Is now a good time to buy a Porsche? This is a very good question. Our immediate answer would be it depends. Before you accuse us of being ‘non-committal’ let’s dig a little deeper.
The last few years have been dominated by a small thing called COVID. So small, in fact, you can’t see it. We digress… They say that dynamite comes in small packages. The new auto industry has literally been blown to smithereens. Last year they posted sales growth of -14% in the U.S. This means two things to the prospective buyer.
- It’s a terrible time to buy if you’re after used.
- It’s a brilliant time to buy if you’re looking to buy new.
Car salesmen are desperate to make a sale and will offer all sorts of perks like discounts, extended service plans and extras. So, if you are thinking of selling that model out on the driveway or trading up to a new one, now is a great time.
February isn’t great. The best months to buy new are March and September, as this is when dealers are trying their hardest to make targets. We especially like September because it means that you’ll get the latest model year. However, be prepared to work with the dealer, so be flexible on dates.
Porsche hasn’t been as badly hit as other automakers were by the chip shortage. However, that isn’t to say that there won’t be any delivery delays on your new vehicle. This can be used to your advantage if you want to negotiate a better deal.
Electric Vehicle Boom
The future is electric. This is increasingly being incentivized by government tax rebates. However, if you are feeling the Taycan vibe, we’d urge you to hold off a little longer. The technology continues to improve year on year and competition is white hot in this area. Both factors mean that it only goes up from here in terms of performance and range… and down in price. If you already own a gas Porsche, it’s unlikely to lose value quickly. Hang onto it a little longer before you go over to the electrifying side.
Porsche has stated that they want half their products to be fully electric by 2025. That’s just 3 years away! Add increasing emissions restrictions to this and the future is clear. Over the next couple of years, we are going to see the phasing out of some of the larger Porsche gasoline engines. So, if you are a confirmed petrol head, now is the time to get in on the action. In the long term this might not be a bad move. Older Porsches (especially 911s) command an excellent price. If a BMW e30 M3 is worth more now than it was new, Porsche will follow the same track.
So, to get back to our original statement. It depends. New to Porsche and want to go electric? Hold off. Want to buy a gasoline model second hand? Hold off. Buying gasoline new or barely used? Now is definitely the time. Planning on selling your old model to buy a Tesla? Just kidding… Now is the time to sell with the used market flourishing. Buying a car is also very much about your relationship with the dealer. A good relationship is mutually beneficial to both of you. We’d be inclined to say, follow your gut feeling on that one.
Of course, we’re a little biased here… So, if you haven’t owned a Porsche before, what are you waiting for?