Excellence^® Magazine Market Update

By Bruce Anderson

		


EXCELLENCE May2OOl


	
The trend of the market indicates that the early 911s continue to depreciate with time.  We have seen some high asking 
prices for certain models, but the overall trend seems to be downward.  We continue to hear of some asking prices for 
911S models that are considerably higher than our current market value estimates.  Occasionally, we actually hear from 
someone who bought or sold a car at one of these elevated prices, but they are the exception and not the rule 
(and their cars are usually exceptional).  We have received a couple of reports like this in the past year.  One was 
a car that sold for somewhere in the high twenties.  The seller, however, had invested almost $40,000 into that car's 
restoration.  The most recent high price was a car that sold for $33,000.
For an early 911 to be worth that kind of money, it had better be either an all-original car with original paint and 
interior or a superbly restored example.  A car restored to that level would no doubt require a large investment more 
than the asking price would be.  We term such cars "Beyond Excellent" and, as such, they are outside the scope of our 
normal market updates.  We will report these cars when purchase or sales reports are sent to us, but we will point out 
that they are not normal examples.
On the other hand, we continue to receive reports of cars going for reasonable prices.  Recently, we received five 
reports of 911S models that were purchased for prices ranging between $8,000 and $10,000, with two more cars offered for
 under $12,000.  One car was sold by the original owner and most of them sound like solid examples.
For many, the 911 is still the ultimate Porsche, if not the ultimate sports car.  It has been around for more than 35
years in various guises, from daily drivers to turbocharged, all-wheel-drive desert racers.  Despite the awesome 
potential of some 911 variants, many Porsche enthusiasts like the original 911for its purity.
In fact, there are those who prefer the performance characteristics and design of the early 911s (1965-73) - even among 
the fortunate few who can afford the 170-mph 911 Carreras of today.  After 1974, the 911 started a fast-moving evolution
 from a simple sports car to a complex supercar with high levels of power, comfort, and driveability.  The early 911s are 
easily the most pure of all the 911s Porsche sold for the street, and the prices of these cars today allow nearly any 
enthusiast with a reasonable budget to park one in their driveway.
The 911 was first introduced at the Frankfurt International Auto Show in September of 1963.  Porsche continued the basic 
concept of the 356 it replaced with an air-cooled boxer engine mounted behind the rear wheels.  The 911 had a larger 
interior and more trunk space, new torsion-bar suspension, and increased performance from a six-cylinder engine.
The 911 remained much the same with evolutionary changes from 1965 through 1967.  The carburetors were changed from the
 original Solex overflow carburetors to Weber triple-choke carburetors in February of 1966.  In 1967, a new 911S offered 
160 hp, or 30 hp more than the standard 91 1. Also for 1967, the original wooden dash inserts were replaced with aluminum 
inserts in the standard 91 1, while the 911S had leatherette dash inserts and a leather-covered steering wheel.
 In 1968, Porsche renamed the normal 911 the 911L (the L stood for Luxury) in Europe and a(3ded a cheaper 911T model 
(the T stood for Touring).  The 91 1S model continued on virtually unchanged.  The 911T had a detuned engine and was 
built more cheaply than the other 911s, producing 1 1 0 hp.  For the United States market, Porsche continued the standard 
911 model with a smog pump that was driven by the left camshaft.  There was also a U.S. version of the 911L which was 
essentially the same car as the 911S, but with the same 130 horsepower engine that the regular U.S. 911 had.  For 1968, 
U.S. cars had separate front and rear fender-mounted side marker reflectors.
The castings for the engine and engine accessories were changed from sand-cast aluminum to die-cast magnesium mid-year in 
1968.  The wheels for all of the 1968 models were increased in width from 4.5 inches to 5.5 inches.  Porsche introduced 
new door handles for 1968 with raised guards on the edges of the door handles to prevent the doors from opening in the 
event of an accident.  Black painted windshield wiper arms that parked on the left side instead of the right were also 
new for 1968.  The instrument lettering was changed from green to white on a black background and the gauge trim rings 
were changed from chrome to black.
