Sunday, June 26, 2016

Vintage Porsches quickly rising in value

Recently in New York, a 1973 Porsche Carrera RS 2.7 Touring sold for just under $1 million.

Ferrari dominates the classic car market. Porsche dominates the next-up list. Blue chip cars in general have risen from an average value of $600,000 in 2007 to $2.6 million today. ("blue chip" autos are the most expensive, like Ferrari and Mercedes.) Vintage German-made cars jumped an average value of $150,000 in 2007 to $625,000.
Hagerty data that combines public auction sales and private sales shows that the 1974-1977 Porsche 911 has increased the most in average sale price of any classic car this year, with a jump of 154 per cent in value over 2014. That's more than anything from Aston Martin, Ferrari, or Lamborghini.

Auction houses offered 27 more Porsches this year at the Monterey auctions than they did last year, especially 930s and 911 SC models.
Porsches-especially the 911s made between 1970 and 1980 and the 356 Speedsters made in the 1960s-have growing appeal. They are far more reliable than other vintage cars from the era. Their mechanically simple Volkswagen-approved engines run smoothly and easily, and their well-built components are easily found.
Porsches from this era have a wide entry point for prospective buyers.
Highlights at RM Sotheby's New York December 10th, 2015 auction included singer Janis Joplins iconic Porsche 356 C 1600 SC Cabriolet. The car was expected to fetch $400,000. It made $1.7 million

It has been on display at the Rock and Roll Hall of Fame in Cleveland since 1995.