In this concluding article, we cross the 150k price barrier where the atmosphere becomes more rarified. Our upper limit of $250,000 reflects Porsche’s US pricing structure: in late 2024 the most expensive 911s are the Turbo S Cabrio at $243,000 and the GT3 RS at $241,000.
For a different budget range, check out our other buyer’s guides:
- Budget Based Porsche Buyer’s Guide: $25k
- Budget Based Porsche Buyer’s Guide: $50k
- Budget Based Porsche Buyer’s Guide: $75k
- Budget Based Porsche Buyer’s Guide: $100k
- Budget Based Porsche Buyer’s Guide: $150k
Only limited editions such as the 992 S/T (a total of 1963 is scheduled) retail beyond our quarter of a million, but as has regrettably happened in the past, notably with the 997 RS four litre in 2010 and the 991 R in 2016, 992 S/Ts are reportedly already changing hands for near half a million dollars.
To judge from the current asking prices for both the 997 RS 4.0 and the 991R, S/T offers are unlikely to fall much in the short or medium term.
Boxster -Cayman
Above $150,000 we have left behind all but the most exotic mid-engine cars: the Cayman GT4 RS and slightly less frenetic (it shares the same engine, but a softer suspension) Boxster Spyder both cost $164,000 new.
In reality, though this is nearer $180,000 by the time buyers have selected some of Porsche’s expensive (but tempting) options. These models have been around for a couple of seasons now and you might think that diligent searching would uncover barely run-in examples nearer our $150,000 entry point.
That certain applies to the 4 litre Spyder RS. An altogether easier car to live with than its track-oriented GT4 sister, its depreciation curve is like that of the concurrent 911, gentle depreciation, slightly steeper for higher (10,000 miles per annum) examples.
So most used RS Spyders fall below our entry point, between $130- and $140,000; Edmunds.com does have one car listed at $155,580, illustrated below, with apparently only 440 miles, but the price sounds unrealistic when the rest of the market offering is viewed.
The distinctly track day-oriented Cayman has gone in the opposite direction and even allowing for such costly extras as the Weissach pack, few cars are on offer at less than their original purchase price.
A glance at du Pont Registry.com indeed reveals a dozen low-mileage Cayman GT4s all well over $200,000. These are presumably the better cars available, but you almost need to turn to Elferspot.com and European sellers to find offers significantly below $200,000.
The Weissach Pack in particular pack will certainly inflate the asking price up: an Austrian dealer has a 9900km 2022 GT4RS (see above) with seemingly no extras apart from a stone protection coating for which he wants €155,500, which equates to about $172,000.
No doubt there are rougher (and cheaper) GT4 RSs on the market that have had track incidents and bodywork repairs, but the 4 litre Cayman’s reputation as the poor man’s GT3 – it does have the front suspension (single strut) configuration of the 991 GT3 RS – is undoubtedly behind its solid used values.
As the electric Boxster-Cayman is due for launch in the next few months it is likely both the four-litre RS models will disappear from Porsche’s catalogue early in 2025 if not before. Values for both the Spyder RS and the GT4 RS will surely harden, though to judge from this survey some GT4 sellers seem already to be pricing this in.
911 – modern
On a happier note, Porsche has consistently said that the 911 will be the last Porsche to use electric or part electric traction. Originally, it was implied that the current 992
would be gasoline-powered until 2028. Recent indications from Porsche (and as reported in Stuttcars in September) are that it is delaying its all-EV program and may well retain the gas-only 911 into the next decade. European politics plays a major role here. Much as (in retrospect shortsightedly) it pushed car manufacturers to wards diesel in the 1980/90s, the European Union, headquartered in Brussels, has introduced legislation to electrify the old continent’s vehicle parc comprehensively.
Now market realities are beginning to impinge: haphazard development of charging infrastructures, the still limited range of passenger EVs and their new cost are combining to discourage consumers.
The major automobile manufacturers complain that they will not be able to sell up to 50% in pure EVs by 2025 as legislated because buyers are not there, and if they are and even paying 20% import duty, the Chinese imports offer effectively the same car for around 20% cheaper.
It is likely there will be some backtracking by Brussels if only to protect employment in Europe. That will suit Porsche, not just because like the other German makers it has become is increasingly reliant on sales to China (which will suffer if the Chinese impose reciprocal import duty) but also because it gives wider validity to one of Porsche’s major objectives, to make synthetic fuel a politically viable alternative.
By extension, this means not ditching 120 years of technical progress with combustion engines. And here Porsche continues to set the example: running power-consuming ancillaries on battery power rather than off the crankshaft is an obvious saving of engine power and fuel. It began with cooling fans before the 1980s, and in the 2000s extended to steering and oil pumps and more recently to brake servos and air-conditioning systems.
Surely Porsche’s latest move – an electric drive to spin the turbocharger at low revs before forced air induction takes over is the cleverest development yet: much as they might claim, engineers have never completely overcome the physics of turbocharging which means the turbines do not become effective until engine reaches at least 1800- 2000rpm.
