As a premier German brand, Porsche means luxury to many people. However, there is a way to get your hands on a Porsche that is cheaper than going to a dealership. Buying a salvage Porsche from an auction, and repairing it is a great way of saving a lot of money, while still getting your dream car.
Porsche’s slogan “There is no substitute” has resonated with many Americans, given the increased annual Porsche sales in the US over the past decade. In 2018, a record 57,202 units were sold. There was a 3.2% increase in the total sales from the previous year, where 55, 420 units were sold. In 2019, the Porsche market is expected to be worth 5.7 billion, making the United States the largest market for Porsche.
Why a Salvage Porsche?
According to the 2019 Porsche report, sports cars accounted for 38% of Porsche’s 2018 revenue, while the SUV accounted for 26%. Although luxury cars lose a significant portion of their value to depreciation, Kelley Blue Book has consistently ranked Porsche amongst the top ten luxury cars with the best resale value.
It is, however, vital to note that a Porsche’s depreciation rate is highly dependent on the model. For example, Porsche 718 Boxster loses 16% of its value after three years, the 718 Cayman loses 13% within the same period, while Porsche 911 loses 42-48% of its value within three years.
Depreciation is a problem for new car owners because they bear the most significant loss in value, but great news for those looking to buy a second hand Porsche or even a salvage vehicle. Understanding how depreciation affects the different Porsche models, especially those with a salvage title, is critical.
Although the value of a vehicle takes a nosedive once it gets a salvage title, luxury vehicles are hit the hardest. A car is seen as a total loss if the repair costs are too high, usually about 75% of the vehicle’s value, and as a result gets a salvage title.
Luxury vehicles don’t just have a high price tag; the maintenance and running costs are also high. If you are looking for a salvage-titled Porsche, you’ll find the price significantly lower than a similar model Porsche with a clean title.
Tips to Buying a Porsche at a Salvage Auction
Compare the Price of the Porsche Model You Want
The price of a salvage vehicle is undoubtedly much lower than that of a car with a clean title. The savings are even more considerable when you buy a luxury car with a salvage title. Fortunately, you can get a salvage luxury car at the same price as an economy car with a clean title.
It is tough to determine the exact value of a vehicle with a salvage title. This is why you are likely to find the same Porsche model with varying price tags. Before settling for any cheap Porsche for sale you can find, you should find out more about its condition. The Porsche may have a lower price because of the level of damage, or you may just be a lucky buyer to get it at that price.
You should find out the average price of the Porsche to help you come up with a reasonable budget. This way, even when bidding for a Porsche, you’ll have an amount beyond which you cannot bid.
Are You Buying the Car to Fix it and Resale?
Selling a vehicle with a salvage title is difficult, especially luxury vehicles. When buying a salvage Porsche for your personal use, you can pick which porsche car is the best for you, as long as it is the right price and the repairs are affordable. If you intend to sell the vehicle, you need to find a model that sells quickly, even with a salvage title. For example, which Porsche 911 is in demand? Which model are you more likely to sell soon?
Most buyers are weary of buying a car with a salvage title, but for the right price, especially a luxury vehicle, some may choose to overlook the title. Choose a car that buyers will find appealing so that you can sell it off quickly.
How Easy Will it be for You to Get Insurance?
Most insurance companies don’t usually offer policies that cover vehicles with a salvage title. Some offer basic coverage, such as liability coverage, but nothing else. This is a crucial consideration for buyers of salvage titles cars, but if you are buying a luxury car, you need to think critically about the possibility of failing to get comprehensive insurance.
Even though you are getting the Porsche for a fraction of its price when new, the cost is still considerable, when compared to economy vehicles with clean titles. If you are involved in a crash that significantly damages your car, are you comfortable losing the car and the money you invested? You need to weigh your options, regarding the type of insurance you are likely to get, before buying a salvage-titled Porsche.
