In this overheated vintage car market, it’s hard to imagine there remain undervalued Porsches worth buying. How-ever, there are always hidden gems if you’re willing to look beyond the mainstream “must-have” models and past the common, well-worn themes.
With the vintage Porsche market in full gallop, as ours has been, there isn’t much point in trying to ride against the herd. In our search for undiscovered treasures, we’ll first rule out cars in high demand, as these will be fully priced and anything but undervalued. This includes most any 356 and certainly all open 356s, every Porsche factory race car, the full run of 1,580 1973 Carrera RSs, and each of the 5,094 1972 and 1973 2.4-liter 911Ss. As these machines are now among those anointed by collectors as “gotta-have” Porsches, our search by definition excludes them.
Don’t think it takes a fortune to buy a future collectible. One of the joys of buying cars not yet in favor is that prices can be very friendly. The Porsches on this list start well under $10,000. You don’t have to spend six-figure sums to grab a great Porsche, but you’ll find a few cars on our “undiscovered” list at those price levels.
When buying an undervalued Porsche, understand that the world won’t beat a path to your door after you get it. It is by definition not yet found, so you must have the patience to wait for the rest of the enthusiast community to discover what you’ve already realized. Those who want to be the instant envy of all their friends will be better off with the cars everyone knows are in demand, not those that merely might be someday.
Although the market hasn’t yet noticed, the cars on our list have the earmarks of future collectibility. But, again, do realize there’s always the possibility that these Porsches won’t get the full interest they deserve. That’s part of the thrill —and risk —of buying Porsches before they become mainstream collectibles. We’ve included casual pricing guidelines meant to get you into the ballpark, not define pricing. Your results will vary according to an individual car’s condition as well as the nature of each unique transaction.

1965-66 911
Decent car, you stole it: $8,000-12,000
Nice car, decent money: $16,000-24,000
Insanely nice, high price: $30,000-40,000+
Watch out for: Rust, unspeakable and/or irreversible modifications, non-original engine

These cars have been discovered by many, but there are still enough around that you can find owners willing to sell at reasonable prices. Forget about the legendary “first 235” 911s made in 1964 — values for these are already off the charts. Rather, look for regular-production cars from the 1965 and 1966 model years, prior to the significant detail changes made for model-year 1967. All will be coupes as there were no Targas until the 1967 model year. Sunroofs are exceptionally rare, but highly desirable to most.
Many cars you’ll see will be rust buckets, and these usually aren’t worth restoring, though they might be one day — the key word there being “might.” Right now, the smart path is to find a car with reasonable needs and hope for future price increases to offset the cost of improvements. Look for a correct, numbers-matching engine along with as intact an interior as possible. Original carpets are a big plus. The factory update to Weber carbs is fine, but some say the Solexes used through early 1966 can be made to work with extra effort. Chrome wheels can be replated (Fuchs alloys weren’t available until MY 1967), all should have a wood dash, wood steering wheel, gas heater (that should not be started without being rebuilt!), and Hella fog or driving lights in the lower front-bumper nacelles.
Be sure to update the tensioners and ramps to the latest pre-Carrera types. If you get a good one, the big surprise is how much fun it will be to drive. These 911s may not make high-rpm power like a high-strung S does, but they do possess a robust torque curve below 5000 rpm that provides a strong push.

1967-68 911S
Decent car, you stole it: $18,000-26,000
Nice car, decent money: $30,000-40,000
Insanely nice, high price: $80,000-100,000+
Watch out for: Rust, unspeakable and/or irreversible modifications, non-original engine

These are the undiscovered 911Ss, as those who have never driven one often pass them by in their rush to find a theoretically faster 2.4-liter 1972-73 911S. By “faster,” I mean pure top speed, and the 2.4S wins that battle. But the early, 2.0-liter 911S models are “quick,” and by that I mean how they feel out in the real world and along winding roads.
I hope the masses never find out how much fun these first-generation Ss are to drive — they’re so light, tossable, and elegant in their design and operation. These early 911Ss, more than any other early 911, embody the essence of the Porsche brand in the late 1960s in its fullest form. They are quick, durable, full of delightful details, and modern without being cold, complex, or troublesome. If you can still get one at a good discount from the later 911S 2.4s, these are the 911s leading-edge collectors will be chasing someday.
Originality is in, so find one with original carpets, seats, and even paint if possible. Most have some rust in the front battery box area, but that can be repaired. Watch out for rust deep in the double-sill rocker panels and rear torsion-bar areas. Don’t be afraid of 1968 911Ss, none of which were imported into the U.S. officially due to emissions-control regulations. The 1968 Ss are great cars, and mechanically identical to 1967 model-year Ss. Coupes with sunroofs are especially rare and, to most people other than those who are interested in a track car, highly desirable.