Just like the housing market, a glut of inventory has driven prices down. read here
I've been in the "market" since the 4th of July weekend. That was way before the worst of the economic news for the automobile industry was presented.
I held off buying as car prices kept falling and the economy kept sliding.
Here are my "stats" based on car prices from my blog to the current state, as researched by me at
AutoTrader.com.
July 2008
2008 Red Corvette, new $44,153
2008 Red Lexus IS350, new $39,800
2007 Grey Porsche Boxster S, $45,000 (estimate, forgot to list asking price, $41K offer declined)
2006 Black Porsche Boxster S, $38,000 (one of my favorite cars, almost bought it)
2005 Silver Porsche Boxster S, 21K miles, $43,000
2005 Black Porsche Boxster S, 14K miles, $41,900
2004 Silver Boxster S, Special Edition, 18K miles, $39,900
August 2008
2005 Blue Porsche Boxster, $32,000 (sold price)
2007 Grey Porsche Boxster, 11K miles, $39,999 (still available in November at $35,000)
2006 Silver Porsche Boxster, 12K miles, $37,900
2006 Red Porsche Boxster, 23K miles, $38,000 (I almost bought it, still available, $36,999)
2007 Red Porsche Boxster, 15K miles, $39,850
2006 Red Porsche Cayman S, $41,500
2005 Grey Porsche Boxster S, $36,200
November 2008
2006 Silver Porsche Boxster, 30K miles, $28,500 (almost $10000 off from lower mileage cars in July and August)
2005 Grey Porsche Boxster S, 41K miles, $29,900 (high miles, but $13000 less than in July)
2005 Silver Porsche Boxster, CPO, 47K miles, $29,991 (high miles, but extended warranty)
2006 Black Porsche Boxster, 20K miles, $30,800 ($7000 less than the red one from August)
2006 Silver Porsche Boxster, 26K miles, $30,995
2005 Blue Porsche Boxster S, 29K miles, $30,995 (in August, I drove a 2005 Boxster S at a local Porsche dealer, they asked $44,900, yeah right - $45K!)
2006 Red Porsche Boxster, 20K miles, $32,995 (almost bought identical looking in August for $38,000)
2007 Blue Porsche Boxster, 31K miles, $30,500 (high miles, but compare to $40K in August)
December 2008
2005 Porsche Boxster, 43K miles - $21,9502005 Porsche Boxster S, 48K miles - $25,5002006 Porsche Boxster, 33K miles - $25,9002006 Porsche Boxster S, 24K miles - $34,5002
006 Porsche Cayman S, 27K miles - $32,900
2007 Porsche Boxster, 31K miles - $30,5002007 Porsche Boxster S, 29K miles, $36,9602007 Porsche Cayman, 13K miles - $32,995 2007 Porsche Cayman S, 9K miles - $36,900
2008 Porsche Boxster, 6K miles - $37,950
2008 Porsche Boxster S, 13K miles - $41,895
2008 Porsche Cayman, 8K miles - $39,900
2008 Porsche Cayman S, 14K miles - $45,985
As you can see, prices have dropped $1000's over the last 5 months. You can easily say they've dropped $1000 per month. That is a real cost of depreciation if I would have bought one before. Only the 2006 Boxster S for $38,000 in July still sounded good after a few months.
Also, the prices I listed were on cars I felt were the VERY BEST deals available around the US. The average price of all the cars available were $1000s more. I'm also comparing them to the very best deals now. The facts are that it still a good reason to hold off on car purchase for as long as it's comfortable, you'll save big bucks from depreciation later on.
UPDATE: I have created a new post,
Best in Price - Porsche Boxster, to track prices.
Also tracking
Cayman prices here.
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