sufferred far more. There are currently 124 Ferrari 430s for sale on Pistonheads alone[:-] Smart money isn't buying new at the moment. The best deals must be used/private.

 

[Shortshift]

Derek If the trade value is now £30k, wouldn't that make it £24k depreciation from the £54k list that you quoted.... in 3 months? Or have I misunderstood the figures? James

 

[pauljmcnulty]

Hmmm, have you not heard that there is a "credit crunch" at the moment? If there's no-one wanting to spend any money, and lots wanting to sell things, then the price plummets. [8|] You should try and sell a house at the moment. My asking price is now c. 10% less than in February and not a viewing in 6 weeks. Realistic drop if I NEEDED to sell would be 20% over the last few months. []

 

[JCB..]

ORIGINAL: dereksharpuk Popped into my local OPC today for their Open Day (free car wash, coffee and valuation). I was shocked to receive news of a catastrophic plunge in Porsche values (especially Cayman). My Cayman S has depreciated £10K in 3 months. Yes really!. Market value at present for a mint 2007 Cayman S, original price £54K, mileage 4000 is now... wait for it.... £30K. Have we reached a calculator situation where we throw it away after a few years? Only saving grace is that the Industry thinks that values have bottomed out and will not reduce further for some time. Good reason not to sell.

You can afford it Wings! []

 

[Dylan1]

ORIGINAL: jbatchelor Derek If the trade value is now £30k, wouldn't that make it £24k depreciation from the £54k list that you quoted.... in 3 months? Or have I misunderstood the figures? James

derek bought it a yr ago-so its only dropped £24k in a whole year[] looks like we`ll all have our caymans a long time after the wales weekend!!

 

[Dylan1]

absolutely-one of my colleaugues has just had to sell his 9 month old 997c2s and got 28k less than he paid for it,so it is not just caymans-if anything 997`s are suffering even more -and thats before the facelift hits the showrooms!! also the local bmw showroom (upgrading linda`s car) said that three opc`s they contacted to sell on cayennes just didnt want any porsches9of any type) to buy in for stock as they were inundated with stock already (from finance returns)

 

[Alan_Armstrong]

Oooops...there goes my plan for a new one next March then....it'll take a lot longer to recover I'm sure! (or at least thats the reason the OPC will quote on!)[]

 

[dereksharpuk]

ORIGINAL: jbatchelor Derek If the trade value is now £30k, wouldn't that make it £24k depreciation from the £54k list that you quoted.... in 3 months? Or have I misunderstood the figures? James

James no, my Cayman S is 15 months old and has depreciated by £24K. However, 10K of that is in the last 3 months.

 

[dereksharpuk]

ORIGINAL: dyllan also the local bmw showroom (upgrading linda`s car) said that three opc`s they contacted to sell on cayennes just didnt want any porsches9of any type) to buy in for stock as they were inundated with stock already (from finance returns)

I spoke to the buyer at my OPC yesterday and was told they too are not interested in buying. He stated that he can pick up Porsches at auction for pennies (my words). Bottom line still is don't buy unless you win the lottery and don't care about a big loss. My dealer principle said I would get a good deal (good for who?) if I purchased something from stock, but no good deals on trading for a Gen 2 997 as they have plenty of orders for them. My thoughts are that when rank and file discover that they are getting little for their current car, they will delay or even cancel their order for Gen 2. OPC order books may well look healthy at present, but watch this space.

 

[Dylan1]

derek i think you are spot on! while linda and i(well me at least!)were drooling over the new 997 with pdk photos on the web,we felt the same as you-when people with orders for gen 2 997 realise how much(or little!)they are going to be offered in p/ex then the order books will change considerably-in fact i have been offered two cancelled order slots for gen 2 997s sep/oct build already by hatfield opc and i expect much the same is happening elsewhere

 

[daro911]

ORIGINAL: dyllan i have been offered two cancelled order slots for gen 2 997s sep/oct build already by hatfield opc and i expect much the same is happening elsewhere

