There’s no question that $109,500 is a high asking price for Porsche 928. However, this isn’t any ordinary 928. It’s a 1994 GTS and a pretty special one at that. You see, the Porsche 928 GTS is already a rare Porsche in its own right. While the numbers vary from source to source, most agree that for the 3 years the 928 GTS came into the US only 406 of them made their way to our shores.
Within this select group of US bound Porsche 928s, the majority had automatic transmissions and almost all of them had sunroofs. So, when you find a GTS that was ordered with a 5spd, you know you have a rare Porsche (e.g. in 1994 only 44 of the 139 imported had manual transmissions). However, if you find a GTS with both a 5spd and a “sunroof delete”option we’re now talking über rare;a 1 of 1 kind of rare (and that’s exactly what Michael Willhoit did with the car pictured above and below).
With only 19,000 miles, a midnight blue metallic exterior over classic gray leather interior and a Certificate of Authenticity from Porsche listing many other options, this 928 GTS presents a unique opportunity for the right collector at $109,500. Some might even say it’s a bargain. You can follow the auction yourself on ebay or see more pictures and the complete listing on Willhoit’s web-site.
Porsche 928 GTS Production Numbers*
Porsche produced the 928 GTS from 1992 to 1995. However, not all model years made it to the US. The US was introduced to the car in late 1992 but as a 1993 model year. Of the 2887 produced worldwide, 1932 of them were produced during the time that Porsche sold them in the US. And, as mentioned above, of the 1932 produced for model year’s 1993, 1994 and 1995 only 406 came into the US. Almost all of those 928s had a sunroof (some say dealers ordered them this way because it was high dollar option and a luxury item for the time) and most had automatic transmission.
Year
Total US Production
Automatics
5 Speeds
1993
190
136*
54*
1994
139
95
44
1995
77
47
30
Willhoit is No Stranger to Super Rare, Super Nice Porsches
We ask if this Porsche is the “Holy Grail”of Porsche 928s because Michael Willhoit is known for “making”the market for these cars. Most know that Michael asks big dollars for his cars, but with good reason. His Porsche 928 offerings are some of the best in the world (as the subject of this story proves) and he’s set pricing records on a number of previous sales (highest known price to date is $114,500 for a 95 GTS with 13k miles).
Interestingly enough, this isn’t the first time Michael sold this car. In fact, he sold it to the current owner (an avid collector) a little over a year ago and is happy to have it back.
“This is the ‘Holy Grail’of 928 GTS’s,”said Michael. “This is a special car. It’s the one and only in the US that was made with a sunroof delete and a manual transmission. Owning this 928 allows you to own a Porsche that no one else has.”he added.
Sunroof Delete is Popular after Market Upgrade
If you spend any time on the Porsche forums you’ll see that there are mixed feelings about the sunroof in the Porsche 928. For taller drivers it can cut into headroom (especially if you want to track your Porsche and need to wear a helmet), some say it simply adds extra weight (although the weight savings without one is minimal) and for others it is simply too small to provide any benefit. Whatever the reason, a quick search of Rennlist shows 255 threads talking about the idea of a “sunroof delete”for the Porsche 928. There are even upgrade paths to remove and replace the entire roof.
Will This Porsche Set a New Record High?
Even if you’re not in the market for this type of collectible Porsche, it will be interesting to watch the sales process and see if a new record is set. You can follow the auction yourself on ebay or see more pictures and the complete listing on Willhoit’s web-site.
*Production numbers vary based on source. Most of these numbers came by hunting through Rennlist. We had trouble verifying the breakdown of 1993 manuals vs. automatics so if anyone has better numbers for ’93 please let us know.
Written on October 10th, 2011 at 8:29pm by Pepper Girl
200 MPH? 210 MPH? Getting closer. When it comes to land speed records speed is measured to the fifth decimal place (hundred thousandths). So when Carl Fausett’s Porsche 928 hit 216.63537 MPH, that was more than enough to capture the title of World’s Fastest Porsche 928 (previously set at 206 MPH).
Sway bars: Custom sway bars and Adjustable Drop Links by 928 Motorsports
Exhaust: Jet-Hot coated headers and custom lightweight SS dual exhaust
Body: 928 Motorsports complete composite front clip
Furo Racecraft 8-point Chrome Moly Roll Cage
Two Halon Fire Suppression System systems
Weight: 4675 lbs as raced
CHP: 900 Torque: 825 lb ft.
