The Financial Times reported this week on Porsche's fiscal year-end earnings. The highlights? A 70 percent jump in pretax profits, leading to a margin of 16 percent, which is almost where Porsche was, in its heyday, which was only a few years ago.
That compares to operating profit margins of 9.6 and 9.8 percent for BMW and Daimler, respectively, in the second quarter this year. And no other manufacturer is even in the same galaxy.
It just so happens that I was at a dealer last night, for their annual Octoberfest, and I took a stroll around the showroom and lot. What I found were a smattering of basic Boxsters in the $50-60K range and, well, everything else was in the $100K range and up.
Carrera coupes at over $100k. Not Carrera Ses. Regular coupes.
And several… yes, several Turbo S models, one a cabriolet at something like $180K.
While palpitating over the pricing sheet on the windshield, I heard a noise outside. I glanced up to see someone was pulling away in a new GT 3 RS.
What's going on here?
The FT story says “Premium carmakers like Porsche have come back with a vengeance from last year's deep recession, as they profited from a surge in demand from China and other emerging markets.”
It goes on, “The sports car maker is above all benefiting from strong demand for its newly launched Panamera saloon, which was initially only available with the most powerful – and thus most profitable – engines.”
I'll never forget driving home the evening of 9/11/2001 in my Boxster S, burbling through the suburbs, still a bit shell-shocked from the day's events. But the wind that night was about as sweet as it can get on a late summer evening.
Nonetheless, I debated putting down the convertible top. Did I deserve such pleasure, when 3,600 citizens had suffered so much? No, I decided, I'll keep it up, just for tonight.
But I kept that car, until I traded it on another Porsche, and another. Some things, it seems, never change.
*Editor's Note: This story was written by Dick Badler…one of the newest members of the Rocky Mountain Automotive Press. When not driving or writing about Porsches, Badler contributes to TFLcar.com.
