Why Some Porsches Will Continue to Gain Value, and Some Won't

We spoke to Gooding & Company president David Gooding to get his take on the market for Porsches, BMW M cars, and of course, the McLaren F1.

image
Gooding & Company

If you own one of the three Porsche 911s above, congratulations! You have a car that'll likely appreciate in value. If you have a 120,000-mile 944 in decent shape, you might not be so lucky.

You might wonder why this is the case. After all, didn't all old Porsches go up in value after air-cooled 911s exploded? Well yes, but those days are probably gone. At least according to Gooding & Company founder and president David Gooding, who we spoke to in New York at a preview for . We talked about Porsche a bunch because there were two at the preview (including the 964 Carrera RS pictured at the top right, and ), and because the German brand makes up a third of Gooding's Amelia Island offerings.

I asked Gooding, specifically, if the Porsche market is cooling off. "Not for the exceptional, special cars," he said. "Cars with the right specification, right model, great condition, and special features are certainly gonna be in demand. At an up-trending market, where everything's hot and everything sells, all things go with it."

Right now, he describes this market as being "a little bit more discerning."

"There are demand for [great cars] if they're special and unique," he said ."But if you have a 911 that's been hit three times, and has had some rough history and...its restoration isn't beautiful, or [if] its got a story, those cars are hard to move. And that's okay."

image
Josh Hway/Gooding & Company

Pictured above, Gooding & Company expects to sell for between $90,000 and $120,000.

But while some middle-of-the-road Porsches are likely going to hold steady for the foreseeable future, Gooding thinks there are a few markets ready to shoot up. Among them are 1950s through 1970s Jaguars, "sporting" Mercedes-Benzes and BMW M cars. Especially the M cars.

I noted the recent rise in value for certain M cars, like the $176,000 E39 M5 auctioned by Gooding and Company last summer. "I think they can still bring more money, and we're just starting to see it," Gooding said.

"People adjust to pricing," he added. "They'll sit there and go 'Oh my gosh. I never thought they were worth that,' and then, once they kind of go there, they're like 'Okay, well if that's worth that, that does make sense.'"

Of course, I asked about one of our favorite cars of all time, the McLaren F1, which has exploded in value in recent years. "I remember when I sold one privately for $1.2 million, and I thought 'Wow,'" Gooding said. "They are the best cars of their era. They are the modern 250 GTO. A GTO is between $70 and 80 million. Why should a great McLaren not be worth, you know," he said, trailing off.

But for someone who's job it is to buy and sell cars, Gooding doesn't think people should be so obsessed about value, seeking out low-mile examples of cars simply to speculate on.

"Cars are meant to be driven," he said. "I like to see these cars with a little bit of history on them."

So take that as buying advice, whether you're seeking out a 964 Carrera RS, or a high-mile 944 on a budget.

Advertisement - Continue Reading Below