 "Porsche 911 Targa 4S")
Here's how to invest in a Porsche without becoming like every other guy looking for a mint 356: Buy a vintage Targa.
The 1960's-era Porsche 911 Targas were preemptive outlaws, created to circumvent anticipated laws that would forbid the sale of convertible cars in the United States. German ad taglines said: "Now there is a car that combines the freedom of a convertible with the safety of a coupe."
That continues to be the essence of the Porsche 911 Targa, encapsulated in one sentence.
"Due to the anticipation of safety regulations in America that were deemed too strict for conventional convertibles, there was concern that convertibles would no longer be legal in the US," explained Frank Wiesmann, a Porsche spokesman. "The solution was to build a 911 that had a removable roof section and a removable soft rear window offering convertible-like driving feel, but also offered higher protection due to the fixed Targa bar."
The 911 Targa made its debut, in extremely limited numbers, in 1965 at the International Auto Show in Frankfurt. The official launch came in 1967.
Targa's initial short-wheelbase version had a hoop-like bar across the top that replaced the B-pillars that normally bolster hard-top cars. It was finished in brushed aluminum, with a fold-down rear screen across the rear.
In a few years it was clear that those threatening regulations would never come. (Proposed legislation for automobile safety standards that would have gone into effect in the 1970's was ultimately perceived as far-reaching and difficult to achieve.) But the company still upgraded the car, which was initially unpopular.
"Initial sales were low; the car was impractical," said Phil Skinner, collector-car senior market editor for Kelley Blue Book. "But the early soft top versions today can translate into a wow of a collector car."
The fervor for Targas is part of the broader enthusiasm for old Porsche cars, which has grown exponentially in the last decade. This year, according to data from Hagerty, the average value of all Porsche 911 variants from 1967 - 1977 (excluding the 1973 911 RS) is $95,000, with some models going for considerably more money. A 911 Targa from the same era, and in similar condition, will sell for roughly $87,000. Those numbers are up considerably over 2010, when they were worth $35,000 and $38,000, respectively. (Targas were preferred then.) Even the 2010 bids were way up over those in 2006, when the cars were valued at $26,000 and $33,000, respectively. Last year, 2014, was the first year in decades that the vintage 911 Coupe was worth more at auction than the Targa.
The allure is easy to see. Start with those bright circles of eyes at the front, peering over the perfect profile of a nose, and follow the line of the car down the straight, short side body, which rounds at perfect proportion over the back. And that's just with the top up! Once deployed, the 911 Targa transforms into something cooler. The T-band crosses the top like the steel bracelet of a vintage Rolex and is just as collectible. You have to be confident to drive a Targa. It shows that you know your way around a 911 Coupe but chose something unique instead.
"A lot of people think that they're just glorified Volkswagens, but there's nothing Volkswagen on a 911 Porsche," Skinner said. "They were racing machines. And Volkswagens back then were just little Beetles."
Porsche patented the name "Targa," in fact. It refers to the famous Italian "Targa Florio" race but, colloquially, has been synonymous with the open driving concept since the 1960s.
If you're considering buying one, determine how important fuel injection versus carburetors is to you, and how much you care about roll bar variants, bumpers, and transmission details. The years from 1967 to 1977 offer variations of each - Porsche led in much of the engine development of that era, so each year of the Targa offers slightly different engineering. And be sure the top fits properly; a car that has been left outside for years will rot away underneath if it has a leaky roof.
Do not fret if you fall in love with a specimen that has a lot of miles on it. Porsches are incredibly reliable, largely because they're mechanically simple. And the brand has long maintained exemplary technical and parts support. A well-documented service history should suffice.
"You could argue that the Targa is a better deal from an initial investment standpoint than the Coupe," said Jonathan Klinger, the spokesman for Hagerty. "It would not be a bad investment to buy a Targa from that [1960s and '70s] era. They're still a very hot car in the market." And a little rebellious, too. All the better.
