Journal: Porsche's Once-Controversial 928 Gaining Value in Used Market

Porsche’s Once-Controversial 928 Gaining Value in Used Market

By Alan Franklin
August 1, 2013
16 comments

The 928 might’ve failed to replace the 911, but as a beautiful and beautifully made fast GT it was unquestionably successful.

Long overlooked by the Stuttgart faithful due to its relatively conventional architecture and lack of historical family DNA, as well as a more touring slant compared to the largely sporting intentions of what many view as the only “real” Porsche, the 911, the market for 928s has always been somewhat less enthusiastic than that of its rear-engined older brother. It’s nickname “the German Corvette” is a great example of this kind of snobbery.

Many savvy secondhand buyers less concerned with such high ideals as they were with the business of driving a fast, capable, sophisticated car at a fraction of list price snapped them up early on. These second owners enjoyed their 928s until something expensive broke or needed servicing, leaving the car looking a bit less bargain-like. Flipped onto third, fourth, and sometimes fifth owners, deferred maintenance, inexpensive (and incorrect) fixes, and plain old abuse has taken its toll on most used 928s, leaving it very difficult to find a clean, low-mileage, and unmodified car until very recently.

While 356s and 911s are consistently viewed as good earners, it’s flown under the radar of many that the 928 itself is experiencing quite a rise in values of late. Over the past 12 months, prices have risen nearly 20% according to Hagerty, with S, S4, GT, and GTS models at the tip of this trend—in fact, these cars have seen closer to a 30% increase during the past year (see Hagerty graphs above).

With the earliest 928s now 35 years old, perhaps enough time has finally passed for all those cold hearts to grow fonder, similarly to how what has happened with the 914 over the past several years. Additionally, the level of engineering and performance a $20,000 928 would have afforded you in 2006 was lightyears ahead of anything available for similar money, a fact that can only be ignored so long before the market takes notice—car guys love to talk shop, after all, and what’s more satisfying than bragging about picking up a classic exotic for less than the cost of an entry level Mazda3?

With these recent market adjustments have come a deluge of more desirable used 928s, their careful second and third owners suddenly motivated to move on by the chance to finally sell for what they’ve always know their beloved cars are worth. Eager buyers await them in droves, and prices seem set to continue to rise for the foreseeable future—about time, we think.

Click here to read our piece on this car, “928 Ways to Kill the 911”.

Photo Sources: theracecars.com, seriouswheels.com, seriouswheels.com, jakescarworld.blogspot.com

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Ricardo
Ricardo
4 years ago

I have a 1983 928S 5 speed all original and I love it!! Wouldn’t trade it for any other car! Even after a lot of years of ownership it always puts a big smile on my face when i drive it!

Davisimo
Davisimo
4 years ago

I have a 1988 928 S4. All original with 68K miles and a manual trans. What do you think a reasonable asking price is? Just curious. Thx.

John G. Hill
John G. Hill
4 years ago

Loved my Torch Red 928s. You know who killed the car? 911 owners who refused to accept this very modern car. Still looks great. Totally unique design.

Michael Mauro
Michael Mauro
4 years ago
Reply to  John G. Hill

Now that all Porsche’s sold today are water cooled; it doesn’t seem like such a bastard anymore… a car before it’s time.

jinglebuddy
jinglebuddy
8 years ago

Love the car, hate the association. It’s difficult get Tom Cruise out of my mind when it comes to this car. That guy just has a knack for ruining everything he touches.

Renbry
Renbry
8 years ago
Reply to  jinglebuddy

Hopefully you can replace the image of ‘Tom Cruise’ in the 928 with Rebecca De Mornay instead !

