Are Classic Porsches A Good Investment?

In this episode of the Automotive Icons podcast, host James Reeves digs into thousands of auction listings—supported by data analysis scraped with help from ChatGPT—to see how models like the 944, 928, 993, and even the once-unloved 996 have been trending.

Along the way, he talks with buyers, exporters, and Porsche Club valuation experts to separate the genuinely appreciating cars from the ones still within reach for regular enthusiasts.

The conversation covers everything from the 993’s long climb in value to the 944’s quiet rise, the 996’s potential breakout, the financial traps of ultra-low-mileage cars, and the realities of classic-car maintenance. It’s part market study, part ownership reality check, and part celebration of Porsche culture—perfect for anyone wondering whether a vintage icon makes more sense than a brand-new commuter.

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Transcript:

I’ve got a buddy who better be listening to this podcast and supporting me. His name is Aaron Ross. If you’ve watched my Jimports YouTube channel, you’ve seen Aaron on the program before.

Aaron is a buyer’s agent/exporter based in Japan. He buys and exports cars out of Japan, and over the years he’s become a bit of a Porsche expert—mainly 911s. He’s got clients who are, no joke, Saudi princes who own every 911 ever made in Guards Red.

When I was in the process of buying my 911 993, Aaron said something to me that I thought was a joke at the time:

“James, if you want dudes to talk to you—if you want men to talk to you—buy a Porsche 911.”

I laughed it off, but he was absolutely right.

You’ll pull up to a stoplight, feel someone looking at you, glance over, and it’s always the same: some 54-year-old guy rolling down his window like, “Hey man, what year 911 is that?”

Women do not care about Porsche 911s the way 911 owners think women care about Porsche 911s. It’s just us dudes. It’s only us. And there’s nothing wrong with that, fellas. I’m having fun. I hope you are too.

Welcome to the Automotive Icons podcast. My name is James Reeves.

Today’s question: Is a classic Porsche a good investment?

I think this one is going to be eye-opening for a lot of you.

Porsche or “Porscha”?

Before we get into the numbers, you’re going to notice that I bounce back and forth between saying “Porsche” and “Porscha.” There’s a reason for that.

I’ve been to the Porsche factory in Stuttgart and asked them:

“Hey, how do you pronounce it? Is it ‘Porsh’ or ‘Porscha’?”

They replied with something like: “How do you pronounce your last name?”

“Reeves.”

“Okay, do people get to decide whether to call you ‘Reeves’ or ‘Reh-ves’?”

Point taken.

The man’s name was Ferdinand Porsche. In German, it’s Porscha. That’s the proper pronunciation.

But I also understand why a lot of Americans hate American Porsche owners—we kind of did it to ourselves. The stereotype is the snooty guy at a party insisting, “Actually, it’s Porscha,” and everyone immediately hates him.

So I split the difference.

If I’m talking to Germans, I say Porsche the “right” way. If I’m talking to Americans, I mix it up. Partly so people don’t assume I’m that guy, and partly because it’s fun to watch people get thrown off by it. Porsche person versus Porscha person.

This Isn’t Just Vibes

Today’s podcast is not just vibes and internet lore. It’s not me making stuff up because I watched a few Bring a Trailer auctions.

Yes, I keep an eye on car auctions and 911 values. I’ve also spoken with people who really know this stuff—like Nathan Merz, who is the Chair of Valuation for Porsche Club of America. He’s genuinely one of the most knowledgeable 911 people in the U.S., possibly in the world. I also sincerely hope he’s not listening to this podcast because he’ll tell me every way I’m wrong.

But it’s not just Nathan and my gut feelings.

I actually scraped thousands of auction listings using ChatGPT: downloading data tables, uploading them, having them analyzed, and cross-checking them. I ran the process multiple times to make sure the numbers made sense, and then sanity-checked against Classic.com.

So yes, we’re going over a lot of data. If you’re watching this on video, forgive me for looking down at my laptop—I don’t have all these numbers memorized. I’m not Rain Man. I’m just a guy who really likes Porsches.

Framing the Question

We’re not talking about museum-grade unicorns here. We’re talking about:

Normal people.

Buying decent, base-model drivers.

As a second car or occasional daily, not a trailered show queen.

With a budget ceiling under $100,000.

And we’re asking: Are classic Porsches a good investment relative to just buying a new car?

For our purposes, “classic” here basically means around 30 years old or older—at least by Florida’s definition.

