Steal or no Steal?

PLUS: Sales are on the upswing, signaling a market on the rise

The Daily Vroom

Good morning, Vroomers!

Yesterday, we went a bit overboard with the length, so I’m aiming for something shorter today. Before we get into it, a huge thanks to everyone who's been sharing this with friends, colleagues, and on social media. Your support means a lot. Now, let’s get down to business.

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, Hemmings and many others did not sell 5 vehicles yesterday!

The real talk is all about the numbers lining up consistently. Yesterday, we smashed past the $6 million mark in sales, thanks to some hefty transactions across various platforms. It'd be awesome to see a bit more regularity in sales from these platforms, delivering a solid flow of deals day in, day out. That's why, with each passing day, I'm more convinced there's a wide-open opportunity for third place in the US market — ripe for the taking by whoever's hungry enough to grab it.

YESTERDAY’S TOP 5 SALES

Love seeing the mix of platforms hitting the top 5 — really cool to see Sotheby’s Motorsport & Cars & Bids at the top spot two spots this time around, especially after a couple of close calls with some big-ticket items lately.

Wanna check out the listing? Just give the image a click.

Porsche 911 Sport Classic $485,000

2023 Lamborghini Huracan STO $364,000

2022 Porsche 911 GT3 Touring $266,000

2011 GUMPERT APOLLO S $260,008

2001 BMW Z8 $213,000

Steal or no Steal

Every time I scroll through the comments on finished auctions, I can't help but notice the inevitable "what a steal" popping up like clockwork. It's almost like a reflex for some folks. Makes me wonder, are we throwing around 'steal' based on hard facts, or is it just everyone's gut feeling on where they think the price should land? Take for instance, just yesterday, I was eyeballing the auction for Matt Farah's (Westside Collector Car Storage) No Reserve 2017 Porsche 911 Turbo S Coupe over on Cars & Bids, which ended up going for $125,500.

Right on cue, the "what a steal" chorus kicked in. On the face of it, yeah, it looks like a solid deal, so I decided to do a bit of digging to see how it stacks up against recent sales. The last one I saw go was on Bring a Trailer for $132,000, and that baby only had 14k miles, versus the 47k on Farah's ride. And sure enough, that sale too had its fair share of "steal of the day" cheerleaders in the comments.

This got me thinking, so I went down the rabbit hole to check out all the online auction action for this model in 2023.

To determine if the sale price of a 2017 Porsche 911 Turbo S Coupe in 2024 fits well with the pattern of previous sales in 2023 and if it represents good value, let's examine several factors:

Price Trend in 2023: Throughout 2023, the price of 2017 Porsche 911 Turbo S Coupes appeared to vary significantly, influenced by factors such as mileage and condition. The highest sale price recorded was $172,000 for a car with 20k miles and modified condition, while the lowest observed sale price was $135,000 for a car with 36k miles, also modified.

Mileage vs. Price: There's a noticeable trend where lower mileage often correlates with a higher sale price, which is consistent with the general expectation for used high-end vehicles like the Porsche 911 Turbo S Coupe. The sale in 2024 for a car with 47k miles at $125,500 is the lowest price in the dataset, which aligns with the trend of higher mileage leading to lower prices.

Condition: The condition of the car (original, highly original, or modified) also plays a significant role in its valuation. In this case, the car was well driven with the raditors beat up & the PPF was due for a replacement (circa $5k).

Given all these points, the sale price of $125,500 for a car with 47k miles seems to align well with the trend from 2023, where higher mileage generally led to lower prices. So in this case, the sale price looks to be right on the money and not quite a steal!

Daily Auction Spotlight

Today, I'm diving into something a bit special — a roundup of 5 pre-2000 gems, each from a different website. We've got a diverse garage on our hands here, folks, with every classic car sporting a different price tag. And the best part? All these auctions are wrapping up today!

Want a closer look? Just tap on the image, and you'll zip straight to the listing.

1993 Mazda RX-7

1967 Ford Mustang Fastback

1912 Buick Model 43 Touring

1970 CHEVROLET CHEVELLE SS 454 LS6

1956 Porsche 356A Speedster

Which one of these is your favorite?

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