The 992.2 GTS, which uses a new, single-turbo flat six is therefore remarkable, not just for having an electrically assisted turbine, but also for introducing a larger, 4 litre engine at a time when fuel saving hitherto has demanded twin turbochargers and ever-smaller cubic capacities.
This sense of continuity should engender confidence among buyers of new and nearly new 911s and is likely also to strengthen residual values in the $150,000+ bracket of this survey. At this level, we are beyond the retail price of the ‘lesser’ 9l1s and in GTS territory: the GTS was of course, Porsche’s astute marketing exercise, first seen on the Cayenne in 2008 and then on the 997. The GTS upgrade takes the Carrera S and equips it with more power and selected options. On the Turbo models which already had higher levels of equipment, the GTS trim was not offered,
In the Porsche 911 catalogue the most expensive GTS is the 992 4S Targa which lists at $186,000, but which is evidently in demand. The white car below is one of the lowest
priced S Targas on du Pont Registry, but even with a relatively high mileage, it is on offer probably only a couple of thousand dollars below its original (options-inflated) new price.
If you can bear to contemplate the earlier 991 Targa S, a 17,300mile 2019 example still costs $155,000, still enough of a price difference for a buyer to treat him or herself to a six-year-old 718 Boxster into the bargain.
Like the 992 GTS models, the Turbo 992 also retains its value – this 15,000mile 2023 example from Woodland Hills Porsche, CA, even exceeds the new list price which (net of certain options, though not as bereft as a plain Carrera 992) is $243,000. If you can bear to contemplate the earlier 991 Targa, a 17,300mile 2019 example still costs $155,000, enough of a price difference for a buyer to treat him or herself to a six-year-old 718 Boxster into the bargain.
Like the 992 GTS, the Turbo 992 also retains its value – this black 11,000mile 2023 S example from Lakewood, CO, exceeds the $243,000new list price, just squeezing under our 250k cutoff which of course is net of most options.
The Turbo S coupé (list $230,000) is just as sought after: a glance at Du Pont Registry’s selection shows even five-year-old examples on offer well above our quarter million ceiling.
The ‘plain’ Turbo costs new over $30,000 less, and even trading 68 bhp, it looks a better deal, but buyers don’t seem to think so as many more of the S are purchased than the base Turbo which is hard to find and again are often barely cheaper than its original cost price.
911 GT3 & GT3RS
The pricing of these uncompromisingly sporting 911s confirms that once again US depreciation is minimal with top end 911s. Just above our entry point is this handsome blue 991.1 GT3, on offer at U Drive Automobiles of West Chester for $159,000. Very low mileage and well-appointed with paint to sample, and from a prestige dealer, this is nonetheless an impressively strong price for a ten-year-old GT3.
Moving to a later GT3, here is typical 991.2 from 2019. Rather than the 991.1’s 3.8, the later model uses the 4 litre 500 horsepower of the GT3 RS (but lacks the aerodynamic body kit of the RS) The 991.2 GT3 reintroduced the manual gearbox option, (dropped after 2011) . This was not the seven-speed option of the 991 Carreras, but the traditional closer ratio ‘six‘ of the earlier GT3s.
As with the 991.1 version, pricing remains strong: this offer from a Californian private seller on Autotrader at $214,000 is one of the more competitively priced 991.2 GT3s.
The 991.2 GT3 Touring, featured below, was effectively the RS without the spoilers which often make road use awkward. This new-looking 2019 example at HCC Speciality Cars has only 10,000 recorded miles, includes the all-important front axle lift (don’t risk a parking garage slope without one) and an impressively detailed history. But at a cool $244,900, it is about as much modern GT3 as can be afforded given our quarter million cut-off.
It follows that the current 911 GT3, the 992 versions, are well beyond this price survey and once again those few buyers who were able to confirm purchase of a new 992 GT3 somewhere near Porsche’s $241,000 list price have made significant profits. The earlier 997 and 996 GT3s are rarer and very different 911s from the post 2011 GT3 and are dealt with in the section on classic 911s below.
Air-cooled
Our 150-250 thousand bracket alas excludes that most iconic 911, the 1972-3 Carrera 2.7 RS, but careful searching can unearth a 2.4S. Although sporting 20 horsepower fewer than its famous sister, the 190bhp 2.4S on which the Carrera Rs is closely based offers a very similar driving experience.
The early 911Ss have all become collectors’ cars and in the case of the 2.2S and 2.4 S, it is vital to ensure that these are the genuine article and not the base T or even L models (valuable enough in themselves) which have been surreptitiously transformed into Ss.
More than a few 2.4Ss have been turned into 2.7 RSs by unscrupulous profiteers. These classic 911s are often sold through auctions, such as this 2.4S Targa which went for $167,000 at Artcurial’s Monaco sales in May 2024.
A year earlier, Bonhams achieved almost $250,000 for a 2.4 S coupé. Although the metal roof usually has wider appeal, the prices of this generation have slightly cooled in recent years, so a buyer looking from the point of view of pure investment would do well to look at other old 911s such as the Turbos.
