http://sacramento.craigslist.org/cto/5155613106.html
2001 Boxster S. 68k. Manual. Couple cuts in the top window. "Dent" in one of the rear wheels, but doesn't affect driving apparently. IMS not replaced. $9850.
So, I'm probably going to look at it tomorrow. KBB shows it's value in "very good" $10.2k and "good" $9.6k. I've read up on the IMS and am prepared to do it, but do look at it as a required maintenance item, no matter how the car drives. He offered to replace the top if I was a serious buyer. Tops are $600 (starting) from Pelican. IMS from Pelican is about $165 + tool set at $350. 15 hours for the top and 12 for the IMS, according to Pelican tech.
If this thing checks out (clean title, no accidents etc), is it fair to subtract a top and IMS from the "good" price? $1100 for both items + 1/2 labor? Would $8k be a fair offer? I was going to go in with this logic, but I totally expect him to be insulted. This isn't even including the damaged wheel. Maybe I'm going in with the wrong mindset, but just need a reality check before I commit to anything.
I would argue that a car with a hole in the softtop and a non-replaced IMS would not necessarily fit the "good" category, even. Thus, to get "book" value he should have the repair done on his end, or be willing to subtract the cost of the repair from the book value since it is a necessity (not like a fender ding or some paint fade whose affect on purchase price could be arguable).
That's a little too harsh in general because some rough cars for sale should be sold for only a couple hundred dollars if we bought used cars with that logic. I would say offer a few hundred dollars under his offer if he replaces the top.
Well some rough cars are only worth a couple hundred dollars 
Seriously though, if a car has a significant mechanical issue, that detracts significantly from it's value. The issue must be fixed for the car to rate the "good" or "very good" rating, or the seller should reduce price to reflect the issue. If I have a coupe with a cracked rear window, but the rest of the car is in "very good" shape, I shouldn't expect to get "very good" asking price without fixing the window; otherwise, the price would come down by approximately the amount to fix the cracked window, or at least enough to tempt the buyer to do it themselves. Same for a softtop: hole in top = water entry = not fully driveable/streetable. Thus, sale price (not necessarily the asking price) should reflect that.
First, I would make him an offer contingent on the outcome of a PPI from a proper Porsche shop. Get his permission for them to pull the oil filter and pay for a replacement so the shop can cut open the filter and check for metal and plastic debris in there.
Second, my local Porsche specialist pretty much only offers the LN engineering IMS bearing and don't even seem to fit the Porsche OEM ones (although they probably will if asked). The LN Engineering IMS is a lot more expensive but supposedly much higher quality, so I'd factor that it. As you probably know it's a gearbox out/clutch out job, hence the 12h job time.
IMS not replaced if it's still on its original clutch and doesn't make any noise is probably OK, if it's had a clutch replacement then someone's been cheap.
Also check the service history. If the car didn't have verifiable oil changes every 5k miles with a Porsche-approved oil (M1 0w40 is probably the most common), you may invite similar issues to the ones I've had with my 996.
Hmm. Ok. Good advice from all. I'm feeling like this is confirmation that the IMS is a required maintenance item. Good call on opening up the filter to check it. I expect he doesn't have service history, so is that a deal killer? Have not paid for others to service any vehicle I've owned ever, really, so don't know what the ins and outs of getting a PPI done are. I expect, though, that getting a PPI on this car- opening up the oil filter especially, would be worth it just for peace of mind because engine replacement is so expensive.
Do IMS bearings make any noise or give any indication of failure other than metal flakes in the oil filter? I'm planning on using this as my commuter for a year or so, and while I'd like to do the commute in something with some soul, I don't want to have it always be a question of whether I've got a $9k engine bill coming. That's my pause with the purchase in the first place.
The other way to easily check the health of the engine is to send some engine oil to Blackstone Labs for testing. It's only $25, and they don't charge you for the kit. 
However, it does take a week or so to get the results.
My take is that if the IMS bearing is making a noise, you have a real problem on your hands.
Blackstone is a good idea, however that might not catch plastic debris that you would see in the oil filter - that would be from the various chain tensioners in the engine and was what triggered my car's engine rebuild.
No service history and no recorded evidence of maintenance on a Porker immediately puts it into the "gamble" bucket. Do you feel lucky? Do you?
These IMS bearing failures seem kind of random. You have some cars blowing up with low miles, while other soldier on forever with no problems. I sold a Boxster S a few years ago, but before I listed it I had the Blackstone oil test done. It came back totally clean and they were really great about emphasizing that in their written notes on the report. If you like what you see and get the price you like, buy it. Run the oil test and then decide whether you want to keep, fix, or flip.
ha ha... what sounded like a great idea is paralyzing me! Great cars that will bite you hard if you don't get a good one... sigh. Not sure if I'm up to a $10k gamble.
I'd hop on that at that price provided it drives well. At absolute worse, it's $1700 for a new top installed and about $3K for Clutch, IMS, and RMS. It's still a $13-14K at most which is not bad for a S model. I could break even on a fly and drive even if I had both of those done before I arrived. I would offer $9000 and move up to 9300 at max.
Ok, drove it. No leaks, decent body shape with some super minor dings (like being parked under a tree and getting nuts hitting it), and one minor dent. Little holes under the headlights on the plastic fascia? Not sure what those were. So- 68k miles, and the clutch is stiff as berkeley. I mean, I got out of a VW GTI, where the clutch is admittedly pretty light, but this one is really stiff. Dude said he got it that way. Trans was a little "tight" as well, but the car drove fine. Looked at the engine, and it's pretty dusty/dry, which has to be a good-ish thing. Top window was done- faded and two major cracks. Right rear wheel had a pretty good ding in it.
The rest was like a 15 yr old car... Had he washed it and took his crap out of it, I'd be a lot closer than I am, but big question- is the clutch supposed to be super stiff on these? I haven't driven another S, so I have nothing to compare to.
I never found them to be super stiff on the handful I've driven. Sounds like it's ready for a clutch job which is about right for the miles and age.
So, I think I'm probably out on this one. Wants $9875 which is at Blue Book for "very good". Needs clutch, IMS, and a new top, not to mention some work done on the right rear wheel. That's a good couple grand worth of DIY maintenance, and closer to $3k for a shop to do, before I even hit the road.
No offense, If you can find an manual transmission S for the NADA book value that has no issues buy everyone you see and put them on Ebay for 3-5K more. I promise you will sell everyone. I have yet to see a good 2000+ base car for under 10K let alone an S.
Good to know. Still. Not ready to blast $3k down the day I buy the car just to get it to average. Without considering any hodden gremlins.
