While the ultra posh Hampton Court Palace Concours of Elegance is coming up in London this weekend—along with the requisite auction—I’m going to do something a little different from my usual auction preview for this week’s Market Monday. In preparation for listing a 1988 Porsche 911 3.2 Carrera Targa for sale on Wolf and Mare, I performed a market assessment as I always do. The results of that research inspired today’s Market Monday article on the State of the Impact-bumper Porsche 911 Market.

Back in 2018 I sold my own personal 1984 Porsche 911 3.2 Carrera Targa for $32,000. The car was a no-sale on Bring a Trailer, but a deal was struck with the high bidder, who was a Starbucks exec out in Seattle. I purchased the car in 2016 for $27,000, and while it may seem like I made a small profit, I had about $32K into the car so it was basically a wash. At the time, I was pleased I had the chance to own and enjoy the aircooled 911 experience at basically no cost.

That car, even with its high mileage of 162,000 miles and average condition, is probably a $50,000 car today. That’s a significant jump in value over a 5 year period. While the pandemic-fueled collector car market rally is undoubtedly a contributor, G-body 911s have outpaced other 911s in value over the same period. So, what’s driving these prices? I have a couple of hypotheses. 

For quite some time prior to the pandemic, certain air-cooled 911 models were commanding six figure prices. When impact bumper 911s were selling in the mid-teens back in 2010, these cars were seeing prices in the $30,000 and up range and values steadily rose the ensuing 15 years. These models include the long-hood 911s built from 1965-1973, the 964 generation (1989-1994), and the last of the air-cooled 993 (1994-1998). 

All of these models were produced in relatively low numbers, have a mystique or story that drives demand, and are arguably more visually pleasing. These generations of 911 experienced the same run-up in prices from the pandemic and current decline, but seem to be declining faster in value than the impact-bumper cars over the past year. Why? Speculators hoping for a payday.

Today, if you want to join the aircooled 911 club but only have $40-60,000 to spend, you are limited to rough condition, auto-box or project cars for any of the above models. With high production numbers and “ugly bumpers,” G-body prices were attractive for many years compared to most 911s, even the early water-cooled cars. This made them a good buy for the enthusiast driver and the last bastion of affordable aircooled 911s.

As demand rises, so does price. While long-hood 911 values rose just over 200% over the last 15 years, impact bumper 911s rose almost 300% during the same period. Today, a #2 excellent condition 1979 911 SC is only $10K shy of the value of the same condition 1972 911T.

Based on sales in Monterey this year and recent trends, there’s a general consensus from those in the automotive community, the collector car market is experiencing a generational shift.

In this article on Hagerty.com, John Wiley, manager of Hagerty Valuation Analytics shares “Conventional wisdom says it’s a newer, younger generation of buyers coming into money, but that’s just part of the story. Reliability, usability and performance make RAD-era cars appealing across demographics.”

Those three desirable ownership characteristics of 1980s cars certainly apply to the G-body impact bumper Porsche 911. While certain aspects might feel archaic (such as the HVAC systems), they provide a generally reliable, sporting driving experience that is eminently usable on a daily basis.

Hagerty is so bullish on this shift in the interest toward 80s and 90s cars that they’ve purchased an 80’s car show called RADWood and created their “RAD Index” to track the market. Dismiss Hagerty at your own peril — they’re right in that 80s and 90s cars have found their niche and are now accepted at iconic venues like Amelia Island and Pebble Beach. Just look at the popularity of cars like the EB110 and 550 Maranello.

I don’t have Hagerty’s plethora of data to support the next assertion — just anecdotal evidence and experience — but I do believe there are some financial forces at play here, too. The core of the collector car market for decades is what I call the bread and butter buyer. These are folks of reasonable means who have the disposable income to purchase perhaps one dream car from their youth when they hit middle-age. These are the enthusiasts who for so long drove the ‘57 Bel Air, ‘65 Mustang and 69 Camaro markets.

With that buying group retiring, GenX and Millennials are rushing in to replace them. Aside from wealthy YouTube stars or Tech entrepreneurs, those generations are similarly limited in their means and might have enough funds to purchase one Porsche for their garage, and it’s not an ultra-pricey 993 Carrera 4S or 930 Turbo Slantnose.

If you’re looking for an aircooled Porsche 911 at a price in the mid-5 figures in today’s market, you might be tempted to look at “Middie” 911s (those made from 1974-1977). Remarkably, those cars are not far off the rest of the G-bodies in value these days. I recommend searching for a Porsche 911 SC Targa. These cars are a few thousand dollars cheaper on average than SC coupes and “Middie” 911s.

The Targa used to be a significant discount over coupes, but the delta is shrinking as enthusiasts learn they are great cars featuring the open air fun of a convertible with more structural stability. In the current market, the 911 SC Targa is about 10% less than a comparable coupe.

Of course, if you are interested in aircooled Porsche ownership for less than $25,000, the 914 is really your best option at this time. I have to admit, I’ve got my eye on them myself. In fact, the state of the Porsche 914 market might make a great future Market Monday report.

If you’re in the market for an investment-grade G-body 911 Carrera with the desirable G50 gearbox,, Wolf and Mare has a 1988 Porsche 911 3.2 Carrera Targa in our Client Listings section right now.

Have a great week, everyone.

Wolf and Mare provides car finding, appraisals, and auction services for buyers and sellers of collector European cars. If you’re interested in acquiring an overseas car, give us a call or drop a line!