The new car market has been the scene of a ton of drama over the last few years, and when you pair scarcity with demand, the creative solutions tend to flow.
For some high demand vehicle models, that has resulted in an active resale market – so much so that automakers have had to apply preventative measures to stop individuals from reselling new vehicles for a profit.
Most Read on IEN:
- Utz to Close Oldest Plant
- Podcast: China Cuts Access to Key Materials; Alumacraft Layoffs; Toyota's Gigacasting Prototype
- Security Breach: 'They're Hitting Everyone They Can'
- OSHA Says Concrete Pipe Maker Could Have Prevented Teen’s Death
So when Porsche began to receive what it called “unprecedented interest” in the 60th year version of its 911, it took deliberate action to stymie potential flippers.
According to The Drive, the 2024 Porsche 911 S/T is “set to be the Greatest Car in the History of Cars” and with fewer than 2,000 to be sold, it’s certain to generate a ton of interest.
But Porsche wants to make sure that scalpers don’t get their hands on this beauty, which stickers at nearly $300K, and try to sell it for even more.
With this in mind, the luxury automaker has added some clever language to the purchase contracts of the 911 S/T that confirms that the buyers don’t actually receive legal ownership of the vehicles until a year after they sign. Instead, the buyers agree to a retention period, a practice Frank Moser, Porsche's head of the 911 and 718 model lines, recently explained is currently unique to this one specific model.
"In practice,” he is quoted as saying, “this will mean that cars in the US will initially be leased for this period, before ownership is transferred.”
The approach is similar to what some other automakers have been doing with rare and highly prized models where they put language in the contacts that restricts reselling for a certain period of time. Last year, GM even threatened to punish anyone busted reselling their high demand vehicles within 12 months by barring them from placing future orders.
Porsche taking it one step further shows that they don’t want to mess around with the potential that these vehicles wind up at auction or elsewhere. In fact, Moser added at a recent media roundtable that Porsche wants “to ensure that cars are available to reach true enthusiasts, to be driven and enjoyed for years to come.”
