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Yes, they're about as expensive as the 944 series gets (probably on par with a 968). Since they're desirable, most that I've seen have been maintained in good condition...keeps the price up, but the headaches down. And, they come standard with a bunch of equipment that someone wanting to build a street/track car would probably buy anyway (big brakes, adjustable suspension, bigger turbo, etc.), so you'd "save" money and effort there, if that's the sort of thing you're looking for.
Having owned both a $4k 944 N/A and the turbo-S, I can honestly say that I do believe my -S is worth 3x what my N/A was worth (and I don't even race it...a waste, I know).
Comparing the 944 turbo-S with a 911 on performance vs price...heh, that's a holy war waiting to happen, isn't it? Really, it just depends on what you like, the cars feel pretty different...
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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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