The 912 is remarkably similar to the 911 and shares the majority of its appearance and mechanical features with its stablemate (see 1965–73 911). The biggest difference is the 912’s 356-based four-cylinder engine, rated at 90 hp and mated to a four-speed 901 transmission. Many 912s were ordered with the optional five-speed 901 transmission. Few changes occurred during the 912’s 1965–69 production run, though 912s did benefit from the 911 wheelbase increase for 1969. A semi-open 912 Targa model was also offered.
For one year only in 1976, a 912 reprise was offered in the U.S. market. Intended to protect Porsche’s entry-level position as the 914 was phased out, the 912E did just that until the 1977 924 was introduced. 2,099 912Es were produced in coupe form only. Mechanically and aesthetically, the 912E was again very similar to 911. But its 2.0-liter, four-cylinder engine was essentially taken from the 1976 914, but with L-Jetronic fuel-injection. While the 912E’s performance is far from blistering, these cars have a very enthusiastic following. That said, many parts are unique to the 912E and are thus getting expensive.
I feel the 1969 models, with their updated styling, longer wheelbase, and upgraded features, were probably the best of the 912s. However, each year has its advocates and any nice 912 will be fun to own. Because the 912 shares most of its body and trim with the 911, parts can be very expensive. The cost to restore one can quickly exceed its value, so it is better to find a nice one. As with any old Porsche, check for rust problems and bodywork carefully. None of the 912s, with the exception of the 912E, benefited from the rust-proofing Porsche introduced in the 1970s — and rust repair is cost-prohibitive.
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."
1969 912
1968 912 Targa
