The biggest problem plaguing the world of high-end collector cars is one that many mainstream consumers buying other goods and services have had to put up with over the past few years.
The natural anticipation and desire of a person to have or experience something particular can easily turn into another person’s profit. Whether it be concert tickets, limited edition sneakers or the latest video game console, consumer demand can turn into dollar signs for scalpers and resellers alike.
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Certain retailers have taken steps to curb the practice, such as limiting quantity of highly desired items to ensure more of its customers can purchase them, while others take more drastic measures. Ahead of the release of the limited-edition Nike SB Yuto Horigome Dunk Low in August 2023, a skateboarding shop in Hawaii called 808 Skate enacted a rule where buyers seeking to purchase the pro skateboarding model had to perform a kickflip in front of a staff member, as well as wearing the shoes out of the store.
Cars are not exempt from this predatory practice. The most desperate and cutthroat car collectors would do anything, including paying infinitely exorbitant amounts over MSRP to fill up space next to other very expensive cars sitting idle in their garages and warehouses.
Thankfully, Porsche (POAHY) -) knows that this practice occurs around their most desired cars, and in the object of fairness, they went out of their way to find a solution.
Porsche's unique solution
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Porsche’s head of the 911 and 718 model lines, Frank Moser, warned potential flippers of its latest limited edition car - the 2024 Porsche 911 S/T, during a press briefing at the Rennsport Reunion 7 event over the weekend. Buyers who seek to purchase one of the 1,963 examples of the 911 S/T will have to agree to a forced agreement of commitment.
“Those allocated a 911 S/T in the U.S. will be required to adhere to an agreed minimum retention period, set at one year,” Moser said. "In practice, this will mean that cars in the US will initially be leased for this period, before ownership is transferred.”
Moser told reporters the the measure was made in response to “unprecedented interest” received that far outnumbered the number of 911 S/Ts destined for the United States and that the process is unique to the limited edition model, which is set to land on American soil in Spring 2024.
“We want to ensure that cars are available reach true enthusiasts, to be driven and enjoyed for years to come,” Moser said.
This is not the first time that Porsche has had to deal with shady individuals flipping their cars for profit, nor is this problem exclusive to Porsche.
In July 2022, General Motors (GM) -) announced that it would ban customers from buying cars from any of its family of brands who resold any “high-demand” cars, such as the Chevrolet Corvette Z06 and the GMC Hummer EV within the first 12 months of ownership.
In 1995, buyers in the United States who were hand-picked by Ferrari (RACE) -) to “purchase” its limited-edition F50 had to agree to a 24 month lease of $5,600 per month with a $240,000 down payment, before coughing up a final $150,000 to keep the car.
Porsche hopes that the the measure it's taking will cool the hype and die down the resale market behind its most desirable cars. Buyers willing to commit to a year of having the newest limited-edition Porsche should know that the 911 S/T has 518 horsepower and goes from 0-60 miles per hour in 3.5 seconds, as well as a suggested retail price of $290,000.
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