The Porsche 987 has arrived in the Hagerty Price Guide—here's how it stacks up

Great news, Porsche nuts—the Hagerty Price Guide now tracks the 987 generation of the Boxster (2005-2012) and Cayman (2006-2012). Armed with this set of data, we can now easily compare the second generation of Porsche’s water-cooled, mid-engine marvel against established models in our Price Guide to see how their valuation trends stack up against one another.

If GT3s, 993s, Turbos, and early longhoods are the buttercream frosting coating the Porsche market, it’s the fleet of 996/997 Carrera and 986/987 variants that make up the fluffy yellow cake. The 986 and 996 put Porsche back on the sales charts after the marque’s financially dismal 1990s and set the stage for modern Porsche sports cars. It was the 997 and 987, though, that made the new formula more Porsche-like.

Although unquestionable sales successes, the 986 and 996 ruffled more than a few feathers with the Porsche faithful. They were put off by the 996’s plastic-fantastic interior, mechanical shortcomings, and its alarming performance and aesthetic overlap with baby brother 986. Porsche heard this outcry and brought about changes in 2005.

The reactionary 997 and accompanying 987 convinced Porschephiles to put away their pitchforks. The infamous IMS failure still occasionally struck a 997, but incidence rates were magnitudes less than early iterations of the 996. Porsche tightened build quality, shaped up the exterior lines—this time creating clear model differentiation— and further established the model hierarchy that remains mostly unchanged to this day. And, for those who dreamed of a Boxster coupe, the popular Cayman made its debut.

The 997 is as beloved and sought-after as the 996 is controversial, and as a result, values for the 997 never really dipped to the 996’s bargain-basement levels. As of this writing, a 2004 Carrera (996) in Condition #3 (Good, or driver condition) trades for an average of $28,000. One model year later, a 2005 Carrera (997) in the same condition claims an average of $46,000.

That’s almost $20,000 extra for an only incremental real-world performance improvement. It’s the same with the 987; there’s a whopping $10,000 delta between a 2004 Boxster ($14,000) and 2005 Boxster ($24,000) in #3 Condition. The mechanical differences between a 986 and 987 are more meaningful than between the 996 and 997, but that’s still a significant premium.

Regardless of the delta between generations, values are on the rise across the board. The 986—ever the cheap and cheerful budget Porsche—is up 34 percent since Sep. 2019, with an average of $23,000 for all first-gen Boxster variants and model years in Condition #2. As 987 Cayman/Boxsters shared the 997’s aversion to bottomless depreciation, values remained somewhat stable since Sep. 2019, gradually raising 25 percent to an umbrella average of $43,000 for all variants in Condition #2.

Demand for any and all 911s continues unabated, and as one of the breed’s high water marks, the 997 saw a 55 percent boost in value since September 2019 to a stunning $115,300. That’s an alarming figure until you factor in the influence of rare and low-production variants like GT3s, RS 4.0s, Turbos, Sport Classics, and GT2 RSes. Most 997s trade somewhere in the $50,000 to $75,000 range.

Recent auction volume for the 997 and 987 reflects their enduring desirability. Since 2019, online and live auction sales have more than doubled for both the 997 and 987. A total of 570 997s are expected to sell by close of 2022, with a strong 76 percent sell-through rate that’s up from 2019’s 69 percent. 85 987s expected to sell by the end of this year, although the sell-through rate dropped to 72 percent from 2019’s 76 percent. This lower rate may be influenced the comparatively limited supply.

Let’s huck a curveball in the mix—a lightweight, barebones semi-exotic curveball. The advent of the 987 into our hallowed price guide means it now faces off against segment-mate Lotus Elise, a car we’ve tracked for a while. The comparison isn’t entirely apples to apples with only 6,300 Elises imported to the U.S. between 2005 and 2011 model years, but this is reflected in the Elise’s $60,100 average value for a car in Condition #2. Like the Porsches, values are up, with the Elise enjoying a 54 percent curve since Sept. 2019.

Per our data, the swell for each of the aforementioned cars is the result of increased interest from younger demographics. 46 percent of 987 insurance quotes through Hagerty are from Gen-X or younger, an increase in 11.1 percent since 2019; the 986 is close behind, with 43 percent of quotes from the same age range, up 7.1 percent since 2019.

The 997 appears to be a fan favorite with younger Porsche enthusiasts, beating both 986 and 987 with 55 percent of quotes from Gen-X or younger, up 7.8 percent since 2019. Impressive, and telling; the 911 proves it has staying power even over the more affordable mid-engine 987. The Elise kicks ‘em all to the curb, though, with 69 percent of quotes from the same youthful range, up 7.8 percent since 2019. This high level of younger engagement bodes well for future appreciation for all of these models.