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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 8.4M cars, 8.2M related to ignition problems

General Motors today announced a truly massive recall covering some 8.4 million vehicles in North America. Most significantly, 8.2 million examples of the affected vehicles are being called back due to "unintended ignition key rotation," though GM spokesperson Alan Adler tells Autoblog that this issue is not like the infamous Chevy Cobalt ignition switch fiasco.
For the sake of perspective, translated to US population, this total recall figure would equal a car for each resident of New Hampshire, Rhode Island, Montana, Delaware, South Dakota, Alaska, North Dakota, the District of Columbia, Vermont and Wyoming. Combined. Here's how it all breaks down:
7,610,862 vehicles in North America being recalled for unintended ignition key rotation. 6,805,679 are in the United States.

David Hasselhoff's own KITT replica up for auction

Depending on when and where you grew up, the name David Hasselhoff likely conjures up images of Knight Rider, Baywatch, pop singer, or possibly a washed-up TV actor, but one thing that can never be taken away from The Hoff is his connection to one of the greatest automotive icons in pop culture. The Knight Industries Two Thousand, usually shortened to simply KITT, was the real star of Knight Rider for many fans. Based on a Pontiac Firebird Trans Am, the car combined snarky quips for comedy relief and stunts to provide much of the show's actions. Now, Julien's Auctions is selling Hasselhoff's own replica as part of a larger sale of the actor's personal memorabilia collection.
This recreation is based on a 1986 Firebird and comes with all of the tech on the inside that now seems hilariously outdated, like the yoke steering wheel and plethora of buttons. The interior also thoughtfully includes a voice box with over 4,000 sound clips from the show. With a 5.0-liter V8 and an automatic transmission, performance is likely adequate and period correct. According to the listing, this car was created by fans and given to the Hoff. Sadly, the replica doesn't convert to Super Pursuit Mode like KITT could in later seasons, and we most associate KITT with conventional front-hinged doors to go with the power t-tops and ejector seats.
Bidding currently sits $27,500 with eight bids, since starting at $15,000. Julien's predicts it will sell for between $30,000 and $50,000. If there is some nostalgia for KITT in your heart, there is still plenty of time to bid.