Quote:For the past 4 years I am the very proud owner of an air cooled 911 - a 1987 Diamond Blue Coupe with 185k miles on it. I love to look at and it fiddle with it. Since I have replaced anything and everything that showed wear on it, it is in very good condition, especially its dark blue leather interior with driver seat bolster that shows hardly any wear! I drive it once or twice a week.
At the end of Dec '16 I bought a 94 968 Coupe for $14k and I have since spent around $4k on it. When I am done I will have around $20k in it - at least that is what I planned before I got started, and I am tracking well.
To me the 968 is a much better daily drive than my 911. I would like to drive the 968 every day, but I am sharing it with my son. Buying it was not a financial decision, I just wanted one - as much to drive as to improve. Note: to me improve means closer and closer to dealer show room condition, i.e.back to stock.
I am hoping that I am not going to lose very much in depreciation on my 968 at least not compared to another "normal newer car". As far as future depreciation is concerned, I do not expect to have the same luck as when I bought the 911.
I think my insurer is not going to put much more in insurance value than about $6k on my 968. This causes a dilemma. How do I properly insure a 968 that has market value that I estimate to be around $15k? I think it being used as a daily driver precludes me from Hagerty type stated value insurance.
I am sure many of you have faced this problem. If anyone has found a good solution please post it on this thread.
Thanks in advance.
Hey everybody! I'm new to the forum.
First off, to Karrera Coupe, we have the same cars. I too have a 87 build / 88 model 3.2 G50 Carrera coupe - originally also Diamond Blue Metallic. And, I also have a 94 968 coupe (6 speed manual) that I too bought in December of 2016. (And I also have a Limited Edition 1974 Porsche 914 2.0 LE Can Am "Creamsicle"). So right away I can tell you are a man of excellent taste.
Now to values...
The values on these cars are rising. And you're not going to wait for 10 years for them to get substantial. The "transaxle" cars (why did they call them that, btw? My buddy's 356 has a transaxle. ALL cars are transaxles.
) are the next Porsches to to go up. And if you haven't been paying attention, they already are. The train is already leaving on the 938 and 951 (924 and 944 turbos). Nice ones are in the mid-upper 20s. 928s are out of the ballpark and now going for G body 911 prices. I found a cherry S4 with 20K something miles on it locally a few years ago that went for $9K. Now a nice one is 5x that. And the GTS is approaching 6 figures. The earliest and latest 928 models are getting very valuable, as is the same with the "transaxle" lineup in general. 924s, 928s and 968s. I purchased a very nice, very clean 1994 968 6 speed manual coupe with 56K miles on it for $20K in December. And in it's condition, I consider it a good deal. Sure, the upper end of the market, but worth it and I think appropriately priced (he had it priced for much more). I based the price on Hagerty's proposed value.
944s are still very cheap because they made them for 15 years and there's TONS of them out there. But only about 4,000 968s came to the States. The 944 "S3" was the last and best of the "transaxle" cars. The most powerful version with all (most) of the kinks worked out. True, they did not catch on, but possibly because the 968 was doomed before it went into production as Porsche had already decided it would cease production on the 968 before it was manufactured. And, yes it sold poorly because it was during a time when Porsche was in financial dire straits. The cost of the 968 in the early 90s was astronomical and went up in price substantially by the end of it's short 4 year run. So most couldn't afford it (or 928s) anyway. In the $40-45K range in the early 90s, that's approaching close to $100K in today's money.
The values you guys are looking up on regular insurance companies are companies that depreciate values. In their estimations, a 914 is about the same value as a 90s Toyota Corolla. Yet the 914/6 is now at and above the $100K mark and 73 and 74 2.0 914s are in the upper $20-30K market for nice ones. You have to go with classic car insurance values to get a more accurate market value. For my car, a 94 coupe, here is what Hagerty values at (mind you, these are estimates):
$27,600 - Concours
$20,000 - Excellent
$12,900 - Good
$7,600 - Fair
I have my 911 and 914 insured with Safeco and my 968 with Grundy. I have my 968 valued at $40K so if something happens to it, I can replace it with one just as nice with money left over for any work if needed, or to buy another Porsche (actually, a vintage Volkswagen Typ 2 T2b Westfalia is next on the list).
