Bigjake, Porsche was at the limit for development of air-cooled engines in terms of power to displacment/reliability while meeting emission standards when they went to water-cooled engines. The problem IMO is not that the engines are water-cooled, but the damn IMS and the resultant bad publicity.
In the long term this probably will not effect the value of 986's that much as, especially for collector cars wtih relatively low mileage, there are fixes available. In time, as has been pointed out, what will remain will be a very small number of excellent examples, regardless of the number initially produced. The current low prices have brought in a number of purchasers who cannot afford the maintenance on a Porsche; it is also causing some who can afford proper maintenance, to refuse to spend large amounts on a car with very poor resale value. The end result is that as time goes by, the supply of good 986's will drop dramatically.
In assessing the future value of good examples, of course, we must also look at demand. I think that there is every reason to believe that demand will remain quite solid: it was the car that 'saved' Porsche; it pulled at the heart-strings of many who could not afford one when it was initially introduced; it remains a very attractive car and a superb packaging solution for a mid-engined design; it has above average storage for a convertible sports car, an attractive, functional and well-sealed top and excellent HVAC, making if far more confortable than the eariler, air-cooled Porsche convertibles; it has a design that harkens back to the truly classic Porsche 550 Spyders and is immediately indentifiable as a Porsche and nothing else.
In the result, it seems to me that the prices for good examples of the 986 have probably bottomed (or at least, come close to doing so). For the reasons indicated above, I fully expect that with the passage of time, they will become much more rare and collectible. Indeed, for those who have sufficient storage space and the desire to keep their car for the long-term, it may well be the time to consider purchasing and storing a wreck as a source for parts in the future.
Brad
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