296 Values and Used Market

I've finally learned the depreciation lesson (just one more lesson will be had), so the 296 or 750 would be purchased used; i.e., less than 1,000 miles. The 750 hasn't been out long enough for it to show up in volume on the used market yet. I'm heavily leaning 296 though--the deals seem fantastic.

I think this sums up the advice above:

"Begin doing what you want to do now. We are not living in eternity. We have only this moment, sparkling like a star in our hand—and melting like a snowflake." – Francis Bacon

 

Yeah the Ferraris haven't suffered massive depreciation and they have no problems. Great post.

 

So this, with 1,900 miles goes for $100,000 over sticker, but a similar mileage 296 goes for $100,000 under sticker I think the depreciation fears on the 296 will affect the mid-cycle update--some will think twice about buying new; might help the used market at the expense of new though.

https://bringatrailer.com/listing/2022-porsche-911-gt3-touring-121/?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_Results_Digest

 

world has gone crazy.
The Porsche market is easily 20x as large vs Ferrari. WAY more Porsche nerds vs Ferrari....

 

Hard to understand. The thrill and special nature of driving a 296 FAR exceeds that of driving any 911 iteration. Not rational but guess that’s where we’re at. 296 is just an amazing value at these prices on the secondary market. Buy Buy Buy!

 

I've had five 911's...just can't get excited over even a GT3 Touring (I tried). But the 296...
Another one just got listed...2024, 292 miles, ask $334. Crazy.

 

I had the new GT3 with Manthey pack, and the new GT3 RS, and the Spyder RS….all 3 are gone within months of owning. Sorry, just not thrilling like real supercars from Ferrari and Lambo.


SRS was the best of the 3.

 

What about a convertible GT3 with a manual? I think its coming. I agree otherwise. 992 TTS vs 296 for semi daily might be a better comparison.

 

Same here which is why Ive kept the SRS, the GT3 convertible might be the replacement.

 

But I bet you made money on those short term Porsche experiences right? If so good for you! No harm no foul

 

Have had two convertibles, one targa, two coupes. Where I am, we try to stay out of the sun, plus I've had the current gen 911 and it was...nice, but didn't make me want to take the long way home. Like @dustman said, just not thrilling enough, and "been there, done that" too many times. I will say though, I actually made money on two of the five, and the depreciation on the other three was pretty minimal in hindsight.

 

Not my intent. Some back to dealer and some to friend.

 

The 911 GT market is hard to make sense of and I say that as someone who owns a 992 GT3 Touring manual and a 992 GT3 RS. This example sold for $20,000 more than I paid 30 months ago for my PTS with 38 miles and a $239 MSRP. I thought for sure I overpaid, which I reconciled with fact that I loved (still love) the car. By really any comparison metric or criteria, the GT3 is demonstrably inferior to a 296, and yet the price delta continues to narrow.

 

And, having had both there’s no comparison. They’re so different. Pros and cons to each but for speed and thrills the 296 crushes.

 

There are fewer 992 GT3s than there are 296s. Especially if you filter for manual PTS tourings (which, maybe a few hundred in total).

A similarly configured new GT3T will run you around mid-300s after ADM, so it's not a super surprising result - Porsche MSRP is also a bit meaningless to look at since ADMs were in the $60-100k range for 992.1 GT3 (especially for PTS allocations).

 