For 1969, mechanical fuel injection was introduced on the 911 E, which was much like the previous year's 911L. The new 
911E made 140 horsepower.  The 911S also received mechanical injection, upping horsepower to 170.  The 1969 models were 
the first of the longer-wheelbase 911s as well as the first production models with fender flares.  In addition to the 
longer rear trailing arms that lengthened the wheelbase from 87.04 inches to 89.3 inches, the front suspension was also 
changed to incorporate a better ball joint design, eliminating the light-feeling front end vibrations that the earlier 
911s exhibited.  The rubber A-arm bushings were also updated and were longer-lasting than the earlier design.  This new 
design has advantages and disadvantages.  The later rubber bushings brought better longevity, but were no longer 
replaceable.As an option, Boge hydro-pneumatic front struts were offered instead of the standard torsion bars.  These 
Boge struts were self leveling and had a much softer ride than the conventional suspension.  The hydro-pneumatic struts 
were standard equipment on the 911E and were optional on the 911T and 911 S. The 15x4.5-inch wheels were retained for the 
911T and 911E  models with the hydropneumatic struts, while the 911S and the 911E with standard suspension got new, wider 
15x6-inch Fuchs alloy wheels.  The brake rotors for the 911E and 911S models were ventilated while the 911T had solid 
discs.  The 1969 91 1S had new, larger aluminum brake calipers.
The 1969 models all had two front-mounted batteries, one on each side, shoved as far forward as possible to even up the 
weight distribution and to get more weight on the front wheels.  The longer wheelbase was also intended to shift the 
weight distribution forward. The heater outlets were moved from the door sills (as in the 356) to under the dash.  
Vents were added to the Targa roll bar, Electric rear window defrosters replaced the warm air ducts used to defrost the 
rear windows.  An external oil cooler for the 91 1S model was mounted in the right front fender.  The aluminum cooler was 
thermostatically controlled.  The transaxle case was now die-cast magnesium instead of the sand-cast aluminum case used 
previously.
For 1970, the 911 engines were increased to 2.2 liters (2195 cc) but the cars looked similar to 1969 models, aside from 
some interior changes and new door handles, changed again to use an internal trigger lever for improved safety in roll-over
accidents.
The 911T now used Zenith carburetors instead of the previous Webers.  The Zenith 40 TIN carburetors had an electric cut-off
 on the idle circuit to improve emissions.  The 911E and 911S both continued to use mechanical fuel injection.  The 2.2-liter 
911T produced 125 hp, the 911E made 155 hp, and the 911S offered 180 hp.  The clutch was changed for all of the 2.2-liter 
91 Is to a pull-type clutch to facilitate the use of a larger-diameter 225 mm clutch to cope with the added power.  The 911T
 also received the vented brake discs of the other models.  The 1971 911s were essentially unchanged.
The biggest news for 1972 was that the 911 had yet Ianother displacement increase - to 2.4-liters (2341 cc).  The 911T now 
had 140 hp, the 911E boasted 160 hp, and the 911S was up to 190 hp.  The 1972 911T, E, and S models all utilized different 
versions of the Bosch mechanical fuel injection.
The 1972 models also had the oil tank moved up in front of the right rear wheel to improve weight distribution.  Rumors 
alleged that some gas stations were putting gas in the oil tanks (due to a new tender-mounted oil filler door that 
resembled a gas cap door) and that diabolical children put rocks and sticks into the tank.  The oil tank returned to its 
previous location for 1973, perhaps to allow the installation of side braces required by the U.S. government.  Whatever the
 reason, the tank would move in front of the right rear wheel again, but not until 25 years had passed and the Carrera 4 
was introduced.
