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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:

Junkyard Gem: 1986 Pontiac Fiero 2M4

The mid-engined, plastic-bodied Pontiac Fiero two-seater caused great excitement when it hit the streets as a 1984 model, then became something of an embarrassment for GM when its design flaws became clear to the car-buying public. Still, when a V6 engine became available for 1985, followed by a fastback roof for 1986, the air of Pontiac Excitement around the Fiero lingered to a certain extent. We took a look at a discarded '86 Fiero GT with both the 2.8-liter V6 and the fastback body last year, and now we'll take a look at an example of the econo-commuter four-cylinder notchback version from the same year. Pontiac used the 2M4 designation (standing for two seats, mid-engine, four cylinders) on four-cylinder Fieros, while the six-cylinder cars were known as 2M6s. 2M4 decals went on four-banger Fieros for the 1984-1986 model years, while 2M6 decals seem to have been applied less consistently to the V6 cars of that period. During the early development period of the car that became the Fiero, the idea was that it would be a nimble sports car with a lightweight engine. Then the plan shifted, with the Fiero intended to be a gas-sipping commuter. When the car finally hit showrooms, it was a lot heavier than intended, it had a Chevy Citation front suspension in the back plus a Chevette front suspension, and its engine was the low-revving, weighty Iron Duke 2.5-liter straight-four. The Duke was about the least sports-car-appropriate four-cylinder engine The General could dredge up from his parts bins, but it was cheap and there was no shortage of production capacity. By the time the Fiero came out, the Iron Duke had been renamed the Tech 4. This one was rated at 92 horsepower and 132 pound-feet. The V6 Fieros get all the press today, but plenty of the Duked versions were sold (amazingly, the Chevrolet Camaro was available with Iron Duke power from 1982 through 1986). The emissions sticker tells us that this was a California-market car, rather than the "49-state" model the rest of the country got. California-specific emissions hardware added $99 to this car's price ($277 in 2023 dollars). While this car is a base model, the original buyer loaded it with options. The transmission is a three-speed automatic, priced at $465 (about $1,303 in 2023 dollars). A five-speed manual was standard equipment on the 1986 Fiero, though the old-fashioned four-speed manual was still available for a $50 credit ($140 now).

Watch as Hot Rod goes from El Paso to LA the hard way

There are few things simultaneously more romantic and idiotic than taking a road trip in a beaten-down heap of a car. Trust us. We know. David Freiburger and Mike Finnegan of Hot Rod Magazine fame recently undertook an epic trip from El Paso, Texas to Los Angeles with the express goal of doing so for under $1,500, including the purchase price of a vehicle, food, lodging, repairs and, most importantly, fuel. With this in mind, the duo settled on a 1972 Pontiac Catalina for a lofty $650. Hilarity ensues.
Realizing that no one actually wants a Catalina sulking around the shop, Freiburger and Finnegan put the car up for auction on eBay Motors the instant they had the title in hand. By the time they rolled into Hot Rod HQ, the vehicle sold for a little over $500.
The video is part of a new series called Roadkill that should document similar adventures. Keep your eyes peeled for more calamity-soaked clips in the near future. In the meantime, hit the jump to check it out yourself.