Ray Ho – 05/07/2022
My friend wanted to sell his 2014 Porsche Panamera S since a while back. He never got around to it and one day the front suspension sagged. After spending $3700 to replace the front air springs, he finally decided it was time and asked if I could help him. I figured with rising used car prices I should be able to get him a good price no problemo. BTW he was replacing the Panamera with a Cayenne. Hey, I don’t judge.
The Panamera styling has always been controversial. Even though the Panamera drives amazing but calling it a stretched 911 is well, a stretch. I suppose you could mistaken it for a 911 when looking at the front especially if your eyesight is not 20/20. But the side profile and the J-Lo backend is a dead give away that it is in fact a massive grand tourer. That said, the Panamera does has followers. Some of them may even prefer this first generation model. Again, I don’t judge.
The body of this Panamera was in excellent condition. I really loved the surround view camera especially given its size. What impressed me the most was the PDK transmission that worked flawlessly. The PASM (Porsche Active Suspension Management) system and the sports exhaust added to the driving fun.
My friend bought this fully loaded Panamera new in 2014 for over $110K. Maintenance was up–to-date plus a set of new Michelin Pilot Sports A/S tires were installed. Feel free to geek out on the maintenance records below.
2021 – Replaced front springs and associated parts at an independent shop for $3717.94 (not bad when comparing to being quoted over 8 grand from the dealer).
2021 – Oil change at McKenna Porsche for $506.20 (yes really).
2019 – Intermediate service at McKenna Porsche for $1034.98 (ditto).
2019 – Minor service at McKenna Porsche for $464.04 (see above).
2018 – F/R brake pads and sensors at McKenna Porsche for $1725.65 (it stops on a dime).
2018 – Major service at McKenna Porsche including replacing the spark plugs (at 25K Miles?) for $2321.49 (what dah…).
2017 – Oil changed for $146.89? (ahh, an independent shop).
2017 – Two year service – Oil Change plus brake fluid flush at Rusnak Porsche for $1092.94 (wow).
2016 – Oil change at McKenna Porsche for 453.75 (I heard they have good coffee).
2015 – Oil change at McKenna Porsche for 414.04 (and donuts).
Anyway, I started the selling process by checking the good old trusted Kelly Blue Book where the trade in value was $36,561 with a private party value of $38,957 ($36,492 to $41421 range).
I was offered $34K at a Porsche dealership which I was kind of expected. I proceeded to get a few online quotes where Carvanna offered $35,844 and Vroom quoted $36K with Cartracker came in highest at $37K. I tried getting a quote online from Carmax but they would like to see the car. So I drove down there and they only spent 10 minutes checking out the car then offered me $35K.
Not satisfied with the quotes, I put a for sale sign on it for $39,900 and listed it on the PCA (Porsche Club of America) Mart at 39.5K. I also placed an ad on Autotrader for $39K.
I thought about putting it on BAT (Bring-a-Trailer) auction but decided against it simply because this was not a “popular” car and likely won’t get any love from the BAT community . At that time, there were only two listings of Panameras … like in … ever: A low mileage 2011 Panamera S for $33K and a 2015 turbo for $64K (MSRP was $225K).
I did had a few bites from Autotrader and some eventually showed up and even test drove the car but I only netted one low-ball offer.
After steadily lowering the selling price over a few weeks without any no real offers and Cartracker bailed, we ended up turning it in for $35K at a Porsche dealership. The crazy part was the dealer “certified” it and immediately listed for $48K. I checked a few days later and it was gone. I doubt that it brought them $48K but could be in the mid $40s.
This was when I realized that people are not comfortable with parting that much cash to a private party regardless of the full documentations and the car was in great shape. The bottom line is I guess some people are willing to pay upwards of $10K for the “peace of mind”. Who am I to judge.