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From my own experience I think they are usually worth somewhere in between. A "twilight" zone price if you will. Usually more than a 912 of the same condition but of course less than the 911 which has the pure pedigree. I like conversion on the most basic 912's over 911's because they have 3 gauges and the most simplified heating system, simple trim, and simple interior. Its really all relative though. A pricey engine installation would raise price a good deal and a less wanted engine (2.7) would only give you a small boost.
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