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YOUR RESEARCHUsed car prices finally firming up?
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Use 996 prices have been soft
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I think used 996 prices have been soft for the following reasons:
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Use car prices increased sharply in march, up 1.7% compared
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Dow Jones reported today that used car prices increased sharply in March, up 1.7% compared to February.
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These numbers are from a widely quoted index of used car sales, the Manheim index, which is based on five million used car transactions.
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These numbers are from a widely quoted index of used car sales, the Manheim index, which is based on five million used car transactions.
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1)generally depressed economy which resulted in slow market for used cars overall.
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As most of us know, used prices of 996's have been soft for awhile, but then the same is true for the used car market as a whole.
Dow Jones reported today that used car prices increased sharply in March, up 1.7% compared to February. That was the biggest one month jump in almost 5 years, since July, 1998.
For the year, used car prices were up 4%, the biggest increase since mid-1999.
These numbers are from a widely quoted index of used car sales, the Manheim index, which is based on five million used car transactions. March's data are seasonally adjusted to compensate for traditional spring car buying.
I think used 996 prices have been soft for the following reasons:
1)generally depressed economy which resulted in slow market for used cars overall.
2)Many early 996's coming off lease just as the economy hit its weakest point.
3)Porsche scaling back production too slowly in response to the above factors. Even after the economy slowed dramatically, Porsche kept cranking out cars as if the economy was still booming. They didn't cut back production at all, as I recall, until Spring of 2003.
Don't want to say I told you so, but if you go back and search the archives I pointed out, a few months ago, that because there was an overall decline of sales in 02/03 996 coupes that prices were going to strengthen.
Some skeptic accused me of being biased, even though I was only passing along what a dealer had told me, and was going to be trading in my Coupe.
It sounds as if the used car market in general is making a a rebound.
Hopefully the 996 will move with it.
I don't know how well Porsche is hedged against the weak dollar, but eventually that should put upward pressure on new car prices.
i've had my 996 up for sale for about 6 months, and in the last 2 months interest in it has skyrocketed. several people have also said in the last week or so that the price is really great, but prior to this people were just saying that the price was just ok. so i definitely think the market is rebounding, but i also think it's combined with the fact that the winter is over and the market for 996s is picking up in general as we head toward warmer months.
I had my 993 coupe on autotrader for 6 months. When March weather hit the phone started ringing. I sold it March 31. Some of the 996 models I had researched previously were gone by the time I was ready to buy.
Conversely I have a cherry 1999 LS 400 for sale at a low price and I have no serious lookers.
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