Porsche 997 991 992 Targa Price Trends

• A clean hierarchy in every generation: Targa 4 below Targa 4S below Targa 4 GTS. 991.1: €104,991 / €126,450 / €149,900; 991.2: €117,900 / €123,086 / €144,000; 992.1: €143,950 / €158,875 / €178,746
• The special models are the real price peak: at a €239,000 median the Heritage Design Edition Targa achieves around €60,000 more than the 992.1 Targa 4 GTS (€178,746), while the Edition 50 Years of Design Targa sits at €209,075; the rare 991.2 Exclusive editions (3 and 4 sales) trade around €185,000-190,000
• The cheapest robustly documented way into the Targa world is the 997.1 Targa 4S: a €65,900 median across 25 documented sales
• The top of the robustly documented production models is the 992.2 Targa 4 GTS at a €215,950 median (43 sales, median mileage 7,010 km)
• The manual gearbox is almost irrelevant on the Targa: only a single gearbox cell reaches the threshold of at least 8 sales, the 997.1 Targa 4S with 8 manual sales (a €79,448 median against €61,900 with Tiptronic); from the 991 generation on, manual Targas are exotics with at most 7 sales per cell
• Days on market: despite their top prices the special models take longest (82 and 85 days median), while the 991.2 Targa 4 sells fastest at 8 days

The 997.1 Targa models show the classic depreciation behaviour:

• Heavy initial depreciation over the first 7 years (approx. 45%)
• The low was reached around 2016-2017 (approx. €44,000 for the Targa 4, approx. €50,000 for the Targa 4S)
• A mild recovery and stable values from 2017
• A slight decline since 2023, possibly because of economic factors
• The price gap between Targa 4 and Targa 4S has narrowed over the years from around €10,000 to around €7,000
• June 2026 sale data: the Targa 4S achieves a €65,900 median across 25 sales (median mileage 99,800 km), well above the 2025 average; manual cars reached a €79,448 median (8 sales) against €61,900 with Tiptronic. With only 3 documented sales (median €54,950), the Targa 4 stays below the reliability threshold

The 997.2 Targa models, with their improved DFI engines, show less initial depreciation than their predecessors (approx. 40% over 7 years).

• The low was reached in 2017-2018 (approx. €55,000 for the Targa 4, approx. €64,000 for the Targa 4S)
• Rising prices from 2018 to 2023, easing slightly since
• The engineering counts as more reliable than the 997.1, which explains the better value development
• The price gap between Targa 4 and Targa 4S has stayed relatively constant at around €9,000
• In the MarqueScope archive the 997.2 Targa appears with only one documented sale (Targa 4S, €71,700): too little for reliable conclusions, but an indication of how thin supply is

The 991.1 Targa models, with the new automatic Targa roof system:

• Moderate initial depreciation of roughly 28% over 5 years (GTS: approx. 25%)
• The low was reached around 2020-2021
• Continuous price rises since, particularly on the GTS models
• The last naturally aspirated 911 generation, which raises collector value
• The 991.1 Targa 4 GTS in particular has recovered: in 2025 it sits only around 13% below its list price
• June 2026 median sale prices: €104,991 (Targa 4, 9 sales), €126,450 (Targa 4S, 34 sales), €149,900 (Targa 4 GTS, 11 sales), each well above the 2025 averages; alongside demand for naturally aspirated engines, the change of method to the median sale price contributes to this

The turbocharged 991.2 Targa models show:

• Comparatively low initial depreciation (approx. 24-26% over 5 years, the GTS only around 21%)
• The low is reached after only about 4-5 years
• A faster recovery in prices than on earlier cars
• The sportier GTS shows the best value development: at its 2021 low it was around 21% below list price, and by 2025 only around 10%
• Demand for 991.2 Targa models has risen considerably in recent years
• June 2026 median sale prices: €117,900 (Targa 4, 11 sales), €123,086 (Targa 4S, 32 sales), €144,000 (Targa 4 GTS, 31 sales); at a median of 8 days on market the 991.2 Targa 4 was the fastest seller in the entire Targa archive

The 992.1 Targa generation:

