🚗 2024 Porsche Sales Analyzed

PLUS: Some of the hidden gems in the market!

The Daily Vroom

Morning Vroomers!

We're sailing past the first stretch of the year, and while it might seem premature to start decoding trends and insights, that's never stopped us from diving deep into the action. Today's top 5 sales caught my eye with Porsches claiming three of the top five spots. Naturally, I got curious about the Porsche saga unfolding this year. So, I've taken a closer look at Porsche sales so far, pulling together some stats for a quick exploration.

MARKET LEADERBOARD

💰 The figures shared below don’t count any other sales such as car seats, memorabilia etc… All online auction sites are analyzed to put this leaderboard together.

I only include websites that have sold 5+ cars in the chart below. Which means Hagerty and many others did not sell 5 vehicles yesterday!

So, diving into yesterday's numbers, we saw a serious spike with sales hitting the $6.5 million mark. The average price per car shot up to $46k across the board. And here's a shoutout to Hemmings, making a splash on our leaderboard two days in a row. They seem to be dabbling more at the entry level, clocking in an average sale price of $18.5k yesterday, with a good chunk - 30% of their deals - coming in under $10k.

Now, the big question hanging over them: Is Hemmings planning to climb the price ladder, or are they setting up camp in this more budget-friendly territory? No judgment here – every price point's got its own vibe. But for a big name like Hemmings, steeped in market tradition, you'd think they might be eyeing those higher price points a bit hungrily.

YESTERDAY’S TOP 5 SALES

Yesterday, we witnessed some real beauties roll off the virtual lot, and boy, did the E-Type Jaguar steal the show! It cruised into the top 5 highest E-type sales ever on BaT. Things got real when the reserve dropped at a cool $175k, sparking an auction frenzy that kept everyone on their toes - and chuckling at the commentary. Amidst the banter, one gem of a comment nailed it: ‘There’s a big advantage of purchasing from BaT rather than a big auction; you see and hear the car, and you get the world’s input on what it is.’

1996 Porsche 911 (993) Carrera RS $578,300

2014 Ferrari 458 Speciale $399,200

1965 Jaguar XKE Series I 4.2 Roadster $272,500

2022 Porsche 992 GT3 $237,500

Brilliant Silver RoW 1996 Porsche 911 Turbo $197,999

Porsche 2024 Sales

Every single day, as we roll out the top 5 sales, it's pretty much a given that a Porsche is going to make the list. It's like clockwork, folks. This got me scratching my head – just how many Porsches are we talking about here, compared to all the other makes out there? So, I did a little digging, and boy, do I have some numbers for you. Brace yourselves: a whopping 11.3% of all sales across every online platform in 2024 have been Porsches. Yeah, you read that right.

But wait, it gets even juicier. When we translate that percentage into cold, hard cash, Porsches account for 22.8% of the total sales volume. We're talking nearly $65 million in Porsche sales alone. If that doesn't spell dominance, I don't know what does.

So, to put it in bold for the folks in the back: Porsches are absolutely dominating the online sales scene. These numbers aren't just stats; they're a testament to the enduring appeal and market power of Porsche. It's clear as day – in the high-stakes world of online car sales, Porsche is the name that keeps on giving. So who’s gonna order me an ST??

Below are the top 10 sales in 2024 so far.

Let's take a quick peek at the stats rolling in for 2024.

No shocker here—BaT is leading the pack in Porsche sales. The battle for the runner-up spot is intense, with PCarMarket and Collecting Cars neck and neck. I bet we'll see them swapping places as the year rolls on.

Here we can see when the sales have happened. The average sale price in January was approximately $90k, while in February, it dipped slightly to about $87k (all rounded up).

Below are the hottest years of Porsche’s sold so far this year. I wasn’t too surprised to see 2004 up there, but 2014 as the top year did surprise me!

For me, there's just no beating the feel of a clutch when I'm driving a Porsche. It's like the car and I are speaking the same language, a sort of mechanical ballet where every gear shift is a perfectly timed move. That tactile feedback you get through the pedal, the way you can finesse the engine's power with a flick of the wrist—it's what driving a Porsche is all about. It's not just about going from point A to B; it's about the thrill of the drive, the rush of the engine responding to your every command.

