At a local Cars and Coffee this past weekend, I was chatting with a friend regarding his ongoing interest in acquiring a vintage Porsche. With prices for air-cooled 911s having increased so dramatically in recent years, what options exist for the person who wants the air-cooled experience at a reasonable price point? The aforementioned friend was considering giving up on air-cooled cars and turning his attention to the 987-generation Caymans. Instead of going water-cooled, I suggested he consider the first mid-engine production Porsche: the 914.

Today, the bargain 911 is the water-cooled 996 generation car with an average price somewhere around $25,000 for a decent manual base Carrera. That car still struggles to shake the perception among enthusiasts of being an ugly 911, but it’s getting more popular as an entry to classic Porsche ownership. The Porsche 914 has had a similar reputation as being an ugly Porsche (at best), and not a real Porsche (at worst).

Porsche created the 914 as part of a collaboration with Volkswagen to fill a gap in both companies’ product lines in the late 1960s. Porsche needed a new entry-level sports car to replace the aging 912, while Volkswagen wanted a sporty replacement for its Karmann Ghia. The partnership allowed Porsche to produce a mid-engine, affordable sports car, while Volkswagen contributed to the project with production expertise and components. The 914 was designed to appeal to a broader audience, offering Porsche handling at a lower price point and helping both companies expand their market reach.

A mid-engined design with short overhangs, long wheelbase, a Targa-style roof, pop-up headlights, and only two seats, the 914 was a radical departure from the rear-engined layout that Porsche had used since the launch of the 356. Volumes could be written on the inception and development of the car, but for those naysayers who feel the 914 isn’t a “true Porsche,” the car’s project leader was Ferdinand Piech and the design group was head up by Heinrich Klie and Ferdinand Alexander “Butzi” Porsche – the man who designed the 911. It’s also worth noting that the first Porsche ever, the 356/1, was a mid-engined layout that looks rather like a primitive 914, without the roll bar.

The 914 was initially available with two engines: a 1.7-liter flat four with 80hp and a 2.0-liter flat-six engine with 110hp from the Porsche 911T. Later, the 2.0-liter flat four with 100hp replaced the 6-cylinder engine and a 1.8-liter 85hp unit superseded the old 1.7. The US version of the 1.8L was actually down on power from the 1.7L. The 914/6 has become a desirable model with average prices approaching $100,000, so we’re going to focus on the more affordable 4-cylinder variants.

The front suspension of the 914 utilizes the same torsion bar setup as the 911, with the rear being coil springs and semi-trailing arms. Paired with a weight distribution of roughly 47/53 front to rear, the 914 exhibited more balanced handling compared to the tail-heavy 911 in 4-cylinder configuration.

All 914s utilized the “901” 5-speed gearbox from the long wheel-base 911, including the 914/6. A Sportomatic automated manual was available. Wheel options included 15” steel wheels with hubcaps, 15” Pedrini wheels, 15” Mahle wheels and 15” 4-bolt forged Fuchs wheels. The same wheel options in a 5-bolt pattern were available for the 914/6 sans the Pedrinis, with the 911’s standard Fuchs wheels also available as an option.

Many changes were made over the lifespan of the 914, in addition to quite a few options even though it was an entry-level car for the brand. Early 914s, for example, had a fixed passenger seat. The Targa bar sail panels were painted as standard, but there was an option for it to be covered in black vinyl. Porsche offered limited edition models of the 914, like the CanAm and M491, but our focus will be on the more common models.

Being a 70’s Porsche, the 914 has the benefit of being available in any number of bright, desirable colors such as Signal Orange, Ravenna Green, Olympic Blue, Sunflower Yellow, and Alaska Blue Metallic.

Earlier I made the assertion that Porsche 911 values have risen significantly more for the 911 than the 914. As you can see in the chart below, compared to the 914 both long-hood 911s (represented by the 1967 Porsche 911) and G-body 911s (represented by the 1981 Porsche 911 SC 3.0) have far outpaced the 914. For the purposes of this discussion, I’ve selected the 1974 model year as a sample.

Much has been said of the pandemic’s impact on prices. For the 911, the rise in values started long before the pandemic, with long-hood cars starting their upward trajectory way back in 2012. For the 911SC, the increases started later in 2015. In my view, this could indicate that as long-hood prices started to rise, the G-body became more attractive and demand drove higher prices. This continued at a steady pace up to the pandemic, when prices for all cars saw a spike.

As we say around here, Condition Matters, and this is reflected in the graph above. For Porsches at least, this is a very common visual. While #3 “Good” cars saw an increase, the values of “Excellent” and “Concours” condition cars are significantly higher. This could be due to the presence of speculators in the market. It could also be that collectors tend to want finer condition vehicles, while driving enthusiasts prefer to own cars with which they can be less precious.

Just as with the 911, where a Turbo is worth more than an S or a base Carrera, the higher output engine variants command a premium in the 914. The 100hp 2.0-liter engine adds about $8,000 to the value of the car in today’s market. This is likely due to the reputation of the US-spec 1.8L engine as anemic compared to the earlier 1.7L and especially the 2.0 as all 914s are not known for speed.

From a purely financial perspective, the 914 with a 1.8L engine offers a very affordable entry to the aircooled Porsche ownership experience. Its average value of $16,000 for a “Good” car — that being an example with no obvious flaws and in good operating condition — is an absolute bargain.

For the driver, the 914 offers an awful lot of the Porsche experience for the buck. I had the pleasure of driving my Porsche 356C behind two 914s on a local Porsche Club of America drive in the Spring, and was astonished by their cornering ability and acceleration. The practicality of dual storage compartments and the top-down fun of the Targa roof make for a pretty versatile classic to use on spirited rallies or winery trips. This is why yours truly is strongly considering adding a 914 to the stable, and why I suggest this model as THE entry-level air-cooled Porsche in 2024.

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