• Shows the typical initial depreciation of a new car, though at a lower level (approx. 10-12% over the first 3 years, and the GTS only around 7%)
• On the Targa 4 GTS, prices above list for immediately available used cars in some cases (range maximum in the sales archive: €285,610)
• Thin availability on the used market pushes prices up
• High base prices mean nominally large depreciation, but a moderate figure in percentage terms
• The technical improvements over the predecessor support value retention
• June 2026 median sale prices: €143,950 (Targa 4, 26 sales), €158,875 (Targa 4S, 40 sales), €178,746 (Targa 4 GTS, 48 sales)
• The special models stand apart: the Heritage Design Edition Targa at a €239,000 median (15 sales), the Edition 50 Years of Design Targa at €209,075 (12 sales), both on the low mileage typical of collector cars (4,500 and 6,236 km)

The newest 992.2 Targa generation, with first sale data from the MarqueScope archive:

• 46 documented sales in eight months: 43 x Targa 4 GTS (T-Hybrid), 3 x Targa 4S
• Targa 4 GTS: €215,950 median, range €182,500 - €260,000, median mileage 7,010 km, 32 days median on market: the most expensive robustly documented production Targa cell
• Targa 4S: a €222,334 median on effectively undriven cars (only 3 sales, median mileage 50 km, not a robust cell)
• It is too early for a depreciation curve; the historical line starts with the next update

• Differentiation between variants: the price gap between the base and top models of the same generation widens over time
• Appreciation for naturally aspirated engines: demand for naturally aspirated cars (997.1, 997.2, 991.1) is rising relative to turbocharged ones
• The importance of the roof concept: cars from the 991.1 on, with the classic Targa design, are considerably more popular than the 997s with the panoramic glass roof
• The manual gearbox as a value driver: manual cars are becoming ever more valuable, particularly in the older generations
• Economic factors: prices for 911 Targa models react less strongly to economic swings than those of cheaper cars

The 997 Targa models have the greater part of their depreciation behind them:

• The 997.1 Targa models will hold at their current level of around €48,000-55,000 or rise slightly
• The 997.2 Targa models have more potential for moderate rises (3-5% a year) thanks to the improved engine technology
• The most sought-after cars: a manual gearbox, special colour combinations, low mileage, an unbroken service history
• Macroeconomic factors such as inflation and interest rates will have a stronger influence on these cars than on newer generations

As the last naturally aspirated generation with the new Targa design, the 991.1 Targa models have great potential:

• The 991.1 Targa 4 GTS in particular should appreciate above the rate of inflation over the long run
• The base 991.1 Targa 4 will probably stagnate at its current level
• The 991.1 Targa 4S shows moderate appreciation potential (2-4% a year)
• Its status as the "last naturally aspirated 911" will support demand over the long run

The 991.2 Targa models offer good value for money with solid value development:

• The 991.2 Targa 4 GTS should do best in the medium term and could gain 1-3% a year
• The 991.2 Targa 4 and 4S can be expected to stabilise at their current level
• Technically more mature than the 991.1, but without the naturally aspirated bonus
• The turbocharged engines offer more power and better efficiency, which could be positive for values over the long run

The current 992.1 Targa generation will follow the typical depreciation arc, but with some particularities:

• The low is expected roughly 5-6 years after launch
• The 992.1 Targa 4 GTS should show the smallest relative depreciation among the 992.1 Targas
• A slow recovery in prices can be expected from around 2026-2027
• Not advisable as a short- to medium-term investment (3-5 years) because of the depreciation to be expected

• Above-average value stability: compared with other sports cars, Porsche 911 Targa models hold their value considerably better.
• Differences between generations: each generation has its own strengths and the value potential that comes with them.
• The model hierarchy: within each generation the more powerful variants (S, GTS) show better value development; the June 2026 median sale prices, too, step up cleanly in every generation from Targa 4 through Targa 4S to Targa 4 GTS.
• Special models as a class of their own: the Heritage Design Edition (€239,000) achieves the highest Targa median in the archive for 2026, with the Edition 50 Years of Design following at €209,075; both are well above every 992.1 production model.
• The naturally aspirated bonus: the last cars with naturally aspirated engines (997.1, 997.2, 991.1) benefit increasingly from the character of those engines.
• The roof concept as a factor: the classic Targa design from the 991.1 on is considerably more popular than the panoramic glass roof of the 997s.
• Long-term value retention: well-kept, low-mileage cars can hold their value over the long run, or even increase it.