1976 Porsche 912E
Average asking price*: $15,550
Collector status: Buy and hold
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There’s no arguing that one of the breakout stars of 2014 was the air-cooled Porsche. Since January alone, prices of 356s, 911s, 912s and 914s have increased an average of 28%, with some exceptional 993s and early short-wheelbase 911s approaching 50%. Somewhere in the middle of the pack are the “impact-bumper” 911s, led by the 1987-1989 G50-gearbox 3.2 Carrera and descending with each generation to the 1974-1977 2.7. It was in this early G-Modell period that Porsche needed an entry level model to bridge the one-year gap between the Volkswagen-based 914, last sold—albeit poorly—in the US in 1975, and the new-direction 924, also initially developed for Volkswagen. The solution was a relatively simple one: resurrect the 912 nameplate, last used in 1969, as well as its concept of powering the existing 911 chassis by a much cheaper Volkswagen power plant; in this case, a 2.0 liter variant of the Type 4 motor with Bosch L-Jetronic fuel injection (Einspritzung). In the Porsche boardroom—not known for good ideas during the mid-70s—it seemed like a good idea on paper. In practice however, it was a US-specific car and with the 924 already having debuted at the end of 1975, budget-minded buyers were keen to wait for the new generation whilst purists weren’t ready to accept Volkswagen power in a “true” Porsche.

In the end just under 2,100 units were built. The low production numbers are just one of the ways a 1976 Porsche 912E compares favorably to its 911 sibling (of which there were 10,667 made). The magnesium case used in the 911’s flat six was another one of those ideas that seemed good on paper. It was light weight and allowed the displacement to grow from 2.4 liters to 2.7 in an effort to keep pace with much faster competition. The problem was that the magnesium warped under air-cooled conditions, while head studs popped out and the valve guide issue that would plague every air-cooled Porsche motor that came after was spawned. In short, they blew. Today, most 2.7s have been replaced by later aluminum SC motors, although some exceptionally well-pampered examples have held up. The little VW Type 4 on the other hand, despite being a rather pitiful performer, was tried and true. Because the Type 4’s displacement was 700 cc’s smaller than the 2.7, the notorious thermo reactor that compounded the 911s woes didn’t have the same effect on the 912E (although it did impact power output, hence most 912E owners today have removed them, except in concours cases). The 912E was also almost 200 lbs. lighter than the 911. This in no way compensated for the nearly 80-hp difference, but it did have better weight distribution (44/56 vs. 41/59) to make for a more predictable handling car, should it ever reach speeds where that was warranted. As expected, fuel economy was also better and of course it cost considerably less; more than $2,000 (in 1976 dollars) less, similarly equipped. In many ways, the 912E was more a sporty practical car than the sports car that could be practical, which was the 911.

Ultimately, it is the feeble little Type 4 that has saved the 912E for posterity. The motors are so durable and reliable that many of the 2,099 912Es built are still on the road. Comprehensive rust-proofing would come to Porsche the following year, so some have succumbed to decay. And because they were always relatively affordable, some others have been used as platforms for fiberglass kits that convert them to a 930, 993 or 959 appearance. Others still have big bore kits or engines replaced altogether with hot-rod VW motors or the aforementioned 3.0-liter SC motors. The ones that remain are of typical Porsche driver quality: needing some reconditioning and sorting out, but far from hopeless. A quick craigslist search for a good driver-quality 912E came up with prices ranging from $13,500 to $17,900, whereby we can expect a low 20s number for a high-quality example. It’s no 911, but it looks like one and in many ways feels like one, whist a relative bargain—perhaps the only one left—among the skyrocketing air cooled Porsches.