The color is Velvet Red. I'm biased, of course, but I like it. It's one of those colors that appears differently in different lighting conditions. Mine has a grey interior, which I prefer. I could deal with a tan interior...
https://bringatrailer.com/listing/1989-porsche-911-carrera-targa/
but not with white...
https://bringatrailer.com/listing/1989-porsche-911-carrera-targa-2/
It's a difficult color to match if it needs some paint work.
I was looking almost exclusively for a black one, but when I saw this car it was simply too good to pass up. And 5 years and 15k miles of trouble free driving later, I'm glad I jumped on it.
Some people think 89's are worth a premium over 87-88, others don't. I think there's a thread on that.
$40k will buy you a nice 87-89. While that car sounds nice, at $40k it's no bargain. If you're not comfortable with the color, keep looking.