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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:

GM recalling another 1.3-million cars over power steering woes

When it rains, it pours. General Motors has announced yet another major recall, covering 1.3 million units in the American market over concerns that the power steering could suddenly fail. As reported by The Detroit News' David Shepardson, GM has now recalled nearly ten times as many cars as it did all of last year.
It's important to note that should this problem arise in these cars, the steering won't fail completely, however, power steering could suddenly stop functioning. Manual steering would still be possible, but as GM says, there's an increased risk of accidents, particularly at lower speeds.
Like the ignition switch recall, this latest problem covers a wide range of vehicles from Chevrolet, Saturn and Pontiac. Normally, we'd give you the full rundown in paragraph form, but the variety of models and model years means a list is just easier. So, have a look, directly from GM's press release:

Woman Cleared In Fatal Car Wreck After GM Letter

A Texas judge cleared a woman Monday for a car accident that killed her fiance in 2004, after General Motors acknowledged that her car would have been among millions being recalled for a problem that may have contributed to the death. Candice Anderson was driving a 2004 Saturn Ion when it suddenly veered off a road about 60 miles east of Dallas and slammed into a tree. Anderson, then 21, was severely injured when the car's air bags failed to deploy. Her 25-year-old fiance, Gene Erikson, who was a passenger, was killed. She later pleaded guilty to charges stemming from the wreck. But during a hearing Monday, State District Judge Teresa Drum expunged the conviction from her record, according to officials in the Van Zandt County court andAnderson's attorney, Bob Hilliard. In a letter given to the court ahead of the hearing, an attorney for the automaker confirmed that Anderson's Saturn would have been among 2.6 million GM vehicles recalled in February to address ignition switches that can slip out of the "run" position, causing the engines to stall and disabling power steering, brakes and air bags. Anderson's crash "is one in which the recall condition may have caused or contributed to the frontal air bag non-deployment in the accident," attorney Richard C. Godfrey wrote. Hilliard provided a copy of the letter to The Associated Press, and Godfrey confirmed its contents Monday. Anderson was initially charged with criminally negligent homicide because there was no clear explanation at the time why the wreck occurred, according to court documents from the case. She pleaded guilty to a letter charge in 2006, and was sentenced to five years' probation. She also was ordered to perform 260 hours of community service, pay court costs and cover the costs of Erikson's funeral. "GM knew this defect caused this death, yet instead of telling the truth watched silently as Candice was found guilty of involuntary manslaughter," Hilliard said Monday. "It took 10 years for GM to find its voice." In a separate statement issued by the company, GM said it "cooperated fully by providing technical information that was requested to make a decision in this matter." The carmaker also said the issue in Anderson's case was for local law enforcement and courts to consider. "That's why we took a neutral position on Ms. Anderson's case," the company's statement said. "It was appropriate for the court to determine the legal status of Ms.