Just a heads-up for those thinking of selling a Porsche: Tuesday has emerged as the go-to day for the highest number of sales. So, if you're planning to list your Porsche, aiming for a Tuesday might just give you that extra edge in catching buyers' attention.

Uncovering Daily Gems

In a marketplace where the ascent of classic car prices seems unstoppable, stumbling upon a bargain might feel akin to finding a needle in a haystack. Yet, here's a little secret for you: the auction scene is teeming with undiscovered jewels every single day. It's not merely about emptying your wallet; it's the thrill of the hunt, the excitement of uncovering those hidden gems that makes the chase worthwhile. To drive this point home, let me share with you a couple of standout deals that were clinched just yesterday, underscoring the reality that great rides are within grasp, provided you've got the eye and patience to spot them.

First up, let's dive into a slice of automotive legend that was snapped up for a song. An original-owner 1983 DeLorean DMC-12, with its iconic gullwing doors and stainless steel finish, found a new owner for $53,000. Showing 70k miles this DeLorean is more than a car; it's a passport to adventure, steeped in history, and quite frankly based on recent DeLorean sales, a very good buy at that price.

Next, for those who dream of Porsche but dread the price tag, behold a 1993 Porsche 968 Cabriolet that was auctioned off. This elegant, black convertible with a 6-speed manual and a power-retractable soft top went for $14,200. It stands as proof that the prestigious Porsche badge can indeed be attainable. This 968 Cabriolet, largely original with just a few tasteful updates, is your entry ticket into the Porsche world without having to break the bank.

These examples are not mere transactions; they're vibrant proof of the daily opportunities lurking in car auctions. And if you're inclined to think these finds are rare, let me correct you: I could easily highlight ten more fantastic deals just from yesterday's sales! 

Your Feedback

Thank you all for the feedback from our post yesterday about ‘Reserve Not Met’, it certainly stirred up some strong opinions.

The question we asked you ‘What do you think is the primary reason cars don't sell at online auctions?’

The two main answers were as follows:

48.3% of you believe it is the unrealistic reserve set by sellers

27% of you believe lack of detailed information or poor presentation

Here’s a selection of your comments:

Unrealistic expectations of value or just a Hail Mary to see whether someone will bite at an inflated price.

Sites like Bring A Trailer or Cars & Bids have more demand than open spots for their listings and work hard to push sellers to realistic reserves. I'm not sure how we can blame sellers, though I know we love to rip on people for pricing cars too high. Auctions, whether online or in person, are wildly unpredictable and subject to a lot of variables that can impact results.

I believe it has to do with timing, condition of vehicle, reserve agreed upon and presentation...My listing on BAT for a 71 Ranchero GT clone didn't even come close to the reserve...Of course two things may have been in play with this listing...One was a squeaky control arm bushing which I had replaced after the auction and that BAT had a listing of a El Camino right next to mine..On Cars and Bids I had a1990 Mustang 7-up limited edition listed..A local guy test drove it then went on the listing and bad mouthed the condition of the paint and quality of the ride even though struts and shocks have been replaced and new tires were installed..Landed up selling it two days later on Facebook marketplace ....Bring a Trailer charged me their fee but Cars and Bids did not charge me...

In general, sellers still have "Pandemic Pricing" skewing their expectations, even if they've tempered them somewhat (and we all think "our" car is worth top dollar, anyway). Those transaction prices get big dollars dancing in their heads, and of course, thoughts about how that number would look in their bank account. The reality of the current market can make it difficult for the sellers to accept a lower reserve, no matter how much evidence is brought to bear. But that's the nature of the beast, and will continue to be.

Everyone wants to make maximum profit, not a bad thing but it’s unrealistic. They see big numbers on Barrett Jackson and feel they can get the same or more.

High quality presentation in the form of pictures and videos alongside active seller engagement are two huge pieces of the auction puzzle. Without both in place, the auction will not reach its full potential, leading to a much higher chance of an RNM auction.

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