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Unsold Porsche Carrera GT: What It Reveals About Market Values
PLUS: Why this 2023 Ferrari 296 GTB Was A Great Buy & A Great Sale
Sam Gold
January 04, 2024
The Daily Vroom
Morning, Vroomers! 👋
Lets dive straight into today’s edition, with lots to cover.
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 PCarMarket, Hagerty and many others did not sell 5 cars yesterday!
Yesterday, the online auction platforms saw a steady continuation from the previous day, reaching a total of $5.1 million in sales, just slightly above the $5 million mark from the day before. In today's edition of The Daily Vroom, you'll get the inside scoop on one intriguing sale that nearly touched the $1 million milestone but didn't quite satisfy the seller's expectation. It's a classic auction scenario – was it a missed opportunity or a calculated risk? Dive into my analysis in the newsletter.
Shifting gears to today's auction lineup, all eyes are on the track-only 2019 Porsche 935, already revving up at an impressive $1.6 million bid placed back on the 21st of December. But as any seasoned auction follower knows, the real drama often unfolds in the final minutes. Will this high-octane beauty climb even higher, or has it already peaked? Don't miss tomorrow's The Daily Vroom, where I'll break down the final moments of this high-stakes auction. 🚗💨
YESTERDAY’S TOP 5 SALES
Alright, let's dive into yesterday's top sales. Just click on the image, and boom, you're right at the listing.
2023 Ferrari 296 GTB $416,000
2022 Porsche 911 GT3 6-Speed $264,000
2022 Porsche 992 GT3 Touring 6-Speed $260,000
2007 Porsche 911 GT3 RS $230,000
2016 Dodge Viper ACR $200,000
Porsche Carrera GT Auction Analysis
Yesterday's auction for the 2005 Porsche Carrera GT, which didn't seal the deal at a final bid of $1,370,000, is the talk of the town. It's a clear sign of how the market's playing out right now. We're not just talking about a car here; it's a whole vibe around these high-ticket auctions. Some are saying the seller was spot on for not letting it go, especially given that another GT with just 600 miles went for a whopping $1.7 million in November on BaT. Perspective is key here.
Let's be real, the Carrera GT is an absolute gem 💎, no two ways about it. But the auction scene? That's a different beast. You've got to consider the demand, who’s got the big bucks, and who's actually there throwing their hat in the ring on the final day of the auction. And it's all about what these bidders reckon the car's really worth. They know their stuff; they're clued up on past sales figures. Like that one that sold in August, similar mileage, went for $1.3 million. Looks like a benchmark, doesn't it?
In the grand scheme, for cars hitting the million-dollar mark, the auction platform isn’t the be-all and end-all, as long as the fees don't bite. Buyers in this league aren’t making snap decisions. This isn't some casual spending spree. On January 3rd, this seems to be the market price. But hey, it could flip on a dime. Imagine a buyer rolls up tomorrow, desperate for a Carrera GT, and they're willing to fork out big time. That's all it takes to bump the price from $1.3 to $1.7 million, and maybe even higher.
Zooming in on the Carrera GT itself, it's a showstopper. That 5.7-Liter M80/01 V10, six-speed manual transaxle, all wrapped up in a sleek GT Silver Metallic look with dark gray leather – it's a head-turner. Not to mention, its history is clean as a whistle 🚗.
Bottom line? While there might be chatter about it being worth more – and sure, it could be, especially for a seller not in a rush – each sale or non-sale is setting the stage for the next. It's just how the game is played.
Smart Deal Nails 296 GTB Sale
Yesterday's sale of the 2023 Ferrari 296 GTB at $416,000, just nudging $19,000 over its MSRP, is a textbook case of a smart deal in the high-end car market. Here's the real talk on why both the buyer and seller should be patting themselves on the back.
Buyer's Win: This buyer just hit a sweet spot. Compared to what's out there, they've snagged a gem. I don’t usually quote non online auction sites, but I always do my homework and almost every other 296 GTB on the block is listed at least $30k, if not $100k+, above this price. And get this – a similar one went for a whopping $500k on BaT just last month, and that one had 200 more miles on it. So, scooping this up for just a smidge over MSRP? That's a no-brainer. It's like walking into a high-roller game and walking out having paid the entry-level price.
Seller's Smart Move: The seller's not in the shadows here either. With the market brimming with these Ferraris, and with new GTS on the horizon, they've played their cards right. Flipping this beauty for a bit over what they paid, especially in a market where these cars are listed much higher, is a sharp move. It's all about timing, and they've nailed it. They’ve grabbed their profit and dipped out before the market could turn.
So, cutting to the chase, this deal is a solid example of knowing the market and playing it right. The buyer gets a top-tier car without the ridiculous markup, and the seller walks away with a tidy profit. It doesn’t often end like this, but it’s a win-win in my eyes. 🚗💥
Was the 296 GTB Sale a Win-Win? |
The Auction Platform Unsung Heroes
Often here in The Daily Vroom, we talk about the higher-end cars, but in reality, the 'regular' priced cars are the engine that drives the auction platforms. Without these, platforms like Bring A Trailer (BaT), Collecting Cars, and Cars & Bids wouldn't thrive as they do. The average sale price from October to January was around $42k, and a prime example of a vehicle in this bracket is the Alfa Romeo Giulia. This model exemplifies how a blend of Italian luxury and dynamic performance can be accessible without commanding an exorbitant price.
The price distribution of the Alfa Romeo Giulia is clustered around this $42k average, showing a strong and consistent market demand. This stability in pricing underscores the Giulia's appeal as a desirable yet attainable vehicle. Observing the sales over time, we notice a steady demand, free from any drastic price fluctuations, suggesting its enduring popularity.
Platform-wise, Bring A Trailer (BaT) leads the sales for the Alfa Romeo Giulia, with Collecting Cars following at a lower volume, and Cars & Bids contributing a minor share. This distribution highlights the platforms' roles in catering to different segments of the car market, with BaT emerging as a dominant player for the Giulia.
The year of manufacture analysis reveals a surprising trend: the 1970 model year leads in sales, closely followed by the 2019 model. This diversity in top-selling years illustrates the broad appeal of the Giulia, attracting both classic car enthusiasts and those seeking modern amenities.
In summary, the Alfa Romeo Giulia is not just a vehicle; it's a representation of the critical role mid-range priced cars play in the ecosystem of online car auction platforms. These cars are the backbone of the industry, ensuring a vibrant market and a wide audience. So next time you think, "Why am I seeing another 1999 BMW 750iL (which I think are great value if you can find one)?" don't forget that these are the vehicles that keep those auction platforms running. They are the unsung heroes of the automotive market, providing accessibility and diversity that fuel the passion of car enthusiasts worldwide.
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