Its the age of the Vintage Porsche
There are more and more early Porsche owners and collectors as ever before and according to recent numbers it looks as thought the early Porsche models are set to take over the classic car industry in the future collectors and owner.
London, Bonhams sold a 1955 Mercedes-Benz 300 SL for $1.34 million. The sum was about this year’s average for the iconic coupe, which amassed considerable value since similar models started going for $3 and $4 million back in 2012.
But prices, while sure to stay stellar for the next several years, won’t continue their exponential rise indefinitely. So the real question is, what’s next?
If you ask the number crunchers, they say it’s Porsche. Recently in New York, a 1973 Porsche Carrera RS 2.7 Touring sold for just under $1 million.
“Of all of the people who sold a [classic] SL this year, 50 percent of them turned around and bought a Porsche,” said McKeel Hagerty, the CEO of Hagerty, an insurer of vintage automobiles. “Of that group, half bought a 911, and half bought a 356. I don’t think that’s a coincidence.”
Recent auction numbers indicate an uptick. Blue chip cars in general have risen from an average value of $600,000 in 2007 to $2.6 million today. (As with company stocks, “blue chip” autos are the most expensive and consistent in the field, like the above-mentioned Ferrari and Mercedes.) Vintage German-made cars jumped an average value of $150,000 in 2007 to $625,000 today; Porsches in particular have gone from five- to six and seven digits in the same time frame, with even models as late as early 2000s’ Carrera GT’s hitting near the million-dollar mark on a model that used to be worth $300,000.
“European sports cars in general have been on a real rise in the last couple of years,” said Gord Duff, the car specialist at RM Sotheby’s. “Ferraris lead the way and then you go to the next greatest European sports cars, which are Mercedes, and then you get to Porsches. If we are saying Mercedes have peaked, Porsches are the next best thing.”