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Yes, all '89 944 turbos in the US had all the turbo-S equipment (so I've read). There's a current thread over on the 944 board here about what to look for to tell if it's a -S, if you want to make sure.
Airbags and antilock brakes were standard equipment on the -S (again, so I've read.) Mine has both. Airbags are very easy to look for, if you're looking at a particular car.
The bodies are galvanized, so rust is not a common problem on these cars. If it's rusted, it's probably had some body or paintwork.
Otherwise, I don't think there are any problems that the -S is prone to beyond what a regular 944 turbo suffers. This is a topic that has been discussed several times over on the 944 BBS here, by much smarter people than me, so I'll refer you there for a list of what to watch out for when looking at a 944 / turbo.
Cost...$12 to $18k, depending on condition, mods, and mileage? I got mine for around $12k 2-3 years ago, but I would guess that's as cheap as you'd see a good example go for. They're fairly desirable, at least among the 944 community. I'd guess an average asking price of $14k - $15k? Condition is very important, but I'd guess most turbo-S cars have been well cared for most of their lives. YMMV.
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1988 944NA (Someone else's problem now)
1989 951 "Serena" (Still miss this one...)
2006 330i "Shadow" (6 speed, sport package, and nothing else)
2009 X3 "Ruby" (Because it snows here, and I have things to move)
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