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IMHO, there is no longer a "cheap" Boxster. These too have exploded in price over the last couple of years. But the 986 is still less expensive than a 987.
I really liked my '01 S. My wife and I wanted to add one to our garage for years before we bought. But we quickly learned that we were not "convertible" people. The best part of the 986 for me was the really good aftermarket for parts and upgrades. And I might still have mine if I had pulled the trigger while Suncoast was still selling the Euro M030 suspension setup at about $1,500.
But the 987 is simply a better car. Much better interior quality. And with a mid-year 2005-2008, the IMS is the final design and is pretty much a safe bet. If you change the clutch, just pull the grease seal on the bearing, as per Jake and LN Engineering, and stop worrying. Plenty of spare parts, just not the depth and breath of upgrades for my taste.
In the end, get a PPI and as Tony said, an '03 S or '04 S will make your cousin happy for a long time.
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'17 Cayenne
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