Matthew Lange
Matthew Lange
8 years ago

Seriously searched for a manual 928 a few years ago but couldn’t find one that was either in good condition or that the owner had realistic expectations of its worth. Would still be tempted if the right S2 manual came up (I prefer the per restyle shape)

Jim Doerr
Jim Doerr
8 years ago

The 928 is a fantastic car, chock-filled with Porsche DNA; engineered, tested and built when the company was still young.
It’s a modern classic with all the right ingredients; classic elements in the way it’s put together, and modern elements that keep it pertinent for today’s drivers.
The real question in my mind is what age/market demographic is going to ‘hit on it’ first?
Maybe the new kids, Cayenne or Panamera owners stoked about their new purchase. They search through Porsche history for a classic car. The 928 piques their interest and its budding market looks like a good fit for their new collection.
OR
Maybe the kids who were ‘on the scene’ when the 928 was new. Their dad was a 911 owner and brought home a 928 as a 2nd P-car. They have the desire to relive their youth (as we all do at some point), and will soon have the means to do so.

I wrote a article for Hagerty used as an ‘entry level’ 928 buyer’s guide. It gives brief insight into where I believe future collectability lies with the model:
http://www.hagerty.com/Classic-car-articles-resources/HowTo/Buying-and-Selling/All-articles/2012/07/20/Buyers-Guide-Porsche-928

-Jim Doerr
[url=”http://928classics.com”]928 Classics[/url]

Josh Clason
Josh Clason
8 years ago
Reply to  Jim Doerr

Great buying guide. Thanks for sharing.

Leucea Alexandru
Leucea Alexandru
8 years ago

Saw this coming. This is really an underestimated car.

Jorrit Hermans
Jorrit Hermans
8 years ago

Bought my 1987 black on black S4 about 3 weeks ago: nothing comes close.
Amazing car and still very very modern re. design and performance.

tmc
tmc
7 years ago
Reply to  Jorrit Hermans

You said it! Nothing comes close, stung a couple of times with expensive maintenance bills over the years but thats the honest price of devotion to the undisputed world master of high speed GT cruising. 12 years of proud S4 ownership and counting…

Renbry
Renbry
8 years ago

Although the 928 was a very logic-driven design it must be one of the first of the wave of ‘modern’ cars and so still holds its own in contemporary times; it really doesn’t look its age. The integrated bumpers, comfort and exterior styling help a lot to keep it modern. One of the original posters was “Nothing will come closer for another Ten years”…

Though it’s not as wild or loose (even, dare I say FUN) as a 911, but it presents a safe, comfortable and sturdy ride for longer lengths of travel especially. I drove around Australia this year, in my 1988 S4 with much luggage, tents, water, food etc and STILL had rearward visibility.

Contemporary reviews will show it performs right up there with the Testarossa, Countach et al and always comes off with remarks to the effect of ‘amazing handling, perfect balance and great comfort’. My favourite review was the “million dollar test” by Stirling Moss and Phil Hill – Popular Mechanics March ’81 – http://books.google.com.au/books?id=tdgDAAAAMBAJ&pg=PA171&dq=stirling+moss+porsche+928+popular+mechanics&hl=en&sa=X&ei=l6L8UcPsIoHxkAXz7IG4Cw&ved=0CDkQ6AEwAA#v=onepage&q=stirling\%20moss\%20porsche\%20928\%20popular\%20mechanics&f=false

Matt Hermans
’88 S4 Venice Blue
Sydney, Australia

I think it should get credit if for nothing else but it was Porsche’s flagship for many years.

Billy Artigas
Billy Artigas
8 years ago

Great news! I bought my 89 S4 5-speed in late April last year.
Never bought it intending to resell, but it is comforting to know my money is safe.
I have driven close to 6k miles in the first year with ZERO problems.
That’s not to say I haven’t had to spend money, but it is money well spent.
I look forward to many years and happy miles behind the wheel.
By the way, I do notice more people complementing me on it.
But these people are not generally “Porsche people”.

Andy Mayhem
Andy Mayhem
8 years ago
Reply to  Billy Artigas

As a “Porsche Person,” PCA member, holder of various Porsche family autographs, and a few P-cars, but no 928s, I have to say, nice purchase. I always loved the look of the 928. The pop-up headlights, the airy interior, and of course how they drive. Awesome GT cars.