Porsche 911 GT2 With values of the original GT2 going through the roof, Nick Trott contemplates what this means for his later version.
Top: the only way is up? Only time will tell if #Porsche-996
values will emulate those of other rare 911s. In the meantime, Trott’s just going to enjoy his.
Date acquired June #2015
Total km 45,395
Km this month 350
Costs this month $0
L/100km this month 14.8
The 996 GT2 is defined by the fact it was the last Porsche without driver aids
I’ve been dodging this subject, but it keeps being raised. So let’s talk Porsches, auctions, market values and the grubby subject of cash.
The circa $3,100,000 sale (including fees) of a 1995 993 GT2 at a recent RM Sotheby’s auction in London raised eyebrows clean off some people’s faces. How on Earth, they mused, did it achieve significantly more than double the estimate? Well, I’m guessing two very wealthy bidders wanted it very badly – and all but fought to the death over it. Naturally, this means it’s unlikely that the car was bought by a dealer eager to flip it for a quick profit, and so it’s probably gone to someone who will love, cherish and hopefully drive the hell out of it. And this makes me happy.
The 993 GT2 was always going to be a high-value Porsche. It’s rare (just 194 were built), it was one of the last air-cooled 911s, it looks suitably berserk and, crucially, it is a true homologation special. Plus when you consider that its racing rivals of the day – F40 LMs and McLaren F1 GTRs – fetch big, big money, perhaps the sale price isn’t so absurd after all. So what, people have asked, does it mean for values of the later (2002) 996 GT2 like mine? I’ll be honest – I struggle to care because at present my car isn’t for sale and I can’t buy anything with the equity within.
I paid c$250K for it in June 2015 – which still gives me cold sweats – and it’s now insured for $350,000. Is it worth this amount? Okay, let’s break it down. Yes, the 996 GT2 is rare (circa 1000 built in total, with around 100 of them right-hand-drive), but it’s not a unicorn like the 993 version. The styling isn’t to everyone’s taste – not modern enough to tempt people out of the latest GT3s, and not yet ‘period’ enough to appeal to the nostalgic buyer. The latter, of course, is also an important factor for those attempting to profit from a purchase: when will the generation who lusted after the car in their teens be in the position to buy one? It’s this trend that’s pushed the prices of the 205 GTi, and some RS Fords, into the stratosphere over the last 12 months.
Finally, and perhaps crucially, the 996 GT2 wasn’t a homologation special. Instead its story is defined by the fact it was the last Porsche without driver aids. This is a factor, no doubt, because Porsche is highly unlikely to build a high-power, two-wheel-drive, turbocharged semi-track car with uncompromising suspension and zero safety net ever again.
In summary, the 996 GT2 has significant upward potential – but I guess you’d expect me to say that.
However, if it ever reaches the giddy heights of that 993GT2, I shall eat my (very expensive) hat. Psychologically, the increasing value of the car hasn’t changed me at all. I figure it’s insured, it’s got a Tracker and it’s always securely parked. I don’t commute in it anyway and I never leave it at the train station, so my driving habits haven’t changed. Most importantly, I still love it and its value doesn’t feel like a burden. If and when the latter happens, I’ll flog it. Until then, it’s a quite magnificent car that best expresses its value in the way it drives.