The changing Porsche market – A chat with Michael Schnabl from Motorlegenden

Motorlegenden has been around for almost eight years now. Michael Schnabl started in 2018 with the aim of passing on only the best classic Porsche models to his customers and thus preserving a piece of air-cooled history. The then-newcomer to the automotive world has now become a well-known figure in the Porsche cosmos himself. During a visit at the beginning of December, the 911 expert from Ammersee told me how his view of the business has changed, which models he considers to be the hot stocks for the coming years and how the former seeker has become someone who has now found himself by searching for others.

Motorlegenden offers every single generation of 911 – not as many as possible, but the best

In the Motorlegenden showroom, about three quarters of an hour southwest of Munich, Michael Schnabl welcomes his customers in a modern hall with exposed concrete and lots of glass. He also likes to use it for events, such as book presentations. The view from the brown leather sofa wanders in chronological order from the 356, through several 911 and 912 F-Models, a pastel yellow 993 Carrera S to the Porsche 992 S/T. Quality is particularly important to Michael Schnabl. “I don’t want to sell as many as possible, but the best ones,” emphasizes the Munich native. “For over 25 years, my experience with Porsche has been that these examples, which I call gold pieces, have the greatest appeal. They are the most reliable and retain their value best.”

There is a reason for this philosophy: “The market is full of vehicles that are only offered on behalf of customers. This puts the dealer in a dilemma: the owner doesn’t want to invest much more before the sale, but the buyer expects perfection on the other side. I don’t want to be caught in this area of conflict,” says Schnabl, explaining his motifs. “A collector once told me: concentrate on the very best and leave the rest. If a good car doesn’t sell immediately, then it has to be so good that you want to keep it yourself. The question is not whether you will get the price, but when.”

With the best car you have no need to explain something and you will always find someone who appreciates the price – even if you have to wait patiently for the right buyer.

Michael Schnabl, Motorlegenden

Michael Schnabl sells only cars he actually bought, not as an intermediary

“I sell every car in my own name, with warranty. I’m not a car broker between private individuals who don’t even know each other. That sets the bar high, but it forces me to only buy cars that I can really stand behind. My customers really appreciate that. That’s why I say no 999 times when in doubt. Too many kilometers, re-import, badly repainted, missing documents or accident damage are clear exclusion criteria for me. I want cars that are appreciated here in Europe, but that can also be shipped to America without being personally seen and the buyer ends up saying: “The car is just as good as you described it,” summarizes the passionate Porsche driver.

Collectors and enthusiasts around the world now trust Michael Schnabl, who also takes care of international transportation and customs clearance for exports. “In some countries, it is not possible to move the vehicles like we do. The vehicles of customers from these regions then remain in Germany and are stored and maintained by us. A closed ecosystem has developed from this. Under the Motorlegenden umbrella, there is a separate area where owners can store their vehicles for the long term,” says Schnabl.

For the entrepreneur, advice does not end with the sale, but “covers all topics from the possibilities of classic car leasing to all-risk insurance”. In order to guarantee the quality of the collector’s items, the company now has its own preparation and refinement service called “Detailhelden”. “Owners of vehicles from other brands also appreciate this service and bring their cars in for reconditioning, preservation and care.”

The combination of two passions became Michael Schnabl’s profession

That Schnabl now deals in rare cars only became apparent late on. He originally joined his parents’ fashion company – with success. “We built up a brand, opened stores, had 100 employees and reached a level that I would never have imagined. But at some point it became clear that it was no longer about building, but about preserving, about politics. Fast fashion means constantly working on new collections and bringing more and more goods onto the market. It was a very stressful time,” says the family man today. “After 20 years, we sold the company in 2017. That was a real cut, and it was a good one. From then on, I was able to ask myself again: What do I really enjoy?”

The motivation to take the plunge and found Motorlegenden in 2018 was based on two pillars. The first was the experience he himself gained during his search for his own Porsches. Michael Schnabl found joy in old 911s at an early age, restoring his first Porsche 911 F-Model – “an early ’67 2.0-liter short-wheelbase” – when he was still in his early 20s. Later, a 911 2.4 S Targa served as his wedding car. But he didn’t like the way these special cars were presented at the dealerships back in the day. The lack of knowledge among private sellers about the actual condition and price of the cars also bothered him. “I thought to myself, there has to be a better way!”

The collecting wasn’t the main thing – the searching was much more fulfilling

Michael Schnabl, Motor legends

In addition, music on vinyl has always been his hobby and he enjoyed DJing. He still does DJ evenings at a good friend’s restaurant on a regular basis. “DJing is like drifting with your ears. You always have to match the speed of the two tracks to each other. It’s a real, analog process!” As a result, he collected records. “But the collecting wasn’t the main thing – the searching was much more fulfilling! Scouring flea markets, finding special records… I still like doing that today.”

Motorlegenden’s current stock on Elferspot

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The aim: “Bringing people together who want to buy or sell a great Porsche”

The joy of searching for special treasures and driving classic cars was ultimately the driving force behind the founding of Motorlegenden. “I wanted to select vehicles here and bring people together who wanted to buy or sell a great Porsche. The whole thing should take place in a professional, but above all relaxed environment with a personal exchange and a cup of coffee. I find people’s stories just as exciting as their vehicles or the search for them.”

Although Schnabl’s business largely consists of trading in collector’s vehicles, he did not become a collector himself. “It quickly became clear to me that I would also sell cars to open a new chapter. Otherwise, the joy of ownership can turn into a feeling of ballast.”

