Home/Price Trends/996 Carrera
The first water-cooled 911 · 1997-2006From doubted stopgap to rising classic: how values have moved, market analysis, investment potential and a forecast to 2030, supplemented for the June 2026 update by 974 documented sales from the MarqueScope SOLD archive.
The Porsche 996 is the fifth generation of the iconic Porsche 911 and was built between 1997 and 2006. As the first water-cooled 911 it marked a technical turning point in the model’s history. With 175,262 cars built the 996 is among the most numerous Porsches ever made, and it defined an era of transition for the marque.
Production falls into two main phases: the pre-facelift cars from 09/1997 to 08/2001, with the characteristic "fried egg" headlights, and the facelift cars from 09/2001 to 07/2006, with revised clear-glass headlights. That change of design was part of a strategy to set the 911 more clearly apart from the smaller Boxster.
Enthusiasts long took a dim view of the 996, both for the switch to water cooling and for a number of well-known mechanical problems. In recent years, though, this generation has been gaining regard, and market prices are beginning to reflect it.
For the June 2026 update, the historical view has been supplemented with documented sales from the MarqueScope SOLD archive: 1,527 analysed 996 sales (October 2025 to June 2026, de-duplicated; of 1,637 archive entries, 108 without a recorded price and two below €15,000 were excluded). Of those, 974 sales are Carreras and Targas, which is what this page covers; the Turbo and GT models are dealt with in separate reports. Figures up to 2024 are average prices, the 2026 points median sale prices; this change of method is flagged in every table and chart.
Cars built
documented sales in the MarqueScope archive (as at June 2026)
Median sale price of the 40 Jahre 911, the most expensive Carrera cell
The bottom is behind it
1998-2001
2002-2006
1998-2001
2002-2006
MK2 · 2002-2006
MK2 · 2002-2006
| Model | Depreciation to 2010 | Depreciation to 2015 | Growth in value 2015-2024 | Value development since new | Median sale price (June 2026) |
|---|---|---|---|---|---|
| 996 Carrera (MK1) | -64% | -68% | +36% | -57% | €33,950 |
| 996 Carrera (MK2) | -61% | -67% | +44% | -52% | €42,996 |
| 996 Carrera 4 (MK1) | -64% | -68% | +28% | -58% | €35,990 |
| 996 Carrera 4 (MK2) | -62% | -67% | +37% | -55% | €37,075 |
| 996 Carrera 4S | -57% | -63% | +36% | -49% | €51,990 |
| 996 Targa | -59% | -65% | +50% | -47% | €44,900 |
The percentages come from the 911Finder market analysis, based on average prices for well-kept cars and measured against each model’s list price when new. June 2026 median sale price: MarqueScope SOLD archive (Oct. 2025 to June 2026), Coupé and Targa cells; for the 4S and the Targa, the facelift cells (n=159 and n=11 respectively). The gap between the columns reflects not only the market but also the change of method, from an average price to a median sale price.
The price path follows the pattern typical of premium sports cars: heavy depreciation at first, then a period of stability, then prices beginning to rise again. In percentage terms the Targa (+50%) and the 996.2 Carrera (+44%) have gained most since 2015; in absolute terms the Carrera 4S holds the highest level among the production cars.
Every model clearly passed the bottom of its depreciation curve around 2015, and a steady upward trend has been visible since. On expert forecasts, that trend is likely to continue in the coming years.
974 documented Carrera and Targa sales from the MarqueScope SOLD archive (October 2025 to June 2026, de-duplicated and cleaned), grouped into pre-facelift (996.1) and facelift (996.2). Prices are the last recorded asking price of the car that sold.
