Are Porsche 928s “recession proof”?
Text & photos courtesy of John Irving – Porschepurist.com
‘94 Porsche 928 Sells For $92,500, a fluke you say? A second ‘95 928 sells for 103,500!
Yes, you read that correctly. A one owner 1994 Porsche 928 GTS with 6k original miles sold for almost $7,000 more than the original MSRP of $85,706.00. This particular Porsche was one of only 44 built in 1994 with a 5 speed transmission and was as close to new as possible. If you’ve been thinking that current market conditions have softened prices, well it depends on the type and quality of car you’re talking about. The good cars are still posting high selling prices, and in this case, possibly record ones too.
Are the 928s recession proof? The answer depends on the Porsche in question and who you ask. A few months ago I wrote this article about a 928 GTS that sold for the record price of $92,500 (pictured above). This represented a premium of $7,000 above it’s original selling price. Not huge, but gigantic when compared to its lesser priced contemporaries (the 928S, S2, S4, 928 GT, etc.).
Last April, Michael Willhoit told me, “I believe in the 928 and have done everything in my power to keep the car in the public eye and help people to appreciate their true value.” Well, just this week, he made good on that statement for the second time this year when another super low mileage 928 GTS he sold set a record sales price of $103,500 (almost $20k more than the original sticker)
Built in 1995, this newer 928 is a year younger than the first GTS mentioned above, has the same low mileage (6k) and is in the type of condition you would expect for that kind of premium; AS NEW!
While not all Porsches are recession proof, certain models are definitely holding their value better than others (such as the 930 and 993 series). While others, like the two 928s mentioned above, are appreciating at a fantastic rate. As I’ve said before, the market might be soft, but good, clean cars are still hard to come by and people still pay for quality and exclusivity.
What other models do you think will see appreciation over the next few years? Personally, I think a rust free 914 would be a great buy right now.
We’ve had a lot of interest in 928s in recent weeks, last month I sold a 94 GTS and an 89 S4 within a couple of days of one another. The big difficulty is finding nice ones, there are lots of unloved moneypits out there.
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