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I think it depends what you mean by "matters". It probably doesn't tell you a lot about how reliable a 25 year old car is going to be, but there are definitely mileage bands that affect marketability.
Obviously, condition, records and options make a huge difference -- but mileage does matter if those factors are held constant. After looking at hundreds of 3.2s and SC for sale in the course of buying one last summer (and since), and excluding Turbos, Turbo-looks, speedsters, track cars, slant noses, or other heavily modified cars, I would offer a swag:
0-29,999 -- "museum pieces" with up to 2-3x price premiums if still "stock" and original, and records back the mileage.
30,000-59,999 -- "garage queens" with x1.5 price premium if properly maintained or with evidence of refurbishment of bits that deteriorate with age.
60,000-99,000 -- "low mileage"; these are the universe of cars that have been driven regularly, but only seasonally and maybe on weekends. etc. This vehicle is the "standard" for market prices. Most have had no major work, so you are looking at major repairs during the next few years, which puts a ceiling on price. There will be a $4-5k premium at this mileage with evidence of substantial freshening (top end, clutch). These sell extraordinarily fast if well maintained, with records.
100,000-129,000 -- "average" this is your average 911 for sale. Assuming good "driver" condition, requiring no immediate major fixes, you will be $2-3k below a "low mileage" vehicle with similar colors & options. But with great records and evidence of significant engine/tranny work, you will be $2-3k more than a "low mileage" vehicle without it.
130,000-159,000 -- "well driven"; these cars will price slightly below market value of low mileage cars if enthusiast owned, rebuilt, and maintained, but at $5-6k discount otherwise -- and will sell slower due to the need to find an educated buyer who knows that they are getting. Can be a great bargain if you buy one "sorted" or a money pit if the mechanicals are on their last legs.
160,000-199,000 -- "high mileage"; the issue with these cars is that the mileage is so high, it will scare off a significant portion of the market -- particularly first time Porsche buyers. You can sell at a $4-5k discount to market if enthusiast maintained and a rare, desirable color and options -- but it will likely take a long time. A guards red targa with no records or major mechanical issues may be worth more as a parts car.
200,000+ -- "grey beards"; these are tough to sell at any price unless it is in truly exceptional condition and has been restored to a high standard (top & bottom end, trans rebuild, all new lines & suspension, new paint, and clean interior) and there aren't a lot of 3.2s or SCs that have been because they just aren't worth enough. Otherwise most of their value is in parts -- $7500-12000, and most are probably future track cars, hot rods, or due for parting out.
Just my short term observations.
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