| Model | Sales | Median | Range | Median km | Days on market |
|---|---|---|---|---|---|
| 996.1 (pre-facelift, 1998-2001) | |||||
| 996.1 Carrera | 135 | €33,950 | €22,950 - €62,400 | 135,800 | 26 days |
| 996.1 Carrera Cabriolet | 92 | €34,700 | €19,990 - €69,000 | 135,500 | 24 days |
| 996.1 Carrera 4 | 84 | €35,990 | €15,900 - €69,900 | 111,160 | 20 days |
| 996.1 Carrera 4 Cabriolet | 123 | €38,900 | €19,900 - €69,995 | 157,900 | 3 days |
| 996.1 Carrera 4S | 31 | €49,900 | €37,996 - €89,900 | 91,000 | 31 days |
| 996.1 Carrera 4S Cabriolet | 9 | €56,500 | €46,900 - €68,996 | 75,200 | 60 days |
| 996.1 Carrera Targa | 10 | €44,425 | €39,900 - €75,000 | 121,139 | 36 days |
| 996.2 (facelift, 2002-2006) | |||||
| 996.2 Carrera | 90 | €42,996 | €22,000 - €59,900 | 111,608 | 8 days |
| 996.2 Carrera Cabriolet | 56 | €36,235 | €26,990 - €54,500 | 141,528 | 22 days |
| 996.2 Carrera 4 | 26 | €37,075 | €25,950 - €65,996 | 103,181 | 45 days |
| 996.2 Carrera 4 Cabriolet | 35 | €35,495 | €20,000 - €53,000 | 109,274 | 19 days |
| 996.2 Carrera 4S | 159 | €51,990 | €19,000 - €99,900 | 103,000 | 20 days |
| 996.2 Carrera 4S Cabriolet | 92 | €51,906 | €32,850 - €87,360 | 109,817 | 12 days |
| 996.2 Carrera Targa | 11 | €44,900 | €32,679 - €59,520 | 125,000 | 27 days |
| 996.2 Carrera 40 Jahre (special model) | 20 | €59,875 | €44,900 - €69,950 | 91,000 | 39 days |
Merged cells: the 40 Jahre 911 special model (2003-2004) is based exclusively on the facelift car; four sales recorded by the platform as "996.1 Carrera 40 Jahre" (a platform error) are included in the 996.2 row. One individual entry is not shown separately: a Millennium Edition recorded as "Millenium Editiom" (the platform’s spelling), sold for €47,950. The assignment of the 4S and Targa cells to the 996.1 follows the platform’s classification; both body styles officially arrived only with the facelift, so the generational split of those rows should be read with caution. Strikingly short median times on the market in individual cells (996.1 Carrera 4 Cabriolet: 3 days, 996.2 Carrera: 8 days) are artefacts of how the platform records them and carry only limited weight. Cells with fewer than 10 sales (996.1 Carrera 4S Cabriolet) say only so much.
After the steep initial depreciation typical of any luxury car, prices for the Porsche 996 bottomed out around 2015 and have risen steadily since.
The Carrera 4S has proved particularly stable in value (-49% from new, the smallest fall of any Coupé variant). With its full-width rear light bar and wider body it combines sought-after Turbo styling with the more usable naturally aspirated engine. The June 2026 sales data confirms that standing: a €51,990 median on 159 sales; among the cells with double-digit sales, only the 40 Jahre 911 special model sits higher.
At only 5,152 cars, the Targa was the rarest regular body style, and at +50% since 2015 it shows the strongest recovery in percentage terms of any variant. In the June 2026 sales archive it is also the smallest niche, at 21 documented sales: the medians (€44,425 and €44,900) sit clearly above the standard Carrera but below the 4S.
Prices for well-preserved cars with low mileage and a complete service history sit well above the average, while high-mileage or faulty examples have gained barely anything.
Cars on which the known weak points, such as the vulnerable intermediate shaft bearing (IMS), have already been dealt with achieve higher prices than untouched ones.
The Porsche 996 was long seen as the "entry-level 911", with comparatively little collector appeal. That has changed markedly in recent years:
1. A generational shift among collectors: A new generation of collectors is increasingly drawn to cars of the late 1990s and early 2000s, the 996 among them.
2. Historical significance: As the first water-cooled 911 the 996 marks an important turning point in the model’s history, which raises its significance for collectors.
3. How the special models have moved: While the standard cars are appreciating moderately, special models such as the limited "40 Jahre 911" edition (1,963 cars) and the GT3 and GT2 have already risen sharply. The June 2026 sales data bears that out: the 40 Jahre 911 achieved a €59,875 median, roughly 39% more than the 996.2 Carrera Coupé.
4. Compared with the earlier generations: Against its air-cooled predecessors, the 993 above all, the 996 is still comparatively affordable, which leaves room for further gains.
