Market Spotlight

Pigs still can't fly, but the Porsche Cayenne is starting to become collectible

by Rob Sass
20 May 2021 4 min read
High-powered luxury SUVs are now de rigueur, but the 520-hp Cayenne Turbo S was something of a miracle—or an abomination, depending on your point of view—when it debuted. Photo by Porsche

Bob Dylan performed his first electric concert at the Newport Folk Festival in 1965. For acoustic music aficionados in those days, guitars with pickups were the devil. Seeing Bob plug in was viewed as the ultimate betrayal, prompting enraged shouts of “Judas,” severely harshing the mellow of the event, or whatever. But the protestations of snobby folkies 55 years ago paled in comparison to reaction of the Porsche faithful in 2003 when the Cayenne SUV was introduced.

In addition to the garden-variety wailing and garment rending, there were also predictions of the imminent demise of the marque. The petulance factor was off-the-charts—“If this is the price of Porsche’s continued existence, then I say, let them die with dignity” was representative of the opinions of the most extreme. In other words, the enthusiasts hated it. So, predictably, the Cayenne was a massive sales hit, (notwithstanding the now quaint-seeming histrionics). Almost 20 years later, there’s peace in Porscheland— the Cayenne has been fully embraced by even the most fervent brand junkies. I know more than a few Porschephiles who wouldn’t dream of using anything other than a  Cayenne to tow their track cars.  

As a testament to how right Porsche got things with the first-generation Cayenne (known internally as the E1 or 955), the remaining good ones are being snapped up by those in the know. Clearly, at some point in the last year or so, early Cayennes went from the favored mounts of the look-rich-for-cheap/poseur crowd to enthusiasts with pockets deep enough to keep good ones on the road. The days of decent early Cayennes as fodder for  “buy here, pay here” lots is about over. Data from the insurance side of Hagerty’s business confirms something is going on: More people are calling us for quotes on insurance for Cayennes and they’re stating higher values for them (in April the average was $18,000, which is 15 percent higher than the year before).

To establish its credentials, Porsche even took the Cayenne racing in the Transsyberia rally. (Image courtesy Porsche)

It’s hard to say why this is occurring. The passage of time and inevitable attrition that makes once common vehicles seem exotic no doubt plays a factor. First-gen Cayennes have now been out of production long enough that factory support for them is the responsibility of Porsche Classic. (Porsche will even modify old Cayennes as part of its Exclusive Manufaktur program.) The relentless increases in size and refinement in modern luxury SUVs, Cayenne included, may be making the originals seem honest in comparison. Factor in its genuine off-road prowess, and its family resemblance to the now hip 996, and it starts to become more clear why so many people that I know are searching for nice first-gen (2003–2006) Cayennes. And it’s not just people looking for roomy, powerful winter transport. E1s are becoming the blank canvas for some really spectacular builds. Support through the Porsche Club of America is excellent too, with helpful how-to videos and ready access to sound advice.

There is a definite pecking order in early Cayennes—few people seem to seek out the underpowered 247-hp base cars with lightly modified 3.2 liter VW VR6 narrow-angle V-6. The exception to this rule being the few manual transmission V-6s. The sweet spot for budget shoppers is the Cayenne S, powered by a fairly bullet-proof 340 hp 4.5 liter V-8 (decent ones are in the $10,000 to $11,000 range). The 2006-only Titanium Edition is cool and underappreciated, with an alloy hood, titanium trim, and some different colors and interiors. Strangely, the  450-hp Turbo doesn’t fetch much more than the naturally aspirated S. The added complication and exponentially higher maintenance costs scare off a lot of people at this price point. The monstrous 520 hp Turbo S, however, is simply too tempting for many, who will throw caution to the wind.  A nice Turbo S will likely cost you more than $20,000.

Cayennes are generally rugged, and their weak spots have been well-documented, and in most cases, fixed. For example, the V-8 E1 Cayenne initially came with plastic coolant pipes located in the hottest part of the engine compartment, under some plastic cladding in the central valley of the engine. Predictably, after numerous heat cycles, the pipes failed, sometimes catastrophically. Most early V-8 Cayennes have long since gotten upgraded aluminum pipes. Cardan shaft bearing supports fail every 100,000 miles, but the aftermarket has several cost-effective solutions for that, as well as the steering column failures that afflict some models. Occasionally, a transfer case will fail. Cars equipped with air suspension will also wind up costing a fair bit to fix eventually, or not—you can always convert them to steel springs.

