2004 Porsche 911 GT3 - Sports Car Market

Chassis Number: WP0AC29914S692126

Photo credit: Josh Hway, copyright and courtesy of Gooding & Company LLC

As it turns out, some 996-series 911s are collectible

Introduced in 1999, the 996 GT3 was developed as the homologation basis for the GT3 RS and RSR race cars. This 2004 Porsche 996 GT3 was delivered new to its first and only owner through the Porsche Center of San Antonio, TX, in August 2003. Finished in Speed Yellow over black leather accented by yellow stitching, its options included air conditioning, Porsche-crested headrests, Speed Yellow seat belts, carbon-fiber doorsills with model designation, and Porsche Ceramic Composite Brakes (PCCB).

In 2025, the GT3 underwent a Porsche Classic preservation program, with more than $64,000 invested in mechanical freshening and detailing. Work performed at Porsche North Houston included an engine-out service, with replacement of engine seals and clutch components, transaxle inspection, HVAC and cooling-system repairs, dry-ice cleaning of the engine bay and undercarriage, and paint correction. Focused on preservation rather than restoration, the project earned top national honors in the 2025 Porsche Classic Restoration Challenge.

Showing approximately 9,700 miles at the time of cataloging, this exceptional GT3 is offered with its manuals, toolkit, jack, correspondence and extensive documentation. Rare and recently distinguished by Porsche itself, this 996 GT3 is undoubtedly one of the finest examples available today.

(Introductory description courtesy of Gooding Christie’s.)

Want to read more? Subscribe here!

Vehicle:	2004 Porsche 911 GT3
Years Produced:	2004–05
Number Produced:	852 (U.S. market), 1,017 (North America), 2,313 (worldwide)
Original List Price:	$99,900
SCM Valuation:	$95,000–$125,000
Chassis Number Location:	Windshield label bottom corner driver’s side, tag on driver’s door frame, label under front lid
Engine Number Location:	On the backside of the engine case — bring a scope
Club Info:	Porsche Club of America
Website:	pca.org/
Alternatives:	2003–04 Ferrari 360 Challenge Stradale, 2005–06 BMW M3 Competition, 2007–08 Porsche 911 GT3 (997.1)
Investment Grade:	B

This car, Lot 136, sold for $351,500, including buyer’s premium, at Gooding Christie’s Pebble Beach, CA, auction, on August 15, 2026.

As discussed in our recent profile of the Porsche 918 (German Profile, September 2026, p. 84), Millennials and their successors are dominating the market, primarily buying modern supercars. We noted examples including Ferrari F40s, F50s, Enzos and LaFerraris; McLaren F1s and P1s; Porsche Carrera GTs and 918s; plus some Bugattis. This year’s Monterey auctions added a twist: Buyers reached down into cars that have previously been less collectible and less expensive.

That buying spree included latter-day-production Ferraris and Porsches. A Rubystone 1992 Porsche 911 RS, a Speed Yellow 1996 911 RS, a 1993 911 RS 3.8, and a 1989 959 Sport all drew eye-popping prices, as did our subject 996-series 2004 Porsche 911 GT3.

The first water-cooled 911

The 996, introduced as a 1999 model in North America, was Porsche’s first water-cooled 911. It got a new body design, with some carried-over mechanicals from the 993. It also shared front-end design and suspension with the 986 Boxster, Porsche’s entry-level, mid-engine, 2-seat convertible that landed on our shores for 1997.

That Boxster had substantially the same water-cooled engine as the upcoming 996. Porsche had looked into the future and determined that air cooling was doomed by limits on cost-efficient generation of horsepower and by advancing emissions standards.

Harm Lagaay, Porsche’s chief designer, wanted a fresh appearance for the water-cooled 911. The new platform was about seven inches longer and two inches wider than the preceding 993, with an emphasis on aerodynamics. The chassis was substantially stiffer, made with high-strength steel. Despite adding necessary water-cooling equipment, the 996 was more than 100 pounds lighter than the 993.