Top Speed: Approx 240 MPH
Underbelly: Custom complete belly pan by 928MS
Rear Diffuser: Custom complete rear diffuser by 928MS
Height: 30mm at front of chin splitter, 70mm at back of rear diffuser
Fausett’s next goal is to work on traction and down force in order to take advantage of all that horsepower. If he can find away to get that power to the ground he’ll most likely have a great shot at breaking another record, the blown gas modified record set at 231 mph. Blown gas modified class is for any modified car that runs only gas. This Porsche 928 qualifies.
The answer depends on the Porsche in question and who you ask. A few months ago I wrote an article about a 928 GTS that sold for the record price of $92,500. This represented a premium of $7,000 above it’s original selling price. Not huge, but gigantic when compared to its lesser priced contemporaries (the 928S, S2, S4, 928 GT, etc.).
Built in 1995, this newer 928 is a year younger than the first GTS mentioned above, has the same low mileage (6k) and is in the type of condition you would expect for that kind of premium; AS NEW!
While not all Porsches are recession proof, certain models are definitely holding their value better than others (such as the 930 and 993 series). While others, like the two 928s mentioned above, are appreciating at a fantastic rate. As I’ve said before, the market might be soft, but good, clean cars are still hard to come by and people still pay for quality and exclusivity.
What other models do you think will see appreciation over the next few years? Personally, I think a rust free 914 would be a great buy right now.
Yes, you read that correctly. A one owner 1994 Porsche 928 GTS with 6k original miles sold for almost $7,000 more than the original MSRP of $85,706.00. This particular Porsche was one of only 44 built in 1994 with a 5 speed transmission and was as close to new as possible. If you’ve been thinking that current market conditions have softened prices, well it depends on the type and quality of car you’re talking about. The good cars are still posting high selling prices, and in this case, possibly record ones too.
Have you heard of any record sales lately? What about the other end of the spectrum? Any amazing deals?
I purchased my last Porsche from Michael Willhoit a little over two years ago (that’s a picture of it below). Since that time Michael and I have become friendly and he even agreed to sponsor my site (hence his advertisement to the right over there). The other night we got to talking shop and I asked him about all the Porsche 928s he has listed for sale and the story behind it (as I always thought Michael was just an air-cooled guy). Boy was I wrong.
Michael started Willhoit Enterprises in 1974 and, as he likes to say, only recently became an “overnight success” For the past 34 years Michael has sold quality Porsches and is known as one of the premier dealers for 993s and other low-mileage air-cooled cars. It turns out, he should be known for much more than that!
As most of you know, production of the Porsche 928 started back in 1977 (for model year 1978) and rolled forward for the next 18 years (the longest production of any other Porsche model besides the 911). Willhoit purchased his first 928 immediately upon their release to the public. According to Michael, “When the 928 came out in 1978 I couldn’t find one around home so I had to fly to Dothan, Alabama to buy a brand new one in Tobacco Brown Metallic paint with Cork leather interior. Let’s just say, I got a lot of looks on the way home. No one knew what they were. The design was so new it looked like a space ship.” The new futuristic design didn’t stop Michael from selling the 928 and going on to buy and sell many more.
A life changing event
Fast forward three years to the night of June, 5th 1981. At exactly 10:01 in the evening, driving home from a Porsche auction, Michael had just glanced down at his speedometer (71 mph) while driving east on Interstate 44. What he saw when he looked up changed his life and set him on the path he still follows today. Coming straight at his 928, in the wrong lane and with no lights was a drunk driver. The drunk driver hit Willhoit’s Porsche head-on. The impact killed the drunk driver instantly and broke the back of Michael’s wife (in the passenger seat) paralyzing her from the waist down. As tragic as the accident was, Willhoit is convinced that the 928 saved the life of both he and his wife. “If we had been driving a 911 of that period we would have been dead.” As a result of that accident Michael says, “I believe in the 928 and have done everything in my power to keep the car in the public eye and help people to appreciate their true value.”
Picture from the scene of the accident
Now, almost 30 years later Michael continues to locate and sell low mileage 993s and Porsche 928s. In fact, while it’s tough to qualify, as the result of a freak accident Michael probably sells more 928s (of the GT and GTS variety) than any other independent dealer in the country.
I’ve said it before and I’ll say it again. When it comes to Porsche, I’m a purist. I like my Porsches stock, straight from the factory. It’s not that I don’t appreciate modifications and the extra performance (or in this case utility) that comes with them, I just prefer things the way Porsche meant them to be. That’s why creations like Harry Thomas’ Porsche 928 pick-up seem to bowl me over with their audacity.
