When Panorama hits your mailbox, if you're like me, you immediately tear off the wrapper, scan the table of contents and then jump back to The Mart — enthralled by all the gorgeous Porsches for sale.
As the owner of a 1994 968 Cabriolet, 968s are my first stop in The Mart. And in the past three issues I've noticed rising prices. Of course there's always the statistical "black swan" — the anomaly such as a 1994 "one-of-a-kind" 968 Cabriolet for $53,000 in the June 2015 issue.
But in May and July, the prices of 968s in The Mart have crept up. So I recently visited the website of classic car insurer Hagerty Insurance to spin the numbers on their Hagerty Price Guide for my Porsche. It's easy: Use the pull-down menus for Type, Make, Model and Year and instantly calculate a valuation.
That's when I saw the spikes in the charts below.
Condition 1 represents concours excellence, dropping to Condition 4 of our beloved daily drivers "with flaws visible to the naked eye."
Calculating only both ends of Hagerty's rating scale revealed that Condition 1 1994 968 Cabriolet prices had remained flat from May 2014 to January 2014 at $28,400. By May 2015, the price jumped to $32,300 for a five-month surge of 13.7 percent. The Condition 4 Cabriolets were also dormant from May 2014 to January 2015 at $8,300, rising to $9,400 in May 2015 — a 13.2 percent hike.
That's a five-month average improvement of 13.4 percent for both Conditions.
For the same year, Condition 1 Coupes stayed at $21,400 from May 2014 through January 2015. As of May 2015, the price reached $22,400, representing a modest increase of 4.7 percent. Condition 4 Coupes stayed flat at $6,600 from May 2014 through January 2015, subsequently rising 7.6 percent to $7,100 by May 2015.
The five-month median increase for Condition 1 and Condition 4 Coupes was 6 percent.
Running comparisons for the 1992, 1993 and 1995 Cabriolets and Coupes yielded comparable valuation patterns against my personal benchmark of 1994.
Bear in mind that the Hagerty Price Guide on U.S. Coupes didn't specifically include limited-production factory track stars like the Club Sport, Turbo and Turbo RS. However, Jeff Coe, who administers the Porsche Club of America 968 Register Special Interest Group, believes those exotic 968s impact today's price rally.
"I am certainly aware of price increases and have been following them as well," he wrote in an email. "To some degree, it is related to the special collectible 968s (color and options), but all will enjoy a bump because of it.
"I have been preaching the collectability of 968s for years. They have all the aspects of a collectible automobile with number one being their uniqueness. Owners enjoy having a car that is not common yet has a great design and execution. With only 4,242 968s produced for North America, the 968 delivers on that 'in spades.'"
This 1992 advertisement highlights the Porsche 968.
Still, as Coe noted, only a few 968s arrived in Porsche's North American showrooms during the four-year production cycle. Of the 4,242 cars he said reached us, Coupe and Cabriolet imports were nearly equal in their tag-team battle for market share against the Corvette and Nissan 300 ZX.
True enough, the 968 lacks a fabled racing legacy of other Porsches — or for that matter the air-cooled cache fueling six-figure bids on 356s and early 911s. For many Porsche enthusiasts, the four-cylinder 968, with its front-engine/transaxle configuration, merely served as an evolutionary stop-gap to the 944 architecture until it surrendered to the wildly successful mid-engine Boxster of 1996.
But few people realize that 80 percent of the 968 was brand new (including the VarioCam technology) — supporting management's decision on the 968 designation versus "944 S3" or some other extension to the 944 nomenclature. In fact, Porsche brought 968 manufacturing directly into its Zuffenhausen plant from Audi's Neckarsulm facility where the 924 and 944 had been outsourced.
The 968 has a full Porsche pedigree, yet does it require winner's circle bragging rights to be enjoyed as a fabulous driver's car? From the factory the high-torque, 3.0-liter, 236-horsepower engine shifted by a six-speed manual propelled the 968 from 0 to 60 in 5.6 seconds. Plus the 968 hallmark 50-50 weight distribution adroitly devoured curves and 100-mph jaunts with classic, hedonistic splendor.
The interior is delicious — immersing you in an abundance of leather, heated power seats, 2+2 roominess and air conditioning. Remember, we're talking comfort befitting the $60,789 MSRP listed on the Porsche Certificate of Authenticity for my 1994 Cabriolet with Tiptronic.
When it comes to appearance, Porsche's Design Chief Harm Lagaay relaxed the 944's edges, streamlined the front with a soft slit of an intake, added the 928 naked pop-up headlights and endowed the rear end with the supple sensuality of Germany's St. Pauli beer girl. On at least two occasions strangers have asked if my 968 was a Ferrari (and I'm sure other 968 owners have experienced similar reactions to the styling).
The 968 is a tremendous package that has languished in a dusty corner of vintage Porsches. Although this five-month jump after four years of stagnant valuations doesn't automatically signal a long-term trend, prices are definitely percolating. For how long is anybody's bet.