Note how close the Targa illustrated was sold only just above Artcurial’s low estimate: for the Porsche enthusiast who wants to enjoy using an exemplary vintage 911, the recent trend to ‘softer’ prices may suggest a good time to buy.
By contrast, the 930 Turbo is price-wise currently a stronger bet. Although Porsche built over 19,000 of the 3.3 Turbos between 1978 and 1989, relatively few came to the US when normally about 10,000 should have been North America bound. The company decided in its wisdom that the 930 which produced 243bhp with the catalytic converter mandatory in the US from 1980, did not offer a sufficient performance differential over the Carrera SC.
A few individuals did try to bring in “grey” imports of European spec Turbos, but the high profile crushing by US customs of at least three “illicit” Turbos did not encourage this practice. 1986, revised ignition enabled the Turbo to run on lower octane and duly catalyzed, the 930 reached America again, this time with a more respectable 282 horsepower.
The swansong of the now legendary 930 Turbo saw the introduction at last of a five-speed gearbox and special editions with the Flachbau, flat
or slant nose, and the S engine upgrade which without a catalyst offered 330bhp. These final cars are the most valuable, yet the most usable of the 930 turbos.
Hemmings.com offers this strongly priced 1980 930, an original California car, not a 21st century import from Europe. Turbos are on the market for less, but any significant restoration work is very expensive and the ex-collection provenance of this example sounds attractive. Just inside our $250,000 limit is this white, slant nose 930, also on Hemmings’s website.
Again, an expensive example, probably (the advertiser does not specify) the four-speed car as the ’fives’ arrived in the US only late in 1988, but nonetheless, a striking car with an impressively detailed history and specification. The Hemmings Website commentary on the 930 offers an interesting perspective:
“Turbo” may only signify the top trim level on today’s electric Porsches, but nearly 50 years ago, that word branded the boosted car that cemented the 911 in legend. The 930, aka 911 Turbo, was this rear-engine sports car’s most powerful and thrilling variant, a racing 934-derived model that earned a reputation for fierce performance and it remains highly respected and sought today.
The later air-cooled Turbos are alas considerably beyond our budget, as is the RS pair, the 993 and 964, neither of which was officially imported to North America. In Europe, Elferspot shows a few 964 RSs priced around €210,000, roughly $230,000, which with import costs and duties might be landed in the US inside our budget.
Today, this car does not feel so different from a good stock 964 and in this column’s opinion, a first-class RS America of the same vintage is just as special and a better bet: purchased for no more than half that, the RS which was US-only (and fewer than 800 were made) offers the virtually same performance and a far more acceptable ride than the bone-shaking 964 RS.
The 996 GT3 and 997 GT3
Although relatively recent (2004- 2010) huge technical advances on the later GT3s mean that these early models feel distinctly vintage by comparison. Certainly, no one buys them to use on the track anymore because they are harder to drive: with manual gearboxes, often heavy clutches and minimal electronic catch-fencing, they are a challenge besides being far too slow. Today’s early GT3 fan is a real driving enthusiast who tolerates a degree of discomfort for the pleasures of a very analog car.
These 911s are demanding cars that need old-fashioned commitment to get the best out of them which compared with the later, high-tech 991 GT3, limits their appeal.
Built in a few thousand for each model, the 996.2 GT3 (the 996.1 GT3 was not imported) can be found well below our $150,000 entry point; the 3.6 and 3.8 997 GT3s were more developed models (see yellow, somewhat premium priced example above), as were their RS versions, and low mileage and seemingly little-used examples can be found below $200,000.
These were exceptional sports cars powered by the famously unrefined, but unbreakable ‘Mezger’ engine which despite its relative simplicity and lack of electronic systems still offered over 110bhp/liter.
Analysts have identified the 997 GT3 in particular as a 911 with some investment potential and an example purchased with due care should not lose value, but more than most, these 911s are pure like thoroughbreds – they need to be exercised and enjoyed regularly.
Though very slightly lighter and with track-designed aerodynamics, the RS versions (see above) were about 10% more expensive new (excluding the limited edition 4.0 RS mentioned earlier), and again, the plain GT3 is the more practical road car and with more modest spoilers and a less ostentatious appearance, which may suit some buyers.
The 2003-4 996 GT3 RS was something of a Porsche Motorsport department experiment: a homologation special, it packs effectively a 390 horsepower Porsche Cup engine in what is essentially a competition chassis. With no skid or other electronic systems or traction control, the 996 RS offers what has been described as a wild ride.
None of the 682 996 RSs made was exported to the US, but a handful has been brought into the US in recent years thanks to new legislation from the Nation Highway Safety Administration. Its rarity has assured the 996 RS of a certain status among collectors, but the condition of examples on the market varies: some had significant track careers in the years before their value exceeded their purchase price; others were ‘put down’ after very little use.
To have an idea of pricing you have to look at a European site such as Elferspot: the market offers abroad range, extending from $150 to $300,000, the Swedish origin car shown above for example priced at about $258,000. Values for pristine cars have been static for some years, but the tendency now appears to be a hardening of prices.
