RennPulse | Edition 013 | May 12, 2026 | Model Deep Dive
THE LEAD
A 2020 992 Carrera S Cabriolet with 14K miles just sold on Bring a Trailer for $68,500. That same year and trim was clearing $113,500 in mid-2020. Loaded MSRP on a 2020 Carrera S Cabriolet ran north of $135K. We are looking at roughly half off in six years on a current-generation, low-mileage 911.
This is the moment a lot of us have been waiting for. The 992 has been the most resilient new-911 launch in a decade — dealer markups well into 2022, then the GT3 and Sport Classic frenzy holding the top of the variant ladder steady. The base cars finally cracked. And the 992.2 facelift is now in showrooms, which means the 992.1 is no longer "the new one" — it's the used one.
If you wanted a 911 and had $75K, you were shopping 991.2 Carrera S cars last spring. You're shopping 992s now. The data says that's the right move.
AUCTION INTEL
Notable sales from the past 7 days (May 5–11, 2026):
Year | Model | Miles | Trans | Price | Platform |
|---|---|---|---|---|---|
1996 | 993 Carrera 4S | 57,000 | Manual | $185,000 | BaT |
1987 | 930 Turbo | 82,000 | Manual | $165,000 | BaT |
2018 | 991.2 Turbo S | 20,000 | PDK | $155,000 | BaT |
2017 | 991.2 Carrera S | 50,500 | PDK | $79,000 | C&B |
2012 | 997.2 Carrera 4S | 4,200 | PDK | $90,000 | C&B |
2008 | 997.1 Carrera S | 10,000 | Manual | $39,000 | BaT |
2006 | 997.1 Carrera S | 87,200 | Manual | $42,161 | C&B |
The number to circle: that 2017 991.2 Carrera S at $79K with 50,500 miles. Three months ago that car was an $85-90K trade. The 992 dragged it down. Same thing happening to 997.2 Carreras — a 2012 with 75K miles closed at $51K this week, on the low end of where these have lived for two years.
Air-cooled is doing its own thing. The 993 C4S at $185K and the 930 Turbo at $165K both landed exactly where the recent comps say they should. That market is not blinking.
MARKET PULSE
→ Total Porsche volume (May 5–11): 50 sales across BaT, PCarMarket, and Cars & Bids. Down from 60 the prior week.
→ Weekly average sale price: $48,550 (vs. $82,032 the prior week — last week skewed by several 992 GT3s and a Sport Classic; this week's mix was heavier on 997s, early 911s, and Cayennes).
→ 992 Carrera variant range (last 6 months, sold above $30K): Carrera $125,875 avg · Carrera S $123,306 avg · Carrera 4S $123,589 avg · Carrera T $138,750 avg · GTS $190,333 avg · Turbo S $258,083 avg · GT3 $277,928 avg.
→ 991.2 vs 992 Carrera S delta: Now under $20K for comparable miles. A year ago it was closer to $40K. The compression is real.
THE DEEP CUT
The 992 Carrera ladder, decoded.
Here is what 80+ recent 992 sales tell us about where the value is right now.
The floor (2020-2021 Carrera S, 10-25K miles, PDK, coupe): $75-95K. This is the sweet spot. You're getting the first-year 992 styling, the 443hp twin-turbo flat-six, every ADAS feature that matters, and a car that drove off the lot for $130K+. The cabriolets are dragging the floor down further — the $68,500 sale was a soft-top, and soft-tops on 992s are consistently trading $15-25K below comparable coupes.
The plateau (2022-2024 Carrera S, low miles, PDK): $115-150K. Tighter band. These are still "warranty cars" for most buyers, and the depreciation hasn't reached them yet. Wait six months.
The premium (Carrera T manual, GTS manual): $145-200K. Manuals are commanding a real premium here — a 2024 Carrera T manual closed at $145K last month vs. ~$123K for a PDK Carrera T. If you want a stick, the math works.
The ceiling (GT3, GT3 Touring, GT3 RS, S/T, Sport Classic): $225K to $625K. These are not depreciating. They are not going to depreciate this cycle. Different market entirely.
The arbitrage play right now is the 2020-2021 Carrera S coupe at $80-90K with under 25K miles. That's a car that competes with $80K 991.2 Carrera S cars and a $90K 997.2 Carrera 4S — and it's the newest, most usable, and most warranty-friendly of the three.
If you've been telling yourself "I'll buy a 911 when the 992 gets reasonable," it just did.
PIT LANE
Auctions to watch this week:
A 2021 992 Carrera S coupe (PDK, ~15K miles) just listed on BaT — this is the spec where the recent $68,500 outlier is going to look like an outlier or a new floor. I'll be watching the bid count in the final hour.
A 2010 997.2 GT3 on PCarMarket — only 1 of these has sold in the last 6 months. Whatever this clears at resets the comp.
A 1998 993 Carrera S coupe on BaT, low miles, manual — the air-cooled market keeps absorbing these in the $200-275K band.
Reader question: "Is a 992 Carrera (base) at $90K better than a Carrera S at $95K?" — Short answer: no. The S premium has compressed to $5-10K for similar mileage. Take the S. 443hp vs 379hp, sport exhaust, bigger brakes, PASM standard. $5K is the easiest spend on this list.
Tool of the week: A pre-purchase inspection on any 992 should include a PIWIS scan. Find a Porsche-specialist indy who has the cable — it pulls every fault code, service interval, and update history on the car. Worth more than the inspection itself.
That's the edition. The 992 is finally a used 911. Buy accordingly.
— RennPulse
RennPulse | Porsche Market Intelligence, Every Tuesday
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