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Old 08-27-2010, 11:04 PM   #1
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Help! Is this '03 for me and at what price?

Hey friends, new to Porsches and new to this great site. Could really use your help on a fair offer range on this low optioned vehicle.

http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=284789542&dealer_id=65589813&model=BOXSTE&style_flag=1&start_year=2003&search_type=used&distance=0&advanced=y&end_year=2011&transmission=Automatic&default_sort=priceASC&max_mileage=60000&address=90068&max_price=23900&seller_type=b&make=POR

If that link fails, it's an 03 silver w/ gray & metropole blue top. 25k miles. 2 owners, all books, Calif, Palm Springs garage queen. CD player. $23000.

Have had PPI = needs tires/align & frt brakes/rotors (dealer says $2410). Everything else aces. Really nice looking car. Other pluses - cover, complete foil bra (nose, door wells, mirrors) and extended Automotive SGI Platinum Plan Warranty good til Oct 2012 or 72k.

Have reviewed Mr. Fockes' amazing site (thanks!) along with kbb, edmunds, nada and ebay. I am certain this $23000 is high, but I'd like to come at him with a fair number as this car is pretty sweet. Losing sleep! Your suggestions or thoughts would be very welcome. Thank you!
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Old 08-28-2010, 09:17 AM   #2
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thats way too much for a base 2003, there is a 2003 S for sale in another thread for $18,900, it has more miles but that can be a good thing, I've read that boxster 'garage queens" are more likely to have IMS issues. I've also seen base 2005 boxsters listed for $25,000 or so.
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Old 08-28-2010, 10:30 AM   #3
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Thanks for the thoughts, pgapromex. To come up with a number I've considered averaging the NADA, KBB and Edmunds pricing, and swallowing the cost of new tires & brakes. Maybe that's just throwing him money, though.

Is there a way to put a $ value on the warranty he's offering with 2 years to go? I do like the idea of being covered for something huge and unexpected.
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Old 08-28-2010, 02:50 PM   #4
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So you propose to

pay $2400 more than what an average car of that year/mileage is worth to get the car on the road?

How are you sure the alignment need isn't the sign that something more serious is wrong?

Can you do the brake work yourself? There are some excellent do-it-yourself guides online for this car.

I see this car at ~$16k in it's current condition. It isn't an S, doesn't sound highly optioned. I based this on looking at a listing of the asking prices for 70+ '03 Boxsters knowing that they will sell for 5-10 less than asking.

Are you sure you haven't fallen in love with a specific car? The seller either has an inflated view of its value or the dealer has too much money invested into it if he is asking so much more than average.

As to an extended warranty...ask a Porsche mechanic what he thinks of dealing with the warranty company (don't ask the seller). And do some homework on what the contract covers and what it doesn't and the financial strength of the company behind the warranty. So many are shell companies...they sell for a while and then go out of business leaving the warranty purchaser with nothing for their money.
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Old 08-28-2010, 09:45 PM   #5
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Ah, the well crafted $2400 reality check...

Thank you Mike!

The private seller definitely has an inflated view at $23K, and this (potential) buyer was definitely getting enamored of such a low mileage cherry. Since the seller has indicated in emails that he strongly feels it's fairly priced, I have a feeling this is going to be a case of "never the twain shall meet."

I had planned to review the details of the extended warranty, but your additional suggestion of researching co. viability and talking to a mechanic is an excellent one that didn't occur to me.

And while I'm in thanks mode, you've probably heard it hundreds of times, but you've done a great service to consumers with your website. Quite an incredible compilation of info that would have taken any lay person weeks or months to assemble.

So... A pleasure to get your wise input, Mike. Thank you for taking the time and perhaps I'll drop you a line when I have a more promising and compelling Boxster story...

Side note -
I imagine most of you have already seen this, but an interesting article on VW and Porsche marriage in the NY Times...

http://www.nytimes.com/2010/08/29/business/29porsche.html
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Old 08-30-2010, 04:19 PM   #6
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Some other poster posted a 2003 "S" for $18,900.00 in Chicago and it looks pretty clean...

I purchased my 2004 "S" AE 550 earlier this year for $19,500.00
- Carrera GT silver with cocoa top/interior...
all the AE 550 add ons inc.
- 10mm drop, sport suspension
- 5mm wheel spacers
- 266HP
- 18" 5 spoke Carreras in seal gray
- 80,000 miles
- Minor stone chips on hood, minor fender ding from doors
- Front tires at 50%, rears at 10% remaining
- Clean PPI
75K oil change done, major tune done at 65K

So a base 2003 for $23K is definitely a scam job... I'd go no more than 17K or 17.5K
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Old 08-31-2010, 04:00 PM   #7
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Thanks Bula! I'm driving the car this weekend, but I have a price in mind that is very close to your suggestion. I appreciate a forum like this... it allowed me to get a little more dispassionate about this specific car and expand my time frame for finding a good car and a fair deal.

This guy is not a scam artist. I just think he has a mistaken idea of it's value. I think Mike Focke calls it the "endowment effect." i.e. "If I own it, it MUST be worth X!"

Thanks again for your input!
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Old 08-31-2010, 04:19 PM   #8
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"The Endowment Effect"

is actually a concept from Economics and there have been studies that confirm its operation in a wide number of situations. One common one in addition to cars is real estate. But antiques, art....
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Old 09-12-2010, 09:26 PM   #9
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Thumbs up Postscript!

I finally zeroed in on an 01 "S" in spectacular condition with a low 29k miles. Arctic Silver with black top and black int. Owned by a 30+ year PCA member who also owned an indy Porsche shop for many years. Meticulously cared for, new tires, 30k service complete, even the original plastic window is (miraculously) crystal clear. Passed PPI with no major flaws. Ask $18,950 and we settled at $17,250. Perhaps at the upper end of its true value, but a car with a solid pedigree.

Appreciate the bucket of cold logic from pgapromex, bula-bula and especially Mike Focke on that other car. The Endowment Effect was indeed in effect with the $23k '03 Boxster with 25k miles.

But it's easy to fall for these cars.

Anyway, this is my first Porsche. Very excited. Thanks again and happy motoring to all...
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Old 11-15-2010, 09:50 AM   #10
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I have an 03 S for sale

I have a 2003 Boxster S to sell. 2nd owner, black on black, 18" wheels, 6 speed manual, 40,000 miles, dealer maintained with all records, garaged all the time, babied and pampered. I can email pics if you're interested. I'm located in Los Angeles. edwinr325@yahoo.com
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Old 11-16-2010, 05:31 PM   #11
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There are deals to be had. Got my '03 base this summer for $12,507. Granted it had 79K but was in really good condition for it's age/miles.
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Old 11-16-2010, 09:36 PM   #12
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For comparison, a little over 2 years ago I paid $25K for my '03 with 22K miles, CPO from a dealer with 2 years of warranty. Comparable values at the time were $23K, but I was willing to pay the difference for the warranty.
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