Sales Debate: Is ‘Brexit’ likely to affect the Porsche 911 market?
‘Brexit’. You were probably hoping that Total 911 would provide you with some respite from news of the UK’s decision – via public referendum – to leave the European Union.
However, as a car designed and made inside the EU, the result had left us wondering if the Porsche 911 (on both new and used markets) would feel the effects of the UK’s decision. “There’s an element of uncertainty but it feels, on the ground, like it’s business as usual,” explains Karl Meyer, Business Manager of Porsche Bournemouth.
It’s a viewpoint shared by RPM Technik’s Commercial Director, Darren Anderson: “Our general feeling is that it shouldn’t have a dramatic impact on the pricing,” he says, explaining that in the short to medium term, values shouldn’t fall as “the cars, on the whole, are worth what they were worth pre-decision.”
Meyer is quick to reassure us that it is unlikely that the political decision will adversely impact upon on new 911 prices either, despite the value of the Pound relative to the Euro dropping.
“Porsche will always fix prices in a way where each market can only be comfortable buying through its local sector. If anything, they will be thinking, ‘How do we make it easy for the UK market to continue to buy?’” he continues.
On the used market, Anderson feels that “the rate of turnover of cars will slow down” until a proper exit strategy is put in place. However, at Porsche Bournemouth Meyer didn’t see business dip in the run up to the referendum.
“It hasn’t stopped customers walking through the door and placing orders,” the Business Manager explains, “and I suspect, if there was any uncertainty, we’d have seen it in the run-up to this decision. I think that now people know, it’s almost taken the pressure off.”
In the short-term, the Pound’s lack of strength means buying cars from the continent has been made more expensive but Anderson points out that such currency fluctuations have become par for the course in the Porsche world:
“When the Pound is strong, we go and buy a load of LHD cars; when the Euro is strong, they buy them all back again.” If anything, he feels that the market for UK-based LHD cars could flourish in the short term as continental buyers cash in on the exchange rate.
Meyer adds too that the lack of LHD 911s coming into the UK could help the classic market, as the good RHD examples are no longer diluted by continental cars. As both experts are at pains to point out, the worst thing to do is panic, especially when there seems to be no reason to do so.
For market advice on any generation or style of Porsche 911, check out our full selection of sales debates, where we ask the 911 experts the pertinent market questions so you don’t have to.