If you’re looking for a way to add a rational side to the always-emotional purchase of a sports car or supercar, the Porsche 911 is here to give you an edge. And, between February and August 2023, used 992 Porsche 911 Carrera prices have stabilized, which is also true—and, up to a point, less surprising—for the 991, 997 and 996 markets.
During the pandemic, prices for used Porsche 911s, from the 992 to the 996—all the water-cooled generations—increased and reached their highest point in the summer of 2022. Used 911s have lost value at a less-than-negligible pace ever since, especially those belonging to the newer generation. However, the 911 market has become stable since February 2023 and we’ll break down each of them below.
This depreciation analysis comes from Fourwheel Trader, a YouTuber who keeps a close eye on the used car market in the US. The focus here is on Carrera models: the base 911, the Carrera S, the Carrera T and the Carrera GTS. Pricing aside, it’s also worth noting that the used 911 volume in America is low and it partially influences these numbers, many of which are year-on-year comparisons.
Used 992 Porsche 911 prices
As mentioned above, the summer of 2023 saw the used 992 911 supply diminishing (e.g., 995 clean-title cars in August, which is a 5% drop compared to May and a dramatic 35% year-on-year drop.
The median price for a used 992 Carrera sat at $134,000 in August 2023. This comes after a steady value interval of three months, which in turn follows a 10% drop between May 2022 and May 2023. And while it’s still too early to tell if prices will go up, the stabilization trend did start around the beginning of 2023.
And all this despite the mileage of these used 992 naturally increasing as they aged: the average mileage went from 12,000 in November 2022 to 17,000 in August 2023.
With the winter and the 992.2 revamp coming, prices for the used 992.1 aren’t expected to remain stable for long, but the decrease won’t be as aggressive as that of 2022.
991 Porsche 911 depreciation
The downward trend of the 991.2 has been dismissed from the beginning of 2023 through the summer. And when you compare this to the 10% drop in 2022, the change is impressive.
There’s a price drop of over $20,000 if you choose a 991.1 911 over a 991.2. As for the former’s market, this is also stable. Then again, these Porsches hadn’t lost as much value as others when depreciation was at its peak in mid-2022. For example, the average price for a 991.1 Carrera S in August 2023 sits at $79,400.
997 market trends
The mix between the models available on the used car market is not evenly spread with the 997. For instance, in August, the market offered less than 25 units of the base Carrera. As such, the 10.6% drop in value compared to last year is based on extremely limited data. And the same goes for the Carrera GTS.
The 997 Carrera S model, with its larger numbers, paints a more accurate picture, with prices having dropped by just 1.7%. Note that the majority of vehicles in this segment have between 46,000 and 146,000 miles.
Prices for the 996.1 Porsche 911 experienced almost no shift between February and August 2023 (think: 1.7%). As for the 996.2, this went down by 9.6% year-on-year.
So if you’re looking for an affordable Porsche 911 that will keep its value well, the base 996.1 is the way to go. Of course, maintenance is a whole different story, not just because of these early water-cooled models being around two decades old, but also due to concerns like the IMS bearing.
Oh, and if you’re looking for 996s that truly stand out, Jerry Seinfeld’s $1.3M 1999 911 Classic Club Coupe is an example as good as any.
The main factors behind the stabilization of the used Porsche 911 market for 2023
The limited volume of used Porsche 911s (992, 991, 997, and 996) is also a result of the fact that the increasing number of electrified performance vehicles means more enthusiasts are holding on to their ICE Porsches.
Inflation has also affected these prices, including on a psychological level (i.e., the same result as above). Then there’s the fact that 2023 saw Porsche boosting the MSRP of Carrera models by well over 5%.
The source also looked at the overall used sports car and supercar US market for 2023 and noticed that the average loss sits at 10.4% year-over-year, even though the stabilization trend between February and August 2023 is also present here. So, as it’s been in the past, most 911 Carrera models have depreciated less than the rest of the market.
Note that while this data is for entertainment purposes, aggregated numbers can lead to significantly different conclusions than zooming in on exact models, which the video below brings in greater detail.
And while 911 prices stabilizing is brilliant news for owners or sellers, these are the most underrated Porsches you can buy according to a trio of experts, with the list spreading to include air-cooled models.