Planning to buy a Porsche? Here's why it's best time to buy one

Porsche aims to increase its car prices significantly in the middle of 2023. The attempt comes as the German luxury high-performance car manufacturer seeks to make its cars more profitable amid rising production costs. Autocar UK reports that the price hike will be applied across the entire lineup, making all the Porsche cars dearer. Porsche reportedly plans to hike its upcoming Macan EV, 718 Boxster and Cayenne prices by up to 15 per cent, and it believes the customers will accept the higher prices.

Porsche reportedly aims to sustain its profit margins as high as 20 per cent in the long term as part of its Road-to-20 strategy. The automaker claims that the upcoming price hike will be implemented as part of that strategy.

Porsche's finance head Lutz Meschke said that the German luxury brand could sustain and build on the solid operating profits it gained in 2022, which reached a massive $7.27 billion, with an 18 per cent return. “We will see significant price increases in the middle of the year for the new model year. That will help a lot to make sure we make strong group operating margins," he said. Meschke also said that the brand has a very good foundation with a strong brand and a very solid customer base that gives the OEM the power to increase prices in very challenging times intelligently.

This decision comes when Porsche aims for at least 50 per cent of its total sales to come from electric and plug-in hybrid vehicles by 2025. Also, it aims for 80 per cent of its total sales to come from EVs and hybrids by the end of this decade. As part of this strategy, Porsche is spending massively on new electric vehicles, including a brand-new electric SUV that will be bigger than the Cayenne. It will be launched later this decade, after the Macan EV, 718 Boxster and Cayenne.