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