In 2020, in the midst of the coronavirus pandemic, Porsche celebrated its seventieth birthday since “landing” on the shores and then roads of America.
Since then, this European car brand has made it to one of the top must-haves of a lot of vehicle drivers because of the models’ style, speed, efficiency, and reliability.
But here’s an important question, especially for those thinking of buying one: how much does it cost to own something like a Porsche? Let’s break down the numbers:
1. Acquisition Cost
The US News & World Report currently ranks Porsche 911 as the fifth luxury sports car in the United States. Those two terms alone, “luxury” and “sports,” should already give someone an idea that this isn’t a Nissan or a Honda sedan. A Porsche can be ridiculously expensive.
According to the Kelley Blue Book (KBB), the average cost of a luxury car is around $40,000. A sports car, meanwhile, can have a starting price of $20,000.
One of the latest Porsche models, the 2021 Porsche 911, currently has a price that ranges between $99,000 and $216,000 depending on many factors such as the edition and the features the owner wants the vehicle to have. A more affordable option is the 2021 Porsche 718 Boxster, a convertible with a market price of about $62,000.
Vehicle buyers who truly want a Porsche but are on a tight budget can consider buying a pre-owned. The lowest price is about $25,000, which can be a 2007 Cayman S.
2. Repair and Maintenance
While the acquisition costs are high, the repair and maintenance spending feels more reasonable. One of the reasons is the brand’s reliability.
In 2021, JD Power ranked the Porsche 911 as the leading vehicle for trouble-free ownership. The average life of a model can be at least 10 years. Moreover, if one needs further proof, they can refer to the classic cars that run the roads of Havana, Cuba.
Usually, the vehicle owner would need a Porsche service every 10,000 miles or once annually, whichever comes first. This is also the standard in the industry, although a few brands may ask drivers to do it every 5,000 miles.
The average repair and maintenance cost without accounting for bodywork and fuel could be around $400 to $600. When one considers all the factors, it can increase to a little over a thousand. An oil change by a shop could be as low as $200.
Keep in mind that repairing a Porsche can be challenging, and not all parts may be available immediately. As expected, the better maintenance the car gets, the longer-lasting it is. The less likely it would cost headaches, such as more expensive repairs, later.
As experts would say, the car will already lose as much as 10 percent of its value as soon as it leaves the lost. In the first year, the value could already decrease between 20 and 30 percent. By the time the vehicle celebrates its fifth birthday, it would have already depreciated by 60 percent.
Interestingly, sports cars don’t depreciate as much as the average vehicles. IseeCars.com said that it would only average 49.6 percent for the first five years. This is after the website compared the prices of nearly 7 million new vehicles from the 2014 model year with at least 800,000 used ones from the same year that were sold from January to October 2019.
Among the top sports vehicles with the best resale value, the Porsche 911 convertible placed fourth after being able to retain up to 42 percent after five years. The 911 coupe, on the other hand, took the top spot with a very low depreciation rate of less than 40 percent within the same period.
Many factors can affect the cost of insurance, including the type. Luxury vehicles may be more expensive to insure since it could also cost more to repair just in case it meets an accident or gets damaged. According to an informal study by Zebra, the insurance rate could be around 18 percent more than an average-priced sedan.
Meanwhile, from Zebra’s survey of luxury vehicles that are the cheapest to insure, none of the Porsche models made it to the list. But Automobile.com shared that the annual average cost could be $2,300 or almost $200 a month. Those who live in Maine may spend less at a little over $120 per month.
The cost of having a Porsche is certainly higher than when someone owns an average pickup or sedan. However, given the stature of the brand and the complexity of the design, the spending sounds reasonable. Moreover, the slow depreciation rate, high resale value, regular maintenance, and reliability may help offset the spending.