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Harry, I just bought a 1997 with 81K on it for $15,500 a month ago. Found out it had a new engine installed a week AFTER I bought it because I did not have the car inspected prior to purchase (I was in Houston, seller was in Miami).
The seller bought it at auction and didn't know this either, and he was quite surprised when I told him when I called to inquire about my title. I bet he could have fetched more for the car had he known.
Here's how I viewed my purchase. I bought my car for $15,500, which is about $4000.00 less than I would have paid locally at Carmax or from an individual using a blue book retail value.
So, I'm expecting to spend upwards of $4k to get the car in shape over the course of the next year or two.
I had to replace the instrument cluster, but found a brand new, unprogrammed one on ebay for $300 + $100 to get the dealer to program and install it. The car needed rubber badly, and that was $600 when all said and done. Now the A/C is blowing hot and the radio isn't working again, so that will probably cost a bundle. But, I can't complain.
I own my dream car and I knew it would be expensive going into it, with an old fixer-upper or a newer one with a whopping financial commitment in the form of payments.
Frankly, I think you get what you pay for and will pay out if you don't pay enough for the car. Do get a good Porsche mechanic to pour over anything you buy though! Do as I suggest, not as I did!
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