I wanted more experienced eyes than mine to give some feedback, and I figure that sinc ethos is all public information someone who is really serious will find it themselves anyway, but to your point I think it might be better said that I am a little naive about getting poached! :)

Nonetheless, Point taken re: posting ads....

Buy the 87 that is listed for 22k in the cars for sale section. No affiliation, but seems like a good deal.

Oh man, you may have just made some enemies :)

Wait, what's controversial about that? ;)

I have actually never driven a 911 of any kind - I don't think I've even sat in one since I was a kid. But I have driven a 914 - my first manager when I was an angineer at Chrysler had one. It was a really marvelous car to drive, piles of fun. Worst shifter I've ever used, though.

It's just personal preference, no worries. I'm gonna turn coats cause I'm seriously leaning towards a tt. I don't mind antifreeze in my motor! Others think I should be castrated for such a thought!

Looks very good, and very well taken care of, but can I rely on a 200k mile car for, say, five years at 5-8k per year?

I think there is one flaw with your logic.

More experienced members can chime in, but I think there is a high correlation between mechanical and cosmetic quality. Do you think a car that has been left to rot to crap is going to have stellar mechanicals with a refreshed suspension and sparking motor? I think not. In most cases, mechanicals are neglected before cosmetics. If the car looks like crap, do you think the owner bothered to change the gear oil?

And sorting out cosmetics may be more expensive than mechanicals. Think of what $5000 will get you in either category. In mechanicals, it means new suspension, full tune up, valve job, new tires, etc. $5000 won't even cover a paint job.

If you have money, get a nice car, particularly since it will be your primary.

Just for the record, just because it's a galvanized car does not mean you are in the clear for rust. Check the door sill just under the trailing edge of the plastic sill cover, and inside the frunk forward of the wheels (on the driver's side, just above the battery box). Galvanized cars can rust in these areas, because dirt and debris thrown up by the wheels can get trapped behind these surfaces, and hold moisture.

Your finances are certainly none of my business, but lots of folks on this thread offer solid advice. AND most of them speak from experience. That being said, when I bought my offroad vehicle, I just took the money out of my floating Home Equity line of credit. The interest is really low right now, and you would have title to your car while paying it off. And the car would appreciate instead of depreciate like most other cars you buy nowadays. The tweaks would have already been done and you could have a nice driver. A few things come to mind. Paint $10k+. Interior $4-5k+. Tranny rebuild what? $3k? Motor rebuild.....ridiculous sum. When I bought my motorhome, $50-60k was my limit. When I brought it home I looked in the mirror and laughed in my own face. Guys and expensive cars were not designed with mutual exclusiveness in mind!!

Isn't that the stronger 7R case that all the early lightweight car guys love to build hotrod engines on?

You cannot rely on a 50k mile 911. Not being a smartie pants, it real.

Second generation parts are in order at the very least. Head studs go whenever the heck they want to. 3.2's have less than robust valve guides and can shear studs, blah blah.

Nice targa just listed in the Cars for Sale section, just sayin'

You're deciding if this whole thing is a good idea.
A thread like this is smart way to bounce your thoughts.

For now, you need to go look at a few local cars.
See if you really want a 911 once you are standing next to one.
Give yourself a 3 hour radius if you're serious.
You can wake up at 6am on a weekend and take a drive, and be home by lunch time.
Once you see a couple of cars, you will eventually be at place where you can pull the trigger when the right car presents itself to you.
This might take a month or two, and then there is Chicago winter.

To buy a car that is a good deal, you need to be able to move fast.
You are not at the place where you're ready to pull the trigger.
If a decent 911 came on the market for $12k, you probably wouldn't end up with it, since you've not yet convinced yourself.

You said you need to sell 2 project cars to fund the 911 purchase. This will also take time.
So, if I were a betting man, my guess is that you will be buying a car next year.

1) Go drive a 911. Something used, in your price rangish or up.
2) Then go drive a NC Miata (2006+).

The Miata is going to outhandle, out accelerate (most of the time) and be 100% more reliable at probably 1/3 the price. You can bang shift it at 7200 RPM ALL day long, weeks on end, for almost infinity. At the cost of changing oil. If you engine blows up, you have an easy upgrade to a 2.5 for $1000 (or less).

Think about what you really want. I have both and the Miata crushes the 911 in every category.

Except the 911 is just an addiction :)

Sugarwood, some good points. There is at least one local-ish car, and I will go take a look at that one this weekend.

I would sell two cars to replace a 911 with, but I don't need to sell them to actually buy it - I can buy it with cash in the bank. It's just that I don't feel I can justify spending that much cash, therefore my desire to then sell my Honda, which is my one non project car. Also, I think it would be ridiculous to have four cars.

I am normally really deliberative with purchases, and over time this has served me well, but sometimes I am too deliberative, so I have learned in recent years how to be more efficient, and figure out my desires and priorities more quickly. I don't want to rush something like this, but I also don't want to wait too long because if I wait til next year it will cost me even more. Some of my money is making me money, but it's not doing it -that- fast....

Last,

I've driven an NB Miata ('99, sport package) and it was tremendously fun. One of my best friends bought it new, and I have first dibs on it if he ever sells it. But no way can I justify owning both a Miata and my Fiat Spider! :) I really have thought about them, though...

I second that. Find a car and look at them quick before there snatched up. It took me a year to find a car and I can't tell you how many times I was the second or third caller.

That's good! The Miata is my 'baseline' car for whenever I want to buy a new toy.

I drive my NC. Then I drive the 'new' car, and it's tough, not many cars can beat it, and the 911 ONLY surpassed in one area. It's an icon. I want to see what a sorted out one is capable of. So far, my 79 is eons behind the Miata, but I hope to get them much closer... soon!

PS If you like the NB, you would love the NC. The extra power is just what the doctor ordered.

This was my first 911; I bought it 4.5 years ago. They are fantastic cars with an incredible fun factor. After 4 years, I decided to sell it to put some funds into my 72 911T and some money into a 914-6 project. Buy the best you can, is my advice.
FS: 1987 Carrera coupe, 73,500 miles, excellent condition: $42,000

All good advice above.…I would add speaking to a local air cooled mechanic. This first thing I did 2 years prior to buying my 930 was to call a local air cooled Porsche shop and asked the owner for 30 minutes of his time. He happily obliged and ran me through routine maintenance costs and possible pit falls. At some point you will require expert hands or at least an expert opinion no matter your skill level. Good time to make friends while there's no immediate help needed. Oh by the way, enjoy the hunt…it's the best part second only to how the car makes the garage smell.

Good luck!