Possible Cost of Repairs
The asking price of a salvage Porsche can be impressive, but you need to remain grounded until you find out how much it would cost you to repair the damage. Even if the damage appears minimal, the repairs costs may be high. If the cost of buying and fixing the vehicle is beyond your budget, you may need to reconsider purchasing the car. You may opt to look for another Porsche model, or plan to buy one at a time when you are comfortable with the associated costs of purchasing a salvage Porsche.
Find Out What You Can about the Car
Many people assume all luxury vehicle owners maintain their vehicles as required. This is not necessarily true. Some people buy luxury vehicles, but they cannot afford to run and service them. Others go through financial difficulties, and the maintenance of the Porsche becomes a secondary need.
An unwanted car is likely to have several mechanical problems. A Porsche may look clean, but if it wasn’t maintained well, repair costs could be high. To be safe, it is best to check the Porsche’s history, including accident and maintenance records.
What are the Salvage Porsche Cars to Buy at Auction?
The Porsche is known for its outstanding performance. Whichever model you choose, you are assured a high-performing vehicle. Although some models are more popular than others, a Porsche is a Porsche, and the type you want will depend on your personal preferences.
The Porsche 911 is very popular and has been the driving force behind Porsche’s fame. It has 24 high-performance models which have different strengths and features. This gives buyers stunning levels of performance, while at the same time making this vehicle ideal for everyday use.
During a 1999 survey done to determine the car of the century, Porsche 911 was ranked fifth. Twenty years later, this car still resonates with Porsche drivers.
The Porsche 911 Carrera is the base model of the Porsche 911. This car has for years been a favorite of many race enthusiasts. It is a rear-wheel-drive that takes 4.2 seconds to accelerate from 0-100km/hr. It has a top speed of 293 km/h.
Repairing a Salvage Porsche 911
The engine is fitted with two turbochargers. Since these cars are pretty fast, an intercooler makes up part of the exhaust gas turbocharging to ensure the car’s performance remains in top shape, even at high speeds, while reducing emissions. The more recent models have advanced technological features such as the auto start/stop function.
The 911 Carrera S has a more powerful engine than the base Carrera. It also has additional features, including optional rear-axle steering. The Porsche Carrera T’s performance is between that of the base Carrera and Carrera S. Driving the Carrera T, where T stands for Touring, feels like you are driving for pleasure, where the Carrera S features have been toned down for driving-pleasure.
The Porsche 911 GTS comprises of sporty models in the 911 Carrera series. The features of these cars have been harmoniously coordinated for phenomenal sporty performance, while at the same time making it suitable for those who want it for everyday use. This car produces 450hp and takes 4.2 seconds to accelerate from 0-100 km/h. The GT3, GT2, GT3 RS and Turbo offer the highest level of performance.
The first model of Porsche Panamera sedan was released to the market in 2010. It was a surprise to Porsche enthusiasts, but as expected, it stood out from other sedans. The trims available in this model are S, 4S, and Turbo. The S and 4S trims have a 4.8-liter V8 engine that cranks out 400hp. The Turbocharge version produces a whopping 500hp.
The Porsche Boxster was unveiled in the late 1990s. The Boxster was one of the most affordable Porsche models available, but the price did not reflect its performance. It still has outstanding handling and performance. It has a mid-engine layout. Porsche 718 Boxster is a rear-wheel drive, takes 5.3 seconds to accelerate from 0-100 km/h. 275 km/h is the car’s top speed.
The cars produced in the 1990s were fitted with a 2.5-liter six-cylinder engine. The 2000 model had an upgraded 2.7-liter engine, while Boxster S had a 3.2-liter engine. Porsche 718 Boxster and Porsche 718 Cayman. The newer models have greater performance compared to the older models. For example, the engine of the 2002 718 Cayman cranks out 217hp, while the 2018 model has an output of 300hp.
When Porsche introduced its first SUV, many people were shocked. However, the Cayenne has done surprisingly well, especially considering the increasing demand for SUVs in the US.
The first model was introduced in 2003, but when compared to other SUVs, the Cayenne is not as practical or family-friendly. It lacks a third row, it has a relatively small cargo area, and high-load floor. However, once you get behind the wheel, you’ll appreciate the increasing demand for this car.