Porsche Classic offers factory support for early Cayennes and (for the right price) will even modify them, as shown above. (Image courtesy Porsche)

Many things on the Cayennes are, believe it or not, DIY-friendly. Some, however are maddening. Changing an alternator falls into this category, it takes about five hours. Even swapping out a battery is an exercise in frustration—it’s located under the driver’s seat, and yes, you have to unbolt the seat and tilt it back until there’s just enough clearance to heave a 50 lb. battery out. Not much fun.

Early Cayennes also wear pretty well cosmetically. Body finish and galvanizing was excellent. I have yet to see a seriously rusty Cayenne.  Tiptronic automatics are also pretty stout. 2005 model year Cayennes occasionally have transmission valve-body issues that result in hard downshifts, but there are several companies who will rebuild just the valve-body for around $600. The R and R is a DIY job. My Cayenne, at 157,000 miles has yet to use an appreciable amount of oil between changes. Like a hypochondriac who panics because he can’t find his pulse, I find the lack of oil consumption to be downright eerie. 

To the naysayers who opined that collectability is a mere pipe dream for the Cayenne, I would say “not so fast.” Turbo S models seem to be increasing in value, as do post-facelift 2008 GTSs, particularly those with manual transmissions. And if the frightfully troublesome Land Rover Discovery can develop a cult following (which it most certainly has), why not the first Porsche SUV?

Rob Sass is the editor-in-chief of Porsche Panorama, the official publication of The Porsche Club of America.


  • Jos Buijk says:

    Porsche is quality , of course. But the cayenne has nothing to do with the background of the marque.
    I love much more my 2007 Grand cherokee srt8 which has a real background to it’s forerunners. I will never forget what my uncle said about my father when allied soldiers came in the village were he ( and I later) lived at the end of the war . My father said to my uncle : “no wonder the allies won the war ” while looking at the construction of a Willy’s “so simple and effective” . And that’s what I call “pedigree” , and that’s what the porsche lacks ,how good it is,however.
    ( and I ) lived. My father was a car mechenic and he said to my uncle when the soldiers came in

    • K.Horn says:

      Counter to some claims made by other posts, Porsche does have 4×4 AWD pedigree. The kubalwagen was based on the beetle and there’s a very rare jadenwagen made by Porsche in the 1930 or 40’s. You can easily look it up. Seinfeld owned one I believe I read. Dr. Porsche also designed tanks. There is nothing more “off road” than those.
      As to the claims of “simple and effective” that poster has apparently never seen a 356 and knows nothing of the targa florio or Porsche extensive rally history. I work on my 957 Transsyberian (yes I own one), for a modern vehicle it’s fairly easy and with the gts 4.8L it’s very effective.

  • Dave Nelson says:

    I absolutely love my 2006 Cayenne S. It now stands at 258,000 miles and I’ve put on all but the first 24,000. I bought it at 1 year of age. This car is excellent in Winter, goes ice driving every year for fun, and a perfect ski vehicle. It tows my track cars and 2-horse trailer, too. It’s an everyday driver that performs well on mountain roads. I only drive the Tiptronic in manual mode so I can keep the engine speeds within its power band. All the normal problems mentioned in the article have happened to my car. But it keeps on going with proper maintenance and repairs when they come up. Not a single system on the car that does not work as designed.

  • drhino says:

    I will always hate them.

  • Ben says:

    To jumpstart the battery you have to remove the front seat?? Really?

  • Wiser Too Late says:

    In early 2015 I purchased a used 2009 Porsche Cayenne S with 63k miles that had a clean inspection check from my local Porsche Dealer. I will NEVER purchase another Porsche product. In five years of my ownership, I spent over $17.5k maintaining and repairing the car. It was a fun car to drive but the repairs and time spent in the shop took away that joy. My TESLA Y would leave that car in the dust PLUS has virtually zero repair costs

  • Wiser Too Late says:

    OH YEAH!! But replacing it will cost over $600 with labor!