“In the end, it was often just speculation” – Michael Schnabl’s view of the Porsche market

Michael Schnabl experienced for himself just how fast-moving the Porsche sports car trade can be. After the pandemic, interest rates were low and demand was high. “It was an absolute seller’s market. More and more special models in recent years – everything was “the last naturally aspirated”, everything was supposed to be valuable – turned this picture around. In the end, it was often just speculation. Now the supply is huge, the demand selective. In a buyer’s market like this, the truly special is separated from the mediocre.”

Schnabl sees the development of used prices for modern GT models as a good example of this. “These vehicles were built in very large numbers. Demand was huge and immediately available vehicles were extremely expensive! However, we are now seeing that some 992 GT3 RS, for example, are being sold at list price or below. It may look different again in five to ten years, but for now it looks like a slight downward correction.”

Challenges for classics too

In general, the “gold-rush”, as Michael Schnabl likes to call it, is now over. “For many F-Models and 356s, the wave of restorations in recent decades has cost a lot of originality. The result may be perfectly shiny cars, but in the end they have more to do with a reinterpretation than with the original car,” says the Motorlegenden founder. Finding originally preserved examples is therefore an even greater challenge today. “It is no easy task to communicate these differences to potential buyers who often don’t have in-depth technical knowledge.”

Michael also sees it as a challenge to inspire new generations of buyers for classic vehicles. “The prices are high – even if these cars are worth it. And what happens if something breaks down? Which workshops can still work on them at all?” He therefore no longer sees his job as being limited to just buying and selling cars: “With an F-Model or a 356, you not only have to sell the car, but also the expectation of it. It’s not a modern sports car that offers you every comfort function. It’s a classic that drives incredibly sportily for its age – but on its own terms.”

Events where a hundred F-Models roll around the lake are great. But it would be even more exciting to bring people together who have perhaps never driven a car like this before – to experience what a 60-year-old 911 feels like.

Michael Schnabl, Motor legends

He thinks a lot about how to bring younger generations closer to the topic of classic models again. “For me, the F-Model is the ultimate 911, the pure doctrine! This generation slows you down in a very special way,” enthuses the 49-year-old. But it needs to be made more accessible to potential buyers. “Events where a hundred F-Models roll around the lake are great. But it would be even more exciting to bring people together who have perhaps never driven a car like this before – to experience what a 60-year-old 911 feels like.”

Which Porsche models are currently exciting and which will be in the future?

I ask Michael for his personal forecast for the Porsche market in the coming years. “A friend of mine said a year or two ago: ‘The next ten years will be the absolute renaissance of the combustion engine.’ I think he’s right. Good, honest classics will retain a stable demand. Current generations of vehicles often seem emotionless – it is precisely these emotions that many people find in the classic 911,” he replied. “At the moment, I see the 964 and 993 in particular on the rise. Both models that I also like very much and for which high prices are currently being achieved, and rightly so. In the future, more people will certainly discover the 996 and 997 for themselves,” explains the specialist for rare Porsches.

I’m interested to know what he thinks about the risk of damage to the first water-cooled engines. “Some of the engines have thermal issues, and the dual-mass flywheel can also cause problems. The probability of major damage is low, but 20,000 euros or more for an engine overhaul is no fun at first – even if it is basically money well spent. Choosing the right example is particularly important with these models. If you install a more powerful water pump and adjust the ECU so that the fan starts at a lower temperature, and perhaps also replace the intermediate shaft bearing, you can drive with greater peace of mind and have a really great car for a long time, which is also very stable in value!”

A friend of mine said a year or two ago: ‘The next ten years will be the absolute renaissance of the combustion engine.’ I think he’s right. Good, honest classics will retain a stable demand.

Michael Schnabl, Motor legends

Schnabl also has a lot to gain from the 912 and 924 series. “There are still people who dismiss transaxle models as housewives’ Porsches or see the 912 merely as a slimmed-down 911. However, they tend to do this out of insecurity, because they are afraid that other people won’t like these cars as they are not considered a status symbol. Yet these cars still offer a hell of a lot – for reasonable money,” says Michael, who still counts the rare Porsche 924 Carrera GT among his favorite models.

“My job is to translate this idea into something real”

During our conversation, I quickly realize that Michael Schnabl sees himself less as a car dealer. He is more of a curator – he filters, rejects, sorts out and then brings people together with cars that really suit each other. “Many of my customers are looking for a classic or a special Porsche for the first time. They have an idea in their head, but often lack the experience. My job is to translate this idea into something real. Even when it comes to selling their cars, owners are often overwhelmed, simply don’t have the time or don’t want strangers coming to their home.”

In the end, what drives him is always the desire to go on the hunt, searching for the best cars – and finding them. “I look for the kind of cars for my customers which enable me to say: If you buy this Porsche, in ten years’ time you won’t wonder why you did it. Maybe you’ll realize then that it’s worth more. Or maybe not. But you’ll say: it was worth every drive.”

Michael Schnabl also found himself in the search for his customers

At the end of our conversation, I come back to the sentence with which this portrait began. The seeker has become someone who has found himself in seeking for others. Michael Schnabl thinks for a moment and nods. “Maybe that really is the common thread,” he says. “As a DJ, I was looking for records, not to hoard them, but to play them for someone else. It’s similar with cars. I’m not looking for myself – I’m looking for someone who will find a piece of their own history in this one Porsche.”

© Photos: Lorenzo Kikisch