Because Porsche was in financial duress, accommodations were made that reportedly saved substantial monies on new-model development costs. The 993 multi-link rear suspension was carried forward (a fine design — no harm there), as well as the gearbox (ditto) and the front suspension.

A love/hate affair

Although sales were successful, pundits derided the new 996. Finance man Wendelin Wiedeking, Porsche’s CEO since 1993, knew early on in his tenure that Porsche’s hand-assembled cars were cost-inefficient, as was its parts-procurement system. He hired Japanese consultants versed in Toyota’s approach to assembling cars and “just-in-time” parts management. In the end, Wiedeking’s work saved Porsche from the clutches of Mercedes-Benz and BMW, but at the cost of engineering and design elements that hurt the cars’ public reception. Designer Harm Lagaay’s “fried-egg” headlights took the most abuse, followed by the heavily plastic “Toyota” interior. Ouch. But the real issues were in the engine.

The move to the type-M96 water-cooled flat-6 engine included some drama. The engine had engineering and assembly flaws. The principal ones were cylinder-bore scoring, case-seal leakage, and — worst of all — intermediate-shaft (IMS) bearing failure that usually detonated the engine. Porsche responded with recalls and warranty replacements, then engineered around the flaws so that by 2002 most were contained. Lower levels of bore scoring and IMS-bearing failures lingered until the all-new type-9A1 flat-6 engine was introduced in late 2008.

But these faults didn’t affect all 996-series 911s. The Turbo, GT2, GT3 and GT3 RS all used the old Hans Mezger-designed engine, renowned for its power generation and indestructibility. Little known or appreciated outside Porsche cognoscenti, these models slowly became “best buy” used cars. Buyers lived with the non-traditional headlights and plastic interior to get strong performance at bargain prices.

The 1999 996.1 GT3 (the “.1” indicating a pre-2003-refresh, first-generation car) was the first such model built by Porsche, while the 2004 996.2 GT3 was the first imported into North America. In Europe, it spawned the 2004 GT3 RS, the homologation base for the final 996-series race car, the RSR.

The 996 GT3 grows up

Used Mk II 996 GT3s have always had a following. They were easily available and priced right. But what did you get?

The GT3 was built on a Carrera 4 tub that had additional front-end strengthening. It was lighter, eliminating some creature comforts, had uprated Turbo brakes or optional carbon-ceramic brakes (PCCB), and an uprated adjustable front suspension.

Crucially, the GT3 (like the Turbo and GT2) used the old air-cooled aluminum “Mezger” case. For cooling, water jackets were added to both cylinder banks, whereas the standard 996 engine had cylinders and water passageways cast together — a cheaper process. The gearbox synchronizers were steel — not brass — for long life, a transmission cooler was added, and both fourth and fifth gears were shorter. The M96/79 3.6-liter GT3 engine produced 381 hp at 7,400 rpm and 284 lb-ft of torque at 5,000 rpm. The redline was at a wailing 8,200 rpm. This all gave a 0–60 mph time of four seconds flat, a quarter-mile run in 12.8 seconds at 118 mph, and a top speed of 190 mph. Road testers found that the 996.2 GT3 pulled over 1g on the skidpad.

A moving market

Our subject Mk II GT3 was a superior example. Painted desirable Speed Yellow, it was a single-owner car with just 9,700 miles, optional PCCB brakes and full documentation including a Porsche Technical Certificate. The big value add was $64,000 worth of maintenance and detailing at Porsche North Houston, after which the car won first place in PCNA’s Porsche Classic National Preservation and Restoration series for dealers with Porsche Classic-certified shops.

In the past two years, public sales of Mk II GT3s totaled about 38 units. Until this car, the highest sale for a non-RS version was $222,500 for a silver 6,000-mile car on Bring a Trailer in 2022. Several other sales have seen $135k–$185k values.

Regardless of how you position it, this sale was a blowout result. These values as the new normal are probably headed our way. Two well-known, full-price dealers now have 996.2 GT3s at $250k and $275k. As this article was being written, BaT had a red 18,000-mile example sell for $217k. It will be six months before we know where the market settles, but we can plan on it being ahead of six months ago.

Already a subscriber?
Click here to login!