In the past 4 years, Porsche air-cooled 911’s have skyrocketed to astronomical values. In fact, in the past year the value of the 930 Turbo version has seen an almost 150% increase! Is this a result of a bubble? Are the latest creations of Magnus Walker and Rauh Welt Begriff (RWB) causing enthusiasts to snatch up these formerly “affordable” models? Is investor speculation (yes, cars CAN be a decent investment) artificially driving prices up? Or is it simply that car guys can now afford these vehicles which were once just posters on their boyhood walls?
It’s actually a culmination, a perfect storm if you will of all these things.
Are we in a bubble?
Yes, money is flowing quite well at this time (or so it seems), which is allowing more people to snatch up this niche sports/collector type vehicle. Low inventory (they don’t make them anymore) and high demand has driven the prices of 930/964/993 exponentially. Scarcity drives collectability, which in turn drives prices up.
Magnus Walker and Nakai-San (RWB) are driving up the prices.
Highly unlikely. Magnus Walker has brought Porsche's more to the “mainstream” enthusiast, but that doesn’t mean everyone is running out to buy one. Nakai-San builds have not even reached the triple-digit level yet, so from an influence standpoint – it’s not a singular reason. Despite building some really cool cars, these two aren’t single-handedly driving up demand.
Probable. These are the flippers or even overseas enthusiasts looking to put money into a tangible asset that will increase in value. Simple supply and demand…this worked wonders for Ferrari enthusiasts throughout the years. Asia and Europe love these classics and they’re an affordable platform to rebuild.
They’ve become affordable…
Well, at least they were affordable. For those of us who grew up with a poster of one these on our wall, we’re now at a place in our lives where we have the cash flow to consider purchasing weekend toys such as these. It’s the classic "I’ve always wanted one of those" reasoning.
Not to mention the classic 911 lines that the air-cooled 930/964/993 models exude, a silhouette that is in fact trademarked, is second to none. The introduction of the 996 in 1997 brought in water-cooled technology, as well as a larger overall body, some say not keeping true to the silhouette. High availability and lack of purists’ acceptance of the 996 have kept these prices on a downward slope, for now, so perhaps the true best buy is in a 996?
If you’re looking for a vehicle that will appreciate, it’s tough to go wrong with an air-cooled 911. Find the right car at the right price and you've got yourself a classic that will appreciate, or at the very least you will appreciate, as time goes on. Are we at the peak of the bubble? Some believe so, but it’s a fact that these cars will never be made again.