Have We Reached Peak Porsche?
Photography by Alexander Bermudez, Gil Folk, Ezekiel Wheeler, & Christies
Let me start this off by saying that I love Porsche. I daily drive my father’s ’76 911S (with a 3.2-litre Carrera swap). It’s the only car I own, and I treat it like my first born son. I was brought home from the hospital in a Porsche, driven to soccer practice in a Porsche, worked on ad campaigns for Porsche, and stripped gears in a Porsche. It’s without question the single marque that’s had the most impact on my life, and here I sit, scrolling through baffling auction house predictions.
My father purchased our ’76 in 1990 for $5,000. Right now, Hagerty Insurance has it valued just north of $70,000. As of this typing, Hemmings and Classic Driver have auction listings for ’73 911s with estimates approaching, and likely exceeding, a quarter of a million dollars apiece. 2.7 RS models have been fetching north of $1 million for well-maintained examples. Though the prices seem a bit dear, it’s nothing out of line for what these models have been valued at for quite some time, so it’s likely these examples will get close to their estimates.
For what it’s worth, companies like Hagerty that provide valuation tools do indicate these prices should stop rising so sharply, a fact further emphasized by our friend Hannah Elliott’s astute observation that a certain Steve McQueen fondled 911 just failed to sell at Christie’s.
So where do we go from here? Am I going to live to see the day that a ’76 911S—my ’76 911S—fetches $500,000, like some of these 356s are bringing down? Or are we headed back to sane territory?
Where do you think the secondary Porsche market is headed? Sound off in the comments below.