#4 - GT Cor……Blimey
Let’s desist with the formalities….we like Porsche GT cars here at CC……A LOT. In short, it boils down to their ability to maintain all the Germanic traits you look for in a car….safety, security and reliability at the same time as infusing the automotive equivalent of ghost chili pepper into the DNA of each and every one they build. There is no other manufacturer that executes the combination so successfully. What’s more, with their admission into the higher volume/generic luxury car market (Cayenne’s, Macan’s, Panemera’s et al) and consequent success, Porsche has been able to beef up their investment into the coco loco track focused models that they have a penchant for building and we love some much…..everyone’s a winner!
However, in a lot of ways, the most interesting car in the Porsche GT range from CC’s perspective is also the baby ….. the Cayman GT4. To explain why, we need to quickly rewind to the mid-noughties when Porsche first released the Cayman. In an essence a Boxster with a roof, Porsche fettled with rear track, reduced weight and generally refined many of the Boxster’s best qualities to create a more focused drivers car at the same time as expanding their junior product offering and in turn, reaching a broader audience of customers. It looked great, drove even better and with the awesome 3.4litre flat-six behind you, was a true mini 911. That however, was also its biggest downfall. From a price and performance standpoint, it was sandwiched in the range above the Boxster but always below the 911……and that was a glass ceiling it would never get the chance to fully break through.
That said, it was a success within its own right and it didn’t take long for aftermarket tuners to provide a smorgasbord of chassis and engine tweaks to boost the Cayman performance right up there with the 911 Carrera and even the Carrera S. But Porsche stood firm, aware of the capabilities of the car but unwilling to loosen the restraints holding it back to properly take on its bigger brother the 911…….well for a couple years at least.
Roll forward to 2015 and a combination of Porsche giving up on fighting the inevitable combined with a keenness to showcase their own abilities, they released the Cayman 981 GT4. Borrowing the 3.8litre engine from the 911 Carrera S, brakes and suspension from the GT3, a limited slip differential and a plethora of other components from the Porsche motorsports parts bin, they finally let us see what the Cayman was really capable of. It turns out…. rather a lot.
The real selling point about this car and why it is not only an incredible driving machine but also a very interesting investment comes down to Porsche’s focus on quality over quantity, “driver enjoyment above the pursuit of raw performance.” As Evo magazine so eloquently put it. The truth is, Porsche were never going to let a Cayman be objectively faster than a 911 GT3. However, they were more than happy for it to be a subjectively better driver’s car…..and in our opinion, it was.
It remains one of the most engaging cars we have driven; The beautiful 6 speed manual linked to the sonorous naturally aspirated 3.8litre flat six that only gets more engaging as the revs build. The 45/55 front/rear weight distribution coupled with the perfectly hooked up adaptive dampers feel great on road but even better on track. In fact, you can ask a multitude of people who have driven and owned one and they will definitely concur….its relatively faultless. In fact, when the car was released, the only real problem was getting your hands on a build slot.
In typical Porsche fashion, they priced the car too conservatively (if you can use that word for a £65k Cayman). It’s true though, the mix of GT3 parts and technological know-how made it somewhat of a steel at that price. Unsurprisingly and in typical Porsche GT fashion, second hand prices sky rocketed. At their peak in 2018, high specification and low mileage examples were offered in a 6 digit zip code. Whether they traded north of 100k is unclear but still, even in the high £90s, that’s a juicy 40-50% return on investment over 12-24 months.
So what happens now? Well the release of the 718 Cayman GT4 will without a question of a doubt mean we see prices soften. In fact we have already seen a large amount of private sellers of the 981 GT4s over the last 6 months in anticipation of the new car. The Contemporary Classic view is we see prices stabilise in the £60-70k area over the next 12-18 months as the supply overhang clears and new 718 cars are delivered. That’s £10-15k of depreciation from current levels. From there, we believe you start seeing values begin to appreciate.
So if you have been patiently waiting for prices to come off so you can snap up a prime piece of Weissach history…..good news, the wait is nearly over. We can’t wait to get a couple of these in the showroom either. The GT4 is an unadulterated example of what Porsche do best…….build ultimate driving machines.
Happy Motoring,
CC’s Investment Team