  • Craig says:

    Love my 2010 GTS but the key to affordable ownership is performing all your own maintenance. Bought it with 53k miles and I’ve had it three years. Had to fix the coolant vent line underneath the intake ($38 part) a starter ($380), and the cardan shaft bearing ($230). All were fairly easy to fix if you know how to turn a wrench. Right now it’s worth pretty much what I paid for it. It’s holding its value nicely.

  • Andrew M says:

    Can’t wait to see where the 958’s go in 5-10 years. The higher trims (GTS, Turbo, Turbo S) retain their value so well and are such well built cars. The 958.1 Turbo S is the best looking of all generations in my opinion. 8 years later and it still turns heads. Not to mention the driving experience.

  • Milorad Korac says:

    If this article was done by “The Hagerty Group” and the Cayenne is starting to become collectable then why was my 2006 Porsche Cayenne Turbo S denied insurance. I have now cancelled my insurance (Oct. 29 2021) on my 1986 911 turbo with Hagerty and gone with another insurance company after being refused insurance for my 2006 Cayenne Turbo S.
    I received an email from Hagerty that they now insure 90’s and newer collectable vehicles.
    Hagerty — “Your special ride deserves special coverage”.
    Your article says that the Cayenne is starting to become a collectable.
    This is what happened when I asked for a quote.
    First I was given a quote, and then when I tried to insure the 2006 Cayenne I received an email that they currently can not insure the vehicle as it would have to be 25 years or older. This was sent to me buy your agent here in Richmond Hill, Toronto Oct./29/2020 . It was not what was sent to me by your office in the States that originally sent the email for insuring 90’s and newer vehicles.
    Then the following year (2021) I tried to get insurance again after Hagerty sent me more emails about how “we now insure 90’s and newer collectable vehicles”, and even got quotes.
    I was refused after the agent told me it’s not rare enough and had me look up how rare and how many 2006 Cayenne Turbo S were made in 2006. Then again I was asked to send pictures of the Cayenne and told it’s still not rare enough.
    The numbers given for 2006 Cayenne Turbo S in production are 1500 units with 40% (600 units) destined for United States.
    I have a U.S. model. Apparently it’s not rare enough here in Canada.
    Then they denied me insurance on the ground that the government doesn’t see my “Truck” as a classic or collectable.
    Then they said well we like to see where it’s kept if in a driveway or a gated fenced in area and the 911 turbo in the garage (according to Hagerty’s on line form it can be kept in a driveway, under a car port in a garage under no specific lock up and key, but you must have another car for daily use, which I do).
    I made phone calls to Hagery and spoke with a girl named Jessica from “Palm Springs, Michigan
    Corvette lover”. Nice girl and nice to talk to over the phone, to which she straightened everything out. Only to be denied insurance again after my quote by Doreen at Hagerty in Richmond Hill, Toronto.
    So then I called Hagerty back and got Samyog from Scarborough. Was also denied insurance.
    It was not until I called up Doreen from Hagerty in Richmond Hill to cancel my insurance for the 1986 911 turbo that she went in and said she fought for me with her manager in the company to accept my 2006 Cayenne for insurance.
    But by then I had enough of this insurance company (agent) and Hagerty.
    If this is the problem I’m having getting insurance after being emailed that they would like to insure my 2006 Cayenne with a couple of quotes as I tried twice in 2 years, and then refusing, then there is a problem at Hagerty.
    I would not trust Hagerty as an insurance company as the problems I have had in trying to get insurance for one single vehicle, can you imagine the problems you would get trying to make a claim against Hagerty for someones so called “Your special ride deserves special coverage” by Hagerty.
    Getting money out of an insurance company is always harder than when you’re buying in or giving money to the insurance company.
    If you would like proof just email me and I will give you all the emails I have received and even have the phone message left buy Doreen on my answering machine about me canceling my (911 insurance) and her talking with a manager (went to bat for me to get insurance on the 2006 Cayenne).
    Too little too late.
    Milorad Korac

    • Randy Ritter says:

      Too bad Hagerty won’t insure my 2009 CAYENNE GTS as they don’t deem it a “collectible” despite their article claiming the contrary. All My P Cars will be going to a different insurer..

Leave a Reply

Your email address will not be published. Required fields are marked *

More on this topic

Hagerty Insider Newsletter

Your weekly dose of auction reports, market analysis, and more.

Thank You!
Your request will be handled as soon as possible
Hagerty Insider Newsletter
Your weekly dose of auction reports, market analysis, and more.