Porsche Arbitrage: Should You Buy a Vintage Porsche 924S?

**Updated June 2018**

Classic Porsches have been riding a wave of price appreciation for awhile now… While it’s been limited somewhat to the 911 body type, other Porsches, such as the 914 (!!), 944, 924 and 928 have also been affected…

A rising tide sometimes does lift all boats.

The 924S, a briefly manufactured version of the 924, may be a particular opportunity because of its unique engine.

The price of a vintage Porsche with the classic 911 body type has been skyrocketing for the past few years.

A vintage 911 or 912 (basically a 911 with a four cylinder engine) from 1969, for example, might have cost between $5,000-$15,000 ten or twenty years ago.

Today, these cars sell for between $50,000-$100,000 and up, depending on the condition.

A mint one of either model could ask >$150,000.

What is a Porsche 912?

The 912 is indistinguishable from a 911 except for the engine, and was the largest production model made by Porsche through the 60s and 70s.

These were not really great cars…

They look pretty good, but not great.

They don’t go fast… Practically any car on the road today can beat one in a race 0-60.

But they’re crazy expensive now.

I’ve noticed this extending to other models as well… The price escalation in 911 body types (mostly the air cooled versions) prior to 1999, has pushed up prices of even the 914, perhaps the ugliest Porsche ever.

What Happened to Porsche 911 from 1999-2003?

If you’re not a Porsche enthusiast, you might wonder why you can get a 911 from 1999-2003 cheaper than almost any other 911.

These models were the first water cooled Porsche 911s and, basically, when the 911 went from being air cooled to water cooled all the Porsche purists went apeshit.

So, you can get a pretty cool 911 from those years, maybe even mint, for around $20,000-$30,000, all-in and you’re in a 911. The purists will mock you… But who cares?

If you like the car, drive it. I have not noticed these models increasing in price, though.

Unloved Porsche Bargains

Other older model 944s, 924 and 924S seem to have been increasing in value.

It used to be that a good condition Porsche 924s1, could be found for under $5,000.

However, the prices are rising. According to this British website, the prices of the 924S are up, at least in Britain (Pounds to Dollar conversion as of June 2018):

Porsche 924S

  • Excellent: £15,000 ($20,019.75)
  • Good: £10,000 ($13,346.50)
  • Average: £5000 ($6,673.25)
  • Project: £1500 ($2,001.97)

The problem with the original 924 was that it had a Volkswagen engine in it, not a Porsche engine.

The 924S corrected that, before it was discontinued.

Jalopnik did a nice piece on the 924S being the Porsche for the rest of us and Money Magazine recently did a post on why a vintage Porsche could still be a great investment.

Apparently Magnus Walker just bought a 1980 924 Carrera GT.

Should You Buy a Porsche 924S?

Prices of the Porsche 924S seem to be rising… The asking prices are going up for sure.

The prices of the Porsche 924 model seem to also be rising on Bring a Trailer. Below is the history of Porsche 924 sales for the past few years on BaT. It’s cool that they chart this price history.

Porsche 924 auction sale results on BaT indicates price creeping up

I’ve seen them for sale with 100,000+ miles on them ranging from $10,000-$20,000. For instance, you can check on Craigslist and find them cheap, or if you are a member of the Porsche Club of America, they send you a free magazine every month with stories about people who obsess over their Porsches.

The classified section in the back lists Porsches of all types that are for sale. The air cooled 911s and 912s (all 912s were air cooled) are priced in the stratosphere. But recently other classics also seem to be rising in value.

There’s not enough data on BaT to chart the sales of the more rare “Porsche 924S”. These are some of the ones that have sold or been up for auction there:

Porsche 924S on BaT

I recently found a 924S that was non-working and bought it for $500.

It had only 57,000 original miles on it from one owner who literally had it stored in a barn. It needed work, but now it drives and its really fun.

The 924s is fast off the line because the 924 body was lighter than the 944, even though the 924S has the Porsche 944 engine in it.

You can find a Porsche 924 or 924S models (barn finds) in good condition that may only need minor work for only a few thousand bucks.

If you’re in the market for a used car, you could do worse than buying a used 924s and holding onto it for awhile. It could appreciate in value and provide you with some driving pleasure while you’re at it.


  1. The 924S is a 924 with a Porsche 944 engine in it. The model was produced for only three years… Ending in 1988.