928 collectibility comes up in discussion quite often. There seems to be three camps - those who believe they will be, those who say they will not, and those who don't care one way or the other.
I believe the 928 will soon be collectible on a broader scale. So much so that I'm vested and invested into a business where hobbyist, enthusiasts and future collectors are key to my and its survival. Risky business? Some might think so.
However, you may ask why would I build a business on a small-niche early 928 market?
The answer is simple... I'm certifiably insane! But there may be a method to my madness...
They just don't make them like they used to
A Porsche built in a different time by a different company. This statement applies to any classic Porsche that rolled out of Zuffenhausen in the early days, and the 928 is no exception. It wasn't the last of the hand-built Porsche (that belongs to the 993), but it was hand-built alongside the cherished air-cooled 911. Much attention and equal respect was given to the quality of the 928.
The 928 is not only quality-built but also remarkably well-engineered with inherent longevity well beyond what was originally expected. Look no further than the double hot-dipped galvanized body and strong hand-welded chassis. These are the primary reasons so many 928's still exist today.
They just don't make them like they used to.
It's timelessness keeps it relevant
Continuing the theme of longevity, Porsche left no stone unturned. The body an interior styling was given equal respect. Key design criteria were a timeless design, avoiding styling trends, and an unmistakable Porsche silhouette. Lets take a look.
The interior is well-suited for modern drivers -
- Large seats with excellent driving positions for many sizes
- Practical use of space to carry large amounts of travel cargo
- Two-plus-two seating allows for family duty
- Comfortable ergonomics for long distance travel
The 928 possesses strong and beautiful shapes with sexy contours. As many who find its ovoid shape unappealing, there are just as many who deeply admire it. As polarizing as it may be, I believe this effect adds to its appeal.
These aspects are important to the 928's collectibility because it's timelessness keeps it relevant, thus desirable to future buyers.
We collect cars that evoke something special inside us
So the 928 has desirability aspects, but what collectors are seeking them out? Looking at collectibility trends, you will find common elements. Most notable is that people collect cars that evoke something special inside themselves. We all find ways to relive our youth, and buying the car our Dad owned or cruised on Friday nights takes us back to our younger days. This is a generational thing, and we seek out cars from our generation.
Generation X consists of people born between 1965-1980. We are the original latch-key and Honeycomb kids. For us Gen-X'rs, we were in our teens when Dad took us to the Porsche dealership to buy the new 928. The same one we drove to prom. For college graduation, the keys we handed over to us. This 928 we remember fondly. It evokes those senses from our youth. And now we're older, more established, family and 401K underway, career in its prime. We want that 928!
100 ready for saving, 10 ready for mild restoration, and 1 preserved original low miler.
So now we have a desirable car and people who want them. Supply is the final factor remaining. Attrition is a constant, meaning always happening. But at some point in time it critically affects supply. It's hard to quantify what this means to the 928 market as a whole, because it was produced over 17 years.
What I do know is the supply of early 928's (78-79's) is dwindling. I closely follow this market and here is what I see - 100 ready for saving, 10 ready for mild restoration, and 1 preserved original low miler.
I believe we are at a critical level with the early ones, and they're now rare or soon to be considered rare.
We're approaching a nexus
Collectibility comes down three things - desirability, rarity and condition. Where condition is key, the market will demand very good to excellent examples. These will always command the highest premium. As rarity increases, collectors will look for fair to good condition examples (possibly for restoration). As such their values also increase. And desirability creates the demand needed, which ties it all together. If you look at Hagerty's valuation guide, you will see that value changes happen across the entire range for that reason. We're approaching a nexus where the 928 will have all the right stuff to launch it into a collector status it has always deserved. It's a classic car with classic car elements. Now it's just a matter of time.