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If $12K is your upper limit, you need to look at cars you can buy (not asking price) of $9.5 - 10K. Reason being, many Porsches in this price range have some deferred maintenance, or are coming up on some big ticket work, and the owner wants out.
912Es can be cheap enough, but some have overheating problems. At 160K miles, I would hope it had had at least one overhaul. With a good checkout, that is a $7K car, IMO.
The '88 Targa could be a better deal, especially if it checks out and has a good and complete service history. But, again, a $2K 'war chest' for possible service items is a necessity.
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