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I'd say you should buy the newest model you can afford, and it sounds like you can afford a 996 turbo (01-05) because a 997 turbo won't be anywhere near that price. But the 996 turbo is an awesome car with a great engine and $50k (or less) will buy you a fairly low mileage car in good shape and possibly with the X50 power package if you look hard enough. Personally I can't get past the 996 body styling or there would be one in my garage and I couldn't afford to outright buy a 997 turbo either. Just be sure to get it inspected first by a Porsche mechanic if you find one that you're seriously thinking about buying, especially if it's been modded.
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