Remember, the 912 shares many parts with the 911, and those parts can be expensive or, worse, unobtainable. This is especially true for the 1965-68 cars. A headlamp assembly for a 1965-68 model costs about $135 without the bulb. The front turn signal housing or taillight/turn-signal housings, of which the lens is an integral part, for the same cars are almost impossible to find and are extremely expensive ($500 and more) if you do locate them. That means a cracked or broken lens can be a very expensive item to replace. For the 1969 models, the front turn-signal housing still runs about $500 but can accept a replacement lens, which costs about $100 new. A 1969 rear taillight/turn-signal housing is $300 and a new lens is $65. Exterior door handles and OEM-style rear engine grilles are other rare and pricey pieces.
Replacing the rubber trim and some interior pieces can also break your budget. Original German-weave carpet kits go for about $700 with a similar trunk liner almost $300. Even a new gearshift knob can set you back about $75. A new OEM interior rearview mirror goes for $180 for the early cars.
Of course, you can buy cheaper carpet kits that still look decent for as little as $200, and there is a good-sized inventory of various used parts available. Repairing dented or rusty doors with new "skins" is a cheaper and easier alternative than buying used doors. Later model or used rearview mirrors can be easily retrofitted to save money if you are not concerned with preserving your car's originality.
The point of listing the high prices of some of the above items is not to scare you off from buying a 912, but to realize that in the long run it is cheaper to pay top dollar for a clean, original car than slowly go broke restoring a fixer-upper. And don't rely on future appreciation to cover those excess restoration costs. Look on your 912 as a source of enjoyment, not revenue.
The upside to the relatively low market value of 912s, dragged down in some respect by a number of clean cars for sale that are incapable of moving under their own power, allows you to get needed parts for your 912 by obtaining a "parts car" at a bargain price. It is possible to more than recoup what you pay for a fairly clean non-running car by removing from it anything you need, or will need, and then sell off the remaining bits and pieces. As one 912 owner reported, only semi-facetiously, "My car is probably worth more in pieces than it is together."
Okay, we have gotten through the scary part. Mechanically, the less complex (compared to a 911) 912 is a pretty simple and economical car to work on. Working on the 356 four-cylinder is not beyond the average mechanic's ability. The engines are strong and reliable, and if you do need a rebuild it can be done for $2,000 or less depending on whether you need new cylinders or a crankshaft. Brake and clutch work is very reasonable. New shocks, especially Konis or Bilsteins, can be pricey, about $500 for a full set. Replacing front and rear torsion bars is in about the same range.
On 912Es, be wary if someone has fiddled with the L-Jetronic fuel injection, especially the emissions equipment. Getting it all back to factory specs could get expensive unless you're able to track down a Porsche garage with expertise in working with this system-a good reason to pay the $150 or so most Porsche mechanics charge for a complete pre-purchase inspection covering the entire vehicle
So what should you pay for a good, clean 912? For the most part, since all of the early cars are so similar, model year is not so much of a factor. Prices have remained flat over the last five years, with coupes of all years ranging from $5,000 to $9,000 based on mileage and condition more than age. Targas average between $7,500 to $12,000, the '69s selling for slightly more. Soft-window (removable plastic) Targas look cool but are expensive to repair.