Are Classic Porsche 911 Prices Going OTT?

I saw this 1965 Porsche 911 on my RSS feed this morning and noticed that the auction was about to finish, so I tracked it to the end. It sold on Ebay just a few minutes ago.

It’s a matching numbers car – which appears to be more important than oxygen these days – and it has a 2 litre boxer engine with Solex carbs. It comes with rust and some small accident damage as well as years of accumulated dust and dirt. The engine is not running but does turn freely.

Have a look at the pics below and then have a think about what this car might be worth. The answer is below the pictures.

So…..

The 911 is a very nice car and these early ones have a lot of character.

On the downside, they’re not very fast and they have a tendency to end up facing the wrong way on corners.

They’re not rare by collector car standards and yet the prices have gone through the roof in the last 12 months. I was looking at one of a similar vintage here in Australia just over a year ago and it sold in the high 30’s. And that car presented in much better condition than this one. The price rise has been phenomenal, which prompts me to ask – are they going over the top?

This 911 will likely get a huge $$$ restoration and yet it still sold on Ebay for…….

Ebay911

I took that screenshot with 25 minutes (or so) to go but I can tell you the price didn’t change from there.

$70K for a not-that-rare classic car that might end up having another $50-70K spent on it?

Are things getting a little bit crazy, or is it just me?

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18 Comments

  1. I’ve been looking at some 993s and 997s. The price explosion on the 993s are similarly crazy (not as much as the one you posted on), as the air-cooled and otherwise “classic” models are being sought after. This has prompted me to perhaps postpone my hunt until the peak dips back down to reality. If it stays up, then I will have to wait for the 997s to come down in price (no 996s for me) and keep a nervous finger in the buy button for that rainbow-pooping unicorn.
    In the meantime, I’ve been looking at other marques, and it’s happy hunting there – alas, lacking that special tug at the heart strings. Perhaps a “transition” Merc or Audi (as good a car as it is, no BMW for me) to buy me time while I wait for the right Porsche to appear on the radar?

  2. Gooding auction this weekend @ Amalia Island http://www.goodingco.com/vehicle/

    garden variety 1973 911 $250,000 usd

    Yes the prices have one crazy. Even old Porsche owners are scratching their head. I can’t imagine what my 1973 Carrera RS tribute is worth!!

    If it had the right serial numbers it would be between $600 to $1.100,000 USD!!

  3. That final price was a little surprising, given the condition. However, when someone has a love affair with a particular brand/make/model, you can often times throw the condition and book value out of the window.

    I can think of a couple of SAABs, I would buy in almost any condition — provided it was left stock/original.

  4. Here’s your answer Steven…Looks like USD$70K is a bargain. 1965 911s were the first ones in the US.

    1965 Porsche 911

    Automatic CVT, Stock# 202163.
    McKenna Porsche ~ 2485 mi. away
    866-566-8996 Email Dealer

    $329,500

    http://www.cars.com/for-sale/searchresults.action?dlId=&dgId=&AmbMkNm=Porsche&AmbMdNm=911&AmbMkId=20081&AmbMdId=20567&searchSource=HISTORIC_SEARCH&rd=100000&zc=11794&cpo=&stkTyp=U&VType=&mkId=20081&mdId=20567&alMdId=20567&alMkId=20081&prMn=&prMx=&clrId=&yrMn=1965&yrMx=1965&mlgMn=&mlgMx=&kw=&kwm=ANY&ldId=&rpp=50&slrTypeId=

    1. Wow. To put that into perspective, in my city you can get a 2900 sqft/270 m2 house with 4 bedrooms, 2.5 baths, 2-car garage, separate living and dining rooms, upper-level room, .25 acre/1000 m2 lot with a neighborhood swimming pool 100 yards/meters walk AND have enough left over to put my 1991 Saab 900 SE Convertible in the garage. That’s crazy money.

    1. If we base the question “Is it worth it” purely on a profit motive then the answer is clearly a Yes.

      I we base it on whether the car’s actually worth that money, then I wonder…..

      1. Not sure about the profit motive. Some of the big-dollar muscle cars from a few years back are now trading at half or a third of their peak.

        That being said, a classic 911 is good value compared to a new 911. The classic is a know quantity, and it can be expected to remain mechanically sound with reasonable maintenance. It’s arguably more fun to drive in the real world. Also, you can’t ignore the d-bag factor: owning a new Porsche says something about you, but that stigma totally dissipates after 15 years or so.

  5. YOU are right…..it is not worth it.

    But if you happen to own one….well the argument changes a lot! I thought $300k for 73 RS was high…..18 months later we are talking $800K to 1.1 M……CRAZY.

    In 1999 I could have bought a beautiful lightweight 73 RS for $75,000 USD….That was the market then.

  6. You want to talk about crazy money for a car…or in this case TWO cars?

    First one is a 1967 Corvette L-88 convertible that sold for USD$3.2 MILLION ($3.52 million with the 10% buyer’s fee).

    http://www.mecum.com/auctions/lot_detail.cfm?LOT_ID=DA0913-165417

    The second was another L-88 Corvette…this one a 1969 model…and it sold for USD$2.6 MILLION ($2.86 million with the buyer’s fee)…TO THE SAME PERSON!!

    http://www.barrett-jackson.com/application/onlinesubmission/lotdetails.aspx?ln=5022&aid=525

    Now both are extremely rare cars…the 1969 is 1 of 4 ever built, and the 1967 is 1 of 20. But that is some chunk of change right there.

    I watched both auctions, and took screen shots with my cell phone of the buyer. Just could not believe my eyes.

    Cars like this are no longer looked upon as cars. They are investments…sadly. And as long as there are folks with seemingly bottomless pockets, the prices will only escalate. And most, if not all cars in that category, will never be driven ever again. What a shame.

    Now that being said, I was at the Hilton Head Island (South Carolina, US) Motoring Festival & Concours d’ Elegance back in November of last year, and talked to a fellow who has a Fly Yellow 1967 Ferrari GTC that he drives every day, and has put over 175,000 miles (108.5km) on it. A car worth in the mid to high 6 figure range, but he said…”hey…it’s only a car, and cars were meant to be driven”. Told him I couldn’t agree more. šŸ™‚

    http://www.hhiconcours.com/gallery/2013-car-club-jamboree-winners.html

  7. That is a power of money for that car. I don’t think it’s a candidate for a clean and leave car. There is a trend to leave them original as evidenced by the recent sale of a very scruffy 300 SL that sold for 300k more than the restored car parked next to it.

    Early 911s have been on the up for a while. Next will be G models up to 89. I think there is 5 years left before SC and Carrera 3.2 are off the scale. Swade, there is a perfect 88 3.2 not far from you.

    Watch 300 SL cabriolets go over a million soon, Gullwings are heading to 2 million.

    KJ

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