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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:

Enter now to win this impeccably restored 1969 Pontiac GTO

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.  Normally when we post about Omaze, it is about some kind of incredible car sweepstakes. Today, well, to be honest, it is more of the same, but in the case of this tastefully done 1969 Pontiac GTO, we don’t even care if you head over to the sweepstakes page to enter, just do it for the photos. ThatÂ’s right. As a self-described automotive photography snob myself, I have to say that the photos of this GTO are far and away the best IÂ’ve ever seen on Omaze. And while youÂ’re over there, might as well enter the drawing. Who doesnÂ’t want that lean, green, muscle machine in their driveway? IÂ’m more of a fastback Mustang guy, and even I was drooling over that GTO.  Win a Restored 1969 Pontiac GTO - Enter at Omaze Here are the specs of the restored 1969 Pontiac GTO in question, according to Omaze: Maximum Seating: 5 Engine: 461 ci fuel-injected V8 Transmission: Tremec TKO600 5-speed manual Drivetrain: RWD  Exterior Color: Verdero Green Interior Color: Black Maximum Horsepower: 575 hp Maximum Torque: 620 lb-ft Approximate Retail Value: $100,000  Cash Alt: $75,000 Special Features: Butler Performance-built EFI 461, Fast EFI v2.1, 3.73 Gears with Eaton Posi Traction, Wilwood 6-piston brakes with hydroboost, Ridetech Coilovers and muscle bars, Chassis Works billet drop spindles, staggered 18” Budnik billet wheels, Budnik steering wheel IÂ’m not the only one on the Autoblog staff who thinks this restoration is worthy of a little praise. News Editor Joel Stocksdale picked it above all the other current Omaze offerings for our holiday staff picks post. HereÂ’s what he had to say: “There are an awful lot of ways to build a restomod. And a lot of those ways can be boring or tasteless. This one is neither. This is a seriously classy Pontiac GTO. Under the hood is a 461 cu. in. V8 from Butler Performance that's based on an actual Pontiac V8, not just another Chevy engine. The whole thing is subtle with a low-key metallic green and clean gray wheels. There isn't any overly flashy chrome or decals. And the interior is the same with just an upgraded steering wheel, shifter and pedals in an otherwise stock cabin. Oh, and it has a manual.

Here are a few of our automotive guilty pleasures

It goes without saying, but I'll say it anyway. The world is full of cars, and just about as many of them are bad as are good. It's pretty easy to pick which fall into each category after giving them a thorough walkaround and, more important, driving them. But every once in a while, an automobile straddles the line somehow between good and bad — it may be hideously overpriced and therefore a marketplace failure, it may be stupid quick in a straight line but handles like a drunken noodle, or it may have an interior that looks like it was made of a mess of injection-molded Legos. Heck, maybe all three. Yet there's something special about some bad cars that actually makes them likable. The idea for this list came to me while I was browsing classified ads for cars within a few hundred miles of my house. I ran across a few oddballs and shared them with the rest of the team in our online chat room. It turns out several of us have a few automotive guilty pleasures that we're willing to admit to. We'll call a few of 'em out here. Feel free to share some of your own in the comments below. Dodge Neon SRT4 and Caliber SRT4: The Neon was a passably good and plucky little city car when it debuted for the 1995 model year. The Caliber, which replaced the aging Neon and sought to replace its friendly marketing campaign with something more sinister, was panned from the very outset for its cheap interior furnishings, but at least offered some decent utility with its hatchback shape. What the two little front-wheel-drive Dodge models have in common are their rip-roarin' SRT variants, each powered by turbocharged 2.4-liter four-cylinder engines. Known for their propensity to light up their front tires under hard acceleration, the duo were legitimately quick and fun to drive with a fantastic turbo whoosh that called to mind the early days of turbo technology. — Consumer Editor Jeremy Korzeniewski  Chevrolet HHR SS: Chevy's HHR SS came out early in my automotive journalism career, and I have fond memories of the press launch (and having dinner with Bob Lutz) that included plenty of tire-smoking hard launches and demonstrations of the manual transmission's no-lift shift feature. The 260-horsepower turbocharged four-cylinder was and still is a spunky little engine that makes the retro-inspired HHR a fun little hot rod that works quite well as a fun little daily driver.