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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 over 40,000 Chevy, Pontiac and Saturn models over fuel pump woes

The National Highway Traffic Safety Administration has issued a recall for a number of General Motors cars and crossovers bought or currently registered in the hot-climate states of Arkansas, Arizona, California, Nevada, Oklahoma and Texas. As many as 40,859 units consisting of the 2007 Chevrolet Equinox, Pontiac Torrent and Saturn Ion and the 2007-2009 Chevrolet Cobalt (shown) and its Pontiac G5 twin are being recalled for potential fuel leaks.
This recall is being issued due to potentially faulty fuel pump components that can crack and cause gasoline to leak from the return or supply ports and possibly cause a fire. NHTSA has not indicated how many fuel leaks or vehicle fires have been reported. As a fix, GM will replace the fuel pump modules on all affected vehicles free of charge. Since Pontiac and Saturn have been shuttered, owners will be able to go to another GM-brand dealership to have their vehicles repaired.
While the list of affected cars and crossovers varies by state and model year, if you own any of these models and live in Arizona, California, Florida, Nevada, Oklahoma or Texas, be sure to check the official notice below for more details.

Steve McQueen barn find: Movie Trans Am surfaces after almost 40 years

An important Steve McQueen film car has emerged from barn storage. No, it's not yet another " Bullitt" Mustang, quite the contrary: The car in question is a 1980 Pontiac Trans Am, and it starred in McQueen's final film, " The Hunter." In the movie, McQueen plays a bounty hunter, and while in " Bullitt" he's quite the wheelman, that's not the case in this one. McQueen's character, "Papa" Thorson, is a horrible driver, and the Trans Am is far too much car for him. A chase sequence sees McQueen driving a combine harvester to catch the perps who are driving his stolen rental Pontiac, and the Trans Am ends up blown in half with dynamite, then returned to the airport on a trailer. The driver of said GMC truck and trailer combination, Harold McQueen (no relation), received the title of the first car used in filming, and for the following decades planned to fix the now-ruined car, but never got around to it. Instead, the 1,300-mile Pontiac wreck sat on a farm for nearly 40 years, until Harold decided to sell it to an enthusiast. There's studio documentation proving the car's pedigree, and stunt modifications can be seen in the Pontiac's floor and dash. While it's obviously in dreadful condition, the car remained more intact than the other stunt car the film crew blew up even more spectacularly — that car ended up as the pile of parts in the airport scene, and those bits and pieces were eventually dropped off at a junkyard after a Pontiac dealer refused them. McQueen did also drive a 1951 Chevrolet in the film, and kept that yellow convertible after filming was wrapped up. Sadly, he was diagnosed with cancer just a month later, after reportedly being in poor health during the shooting, and passed away in December 1980. The yellow Chevy stayed with his estate for some years, later getting restored and auctioned. Right now, it's not clear what the Trans Am's fate will be. The car's current owner, Calvin Riggs from Carlyle Motors in Katy, Texas, wants to know more about the Trans Am and the film shoot: His post on Hemmings includes a lot of information, but more would be useful. Related Video: