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.
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 a great article on the Porsche 928. 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.
3 Common misunderstandings about the Porsche 928
The Porsche 928 is prone to engine fire
The Porsche 928 is expensive to maintain
The Porsche 928 is fat and slow
About 18 months ago I found myself in a position to purchase a 1985 928. Over the years I had heard some of these “myths” about the 928, but I couldn’t pass up the opportunity to buy a car that I had coveted since I was a teenager (when it was the premier Super Car on the planet). Well I’m here to tell you that each one of these myths (like most rumors and stereotypes) has a kernel of truth to them but can easily be avoided with a little preventative maintenance or are not based on complete facts. The following is information I’ve gathered from personal experience or from others I’ve met through the 928 tech forum on Rennlist.com.
So let’s take each one in order and examine where the stereotypes came from and just how true it is.
Porsche 928s are prone to engine/exhaust fires. Many of us have heard stories or even seen pictures or videos of 928s with an engine fire or the whole car simply burning. Here’s a disturbing Youtube video that was recently circulated showing one:
I chose this myth first and in fact I chose the topic of this article for one reason. A person I know from Rennlist recently had his 928 burn up (within the past month). This person was someone who had recently had a small fire underneath his car and had attempted to fix the problem, but was unsuccessful. The car in question had not had any of its many rubber and flexible lines replaced and was over 20 years old.
The Porsche 928 has hard lines and rubber lines for fuel injection (under pressure), transmission fluid cooling (from the transaxle in the rear, all the way up to the radiator and back) and power steering lines (not only under pressure, but the 928 uses ATF which is flammable, instead of power steering fluid). The fact that there are flammable fluids under pressure in the engine compartment and along the bottom of the car is not the problem, in fact this configuration is common to quite a few cars. The fact that they use rubber or soft lines isn’t the problem; this is also common. The fact that these lines were not replaced in over 20 years and were expected to work indefinitely is the problem.
Items high on the preventive maintenance list for the Porsche 928 are replacement of the fuel injection lines, power steering lines, and for automatics, the transmission fluid cooling lines. If these are replaced every 20 years or so, there is no more likelihood of a 928 bursting into flames than any other car. I think the fact that the body, suspension and engine last so long and run so well in these cars leads to people just driving them until they stop. Most 20+ year old cars would be badly rusted out in the body and show signs of corrosion everywhere else, so the rubber lines would be the last thing to go. In these cars after 20+ years, the lines start to go and it’s sometimes the first indication of aging and sadly, it can be the last.
Porsche 928s are expensive to maintain. This is a very interesting observation. I think it stems from people who buy a former Super Car for $10,000 or under (when the original retail was anywhere from $50k to over $100k, at a time when a home could be bought for $75k) and then are surprised when a routine tune-up can cost over $1,000 in parts and labor. The car is a Porsche. There are two components that contribute to cost: parts and labor. Parts are not cheap and in fact are going up in value as they become more rare and some are actually no longer available at all.
The majority of Porsche 928s on the road today are over 20 years old and will require some deferred maintenance (maintenance that a former owner neglected to do or put off). This deferred maintenance is usually the part that people complain about and which is most costly. Once the 20+ year old parts have been gone over and the fuel lines, electrical systems, ignition system, suspension and drivetrain have been sorted out, the actual operating costs are no more than any other car of the same caliber.
Porsche 928s are Fat and Slow. 928s are not slow at all. The original design called for a 5.0L engine, but because of the economy at the time they were introduced (1977) the engine was reduced to a 4.5L that was unfortunately not quite enough to provide the neck-snapping acceleration that later models would have. For this reason, the initial offering, though quick, was not ‘FAST’. The 928 never seems to have been able to shake this reputation. Even the later models were not designed for 0-60 or 0-100 acceleration though. It’s not a muscle car. The 928 was designed as a Grand Touring (GT) car, for touring Europe and driving on the Autobahn at speeds in excess of 120mph in style and comfort with enough luggage to last a weekend. For this it was perfectly equipped originally and it only got better over time.
The Porsche 928 is a ‘fringe’ Model
Its many unique traits have been discussed ad nauseam elsewhere, but having these myths floating around doesn’t help its case. If you’re considering buying a Porsche 928, consider it based on factual first hand experience rather than rumors, stereotypes and hype.
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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.