Thomas is a collector of all things fast. Unlike some, he’s not a one marque collector, as the Ferrari’s, Merecedes and Lamborghinis in his garage will attest to. Even with all these, arguably, unique supercars at his disposal. Harry still yearned for something dfferent, something that would stand out on the street (Ferrari’s and Lambo’s don’t stand out?) Taking a page right out of the Porsche history books, when he couldn’t find what he was looking for, he decided to build it himself.
Modifying a Porsche 928 GTS
Take one very rare, late model Porsche 928 GTS (world-wide there were only about 2800 produced), a grinder and some cutting tools, one extra axle and a twisted imagination; combine with some extra HP and hi-quality fabrication and what do you get? Harry Thomas’ one-off dual axle Porsche 928 pick-up that he claims, based on engine mods, will perform as well as the original. My favorite quote from the video:
When you put a grinder or a saw to a car like this, it hurts a little bit…
Dohh, you think so?
Here’s the video for you to judge for yourself. What do you think of this type of mod?
Surprisingly enough, his 928 pickup doesn’t stand alone. There were/are at least two other 928 pickups I found while searching. Here are a couple of pictures for you.
What are some of the strangest Porsche mods that you have seen?
From time to time someone will wander into one of the online Porsche 928 chat forums and ask about resale value or “investment potential” of the 928. It’s almost always by someone who has never owned a 928 (or any other type of Porsche for that matter).
The issue is a complicated one as there are so many variables (condition of the car, how many were originally built, age, options, etc., etc.). The short answer is: 99% of the time cars are a poor investment. As a general rule, most Porsches tend to hold their value much better than other cars, but even they are a game of diminishing returns in almost every case. The 928 is a niche car. The appeal of which is its uniqueness, its history, its build quality and almost never its cache.
What is an Investment Car?
‘Investment’ cars are cars that were limited in number or are old enough that a very small number of quality examples exist (e.g. Porsche 550 Spyder). More than 60,000 928s were produced worldwide (that’s not a small number). While the 928 was a “Super Car” in its day, its day only ended 13 years ago (not nearly long enough to be considered ‘vintage’). Investment cars are often models that were only made for a few years, like the muscle cars that routinely sell at auction for over $100k. The 928 went through several design changes from its introduction in 1977 through the end in 1995, but the basic body style remained very true to the original, which tends to make it seem like they’re all the same to the average person.
Other investment automobiles are worth more because they were well cared for from the time they were new, while most other examples were driven hard or modified. The 928 was the top of the Porsche line during its tenure and therefore most were well cared for and garage kept. Additionally, the 928 is extremely well built and sturdy, so only the most poorly maintained examples have rusted out or have been junked. In cases of cars being junked, the parts have been salvaged to keep others on the road, so there is no shortage (as yet) of parts for them with a few exceptions. While parts are not inexpensive by any means, but they are readily available.
Current and Future Values of the Porsche 928
There is also the matter of return on investment. An average Porsche 928 can be purchased for $10,000 or under (average usually means you’ll be putting money into it due to deferred maintenance). These lower priced sales offset the occasional low mileage GTS that sell for many multiples of that number.
The availability of early model cars in various states of disrepair tends to pull down the value of all others in the same way that one run-down property in a neighborhood can affect the value of others in the area. This, coupled with the high cost of parts and unavailability of experienced mechanics to work on them, has made it an upside-down investment in every case. In all but the most exceptional of cases, there is no way to get out every penny you put into the average Porsche 928 if you add up the parts and labor. They’re just not that kind of car. At least not yet.
I’m going to hold onto mine for a while and see what the market brings though, just in case…
Today’s post is written by Mike Frye. Mike is a Porsche 928 owner and a friend from Rennlist. As one of the first people to answer my post requesting guest bloggers for 993C4S.com, Mike has served up another great article on the Porsche 928 (see his other post). If you want to get in-touch with Mike you can do so by commenting on this article or using the contact form and I will forward to him.
Email
For the past 34 years Michael has sold quality Porsches and is known as one of the premier dealers for 993s and other low-mileage air-cooled cars. It turns out, he should be known for much more than that!
There is also the matter of return on investment. An average Porsche 928 can be purchased for $10,000 or under (average usually means you’ll be putting money into it due to deferred maintenance). These lower priced sales offset the occasional low mileage GTS that sell for many multiples of that number.
