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'We're not a hedge fund': Porsche plans to curtail speculators and flippers

A sizable number of speculators view cars as an investment. Rare or unusual models are quickly snapped up and either parked for years or flipped for a profit. Cars from automakers like Porsche and Ferrari are more prone than others, and at least some people behind these models are getting a bit tired of it. While it's difficult to police what goes on after you sell a car, Porsche has some plans that might curtail the problem before it starts. Andreas Preuninger, the head of GT road-car development and the man behind the new 911 GT3, spoke to Car and Driver at a recent event. "I personally like to see my cars being used," he said. "That's what we build them for. They are just too good to be left to stand and collect dust." One recent example of this rampant speculation is the 911 R. While the special manual-only model sold for $185,950 when new, used versions were selling for nearly $1.3 million just months after it went on sale. While the car is a masterpiece and an instant classic, a good number will be parked and simply used as art and not the rolling testaments to the man/machine interface they were intended to be. The concern over valuations has become so fierce that some owners are upset that Porsche is offering the new 911 GT3 with a manual transmission, fearing that it may hurt the value of the 911 R. "When I said we're not a hedge fund, I'm talking to those people who are yelling at us for offering the manual transmission similar to the R," Preuninger said. "But if there are people wanting to buy cars like that, then as a company we should try to fulfill that, to meet that demand." It seems Porsche is keeping a close eye on who is flipping cars. Since there is often far more demand than supply with certain models, the German automaker has a name for every car before it's built. Buyers with bad reputations might not even make the wait list. Related Video:

Are orphan cars better deals?

Most folks don't know a Saturn Aura from an Oldsmobile Aurora. Those of you who are immersed in the labyrinth of automobilia know that both cars were testaments to the mediocrity that was pre-bankruptcy General Motors, and that both brands are now long gone. But everybody else? Not so much. By the same token, there are some excellent cars and trucks that don't raise an eyebrow simply because they were sold under brands that are no longer being marketed. Orphan brands no longer get any marketing love, and because of that they can be alarmingly cheap. Case in point, take a look at how a 2010 Saturn Outlook compares with its siblings, the GMC Acadia and Buick Enclave. According to the Manheim Market Report, the Saturn will sell at a wholesale auto auction for around $3,500 less than the comparably equipped Buick or GMC. Part of the reason for this price gap is that most large independent dealerships, such as Carmax, make it a point to avoid buying cars with orphaned badges. Right now if you go to Carmax's site, you'll find that there are more models from Toyota's Scion sub-brand than Mercury, Saab, Pontiac, Hummer, and Saturn combined. This despite the fact that these brands collectively sold in the millions over the last ten years while Scion has rarely been able to realize a six-figure annual sales figure for most of its history. That is the brutal truth of today's car market. When the chips are down, used-car shoppers are nearly as conservative as their new-car-buying counterparts. Unfamiliarity breeds contempt. Contempt leads to fear. Fear leads to anger, and pretty soon you wind up with an older, beat-up Mazda MX-5 in your driveway instead of looking up a newer Pontiac Solstice or Saturn Sky. There are tons of other reasons why orphan cars have trouble selling in today's market. Worries about the cost of repair and the availability of parts hang over the industry's lost toys like a cloud of dust over Pigpen. Yet any common diagnostic repair database, such as Alldata, will have a complete framework for your car's repair and maintenance, and everyone from junkyards to auto parts stores to eBay and Amazon stock tens of thousands of parts. This makes some orphan cars mindblowingly awesome deals if you're willing to shop in the bargain bins of the used-car market. Consider a Suzuki Kizashi with a manual transmission. No, really.

Junkyard Gem: 1968 Pontiac Catalina sedan

During the late 1960s, General Motors ruled the American car landscape, growing so dominant that the federal government considered antitrust action to break up the company. The General offered sporty Corvettes and muscular GTOs and rugged pickups and opulent Fleetwoods, sure, but the fat part of the sales numbers came from the bread-and-butter full-sized sedans and coupes, which boasted superior engineering and modern-looking styling; in 1967 alone, the Chevrolet Division moved 972,600 full-sized cars, and that's not even counting the 155,100 full-sized Chevy station wagons that year. Pontiac, Buick and Oldsmobile sold the same big cars with division-specific engines and bodywork, and they flew off the showroom floors. For 1968, the entry-level full-sized car from Pontiac was the Catalina, and I've found an example of the most affordable version of the most affordable big Pontiac for 1968, discarded in a northeastern Colorado wrecking yard about 50 miles south of Cheyenne, Wyoming. A '68 GM full-sized coupe, convertible, or even a four-door hardtop might be worth the cost and effort of a restoration, but a no-options base-trim-level post sedan with rust and plenty of body filler just won't get many takers these days. Like so many vehicles that sit outside for decades on the High Plains, this one is full of rodent nests. I wouldn't want to work on the interior of this car without a respirator and a lot of work with a shop-vac, because hantavirus is a significant danger in these parts. Alfred Sloan's plan to offer a stepladder of prestige for GM buyers, in which your first new car was a Chevrolet and you moved up through Pontiac, Oldsmobile, and Buick until you became sufficiently prosperous for Cadillac ownership, worked brilliantly for decades. In 1968, the Catalina was a notch above its Impala sibling on the Snob-O-Meter, with the sedan starting at $3,004 (about $22,600 in 2019 dollars). In fact, the V8-equipped 1968 Chevrolet Impala sedan listed at $3,033, and the Oldsmobile Delmont 88 went for $3,146, so the lines were beginning to blur between the relative positions of the lower-end GM divisions by this time. The base engine in the 1968 Catalina was a 400-cubic-inch (6.5 liter) V8 rated at 265 horsepower and enough torque to tow an aircraft carrier.