[bobforman]

Hi, I'm new here and without a 968, yet. I've come across a 92 coupe that is egging me on to add it to my small collection. I have rebuilt a 356 and a 914 and am looking for a new project. My original thought was to purchase a 924 or 944 for a winter project that would keep me out of the bars. I've found a sad 968 with dubious history and neglected condition. At this time I am debating making an offer two-thirds of the "firm" asking price of $4500. It could be a nightmere knowing that it has been sitting in the sun for years, has a bad leak in the steering system, bad electrics, sunroof problems, dull paint, bad tires, corroded wheels, etc. The good news is that I have garage space and the tools to do about everything, just not the knowledge of a water-cooled Porsche.



There are not that many of this model to get a grip on an appropriate price. Any assistance would be appreciated.



Bob Forman

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[94SilverCab]

Welcome Bob,



We are always happy to see 968s preserved rather than allowed to be parted or worse. Sounds like a huge undertaking, but there are so many folks here to help that you will find the rebuild to be a very worthy project.



Lots to see, enjoy the site,



Jay

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[mbardeen]

Hi Bob,

I too bought a rather neglected 968. First thing you'd want to make sure of is why it's sitting. If the timing belt has snapped you could be looking at some costly repairs to the head. I've put around $5k USD in parts alone into mine so far, with a couple big ticket items yet to come (paint, new seat covers, new convertible top). Will it be worth what I put into at the end? Probably not. But that's a project for you!



If all checks out and the timing belt hasn't snapped, I'd say $3K to $4K USD would be a good price for the car. If the timing belt has snapped, $2k to $3k. Certainly your return on investment on the 968 would be greater than on a 924.



Good luck if you decide to go for it!

-Matt

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[tamathumper]

Welcome and good luck.

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[bombfactory]

Hell, even a NON-neglected 968 that's sat for a few years will need at least $5k to bring it back. For what you're describing, figure closer to $10k - tho if you're doing all the work yourself, that'll definitely benefit the bottom line. Unfortunately, certain 968 parts are ridiculously expensive, despite the car's long 924/944 lineage. Regardless, get a <acronym title='pre purchase inspection'>PPI</acronym> done if possible so you have a better idea what you're getting into. After that, the guy might be happy with a $2500 offer to tow it away. Good luck!

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[tamathumper]

I still posit that a 968 in "excellent" condition will cost $15K. You can pay it all up front, or make it up over time,...

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[Rap]

I agree with Tama. There is a reason that car is sitting. If your willing to invest a lot of money and spend a lot of time to bring the car up to speed, a project, then by all means enjoy. I'm not a wrencher and have done it both ways. The first is easier and cheaper! Good luck!

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[94SilverCab]

[quote name='tamathumper' timestamp='1355966473' post='136412']

I still posit that a 968 in "excellent" condition will cost $15K. You can pay it all up front, or make it up over time,...

[/quote]



My guess would be closer to $20k - $25k...and if you spent that much you probably would not get it back for a long time.



If you're not doing this out of passion, it's probably better to not do it at all.



JMHO,



Jay

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[bombfactory]

Jay you're most likely right on. I'm probably in the $20k range right now (afraid to actually total it all up), with plenty still to do to make it fully healthy. And then there's the little matter of it needing paint...

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[flash]

too many people get into this car thinking it's inexpensive. they see something on evilbay and think that's all there is to it. unfortunately they don't realize what it takes to get the car roadworthy, let alone looking decent, until it's too late. i see cars all the time that are just beat to crap. those cars will nickel and dime the owners forever. but the owners got in over their head, and can't afford to maintain them.



a decent roadworthy hardtop will likely be about $13-14k. a decent ragtop another 2-$3k. cleans ones of either will cost another $2k. almost all of them even at that price will need a good $2k more in things done to it. most people sell them because they can't afford to keep them, either because they have other priorities in life, or the maintenance is killing them. i've never heard of anybody who sells it because they don't like driving it.



pick your poison. pay now or pay later.

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[Rap]

Or spend more now or spend lots more later

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[tamathumper]

Or both.