Air-Cooled vs Water-Cooled: The Basics

Quick Porsche 911 timeline:

From the 1960s through 1998, 911s were air-cooled. Big oil capacity, big fan, that very particular sound and mystique.

In 1999, Porsche introduced the 996—the first water-cooled 911. That’s the one with the infamous “fried egg” headlights and Boxster-adjacent front end.

The last air-cooled 911 is the 993, produced up to 1998. When I say “911 993,” I mean that generation.

The 993 is modern enough—A/C, power locks, a functional alarm, all the comforts of 1998—but still air-cooled, and many people consider it the last “true” 911.

Accessibility: You Can Actually Own One

Here’s the thing a lot of people don’t realize:

You can get into a real Porsche for not-insane money.

You can get a genuinely cool, reliable Porsche for around $10,000 and definitely for under $15,000 if you buy the right model. I did a whole video on this with Nathan Merz over on Jimports: best Porsches under $15k.

Think:

First-gen Boxster

944 driver

Some older front-engine cars

They’re accessible, but still exclusive enough to feel special.

There are around 30-something Ferrari dealerships in the U.S. There are over 200 Porsche dealers. There’s a much bigger owner base and support network. Any halfway decent metro area will have a shop that knows these cars.

The Big Air-Cooled Run-Up

In the 2000s and especially the 2010s, something happens:

Air-cooled 911s that were seen as “dated” start to dry up.

Nostalgia kicks in.

Social media (YouTube, Instagram, etc.) amplifies the desirability.

Prices for 993s and 964s (late ’80s/early ’90s 911s) start going way up.

Transaxle cars (944, 928, 968) also get dragged up with the “’80s nostalgia” wave.

Then COVID hits:

Stimulus checks

Low interest rates

No one traveling

Everyone sitting at home on Bring a Trailer

And there is a very visible COVID bump in the data. Prices spike across the board and then cool off a bit—but they don’t go back to where they were.

The Methodology

Here’s what I pulled:

944: 470 real cars

928: 650 cars

911 993: 976 cars

911 996: 1,920 cars

All from roughly the mid-2010s through 2025. I filtered out junk—no parts lots, no manuals, no wheel sets—just real running cars.

Then I cross-checked my results against Classic.com to make sure the trends lined up.

Now let’s talk about each model.

Porsche 944

If you don’t know the 944, do yourself a favor and look it up. Hatchback shape, pop-up headlights, very ’80s, very cool. I think it’s one of the best-looking Porsches ever.

If you get a 1985.5 or later car, you also get the nicer, more 911-like interior and other upgrades.

This, to me, is the most realistic first Porsche. It’s the car for the guy with $15–25k to spend who wants something fun, not a six-figure collector piece.

From the data (about 470 cars):

Mid-2010s / 2016 median price: ≈ $11,000

2024 median price: ≈ $16,000–$17,000

That’s roughly a 50% increase in 7–8 years, after the COVID spike cooled off.

“Real Porsche” Snobbery

If you buy a 944, some 911 guys will mock you.

You’ll hear:

“That’s not a real Porsche.”

“That’s just an Audi/VW with a Porsche badge.”

That attitude comes more from the 924’s history as a VW/Audi project. The 944 is an evolution of that, but it’s still very much a real Porsche.

If someone sneers at you for owning a 944, they’re not a “true enthusiast.” They’re chasing clout. Ignore them.

Your car looks cool, drives well, is appreciating, and has a Porsche crest on the hood. You’re good.

Higher-Spec 944s

The “nicer” variants—944S, 944S2, etc.—did even better. Coupes in those trims generally doubled from low teens to low 20s.

Convertibles exist, and if you want one, buy one. But historically, coupes almost always hold more value than cabriolets in the classic Porsche world.

Maintenance Reality: Timing Belts

Here’s the catch: your 944 doesn’t know what it’s worth.

It doesn’t know if it’s:

A $15,000 base car

Or a $30,000 rare-spec, low-mile, collector-grade example

The timing belt still needs to be changed every 4 years or 40,000 miles. If you don’t, you risk blowing up the engine.

That service runs around $1,500 a shot.

If your car is worth $15,000, you’re sinking 10% of its value into a belt service every 4 years. If it’s a $30,000 car, that same service is “only” 5%.

That tradeoff matters when you start talking about ROI.

Mileage Bands (This Applies to Every Model)

Across all four models, the same pattern showed up when we grouped cars by mileage:

Under 20,000 miles: “Collector band”

20,000–40,000 miles: Low-mile drivers

40,000–60,000 miles: Normal drivers

60,000+ miles: Higher-mile drivers

For the 944: