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Price opinion from advertisements and recorded sales. Not an inspection or a certified valuation.
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Reference photograph of a Porsche 911 Carrera 2
Valuation · Porsche · 964 · 1989-94

Porsche 911 Carrera 2

3.6L NA air-cooled flat six · 184 kW / 310 Nm · 5sp manual · RWD
CONSIDERRated within the over $100k band · 60 of 104 at this money
Model value
$205,000
Must gain each year to break even
+6.6%
The projection does not clear it, and nor does most of the library.
CarQuant score
60/100
Scored against the over $100k band, not the whole library
Evidence grade
Thin
One to three recorded Australian sales
$205,000
$181,830 lowhigh $310,630
Calibrated to a thin record
Two publishable Australian results: $186,000 for a 1993 Carrera 2 coupe at Shannons in June 2023, and $110,000 for a high-distance 1990 Targa imported from the UK in September 2026.

Looking at a 911 for sale?

Put in the asking price and the odometer reading. You will see what this model should make at that reading.

Should make, typical example
$205,000
At about 45,000 km. Enter an asking price to compare.

Odometer only. Colour, options, history, condition and the photographs move it further, and that is what the report reads.

A person reads the advertisement and its photographs. Usually back within 48 hours. Read a real listing report

Price history

Today $205,000 · modelled median at five years $242,366
Solid line: the value this library has carriedDashed from 2026: modelled · even money $210,524 to $278,273
The green band is the even-money range and the one to plan on: half of outcomes land inside it. The pale band behind it bounds eight in ten ($181,830 to $310,630). The path is this model's own: it starts along the momentum of its recorded history and bends toward its projected median as the horizon lengthens, so no two cars share a future curve.

The verdict

A defensible case with reservations. Scores 60/100, ranking 60 of 104 in the over $100k band. Demand durability is the strongest input, risk resilience the weakest.
Running it costs about $12,260 a year (6.0% of value), which is what the economics score measures. All in, including the projected value change, it is $7,493 a year.
The model's five year median is $242,366, a +18.2% move, with the tenth percentile at $181,830.
Value calibrated to a thin record. Treat the level as provisional.
Evidence
Thin2 recorded sales
Off its peak
at peak
Value band
wide
At least one recorded transaction plus a source. Direction is sound, the exact level less so.
Scored against every recent Australian sale this library holds, half its values land within 11.2 per cent of the price paid and the rest miss by more, in either direction. Projections are therefore damped toward flat in proportion to how little is known, and the plausible band is never narrower than the error the model is known to make.
This value sits above every recorded sale logged for the model. That is the specific error calibration keeps finding, so treat it as a ceiling rather than a mid-point.
Short term (1-5 years)$7,493 a year all in, +18.2% median value move
Long term (10-15 years)Scarcity case already formed
Negotiate from$205,000

Recorded sales

Every recorded observation, and when
2 rows on record
$218k$158k$97k
202420252026
the value this record published, year by yearnow $205ksold
Every row, with its price and note (2) ↓
Library value against the sold record
2 sales · median $148,000
Value $205,000
$110,000$186,000
The library value sits above the highest recorded sale; the evidence note above explains why.
Sep 2026Collecting Cars$110,000Sold
SOLD. 18 Sep 2026, Keysborough VIC, 166,887 miles indicated and not warranted (about 268,600km). 1990 Carrera 2 TARGA, five-speed manual, UK-delivered and imported later, Marine Blue over navy, driver's rear quarter repainted, rust at the front wings, aftermarket Fuchs-style wheels, last serviced Sep 2020
Jun 2023Shannons / GoAutoNews Premium$186,000Sold
SOLD. 1993 911 Carrera 2 Coupe, Shannons Timed Online Autumn auction, 10 June 2023. Looked strong at the time and reads as market-rate now.
2 completed Australian sales of 2 rows. Rows marked asking, no sale, or context are shown for honesty but do not count toward the evidence grade: an ask is not a transaction, a pass-in is a refusal, and a provenance or overseas result does not price the ordinary local car. The badge on every row is computed by the same rule as the grade, so the two cannot drift apart.

Score breakdown

Against the over $100k band median
104 cars in band · ink tick marks the median
Ownership economics30% of total
69/100even
Scarcity25% of total
52/100-13
Demand durability20% of total
80/100+2
Liquidity15% of total
64/100+32
Risk resilience10% of total
9/100-25
Sub-scores run 0-100 before weighting; the weighted total is 60/100. Medians are computed live from the 104 cars currently in the over $100k band, so this picture moves when the library does.
The working behind each factor: baseline and drivers ↓
Ownership economics30% weight
69/100
Baseline84 pts
− 6.0% of value a year to run-15 pts
Sub-score (baseline plus drivers, clamped 0-100)69 pts
Scarcity25% weight
52/100
Baseline20 pts
+ 525 survivors estimated in Australia+32 pts
Sub-score (baseline plus drivers, clamped 0-100)52 pts
Demand durability20% weight
80/100
Baseline60 pts
+ The last air-cooled 911 to re-rate, and it is still re-rating+16 pts
+ The 964 shape has become the one collectors ask for+10 pts
− Imports run 30 to 45 per cent, mostly Japanese right-hand-drive cars-6 pts
Sub-score (baseline plus drivers, clamped 0-100)80 pts
Liquidity15% weight
64/100
Baseline12 pts
+ 55 days on market+37 pts
+ 50 sales a year+15 pts
Sub-score (baseline plus drivers, clamped 0-100)64 pts
Risk resilience10% weight
9/100
Baseline50 pts
− Oil-leak rectification is a $20,000 engine-out job-14 pts
− Tiptronic costs 25 to 35 per cent, the sharpest transmission penalty here-12 pts
− One Australian result, from June 2023-8 pts
− Thin transaction record-7 pts
Sub-score (baseline plus drivers, clamped 0-100)9 pts
Model output, not advice or a valuation. Verify independently before acting.

What it costs to own · about 2,500 km a year

Annual cost of access, excl. fuel
$12,260a year
Share of value per year
6.0%
Scheduled servicing$2,76023%
Tyres, annualised$1,88015%
Registration and CTP$1,47012%
Insurance$3,50029%
Sinking fund (failure table)$2,65022%
All-in annualised (a different number)
Purchase (model value plus duty)$213,200
Running costs × 5 years$61,300
Median exit, net of selling cost$237,036
All-in annualised over 5 years$7,493/yr
Share of value per year3.7%
Cost of access is what the car costs to run. All-in annualised adds depreciation, duty and selling costs across a five year hold. They answer different questions and are labelled separately for that reason.
Break-even appreciation, 5 year hold
6.6%a year, only to get the money back
This library projects
+3.4%a year
The projection falls 3.2 points a year short of the hurdle. On these assumptions this car is a cost, not an asset, which can be an entirely rational thing to buy but should be bought knowing it.
Purchase$205,000
Stamp duty$8,200
Running costs x 5 years$61,300
Selling cost at exit, 2.6% of the salescales with price
Sale price needed at +5 years$281,828
Storage
Bought at
No forecast is used to compute the hurdle. It is the purchase, the duty, any premium and 5 years of running cost, grossed up for the cost of selling and spread back over the hold. The projection it is measured against is the weakest number in this product and is drawn that way in the chart above. Transport, finance and any restoration spend sit outside it.

Specification

Engine3.6L NA air-cooled flat six
Power / torque184 kW / 310 Nm
0-100 km/h5.7 s
Transmission5sp manual
DriveRWD
Kerb weight1,350 kg
Built worldwide18,219
Delivered to Australia170
Effective AU survivors525
Australian sales / year50
Typical days on market55 days
Launch priceNot established

What moves the price on this model

Colour hierarchy
Original paint throughout+8%
A documented factory colour with the original interior+3%
Resprayed after accident repair-9%
Options
Five-speed manual rather than Tiptronic+30%
Documented head-stud and oil-leak rectification+18%
Australian delivery rather than a Japanese-market import+12%
Odometer sensitivity±1.9% per 10,000 km vs 45,000 km
Applied on top of these

Condition, history, originality, ownership, delivery and modification multipliers apply to every car in the library. They are applied automatically when an advertisement is analysed, and the schedule is set out once, on the analyser page.

Projected value in five years

Projected value at five years
$242,366
+18.2% on today
The model's figure. Today it is $205,000.
Even odds it lands between $210,524 and $278,273.
$181,830 lowhigh $310,630
The shaded range is even money and 32% wide; the outer figures bound eight outcomes in ten. Band width follows the evidence - a model with a tight measured record carries a tight band.
A stronger five year outlook than 81% of the library.
-26.6% weakest projected move in the librarystrongest +73.1%
Five-year cost of ownership
Value change alone: +$37,366 across five years.
Running costs over the same period: $61,300.
Duty and expected selling costs: $13,530.
Net cost of five years of ownership: $37,465, or $7,493 a year.
The projected value rise offsets part of the running cost. It does not make the car free to own.

The case for and against

The case for

One clean Australian result exists and it is the right car: $186,000 for a 1993 Carrera 2 coupe at Shannons in June 2023, which looked strong then and reads as market rate now. The 964 is the last air-cooled 911 to re-rate and the money has kept strengthening into 2026 while the cars either side of it went flat.

The case against

Oil leaks are the 964's defining fault and rectification is a $20,000 engine-out job, so an undocumented car is really a deposit on a rebuild. A Tiptronic costs 25 to 35 per cent, and the survivor and turnover figures behind this record cover all 964 variants rather than the Carrera 2 alone.

Known faults and risks

Risk 1Cylinder-to-case and head-stud oil leaks, rectified with the engine out
Risk 2Tiptronic cars trade 25 to 35 per cent below manuals
Risk 3The distributor's internal belt wrecks the distributor when it snaps
Oil-leak rectification, engine out - the 964's defining fault, cylinder-to-case and head-stud sealing$20,000
Valve guides and top-end at 150,000km or more$16,000
Dual-mass flywheel and clutch$7,000
Tiptronic valve body and cooler$6,000
Power steering rack and lines - the 964 was the first PAS 911$3,500
Preventive replacement of the internal distributor belt, which wrecks the distributor when it snaps$1,350

Similar cars, and what they cost to run

Evidence behind this valueThin · 2 recorded sales
Carried value
$205,000
Historical price
2016 · $127,1002026 · $205,000
Thin
At least one recorded transaction plus a source. Direction is sound, the exact level less so.
September 2026, a second result, and it is the hard end of the model

A 1990 Carrera 2 Targa on the five-speed manual made $110,000 at Keysborough, Victoria, on 18 September: UK-delivered and imported later, Marine Blue over navy, 166,887 miles indicated and not warranted, which is about 268,600 kilometres, one rear quarter repainted, rust showing at the front wings, aftermarket Fuchs-style wheels. The curve alone takes 14 per cent off this value at that distance and returns $176,000; the import, the repaint and the rust account for the rest. It does not move the value, which describes a sound Australian coupe at 45,000 kilometres, and it is the clearest local evidence this record has of how far a tired 964 sits under a good one.

Read the rest of the evidence notes (4 more)
One result, and for once it is the right car

Shannons sold a 1993 Carrera 2 coupe for $186,000 in its timed online Autumn auction on 10 June 2023. Same variant, same body, same drivetrain as this record, which is more than can be said for most of the Australian evidence in this tranche. It looked strong at the time and reads as market rate now, which is itself a statement about direction. It is also one sale, from an auction house that left the business five months later and whose archive was stripped, and nothing has replaced it since.

The 964 is the last air-cooled 911 to re-rate and it is still doing it

Money on these has strengthened into 2026 while the 3.2 Carrera and the SC have gone flat to soft, which is the ordinary sequence - the market works forward through a model line one generation at a time.

The fault list is where the money goes

Cylinder-to-case and head-stud oil sealing is the 964's signature failure and rectification is $20,000 with the engine out; valve guides past 150,000km are $16,000; a Tiptronic valve body and cooler is $6,000 on a car already carrying a 25 to 35 per cent penalty for having one. Documented rectification converts a car from a risk into a sorted one and the market prices that gap plainly.

Read the supporting numbers with care

The survivor and turnover counts here describe all 964 variants, not the Carrera 2 on its own.

This page prices the model.
The report prices the car in the advertisement.

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Read a real listing report

The evidence on this model is thin and the report says so on its cover. Read a complete one on a real car first. Seventeen sections, no account, nothing to pay.

This model, today$205,000
Half of sales are further out than$22,917
The report$249
92×
the price of the report: what half of real sales of this model sit further from this page's number than, on this car
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