Don't read this if you own a Cayenne-How's this for depreciation?
Troubling news for Cayenne resale
email: Robert.wolf@era.com
Dear 001,
I work for a large California Infiniti dealer and I've been reading your newsletter and following your comments on the Porsche Cayenne. I must admit, I kind of doubted you guys with your predictions of disappointing long-term sales potential and poor resale for the existing sold inventory.
After taking it in on trade last week (for an FX45), your insight predicting poor resale value for the SUV is BANG on!
Check out this deal...The original MSRP on the Cayenne was $68K and change...The customer purchased the Cayenne less than 5 months ago
When the owner asked us to give him a price on the car we did the regular routine of shopping the car around to other Porsche dealers and wholesalers in our region.
After a number of calls by our managers, NO ONE even wanted to bid on it.
Finally, we got someone to buy it, for...get this, $42,000!!!! Yowsa!!!! A $26K bath in less than a year!
Talk about depreciation!
They had to pay us almost $7K AND the Cayenne to get in to the FX45.
And to add insult to injury, the customer called us to tell us he PREFERS the FX to the Cayenne!
The lesson I learned?...NEVER doubt the Spies!
In my opinion, 2004 is going to be one scary year for Porsche!
Take care,
Spooner
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