That GT3 is a manual making it's perceived value higher, the price over sticker is for people who have the money now and don't want to wait / collector. Then German reliability over Italian big £$ WHEN something goes wrong is how people look at Ferrari. Indeed different kettle of fish and i've had 4 Porsche's, hate the GT3. People's perceptions drive value's higher which makes no sense at all in this case when the GT3 is just not that good. This would suit a non driving collector than a 296 which would thrill the pants of you and ANY female. The ladies that know about Porsche are only because their man has one. All ladies know Ferrari and would always choose Ferrari over Porsche. Porsche is always seen as the safer and cheaper long term bet, ambition out the window. People fear Ferrari, their reputation of the past, unreliability and Neil Armstrong costs. Many years ago a friend of mine bought an F355 and told me how embarassed he was as he stalled it 3 times on the way home. Took it for it's first service, got a £12k bill, wet himself and took it to a showroom and put it for sale. Experience ended within 18 months, never to return. The 458 was the first to look as good inside as outside, reliability is still fairly new to Ferrari and people will not let go of the past. Different experience, I was rarely stopped and praised for any Porsche but cant go out for 5 mins in a Ferrari. I go shopping and spend at least 2 hours talking to people in the car park and this happens everytime without fail, I don't take it if I need to run to the shops quickly. Everyone has a Porsche now, you can buy one for £5k. Even the IMS problem doesn't put people off always. After driving an F8 I will now try to stick with the brand, but I had fear and it was wrongly the last car on the list for me. You buy a Ferrari if you have money and a Porsche if you want people to think you have money. PCGB members constantly talk about MPG, something I have never thought about or ever want to as it's supposed to be about the love and petrol is a small expense. Even when I could not afford to tax, MOT or insure my car I never thought about MPG, back then I would put £1 of petrol in my car. I don't get the same discussions with other Ferrari owners. A Porsche can cost more in petrol if driven hard than a Ferrari driven tame. I thought that Ferrari dealers would treat me the worst and Lambo would treat me better but it was the complete opposite. A lot of people say a lot of things with no experience at all or imagination, common sense, understanding and people are very jealous of this brand. I also often experience people approaching me nice at first but then their true nature comes out. I've been told many times my car is f***'in junk!!!

Sadly, at the moment so many people are just anti hybrid, but I do believe this is temporary and in 10 years the thinking will change / young people growing up with hybrid tech will take to it easy and some others will change. Hybrid's and electric cars are generally hated by most people on top of that these people have never and will never have the experience due to their attitude. Indeed, I would have the 296 over the GT3 and I would not buy a 296 as I prefer the SF90. Maybe people in the US are more open or advanced to new tech but here in the UK the hatred for electric and hybrid is extreme.

Really need real world data for the cells and costings. If this proves not to be expensive then values may settle. I doubt they will ever increase on the 296 and SF90 as the tech will improve drastically so future models will be silly. In any case I think such hybrids will be the future of supercars even if they work out expensive to fix but people know what to expect. I also think this was a calculated risk by Ferrari being late to the hybrid game and over production. Maybe current 296 prices can steal some 911 turbo s customers.

 

this 296 will eventually come to a complete halt in depreciation pretty soon…. and then people gonna start buying them…. everything comes in cycles and like you said there’s so many on the market that people are fearful, but it doesn’t take away from the real value of the car

 

I agree with much of what you say. Regarding your preference for the SF90 over the 296, they are at very different price points...roughly 50% more, so that eliminates it for a lot of buyers, either financially or just putting a lower limit as to the level of investment they are willing to make.

 

Previous 720S and 296 owner. Took my friend's 750S for a week. I wouldn't want that car even for half off. In fact I'd take a C8 Z06 over it.

 

It is in fact not. Confirmed by the many races with my friend .

 

Do tell more, please. I’ve not driven a 750, but spent a fair amount of time in the Artura.

 

I own all 3... here is my ordering: 296 GTS > 718 Spyder RS > 991.2 Speedster.

I owned 2 tourings at the same time 991.2 and a 992.1. The 991.1 was the better of the 2. The newer touring has moved into the do everything/ GT/ modern 928 space.

Worth noting, its hard to lose money on any GT3 or certainly RS product. IMO, the best GT3 now is the 996 and the 996 GT3RS....then the 997. Those cars are near perfect and will easily pay for themselves.

I will add a 964RS (those have been flat for 3-5 years) and a 996 GT3RS.

 

My friend is selling an orange on black '08 997 GT3RS with what he described as the desirable euro seats and I was blown away at the comps he showed me. More than double what I thought, with many asking over $390-400k!
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Yeah, I had 2 991.2 gt3 manuals, got bored and sold them for about what I paid. The SRS is another story though, im really enjoying this one.

 

Why did you sell the SRS? More details of the driving experience? Ty