Some of its attractive features include a surprisingly impressive off-roader. It has an excellent dual-range all-wheel drive system, excellent braking, and great steering. Some of the notable features in the later models include a Porsche Stability Management system, a conventional or panoramic roof system, power memory seats, Bi-Xenon headlamps, and 4-zone climate control.
How do you Repair a Porsche Salvage Car?
How you repair a salvage Porsche is entirely dependent on the type of damage. Look for any external damage, including possible past accidents to give you an idea of any possible damages you should look out for. If you notice any bumps, you need to consider the possibility of rust building up under the surface. If the rough surface is on the engine, you should look under the hood to verify if any vital parts are corroding.
Look out for oil leaks. It is normal for a little seepage to occur, but if it is evident that there are large volumes of oil lost, you need to have a mechanic look at it for possible remedies. While still considering the engine, examine how the exhaust pipe responds when you start the car. If the exhaust moves back and forth, the motor mounts need to be replaced.
If the fumes from the exhaust pipe smell of oil, it is possible the engine is burning oil. This can be a serious problem. Find a mechanic who has specialized in Porsche repairs for an acceptable solution.
Can You Insure Salvage Title Porsche?
Yes, you can insure a salvage-titled Porsche, but you will have a difficult time finding an insurer willing to provide you with comprehensive coverage. Some people assume it is easier to convince insurers to cover salvage luxury cars, but it is possibly harder considering the cost of repairs and replacement.
Some companies accept to cover salvage luxury cars, such as the Porsche, if you can prove that the car was well repaired, and that the car is not too big a risk for the insurer. When looking for an insurer, you are likely to be more successful convincing large insurance companies because they can afford to take the risk.
When carrying on repairs on your salvage Porsche, you need to keep a record of all the parts you work on, including receipts of every part you purchase. This will help plead your case, should the insurer raise questions about the safety of car on the road, and the risk it carries.
Are Salvage Auctions Good for Cheap Porsche Parts?
One of the primary reasons some people are suspicious of buying luxury cars is not the purchase price, but rather the high costs of maintaining the cars. Porsche parts are not cheap, but you will make quite the savings if you opt to buy from salvage auctions.
Some of the Porsches at salvage auctions are badly damaged, to such an extent that the cost of repairs is not worth the money you save when buying the salvage vehicle. Most dealers buy these cars to sell the parts at a profit. When you purchase the parts directly from the auction, you will save the extra charge dealers earn as profits.
However, before you buy the car for parts, you need to confirm you are not putting your money in a car whose parts are severely damaged. For example, stay away from a Porsche which was wrecked because of flooding. You are likely to find rusty parts, while others may be too damaged.
Should You Buy a Crashed Porsche?
You can certainly buy a crashed Porsche. You just need to pay attention to the extent of the damage. Considering how costly it is to repair a Porsche, you need to choose a car you can afford to fix. Otherwise, you will be stuck with a car you cannot drive. In the long run, you may have to sell it at a much lower price if you fail to get the funds to repair the car.
When choosing a crashed Porsche, be aware of the damaged area, and consider the possibility of mechanical damage. It is especially important to consider the engine location when analyzing the damage.
How to ‘Find a Salvage Porsche Near Me’?
The best places to find cheap Porsche cars for sale are auctions. Look out for public and dealer-only auctions in your area to find salvage Porsches for sale. Public auctions have a limited inventory, but you may find a cheap used Porsche or a damaged repairable Porsche. You may even find some specialised Porsche auto auctions.
But even if you see some Porsches, there are others, probably better priced and in better condition, that are not available to the public. In this case, you should consider using a dealer as a proxy. Auto Auction Mall provides this service, for a fee. At Auto Auction Mall, you can buy your Porsche online. You don’t just get to see all the salvage Porsches in the inventory, you also get to buy it at the price that dealers buy it at.
How To Get Started Buying a Salvage Porsche
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