Marine Blue

I would revise the numbers above slightly and also look at the big picture. The cost of a nice S4 in 5spd is closer to $17K and if you drove it as a daily driver like you would the new car it would likely be worth less than $12K at the end of four years (assuming you're putting some real mileage on the car).

But that's not why we buy these cars. If your passion is cars, you enjoy wrenching and you love the 928 then why not go for it? Assume that parts for the car are on the high side and assume that a 20 yo car will need all of its soft parts replaced when you buy it.

DougM

My car:
1984 Euro S 5-spd.
Previous owner purchased for $9000 and then spent @$7500 for Bilstein/Eibach coilover, Griffith AC, 18" wheels/tires, 928 motorsports aluminum radiator, labor for installs and also a head gasket replacement and rebuild the heads. He then had a decent repaint for $3000+ and he did some other miscellaneous things so in all he was into it for @$21k for 3 years of ownership.
I purchased it for @$10k if I recall a few years ago. I felt it was a little above average price for a twin dizzy Euro S 5-spd in good condition with fresh paint, 18" wheels and working AC with new coilovers. I figured I could buy something for less but may need some of those things and would be into it for more.

As archived here I snapped the timing belt while accelerating very hard 1 month into ownership. Fearing the worst, I pulled the motor. Luckily, some of the earlier M28/21 Euro motors are non interference and I ran a leakdown and was 1-3% across. Also ran a boroscope and all was good. With the motor out I basically stripped the motor leaving only the heads on and proceeded to rebuild it with all new gaskets, seals, water pump, belts, rebuilt MAF, new wires and plugs, fuel lines, motor mounts, clutch master and slave and the blue hose, new starter. Removed all smog parts. I spent probably well over $2500 in parts and did all the labor myself except for the MAF rebuild. Not sure what the shop labor would have been, but my guess would have been at least 50 hours???? maybe more? I know I have way more time than that into it but I am just a hobbyist, not a mechanic by trade. So based on a shop rate of $60-$80 per hour for an indy shop, that would be an additional $3-4k in labor???? I may be wrong on that.
On the interior, I then proceeded to buy a new leather covered OEM dash from 928 Intl and in pulling everything, I cleaned everything up an go rid of all non OEM wiring except the radio. Not sure what a shop would charge for that, but it does take time. Also just had a new windshield installed. Maybe figure another $3-4 k for all that if you can't do it yourself?????
Also have a set of Carrera III wheels with new tires. They are usually @ $2-3k from EBAY.
So if you look at the last 6 years of the car, which was fairly well maintained in stock condition, It has had over $20k in parts and labor assuming you don't do any of the work yourself. It is a very nice car but by no means perfect.
Here are some pics of the transformation of the look of the car from when the PO purchased it until present.

DougM

Forgot the pics of when he purchased it with original paint, wheels, side markers, rub strips etc....