The 924 was the first of Porsche’s “transaxle cars,” which means that they were front-engined cars, but the transmission and rear axle were a combined unit. Moving the transmission to the rear of the car achieved nearly even weight distribution for good handling characteristics. In these cars, the forward-mounted engine is rigidly connected to the transaxle by a central torque tube.
The 924 engine was an adaptation of the Audi 100 engine. It was developed by VW for this car, a VW light van, and for sale to other manufacturers. Displacing 1984 cc, it made 95 hp for the U.S. market. It was generally reliable but rough-running and not particularly powerful. 1977.5 U.S. models had an increase in horsepower to 115 thanks to higher compression, a new camshaft, and larger intake valves. For 1978, the rear suspension was redesigned and a five-speed transmission became an option; an automatic was also offered. The five-speed was made standard equipment for 1979.
A turbocharged 924 introduced as a 1980 model in the U.S. offered greatly improved performance. The U.S. version had 150 hp, a big improvement over the standard cars. The 924 improved every model year with subtle upgrades until Porsche stopped bringing 924s to the U.S. in 1982. Production of the 924 for the European market continued through 1985.
Almost two-thirds of all 924s were sold in Europe. Porsche sold 123,638 924s in all. While 13,188 924 Turbos were produced, including the GT and GTS street cars and GTR race cars, just 5,845 924 Turbos were sold in the United States.
For 1986, markets outside the U.S. saw the introduction of the 924S. Similar to the previous year’s 924, the 924S had the 944’s engine in place of the Audi motor as well as many of that car’s better mechanicals. The 924S was imported into the U.S. as an entry-level model for 1987 and 1988. Though the 924S was almost mechanically identical to the 944, it lacked the 944’s wider fenders and 1985.5-on interior upgrades.
What to Buy?
You can find running 924s for less than $2,000, and 944s for less than $3,000. The catch is the repair costs; if the rear window breaks, the cost to replace it will total the car! While that is an extreme example, the logic holds true too often. I have owned both a 924 and a 944. My 924 was a project car while my wife’s 944 served as a daily driver for 25+ years. Having said that, the only 924 I would consider is a 1987–88 924S. If you must have an early 924, I recommend avoiding the Turbo as the maintenance has always been costly.
How to Use Our Numbers
High vs. Low: Our estimates reflect values for the majority of cars on the market. On the High end you should find cars with no more than 7,000 to 9,000 miles per year, excellent paint, normal wear but little tear, and no glaring mechanical or cosmetic issues. On the Low end you should find complete, running cars with higher mileage, cosmetic damage, and/or minor mechanical needs. Generally speaking, we allow an additional 10 percent for mileage lower than 7,000-9,000 miles per year, and subtract 10-25 percent for past body damage that required paintwork. Due to the high cost to repair and restore Porsches, cars at the High price point often represent better long-term value than those at the Low end, as the cost to make a rough car nice will exceed the difference between the two.
Exceptions: Of course, some cars fall outside of our range — on both ends. Cars with major needs (excessive rust, blown engines, crash damage, etc.) and cars with salvage titles are typically worth less, often a lot less. On the other side, older or desirable Porsches with very low miles and original cosmetics in immaculate condition, cars benefitting from top-end restorations, and cars with interesting histories can command far higher prices, sometimes doubling or tripling our High estimate. An immaculate, totally original 1972 911E with 143,000 miles might qualify, since 140,000 to 180,000 miles would be considered normal in a 20-year-old 911. If the same car had 43,000, 4,300, or 430 miles, we'd expect the price to go up exponentially — but such cars are truly exceptional examples, and their prices are often truly exceptional, too. When dealing with such cars, seek the advice of an expert or get an independent appraisal.
Where These Numbers Come From
Our value estimates are assembled by Excellence Technical Editor, PCA appraiser, and noted Porsche expert Bruce Anderson. He looks to established price indexes such as Kelly Blue Book (KBB), National Automobile Dealer Association(NADA) Used Car Guide, Cars of Particular Interest (CPI) Price Guide, as well as other references. Auction results are considered, as well, as are Excellence Reader Sales Reports, which carry comprehensive descriptions and real private-party transaction prices. Still, says Anderson, auction prices and reader reports must be approached with caution: "While I do get a lot of feedback from readers, there is no way that I get enough to base my values on anymore than value books get enough auction data to totally base the market values on. We all do a lot of interpolation to fill in the gaps.
"I get sales information anywhere that I can and I look at what everyone else is doing, then plot my own numbers after much interpolation and head scratching," continues Anderson. "I use our Reader Sales Reports as one of my sanity checks to see if I'm really heading in the correct direction. I also consider asking prices as a trend indicator. If, all of a sudden, we see asking prices go up or down, it's a good indication that something is happening with the market. But you need a lot of data to really know where things are going. When the market is volatile, as it is now for 356s and early 911s, it is hard to track the prices without predicting them. Sometimes, I think the prices look high (1974-1989 911s, for instance), while others look too low (some 993s and early 911s). Most of the time, though, they seem pretty close to the mark given that we're talking about limited numbers of sales to deal with, price guides that are all over the place, and the need to peg a national market with hot and cold spots."
1977 924 Martini Edition
1980 924 Turbo
