1965 Porsche 911 Coupe Review and Buyer's Guide

This very original early 911 coupe sold for $10,350, including buyer’s premium, at the Bonhams Hershey auction on October 10, 2002. This substantial price, especially considering that this is not an “S” model, reflects the interest that surrounds rust-free, unmolested examples of these first-generation 911s.

The upward movement in early (1964-68 short-wheelbase) 911 prices is one of the few new Porsche trends established after the great bull market in classic cars of the late ’80s. Back then, early 911s were only for the lunatic fringe of Porsche enthusiasts. This was because any of the more powerful, better handling cars from the 1969-73 period make more sense as daily drivers.

For example, 1969 911s had a wheelbase that was 2¼ inches longer and markedly improved handling. Furthermore, these cars had a better fresh air and heating system, improved front and rear turn signal housings, and the mechanical fuel injection of the 906 in the 150-horsepower 911E and 170-horsepower 911S models.

1970 brought even better 2.2-liter engines with more usable torque and 10 more horsepower to the E and S. 1971 saw the introduction of piston squirters in the cases and galvanized floors; 1972 models had 2.4 liters of displacement, another 10 horsepower for each of the T, E and S models, and the stronger type 915 transmission; 1973 brought the sweet-running CIS 911T and the legendary 210-horsepower Carrera RS.

Each of these improvements made the early cars, with their modest horsepower, difficult-to-tune Solex carbs, 4.5-inch wide wheels, quaint slab sides and fiddly interior bits less desirable.

But today, in Europe and among sophisticated Porsche collectors in the US, early SWB 911s are in high demand for two reasons. First, as with the first cars of any series, the early 911s have an allure all of their own. Yes, the later cars were improved and easier to live with, but with each improvement came a sacrifice in the edginess and uniqueness that simply oozed out of the first cars. Recall that when introduced, the 911, when compared with its 1964 competition, was simply a fantastic car. And in my opinion, even today, a properly sorted one can offer a top-flight driving experience.

The second reason for their appeal has to do with their build date. In Europe, 1965 is a popular cutoff date for some prestigious vintage rallies. And if 911s outstripped the competition in 1964, imagine how well a SWB car that has benefited from 35 years of technological development will do today against those same vintage cars. The entry lists speak for themselves—go to the Tour Auto Web site (www.tourauto.com) or the Modena Cento Ore (www.modenacentooreclassic.it) and count the number of early 911s. In fact, organizers sometimes have to turn SWB 911s down because they have too many entered.

Given how competitive these cars are, it’s no surprise that 1964 and 1965 911s, in Europe, often sell for twice what a 1966 or later car will.

The example purchased here was exceptional, being a dry, unrusted Southern California car that had not been subjected to the indignity of low-buck, hamfisted modifications by well-meaning but uninformed owners. The new owner has a very solid base to work with and won’t have to wrestle with undoing someone else’s botched job.

Although the color was uninspiring and the option list meager, this car made fair money for both buyer and seller. We project this tiny corner of the vintage Porsche market will do nothing but show an upwards trend in value during the coming years. If you want a SWB 911, buying one now will cost you less than buying one later.—Jim Schrager