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.

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.

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How a Porsche 928 Saved a Life and Influenced a Career
1994 Porsche 928 GTS Sells for $92,500
The 3 Most Common Myths about the Porsche 928

*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.

Specifications of the World’s Fastest Porsche 928

• 6.5 Liter 32v V-8 built by 928 Motorsports
• Composite high-flow intake runners
• Custom intake system with 12.6 Liter twin plenums
• Electromotive TecGT Engine Management system
• Distributorless ignition
• Pistons: Arias Custom forged w/graphite impregnated sleeves
• Engine static and dynamically balanced to within 0.1 gram
• Heads extensively ported and flow-benched
• Stainless Steel valves, race springs, titanium keepers
• Custom gear-driven supercharger with 928MS Patented Impeller
• Transaxle: 5-speed Borg-Warner Euro w/LSD, 2.20 FDR
• Torque Tube: Custom lightweight aluminum by 928MS
• Clutch: 928 Motorsports GT1 Twin Disc Clutch, Aluminum flywheel
• Wheels: 5.0 x 15, custom steel wheels
• Tires: Goodyear 28x15x4.5 on rear, 23.5x15x5.0 on front
• Springs: 928 Motorsports complete Hypercoil kit (1200 lb front, 1000 lb rear)
• 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.

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Is a Porsche 928 a Recession Proof Investment?

[Source: 928 Motorsports.com and the Beaver Dam Daily Citizen
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Porsche 928 GTS Pickup Truck

Last April, Michael Willhoit told me, “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.” Well, just this week, he made good on that statement for the second time this year when another super low mileage 928 GTS he sold set a record sales price of $103,500 (almost $20k more than the original sticker)

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.

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[Source: Willhoit Enterprises]

Have you heard of any record sales lately? What about the other end of the spectrum? Any amazing deals?

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[Source: Willhoit Enterprises]

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.”

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.

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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.

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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.

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.

1. 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.

2. 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.

3. 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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