An article published on Porsche’s official website has hit out at people who buy the brand's vehicles purely for their investment potential, calling this “immoral”.
The article, which comes from the Porsche Klassik magazine, says investors buying machiners for profit rather than to drive are “spoiling the market” by “causing an explosion in prices even for ‘normal’ Porsche vehicles”.
“This demand has sent prices skyrocketing and left an increasing number of old Porsche vehicles sequestered in garages, rarely or never seeing the light of day because they were bought purely as investments,” the article states.
“The speculation in which many dealers are currently indulging is heading towards the downright immoral.”
The prices of used Porsches have increased at record rates in recent years, headed by the rarest and most sought-after models, which is in turn dragging up the price of many used Porsche models.
Two years ago, a 993-generation 911 GT2 from 1995 sold in a London auction for £1.8 million, setting a new record for a Porsche road car. It’s also close to nine times the price of a new 911 GT2 RS. Last year, a ‘flat nose’ 1989 Porsche 911 Turbo SE, a special version of an otherwise common model, went for £245,250.
Similar price surges have been seen for Ferrari models. This was headed by the $38,115,000 (currently equivalent to about £28,285,150) sale of a 1962 250 GTO at auction in 2014.
Aston Martin CEO Andy Palmer has also hit out at buyers of car build slots who intend to sell them for profit, even before the car is built. He said that anyone reserving a Valkyrie hypercar doing this would lose their slot.
In a similar move, Ford implemented a 24-month no-resale period for buyers of its new Ford GT, and has taken legal action against people who have tried to sell them earlier.
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Really
If I buy a car it’s my property and I do what I damn please with it!
Hypocricy from Porsche, they feed from these special and limited editions. What do they think happens when demand far outstrips supply?
I can think of a lot more immoral things...
Such nonsense from Porsche. They could stop this in an instant by increasing the volume of 'limited edition' models, but they wouldnt want that... There are a lot more investors with deep pockets than there are enthusiasts and Porsche are fully aware of that.
If enthusiasts were a profitable source of cash, everybody would be in the sub-£30k sportscar market. But we're supposed to be upset because someone cant get a £150k car because its now worth more? Most of us cant buy a £50k car. At what exact price level does an enthusiast not being able to drive what they want tip into immorality.
Silly. As are the speculators. Some of which will get burned...
2018 GT2 RS’s are currently
2018 GT2 RS’s are currently going for about £300k over list price, you can’t get one from a dealer even if you promised to drive it everyday and sell it back to Porsche for less than what you paid for it, after having thoroughly enjoyed driving driving it for a couple of years. 911R’s are still gong for £400-£500k and there are cars with 20 odd miles on the clock (it’s criminal).
They’re only sold to the chosen few, if Porsche wanted to stop what’s going on, they’d firstly charge substantially more to subsidise the lesser cars (instead of the other way round) and have a clause in the purchase contract, to stop speculators and only sell to genuine customers who actually want to drive these amazing cars.