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What's driving the spike in air-cooled Porsche 911 prices

Classic car prices have been racing skyward in general, but prices for air-cooled (pre-1999) Porsche 911s are ascending like they're strapped to rocket boosters. It's been going on for years, and every year people are surprised by how outrageous it's getting: Classic Driver covered it this month, as did The Truth About Cars who included this example of a "scruffy" 1993 RS America with 215,000 miles asking $80K; Mike Spinelli at Drive riffed on it at length last year along with a host of classic-car-market observers; Porsche forums were at it two years ago; and let's not even get into the 993 Turbo, going for prices so high you have to lie down to look at them. Speed Academy has run a piece looking at why it's happening, one theory being that regular-guy owners are hopping on the runaway-price wagon without any good reason. As in the example of that high-mileage, scruffy 911 RS America at Bring a Trailer, the owner sees pristine examples valued by Hagerty at $170,000, and even though the average value is $93,238 he thinks something like, "Mine's got to be worth half of top dollar ..." The tide - even one rising on air - makes it hard to find decent prices. Then there is the flood of money into the market. In spite of articles that try to temper investors' outlooks on collectible cars, other articles in places like the Financial Times and the Guardian promote vintage metal as a safe place to put money and reap astonishing returns. Speed Academy thinks one side effect of high 911 prices is that responsible enthusiasts are turning their attention to cars like the BMW 2002, E30 M3, and E9 3.0CS, saying their prices are "sharply on the rise." The entire article is worth a read since it goes into markets far afield from pricey German steel, but incredibly, the entire piece was actually inspired by a 1997 Acura Integra R that sold for $43,000 on eBay. So while this could be the best time to get into the classic car market if you know what you're doing, it is certainly the best time to do your homework. Related Video:

CNN chronicles young girl building Pontiac Fiero

At fourteen years of age, Kathryn DiMaria has already done what many self-proclaimed gearheads won't even attempt in their lifetimes. The Dearborn, Michigan teen is rebuilding a car from the ground up.
The intrepid youngster asked her parents when she was just twelve to start a Pontiac Fiero project, even offering to pony up all the funds herself. Father, Jerry DiMaria only expected the project to last a few months, but two years later, Kathryn is still at it. In this CNN video, the two are at Maker Faire (a DIY festival) rebuilding a 3.4-liter V6 engine out of a Chevrolet Camaro to replace the 2.8-liter mill found in the Fiero.
The whole family hast pitched in, with Kathryn's mother teaching her how to sew in order to complete the interior, father Jerry providing much of the technical know-how, and even her sister is chronicling Kathryn's progress through photos. Jerry even started a thread in a Fiero forum which has been live for two years and is now 22 pages long. Of the project, one forum member wrote, "welcome to the madness."

Junkyard Gem: 2008 Pontiac G5 Coupe

In the grim early days of the Great Recession, the situation at GM's Pontiac Division didn't feel so great but there was some cause for optimism. The Solstice still had a certain glow, the Holden Commodore-based G8 had just arrived, and vehicle shoppers could stride into their local Pontiac showrooms and choose from eight different models bearing the iconic arrowhead badge. Yes, there were still new Torrents and Grand Prix and Vibes for sale in 2008, and of course the Cavalier-twin Sunfire had been replaced by the Cobalt-twin G5 by that time. Here's one of those G5s, found in a Colorado Springs car graveyard. It wasn't long after this car was built that everything went to hell for Pontiac. In April of 2009, GM announced that the Pontiac Division would be "phased out" over the next few years. Just to drive home the point, GM itself filed for Chapter 11 bankruptcy five weeks later. GM had already offed Oldsmobile—a marque dating back to 1897, making it nearly 30 years Pontiac's senior—five years earlier, so everybody knew there would be no reprieve in this case. Just to confuse everybody, Pontiac dealers offered a G3-badged Chevy Aveo (aka Daewoo Kalos) to sell alongside the G5 for 2009, but by 2010 there were just two new Pontiac models still standing in the United States: the G6 and the Vibe. Just over 70,000 G5s were sold in the United States during the 2007-2009 model years, making these cars fairly rare. The Cobalt/G5 ignition-switch fiasco of the mid-2010s really hammered their resale value at the time. Sometimes the definition of "Gem" refers to historical value, not the happier kind. Speaking of ignition switches, the key is still in this one. That generally means that a junkyard vehicle is a dealership trade-in or insurance total that couldn't sell at auction. This one is a base model, which listed at $15,675 (about $22,040 in 2023 dollars). The snazzier G5 GT started at $19,850 ($27,911 now) that year. The engine in this car is a 2.2-liter Ecotec four-banger rated at 148 horsepower and 152 pound-feet (the GT got a 2.4 with 171 hp/167 lb-ft). A five-speed manual was standard equipment, but the buyer of this car paid extra for the automatic. GM stuck these little "Mark of Excellence" badges on the fenders of its vehicles starting in 2005, then ditched the idea in 2009. I have vivid memories of this logo from the seatbelt buttons in my parents' 1973 Sportvan Beauville.