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[bombfactory]

Guilty. Never having owned one, I wanted to try out a Porsche. Can't afford a new one. Don't fit in older 911s. Always loved the 928, but was afraid of the maintenance costs. Always loved the 924/944/951, but they're getting kinda old. The 968 is, therefore, and by process of elimination, the perfect Porsche for me - unique and rare, looks fantastic, modern enough, I fit in it and I had read that it was very reliable - 'the cheapest Porsche to own and maintain'. Well, maybe I didn't read that last part anywhere and just kind of convinced myself that it was true, because it certainly hasn't been the case - with my particular car anyway. As I got into it I discovered just how neglected things were, despite a <acronym title='pre purchase inspection'>PPI</acronym> and a thick stack of maintenance receipts from the previous owners.



Repeat to self: There are no cheap Porsches, there are not cheap Porsches...

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[Langley968]

[quote name='bombfactory' timestamp='1356111292' post='136484']

Repeat to self: There are no cheap Porsches, there are not cheap Porsches...

[/quote]



I just read yesterday in the "Driving" section of a local paper that curently Peugeot/Renault lose ~ $800 euros per car, Fiat loses ~ $200 euros per car and... Porsche profits ~ $16K per unit sold! <img src="/forum/images/smilies/968/ohmy.png" class="smilie" alt="" />

That shows that "perceived" value has NOTHING to do with REAL value! And that applies to Porsche parts as well... <img src="/forum/images/smilies/968/glare.gif" class="smilie" alt="" />

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[DaveN]

Yea I read an article the other day with those facts (Panorama?) and it blew me away. You would think for that kind of profit we would get a 10 year warranty like a lowly Hyundai. <img src="/forum/images/smilies/968/dry.png" class="smilie" alt="" /> Build a 968 from parts and it would be a million dollars.

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[Scott Collins]

Welcome Bob!



If you can get some pics and post them, we could give you some more feedback.



Point...



Knowing what I know now, I would run from a 968 that sat for an extended period of time, especially outside. The list of items that can be degraded by age, weather, animals chewing away, and just normal use is so long and expensive that it's hard to imagine the upside. There's so much rubber in the form of o-rings, seals, gaskets, suspension, and you have to assume it's all just about ready to turn to dust. And just painting a shot exterior will be 2K or more. I believe that it would eventually cost less to pay more now. And you would be driving it. Subtraction by addition.



Counterpoint...



Since you have rebuild a 356 and a 914 you have lots of experience, and you know Porsche prices, in general. And if you enjoy the rebuilding process, then maybe a well-sorted and running 968 would deprive you of the fun of bringing it back from the brink. That sounds sarcastic to hear myself say it, but I don't mean it that way. I truly can appreciate this aspect, because my dad rebuilt 1931 and 1932 Chryslers for decades, chipping away, tinkering and puttering in our garage at home and in a rental where he kept a 1931 Waterhouse Imperial. He enjoyed that type of restoration and has lots of patience. He was happy as a pig in mud working on those cars. I, on the other hand, wanted the cars to be finished and running and would get exasperated.



Try to get some pics if you can. There will be no shortage of opinions here, for sure! <img src="/forum/images/smilies/968/smile.png" class="smilie" alt="" />



Cheers!



-Scott

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[bobforman]

Thanks all for your sage advice. Next time I'm near the car I'll take some photos and publish them here. Two reliable friends have heard it run so it appears to be out of the woods in that department, but not to say it doesn't need a major refit. The owner didn't want to start it as the battery is disconnected and when he attempts to put the cables on the alarm goes crazy. I presume this is a planned result to help prohibit theft and wouldn't be a problem to remedy. There must be a sequence to reinstate the battery. I called the owner and declined to make an offer for fear of insulting him. I'll keep nosing around in case he gets desparate to dump it. He's got my number. But I'm thinking no more than $2000, maybe $2500 but never the $4500 he's demanding. Stay tuned for further developments.

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[tamathumper]

I've never had an alarm go off when reconnecting the battery cables - but I've had an alarming seller give me funny excuses. <img src="/forum/images/smilies/968/wink.png" class="smilie" alt="" />

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[craigawoodman]

My alarm sometimes goes off when re-connecting the battery. All it needs is a simple press of the key fob remote locking and all is good. This is a primitive alarm system (I think the original OEM one).

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[bobforman]

Craig, I forgot to mention the remote door lock doesn't work. The more I listen to you guys the more the owner is going to have to pay me to take it away. Which makes me wonder: at what point do you hit critical mass and the car becomes worth more as parts than it does as a whole? This car has not been abused that I can see, just seriously neglected. The body shows no signs of major damage/fixes so that is a positive.

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