A new transaxle was also introduced for 1972.  The stronger Type 915 transmission had a different shift pattern, putting 
first over second, rather than the previous racing inspired, dog-leg pattern of 901 transaxles.  The rear trailing arms 
were changed to permit replacement without requiring engine and transmission removal.  Porsche also changed the engine air
 intake grills from silver to black and the mirrors went from round to rectangular.  A front air dam was standard equipment
 on the 911S model and optional on the other models.
After January of 1973, U.S. models had different front and rear bumper guards.  These large, pointed foam-rubber guards 
were designed to comply with new U.S. bumper laws.  The horn grills and trim on the front and rear turn signal lenses also 
changed from chrome to black in 1973.
Mid-year in 1973, the U.S. version of the 911T was changed to what is often referred to as the 1973.5 model.  The 1973.5 
U.S. 911T engine had new Bosch CIS fuel injection, while the Rest of the World 911T models continued to use the Zenith 40 
TIN carburetors.  This was the first production application of the Bosch CIS (Continuous Injection System).  The CIS 
version of the 911T had the same 140 hp of the previous mechanically-injected version.
All 1973 cars lost the fender-mounted oil filler neck and had their oil tank moved back into the engine compartment.  The 
911 E and 911S continued to use Bosch mechanical fuel injection.  ATS "cookie cutter" wheels were introduced and were 
standard equipment on the 911E. The exhaust system was made of stainless steel, the doors were reinforced for the U.S. with
 integral side beams, and the cars had inertia reel seat belts.  The external oil cooler was changed to a serpentine 
(or loop) design.  A two-piece engine shroud made it easier to remove the engine-mounted oil cooler.
Which early-model 911 to buy?
Unless you have some special interest in the earliest 911s, such as vintage racing or a historical restoration, I encourage 
you to consider the 1969-and-later versions of the early 911. If you work at it, you can make the early short-wheelbase 911 
s into very good vintage race cars
I have several friends who are very successful with them.  A very early 911 will also make a good show car for those so 
inclined.  For instance, Don Meluzio has the oldest living 91 1. This car was one of the prototypes built for the 901, 
chassis number 13327 and is the only remaining prototype known to exist.  Jerry Seinfeld has the first production 91 1, 
which he had the factory restore for his collection.  These historically-signiticant cars are definitely worth owning, but
 I think I would leave the other 1964-68 911s to people who like old cars or have a museum.
Considerable improvements were made in 1969 and continued to be made in almost every new model year from then on, making 
the newer cars more enjoyable to own.
My personal favorites of the early 911 are the 1972 and 1973 2.4-liter models.  I particularly like the 1972 model because
 of its unique oil-filler cap in the right rear fender.
There were a lot of 911T models built, so it is usually easy to find nice examples of these cars for reasonable prices.  
The 91 1 E models are nice, and good examples can also be found for reasonable prices.  Of course, the 911S is a great car
 to have, but good examples are usually more expensive.  I think that the S models are about as close to collectable as 
early series production 91 1 s will come.  The 91 1 S was built in fairly small quantities and is considered desirable, 
and prices reflect this.
The 1973 Carrera RS is excluded here because it was not officially imported to the United States.  As a result, there are
very few of these cars here and prices have ranged widely.  Thus, it's difficult to establish market values for these cars.
Although the low prices of early 91 1 s in less-than-excellent condition may be tempting, I recommend finding a car that 
has been lovingly maintained.  Repairs to and restoration of these cars can be expensive, and unless you want the enjoyment
 and satisfaction of doing the restoration yourself, it is far more economical to buy a car that needs little or no work.
With any Porsche this old, be sure to have an extensive pre-purchase inspection performed by a qualified Porsche mechanic. 
Though the car may look sharp, repairs and rebuilds to the car's mechanicals can easily exceed the car's purchase price 
if things are not in proper order especially if an engine rebuild is due.
With proper research, an excellent example of an early 911can be a fun car to own.  These cars started the legacy the 
current 911 enjoys and their charm, visual appeal, and driving fun makes them an outstanding value.