|Not for sale.My 1977 2.7 .|
A few weeks ago a 1975 2.7 911 Porsche sold at auction in Sydney for A$75,000.Apparently it is a very tidy car in original but by no means concours condition.This is an extraordinary price for what is one of Porsche's least exciting models.At the moment this sale seems to be an outlier but it is indicative that the prices of big bumper G-series 911s are moving rapidly upwards.
Prices for longnose pre-1973 911s are continuing to climb into the stratosphere and 356 prices are already stratospheric.
This is all very bad news for Porsche enthusiasts.It means that many genuine enthusiasts will be tempted to cash in their much loved cars. I have recently heard a story of one enthusiast who has owned a very desirable early 911 for many years.He restored the car and for him it has been a long term project and a real labour of love.It is now worth approaching A$200,000.He finds himself asking whether he should sell it and put the proceeeds into his mortage or his children's education.Others will be asking the same questions.
I have also heard from two friends of recent instances where they were offered very substantial sums for their Porsches,one a longnose 911 the other a 356,whilst at local car events.
Already we are seeing competition fields depleted of early cars as the owners consider them too valuable to take on the track.
The price inflation will move the classic cars out of the reach of most genuine enthusiasts.Less cars will be run on the road.More cars will end up in the hands of rich collectors.This is already a well established trend.It's the wealth inequality thing again.Wealth gets concentrated into the hands of a few.
This is all particularly sad for Porsche as the older cars are so usable.They are very reliable and they keep up with modern traffic.They deserve to be driven and owned by true enthusiasts.Alas it looks as if many will end up as garage queens.