Updated: Nov 29, 2021
New and pre-owned car prices are exploding, but are we seeing the same trend with Air-Cooled Porsche prices rising too? The simple answer is yes.
Air Brigade bases this answer on a study of Air-Cooled Porsche 911 historical sale prices on Bring-a-Trailer (BaT) where we saw an average overall increase over a year ago of 48%. Air Brigade is using 911 coupe prices as the benchmark because the market is thin in 914 prices and the 356 market is too unique and not necessarily reacting to normal market conditions.
The biggest gainer of Air-Cooled Porsche 911’s is with 993’s just as occurred in the previous price run-up. The early 993 coupes (1995 & 1996), saw a price increase of 57.7% versus a year ago. The average price is now $83,635 versus $57,875 in 2020. A 1997 or 1998 Porsche 993S regularly sells now for $160,000 plus. The 993 late model 4S versions are up 23.8% over a year ago with an average price now of $124,998.
The next biggest gainer of Air-Cooled Porsche 911’s is no surprise: it was the longhood Porsche 911’s that are pre-1974 models. The benchmark used from BaT sales was a 911T Coupe that experienced a 43% increase over a year ago. In the earlier price run-up it was the early longhood 911’s that saw the big increases and their prices continue strong as buyers want the “original Porsche 911”; the early longhood Porsche 911.
The Impact Bumper Porsches of 1974-1989 saw an overall average price increase of 38.4%. The big surprise was the jump in the early 911S models from 1974 – 1977 that had a gain of 109%. The average sale price of a 1975-1977 911 S on BaT in 2020 was $47,316 that climbed to $72,313 in 2021. The G50 transmission-equipped models from 1987-1989 were the next big gainers with a price increase year over year of 28.6%. The SC’s were pretty level while the early model G-bodies with the 915-transmission from 1984-1987 had a price increase of 9.9%%.
Porsche 964 models were not looked at due to low volume and a market that is being impacted by backdate builders as opposed to general market conditions.
Rank Model Years 2020 2021 Increase
1. 911S 1975-77 $47,316 $65,494 109%
2. 993 1995-96 $57,875 $91,313 57.7%
3. 911T 1969-73 $62,891 $89,965 43.0%
4. 911-G50 1987-89 $52,554 $67,583 28.6%
5. 911-915 984-86 $49,583 $54,500 9.9%
6. 993S 1997-98 $161,312 * *
7. 911SC 1979-82 $60,889 * *
*Insufficient sales recorded in 2020 for an average valid valuation.
Why Are Air-Cooled Porsche Prices Climbing?
So the big question is why are Air-Cooled Porsche 911 prices climbing? We first must look at the new car market where supply chain issues with chips are making production and delivery of new cars a problem. This then impacts demand for pre-owned cars as consumers turn to pre-owned cars to fill their transportation needs in lieu of a new car being available.
But, how does this impact the Collector Car market, particularly Air-Cooled Porsches since these cars are not used for “transportation?” The stock market might provide a clue as to what is happening with Air-Cooled Porsche prices. In a concept defined by former Federal Reserve Chairman, Alan Greenspan, we are experiencing “Irrational Exuberance” as occurred in the dot com market of the late 1990”s.
Irrational exuberance is market optimism that lacks a real foundation of fundamental valuation and instead rests on psychological factors. Even though Air-Cooled Porsches do not have chips, and are not used for daily transportation, consumers see the low supply of current model cars and equate the low supply to Air-Cooled Porsches so that the belief is that they need to buy now.
Helping buyers to buy is the strongest stock market we have ever experienced so money is available in the form of disposable income generated from investments. The strong selling market is also driving quality cars to market as owners become older and decide now is the time to buy. A year ago on BaT there were no late model 993’s being sold while now in just the past two months we’ve seen six 1997 and 1998 993S coupes sell for over $170,000.
The big question is, how long will this trend continue? In the last Air-Cooled Porsche price run-up, there was never a real correction, prices just cooled and leveled out. The Porsche brand is strong so it is believed this trend will occur again, with prices cooling to a level position, but Air Brigade doesn’t expect there to be a big price correction driving a buying opportunity unless we see a major correction in the economy.
Tags: Porsche 911 prices, Air-Cooled Porsche prices, 2021 Air-Cooled Porsche Prices