5. The outlook: Experts expect prices for well-preserved 996s to keep rising in the coming years, particularly for the rarer cars such as the Targa and the 4S.
| Budget | Recommended | Reasoning |
|---|---|---|
| up to €30,000 | 996.1 Carrera or Carrera 4 with higher mileage | A genuine way into the 911 world: documented sales from €15,900; what decides it is the history and the IMS status, not the odometer alone |
| €30,000-€40,000 | 996.1 Carrera, Carrera Cabriolet or Carrera 4 (Cabriolet) | The core of the market: medians of €33,950 to €38,900 and, with 434 documented sales, by far the widest choice |
| €40,000-€50,000 | 996.2 Carrera or 996 Targa | Facelift engineering (median €42,996) or the rare glass roof (€44,900); on the 996.2 Carrera, manuals trade well above Tiptronic cars |
| €50,000-€60,000 | 996.2 Carrera 4S, Coupé or Cabriolet | The wide Turbo body with the naturally aspirated engine: medians of €51,990 and €51,906, the largest Carrera supply in the archive, and effectively no premium for the manual |
| over €60,000 | 40 Jahre 911 or the best 4S examples | The special-model premium: a €59,875 median, with a range to €69,950; 1,963 cars with the X51 power pack, all recorded as manuals |
The budget bands are derived from the June 2026 median sale prices in the MarqueScope SOLD archive. Within each band, condition, history and transmission decide where a car falls; among the facelift cars the Cabriolets sit below the Coupés, among the pre-facelift cars above them.
Detailed expert knowledge on the 996 Carrera: weak points, inspection checklists, production figures, value-adding options and price forecasts.
The following forecast to 2030 was drawn up from the market as it stood in 2025 and from historical trends. It rests on these factors:
The moderate appreciation of recent years is likely to continue.
As it ages, the 996 becomes interesting to a new generation of collectors who grew up with it.
The number of well-preserved cars will fall over time, which will push up prices for the best of them.
The once contentious styling of the 996 is increasingly recognised as a distinctive part of Porsche history.
As electrification advances, classic combustion engines such as the 996’s water-cooled flat-six could grow in appeal.
| Model | Forecast 2025 | Forecast 2027 | Forecast 2030 |
|---|---|---|---|
| 996 Carrera (MK1) | €32,000 | €35,000 | €40,000 |
| 996 Carrera (MK2) | €37,000 | €40,000 | €45,000 |
| 996 Carrera 4 (MK1) | €33,000 | €36,000 | €42,000 |
| 996 Carrera 4 (MK2) | €38,000 | €42,000 | €48,000 |
| 996 Carrera 4S | €50,000 | €55,000 | €65,000 |
| 996 Targa | €50,000 | €55,000 | €65,000 |
911Finder market analysis, forecast as at 2025. The forecast figures refer to average prices for well-kept cars; they are documented here unchanged and checked against real sales data with every update.
A first check against the real sales data of June 2026: the median sale prices for the 996.1 Carrera (€33,950), the 996.2 Carrera (€42,996), the 996.1 Carrera 4 (€35,990) and the 996.2 Carrera 4S (€51,990) already sit above the 2025 forecast figures. The 996.2 Carrera 4 (€37,075) is just below, the Targa (€44,900) well below. Note the change of method when comparing: the forecast is based on average prices, while the 2026 figures are median sale prices.
The Porsche 996 has gone through an interesting change in how it is perceived and how it is valued. From a stopgap regarded with suspicion it has become an increasingly appreciated classic whose place in Porsche history is gradually being recognised.
The Carrera 4S in particular reinforces its standing in the June 2026 sales data: the highest medians among the production cars (€51,990 for the Coupé), the largest supply and effectively no Tiptronic discount. The Targa remains the rarest body style and shows the strongest percentage recovery since 2015; its median sale prices (€44,425 and €44,900) sit above the standard Carrera but below the 4S. Well-preserved cars of the other variants have long since put the bottom behind them and are appreciating moderately too.
For buyers and investors the 996 is an interesting proposition at present: it delivers the Porsche driving experience at comparatively affordable prices and, with a sensible choice of model and good condition, has good prospects of appreciating in the coming years.
The market as it stands opens a window in which the Porsche 996 is attractive to enthusiasts and investors alike. The purchase price is still modest against earlier 911 generations, while the trend points clearly upwards: the classic signature of a car on its way up.
The data used in this analysis is based on market observation, sales statistics and expert assessment from a range of sources. The sales data from June 2026 that is marked as such comes from the MarqueScope SOLD archive (October 2025 to June 2026, de-duplicated, marquescope.de). All other prices are averages and can vary considerably depending on a car’s specification, condition and mileage.
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