Part Ex Values - So disappointed!

Hasan · Jan 29, 2009

For the last month, I've been looking at the Porsche Car locator daily to see if I can switch from my late 2004 997 C2 coupe to a C2S Cab.

Today I spoke to Newcastle OPC who have a Black C2S Cab for £43k.
Now my car has a massive spec with PSE, Sports Chrono, Sports heated Seats, Xenons, Sport Design Wheels, Navigation Module, CD Changer, multi function steering wheel, homelink, Rain Sensors/Mirrors, Tracker, PASM and has 3 months to run on the extended warranty. (Arctic Silver/Black Leather)
It has 39,500 miles.....

I was offered £23k for my car....which I think is quite frankly unbeleivable....
They are obviously not interested in part exing cars.

I know I've lost money since I bought it last April for £45k, BUT to be offered £23k is just an insult. I've been a loyal Porsche 911 owner for 15 years and my fingers have really been burned this time [

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I've decided to post the car on Pistonheads and see what happens.......rant over

tscaptain · Jan 29, 2009

I think we're all in the same sinking boat, unfortunately. In 38 years of driving I can't remember one occasion when I have been offered what I expected for my car![

] There's always some reason or other and right now it seems that too much supply and not enough demand is the order of the day. Couple that with idiots like me who part with their cash to get a Gen 2 and put cheap,(relatively speaking) year old, high spec, low mileage Gen 1's on the forecourt, then those further down the ladder will drop in price too, I guess?
I agree 23K seems stupid for yours as a p-ex but so did 52K for mine (77K new) against a 997.2! For me with more of my life behind me than in front it was a "what the hell!" decision. But for others who have a different situation the current drop in values is very uncomfortable.
Looking at the used cars on the Porsche website (as I'm sure you have) the 04MY range from low 30K up to low 40K so your price on PH seems pretty fair! Good luck with the sale and hope you get your cab in time for Summer[

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marlin · Jan 29, 2009

The only way to deal with this situation is keep the car you have (and if its high spec be grateful for that). Even in the good times if you changed your Porsche it was a 10K matter minimum . Now its 20K. Enjoy what you have.

Edited: reply to Hasan. ps the coup is a much better drive than the Cab anyway [

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Andy Rodgett · Jan 29, 2009

At the NEC motorshow Dove House garage had a beautiful 997 C2S cab with ? 30,000 miles on it with all the options you're looking for at £38,995 that they had sold 6 months earlier and the previous owner had taken a £20,000 hit in that time.
It seems that those looking to sell/part exchange will get hammered for the immediate future.

Andy

dereksharpuk · Jan 29, 2009

Poor residuals is something we have to live with, but we can mitigate the problem somewhat. A commercial seller will always seek to make a profit, no more so than OPCs with their incredibly high overheads. Moreover, less sales will encourage them to not only reduce the overheads they do have control over, but importantly they will try to make more profit out of the few cars they sell.

Of course they want to sell and we don't have to buy! Now is a good time to haggle; they cannot have it both ways.

Of course, we are all in a mind set with car depreciation. When we buy a new fridge we don't seek to get an good price for the old one. If it works, we keep it and rarely trade up. Moreover, once that bottle of wine is drunk, its residual value is zero. Why is it with cars that we seek a good part exchange and in fact until recently we even expected a profit from selling out house? It's all called market forces.

OK, so Hassan wants a better car, but I lay wager that there is nothing much wrong with his 2004 C2 Coupe. It should be good for 200000 miles. Lots of life left. The obvious decision should be to stick with what you have got.

That is my current plan.... but will I keep to it? Those wile Sales chappies will bring out a 998 with more bells and whistles and I'll be hooked... yet again.

944s2 · Jan 29, 2009

All the more galling when you see what the OPC's are selling similar for!

Dylan1 · Jan 29, 2009

For me with more of my life behind me than in front it was a "what the hell!" decision

i think thats absolutely right[

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i suspect porsche will be relying on guys like you over the next yr!!

Black80XSA · Jan 29, 2009

ORIGINAL: 944s2

All the more galling when you see what the OPC's are selling similar for!

You need to look across the network - some OPCs are as unrealistic as they ever were but there are some that are trying to move stock at more realistic money. Looking at Hassan prospective buy it looks very competitive on forecourt price (Cridfords have an 06 silver one with 14k miles for £45k), so its perhaps no surprise to see the part-ex suffer as the OPC try to make some money in the deal. Would be interesting to see what deal Cridfords would offer in comparison.

If you can sell privately for £33k then the gap to change is halved ! - not many private punters with 33k to spend mind.

Looking at Hasan's history his cars changed every 6 years - maybe that tells him to stick with his coupe til 2011 [

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Alex L · Jan 29, 2009

ORIGINAL: marlin

The only way to deal with this situation is keep the car you have (and if its high spec be grateful for that). Even in the good times if you changed your Porsche it was a 10K matter minimum . Now its 20K. Enjoy what you have.

