Is the Porsche 911 a good investment?

The thesis

The 996 Carrera (3.4 or 3.6) with a manual transmission and naturally-aspirated flat-six remains the entry point to air-cooled-adjacent 911 ownership. At £25k-£38k for clean examples, the 996 has recovered from its nadir and stabilised. Early-2000s 'fried egg' headlamp stigma has faded, and younger buyers who grew up with this shape are entering the market. Manual cars command premiums over Tiptronic; post-2002 cars with the larger engine and glass rear screen are preferred. However, IMS bearing risk and general 'least desirable 911' reputation cap upside. This is a solid hold but not explosive appreciation—mid-cycle, not early.