Has some issues, but for 10k its a buy. Fix the major issues, rattle can it flat black, and go have some fun for 15k! ;)

Agreed. If it runs, turns and stops its worth more than $7K.

For $15K I can get a 996 with a 100 more hp....

I'm trying to thin the herd not add to the collection of projects. Those I have too many of. :)

The 996 will be a driver. That 964 looks like a serious project.

If you are inclined to buy a 996 go that route.

It's interesting to me as well, and not sure how anyone could get "excellent" regarding any part of that car from those photos. After seeing the follow-up pics, I stand by my assessment of it being firmly in the "fair" category (probably closer to "rough" now).
If you look at enough pics (even at lower resolutions), stuff just jumps out at you I suppose...

From the initial pics:

It was pretty clear (to me) that the car had some sort of paint issues (or just areas of heavy oxidization), and potentially a partial re-spray (driver's door color/sheen looks off in relation to the front fender).
Potential blems on the hood and LF bumper cap. You can tell it has the common 964 front bumper grille deformation as well. The tail lights & center reflector aren't "pinkish white" yet, and I've seen much worse, but they are slightly faded.
Ill-fitting rocker panels/missing rocker seals. The F/R window seals look oxidized. Wheels are hideous IMO, and do not fit the car.

The dash is warped (or cracked from the bottom). At least it's not leather. Seats are "decent". The top and bottom bolsters as well as the front pad definitely show wear/cracking. I've seen much worse, but I've also seen much better on similar mileage cars.
Carpet is pretty dirty, especially towards the front foot-well. If you look at the driver's side rocker carpet, notice the change from back to front.
Also, the center console carpet near the driver's right foot looks pretty worn/dirty. Door sill plates are dirty (easy fix), but you can tell the actual rocker carpet retaining strip is pretty banged up, not just dirty.
Again, an easy fix, but just indicates the level of care given to the car (or lack thereof). Leather is worn on the top section of the steering wheel, and it looks like a hole has been worn in the shift knob (pretty excessive for only 63k miles IMO).

So, while there isn't that much to go on in the first 3 pics, there are enough "indicators" of the overall condition. YMMV I guess, and "condition" is always going to be subjective.

About what I imagined...

Clutch is hydraulic, no adjustment necessary. The oil leak could be several things. These early 964s didn't use cylinder head gaskets, and many were affected with leaky heads, although it usually isn't a huge issue/leak (worse when it's cold). The case bolt O-rings tend to leak after a while as well. Oil switches, return tubes, tensioner housings/lines, the list goes on an on with potential culprits. However, the first thing I would've done is check the oil level to see if they over-filled it. :)

Reeeegardless, as others have mentioned, it would be a solid buy @ $10kCAN, even assuming the worst about the engine (IMO, YMMV, yadda, yadda). :cool:

Another thought on this..... With the way 964 pricing is going, even with some issues that could be a 20k car in the next few years. Might be a fun roll of the dice. I don't see 996s gaining value before the 964.

Sounds like OP wants a driver and this isn't one. Look at the rust too! This is a great buy if you want to flip it or part it out, but if you want a decent driver or even a solid base to work from this isn't it.

Of course, I'd jump on this at 7k US. If nothing else, you could post it a week later on Pelican and make an easy 3k finders fee still making another guy happy ...

G

I bet you could sell that on Ebay for $15k pretty easily. Even with the issues it is a running and driving car, and somebody wanting a project could turn it into a decent driver. Hell, you could probably sell just the engine and transaxle for $15k.

FWIW my brother has a '90 C4 Cab. I don't think the 964 C4 was a particularly popular model and especially in manual trans cabriolet flavor, but perhaps that makes it a bit rare and he loves the car. The only issue he's mentioned to me is water sealing - needs new rubber and probably a good top and window re-alignment. (I don't think he's looking to sell though.)