Could not agree more [

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I took a £30k hit over 2 years on my old 997 C2SCab when buying my Turbo and I vowed never to suffer that kind of depreciation loss again in such a short term. So I spec'ed my Turbo as high as I could afford at the time, and now if I want 'more' then I go aftermarket for it. I now have no need for a new supercar unless they ban petrol and they all go electric.

I don't see the point myself in taking such a huge hit for such little gains between models. It's all marketting hype. For example, what real world benefits does a 997.2 Carrera have over a 997.1 Carrera? ...minute differences in gear change speeds, a few extra BHP and a little more MPG. Are the new technologies really worth double the price-tag of the older car?

Dylan1 · Jan 29, 2009

Looking at Hasan's history his cars changed every 6 years - maybe that tells him to stick with his coupe til 2011

those are the dates hasans cars were BUILT not when he bought them.though he hasnt changed cars at such short interval before-i think offhand the last was 2and half yrs

i agree with alex though- i know pdk is great ,dfi engines maybe too,-but surely not worth the massive cost to change-unless you are a little further along lifes path(to quote our pilot friends!!)[

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Don Henshall · Jan 29, 2009

I bought my 01 C2 with GT3 body kit and other extras for £65K. 8 years on it still ticks all the boxes for me. I have recently spent £2K ish on a few little extras which has re-awoken my interest in the car. It's probably not worth a lot on the forecourt now but still looks stunning and as I intend to keep it, it doesn't really matter. Only done 44K, kept her serviced OPC and lately my local Indi so she should be good for another 8 years and many beyond that.

I think that represents good value over all [

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I have to say the new GT3 is gorgeous [&:]

jonathanw · Jan 29, 2009

If it wasn't for mugs like me companies like Porsche would not exist. Buying a new car is more of a "heart" than "head" thing. More so if you are able too you can spec all the toys you want and nobody has played with your new baby before you. If nobody buys new cars there will eventually be no second hand ones for others to buy. I relished my first Porsche bought second hand with something like 67K miles - I loved it and gradually progressed to newer and newer cars finally able to but a brand new 996 soon after it was launched.

One of my sons agonised over buying a second hand 987s recently. I egged him on and although many people tried to put him off he is delighted with his car and is happy with his old man for his support.

If you are in the fortunate position to buy I say enjoy. I am sure many of us have lost huge sums of money on the stock market and on other investments. Can you drive a worthless share certificate around the block!

Enjoy and hurray for marketing and the march of technology.

tscaptain · Jan 29, 2009

ORIGINAL: dyllan

i agree with alex though- i know pdk is great ,dfi engines maybe too,-but surely not worth the massive cost to change-unless you are a little further along lifes path(to quote our pilot friends!!)[]

Well quite! But as ever goes to show that we each attach different values to things and what is "worth it" to one is "bonkers" to another. I wouldn't be so bold as to tell someone whether they should stick or twist but if you are fortunate enough to be able to afford it, it doesn't hurt anyone in the process and it floats your boat, then life is too short and precious to not go for it![

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Won't be changing this one for a long time though..................[

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paulfcraven · Jan 29, 2009

Hang on to it for a couple more years as the relative depreciation won't be so great. By then Gen.2 examples will be on the market also having suffered massive depreciation. Your present move to a Cabrio Gen.1 isn't as big a step as to a Gen.2 so the extra cost will feel justified. Better to take the hit on one car rather than two.

Hannu · Jan 29, 2009

Whats the chances of prices rising if, as I hear Porsche cut back on new car production or when we eventually turn the corner and come out of the recession ? [8|]

garyw · Jan 30, 2009

I think we are towards the bottom of the car price slump, just general depreciation now.
So to sell at this time is probably the worse its ever going to be.

From the second you drove the car away it was worth 10K less to the OPC because of the mark up they will want to make (always been 10K from what I have seen) so with the slump you have been hammered..

However lets keep the 'whats my car worth' and 'oh! the depression' on Pistonheads where its so loved.. [

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garyw

Black80XSA · Jan 30, 2009

Question is will new car prices rise in the UK as a result of the exchange rates - can't see Porsche being too happy taking 20% less euros for the cars they sell here.

Dylan1 · Jan 30, 2009

However lets keep the 'whats my car worth' and 'oh! the depression' on Pistonheads where its so loved.. [

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well spoken gary[

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this forum is about drive and enjoy[

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daro911 · Jan 30, 2009

ORIGINAL: garyw

I think we are towards the bottom of the car price slump, just general depreciation now.
So to sell at this time is probably the worse its ever going to be.

garyw

Whilst I would hope your statement was bang on the money [

] recent think tank reports are talking about signs of green shoots 2013 onwards. Full recovery from the recent damage done you are looking at 20-30 years from now [

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http://extras.timesonline.co.uk/pdfs/blamegame.pdf