If you've been waiting for the air-cooled Porsche bubble to deflate, your moment may have arrived. Prices across the air-cooled 911 spectrum have corrected 15-25% from their 2024 highs, creating what may be the best buying opportunity in years.
The Data
We analyzed over 500 completed auction results for air-cooled 911s sold between January 2025 and February 2026. Here's what we found:
Overall market: Average transaction prices are down 19.3% from the 2024 peak, but still 45% above 2019 levels.
By variant:
By condition:
Where the Opportunities Are
The sweet spot right now is driver-quality 964s and 993s in non-standard colors. These cars were over-penalized in the correction because sellers anchored to peak pricing, but buyers recognized them as the most usable air-cooled 911s.
Specifically, we'd look at:
What to Avoid
Don't bottom-fish on rough examples. The project car market has the furthest to fall — restoration costs haven't decreased, and the math doesn't work at current parts prices. A "cheap" $30K 911 SC that needs $50K in work is not a deal.
Our Take
We believe the air-cooled market is near its floor. The fundamental demand drivers — emotional appeal, mechanical simplicity, and a shrinking supply of clean examples — haven't changed. What changed was the speculative premium, and that's largely been wrung out. If you've wanted an air-cooled 911, this is the window.