Dylan smell the expensive Porsche coffee you and I pay for every service [] there are no cancelled order slots for Sept/Oct the slots are yet to find any punters is more like the truth. Unfortunately whilst OPC's have decided to only "steal" px's and not offer a fair deal for regular new Porsche buyers then there will always be the phantom cancelled order slot to fill. I have no doubt what so ever when my mint 05 987S is valued against generation 2 987 I shall pass on there insulting offer too and just wait for the all new model circa 2011 ... Now off for a nice 30 mile blast, very not PC or green, fill the beast back up before the next price increase and hopefully watch Lewis win the Canadian GP before my barbie q guests arrive [8D]

 

[Dylan1]

there are no cancelled order slots for Sept/Oct the slots are yet to find any punters is more like the truth.

interesting thought[] btw i think you may have overdone it a bit with your garden railings[](on thumbnail) ATB dylan

 

[iankwilson]

Chaps, allow me to be controversial for a moment. Why do we always talk about depreciation so much? It's pretty much a fact of life and we buy these superb vehicles to drive. Why change it anyway? Cheers. Ian BTW, excellent article in PP Derek.

 

[daro911]

ORIGINAL: dyllan btw i think you may have overdone it a bit with your garden railings[](on thumbnail) ATB dylan

Like to keep the use car sdealers out of my garden

 

[marlin]

ORIGINAL: daro911

ORIGINAL: dyllan i have been offered two cancelled order slots for gen 2 997s sep/oct build  already by hatfield opc and i expect much the same is happening elsewhere

Dylan smell the expensive Porsche coffee you and I pay for every service [] there are no cancelled order slots for Sept/Oct the slots are yet to find any punters is more like the truth.  Unfortunately whilst OPC's have decided to only "steal" px's and not offer a fair deal for regular new Porsche buyers then there will always be the phantom cancelled order slot to fill.   I have no doubt what so ever when my mint 05 987S is valued against generation 2 987 I shall pass on there insulting offer too and just wait for the all new model circa 2011 ...   Now off for a nice 30 mile blast, very not PC or green, fill the beast back up before the next price increase and hopefully watch Lewis win the Canadian GP before my barbie q guests arrive [8D] 

I like your style [] Bought a 997 Turbo last year and it's mine until I die, will leave the balloon payment to my kids []

 

[dereksharpuk]

ORIGINAL: iankwilson Chaps, allow me to be controversial for a moment. Why do we always talk about depreciation so much? It's pretty much a fact of life and we buy these superb vehicles to drive. Why change it anyway? Cheers. Ian BTW, excellent article in PP Derek.

I'll tell you why we talk about depreciation... It is because some of us sell our cars quite often and thus lose big money (more so now than ever before). Why sell and not keep such a superb vehicle? Because Porsche are smart and bring out even better cars..the new Gen 2 models... 911 and Cayman are more powerful, yet are more economical and enjoy lower emissions. Moreover, PDK promises to be a great bit of kit. As long as PAG continue to produce better and better cars chaps like me will be sucked in to early exhanges. Yes, I know I am mad and I certainly cannot justify throwing away £25 after just 18 months of ownership. However, historically one could change for little money and thus not only get a better, newer car, but also avoid service costs, tyres etc. It used to make sense. Not any more.

 

[Black80XSA]

The marketting department is strong ! Better ? - maybe, but can yo tell better on a daily commute or when in traffic ?? Truth is the OPC prices are still inflated, new and used - higher fuel and road tax hit all makes, but margins on cars are higher at Porsche. They always said no discount as it affects used values ? maybe in the past yes,but now prices are so depressed i doubt it makes any difference. I thought aboutthe whole depreciation thing whilst commuting thsi am - Sure my 987 has barely been used in12 months (3k miles ??) and its probably lost another 7k in value. But i've done 23k miles in my commuting shed (Golf TDI and its cost me nothing - peanuts to buy and still worth most of what i paid for it due to its age) that has in effect been free motoring. Makes me less worried about the loss on the Pork

 

[Dylan1]

good point[] linda`s bmw diesel tourer has covered 35k miles in 2 yrs and has dropped 7k in that time.....allowing me my little(!)luxury!! and i have to agree-nice tho the new pics of the 997 ext and interior are-the steering wheel buttons are not THAT much different from mine and yes it will be perhaps a whole sec faster(more with sport chrono admittedly)but is it worth another huge depreciation hit-i dont think so