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My feeling is this.
Based on the market, for not much more than the guy is asking, you can buy a no-stories, non-salvage, non-flood, non-anything 911 977 regular (not turbo).
If you want a Turbo, it seems there are a rash of 2009 997 Turbo cabs for sale in the mid-$50K region to the $60K area - I know they are cabs but they have no stories, low mileage and run.
I believe what Catorce is probably getting to is that these cars had a very high sticker price that started at $140K and could very well go up into the $160-$170K region, which is a lot of money (especially since it was a year AFTER the economic meltdown) - and that an engine (working, not flooded) plus other items are probably worth $40K. But this stuff being in a flood - not $40K.
For a car that probably cost $150K new - $42K doesn't seem like a huge asking price, but I have to tell you that being a flood victim is going to make this one hard to own.
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