BUYING A PORSCHE?
Current Market
Peak Performance
Porsche has played a crucial role in the realm of sports cars since the 1950s, and its influence has only grown with the advent of newer models in the 21st century. Transforming from a small-scale family business to a globally renowned powerhouse, Porsche has embraced technology and diversified its offerings to cater to a wider audience.
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While Porsche has expanded its portfolio to include sports cars, luxury sedans, SUVs, and electric vehicles (EVs), there is one iconic vehicle that remains instantly recognisable: the timeless 911. This compact sports tourer, characterised by its distinctive rear-engine layout, has proven itself as a practical, powerful, and enduring symbol in the automotive world.
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From its early days, Porsche has adhered to the belief that its road cars should benefit from the advancements achieved through its expensive racing endeavours. As a result, cutting-edge technologies developed for the highest echelons of motorsport have made their way into the entire range of Porsche vehicles. This philosophy holds true for their sports cars, luxury sedans, SUVs, and even their foray into the world of EVs.
With significant investments in electromobility in recent years, Porsche has made remarkable progress. Building upon their historic hybrid Le Mans program, they have now introduced the impressive Taycan, their first fully electric sports sedan. This achievement showcases Porsche's commitment to embracing the future of automotive technology.
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However, when most people think of Porsche, it is the 911 that immediately springs to mind. The pinnacle of the 911 lineup is the GT series, a collection of road-legal super sports cars that continuously raise the bar for competitors with each new iteration. Offering an unparalleled ownership experience and serving as astute investments, the GT series represents the modern-day culmination of Porsche's excellence and craftsmanship—a testament to a rare and vanishing breed.
Are Porsches a good investment?
When it comes to purchasing a classic or collectible car, it's important to remember that there are no guarantees. This is especially true for Porsches, which have seen their prices skyrocket in recent years, reaching levels that many consider unsustainable. While an impeccable 911 Carrera RS 2.7 will always be highly sought after, the prices being asked for ordinary air-cooled cars from the Seventies and Eighties, which were produced in large quantities, seem less likely to withstand economic downturns.
If your intention is to buy a Porsche as an investment, prioritize rarity and originality. Models with lightweight features like the 'RS' and Clubsport-badged 911s were manufactured in extremely limited quantities and will always have a market. This principle also applies to their modern counterparts, the GT cars. As the automotive industry gradually shifts away from internal combustion engines and delves deeper into digitally connected and automated transportation, these untouched sports cars will gain even more significance.
How much to spend?
The price of a brand-new 911 Carrera S has nearly reached six figures for the first time, but one can find previous generation models with low mileage for as little as £50,000.
Just like any other model range, opting for increased performance, whether it's a GTS variant or the range-topping Turbo, comes at a higher cost. However, these higher-performance cars tend to retain their value better and often come equipped with many optional features that are not found in the more standard models of the series.
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A major complaint among Porsche enthusiasts is the difficulty in acquiring cars with limited production volumes, especially the highly coveted GT models. Usually, build slots are allocated to seemingly loyal customers, many of whom likely already own one or more previous iterations of the model. Consequently, when these cars do eventually become available on the used market, they often come with a significant premium. This situation compounds the frustration of prospective buyers who were left out of the initial allocation. Porsche itself is actively taking measures to discourage car flipping for profit by not officially restricting build numbers, but it remains a contentious issue.
Finance options
The best way to finance a Porsche
There are several financing options available to help you acquire a new or pre-owned Porsche.
One such option is hire purchase, which allows you to make monthly payments towards the car and provides the opportunity to buy the vehicle outright at the end of a fixed-term contract.
Next there is Personal Contract Purchase (PCP) which allows you to keep, exchange or return the vehicle at the end of the agreement. This product is the most flexible form of car finance.
Once obtained, refinance is always an option. Refinance is a form of equity release that unlocks cash from your vehicle. The released funds can be used for whatever purpose you wish.
Things to consider:
1. CAN YOU AFFORD IT?
One should always keep in mind that the expenses associated with owning a high-performance vehicle such as a Porsche go far beyond the upfront cost. It's essential to take into account the recurring costs of maintenance, including items like tires and brake pads. Additionally, fuel consumption should be considered, as even the most advanced 911 models tend to have a surprisingly high appetite for fuel.
2. MAINTENANCE/INSURANCE/ADDITIONAL COSTS
Porsche parts and maintenance expenses are undeniably high, regardless of the measurement used. Owning a high-performance car entails going through N-rated tires approximately every 6,000 miles. While independent specialists can help mitigate costs to some extent, they too are subject to the notably steep prices of original equipment manufacturer (OEM) parts.
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When insuring a classic Porsche, the premiums may be comparatively lower, but the long-term costs can escalate due to the scarcity of parts and the specialized level of care required. It's crucial to consider the likelihood of engine or gearbox rebuilds and necessary bodywork for older models, particularly those susceptible to rust prior to 1997. Undertaking such repairs is inevitably costly.
3.WHAT TO LOOK FOR
The expenses associated with Porsche parts and servicing are undeniably high, regardless of any measuring standard. High-performance cars often require replacement of their N-rated tires every 6,000 miles or so. While independent specialists can offer some cost-saving measures, they are still constrained by the notably steep prices of OEM parts.
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Insuring a classic Porsche may initially seem more affordable, but the long-term costs can escalate due to the challenges of sourcing rare parts and the specialized care required. When considering a classic Porsche, it is essential to take into account the potential need for engine or gearbox rebuilds and the inevitable expenditure on remedial bodywork, especially for older models prone to rust prior to 1997. Such repairs typically come with a substantial price tag.
4. OTHER THINGS WORTH KNOWING
Getting behind the wheel of a 911 offers a one-of-a-kind experience that often captivates its drivers. However, as the models transitioned to water-cooled engines in later generations, they became noticeably more manageable and easier to handle. As a general rule, it is reasonable to assume that the older the 911 model you choose, the more challenging and thrilling its handling characteristics become.
BEST BUYS
PORSCHE 911 CARRERA S
Mixing form and function
When you envision a Porsche, it's highly likely that the first image that comes to mind is the iconic 911. This rear-engined fastback has earned its legendary status, and for numerous compelling reasons. Over the decades, it has set the standard for performance, handling, and overall driving experience, influencing competitors like the Aston Martin Vantage, Audi R8, and Maserati MC20, among others. The "standard" 911 remains true to its roots, powered by twin-turbo flat-six engines that can generate up to 473 horsepower. However, the higher-performance Turbo and GT3 models are reviewed separately as they offer even more exhilarating performance. While most 911 models are rear-wheel drive, all-wheel drive is also available. The lineup includes coupe, cabriolet convertible, and Targa body styles, each offering a comfortable cabin that can be customized with luxurious features or left in its original configuration. What sets the 911 apart is not just its exceptional performance capabilities but also its everyday usability, making it comfortable enough for daily driving.
CAYENNE S COUPE
The lifestyle Porsche
SUVs have evolved from their two-door, low-profile past to offer practicality, sleek rooflines, and impressive performance. The Porsche Cayenne Coupé competes in the coupé SUV segment alongside rivals from Audi, Mercedes, and Land Rover. It differentiates itself with a lower roofline, steeper rear window, and narrower rear side windows for a more streamlined look. While sacrificing some practicality, it remains spacious and retains key qualities of the regular Cayenne. The range-topping Cayenne Turbo GT takes things even further with increased power, enhanced aerodynamics, a redesigned gearbox, and an aggressive suspension setup, targeting competitors like the Audi RS Q8 and Lamborghini Urus. It's a formidable contender.
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For illustrative purposes only.
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