i may be a bit biased, but imo the 924 is one of the best performance bargains you can find. they are not for everyone, but if your willing to look at them from the engineering point of view, you will be amazed.
these cars were 30 years ahead of their time, and though their performance stats arent impressive today on paper, they are a blast to drive because of there 48/52 weight balance, easily upgradeable suspension that is great even in stock form, and zippy enough to have fun with. get the turbo version and youve got a car thats faster than a 944 and many 911's, and with a bit of work, they are downright rocket ships.
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electrics- the stock electrics are actually excellent, the only issues are bad grounds because they haven't been cleaned in 30 years in most cases. fuel pump relays are also a common issue, again because their 30 years old, just like the fuse panels, if their in good shape, they rarely let you down...
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body: Galvanized at the factory after 1978! designed to with stand a 55 mile and hour impact, yes 55 (crash standards in the us were expected to be severely tightened, the 924 was designed to be compliant. i have seen a few flipped on their roof and not even bend a pillar. one of mine was run over by a cherokee (tire track on hood) and didnt even break the windshield. heavy? not really.. 2300-2600 pounds depending on year. not feather weight, but no big bertha either.
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top end: yep, the head was intentionally restricted to keep it from being faster than the rest of the Porsche line up. there are a few who have built big valve heads with good results, it aint easy or cheap though. but dont forget, the gts were making over 400 hp on the 2.0 block in some cases, reliably, so there is potential. Also the CIS is a GOOD setup IF you learn it. if you dont want to, Mega Squirt it for great results. Id recommend against side drafts for the 924, the result aint all the rumor. cis cars do better in most case, unless its purely a track car. My friend has webers on his, its horrible to drive and slow as a pig (dont tell him though!) under 4500 revs..above 4500 revs its MUCH better.
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the block is bullet proof, add a crank scrapper to free up a few more revs. Bearings are hard to find in standard size because even 25-30 year old rebuilds are not needing to machine the crank on well cared for engines, std. bearing are always in demand rather than over sized.
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the interiors didnt hold up as well as the rest cracked dashes and split seams at the seats are common. but you also have allot of choices to fix those issues with.
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interchangeable parts! you have not only the 924, but the 924s, 944, 968, and even some 911, 928 parts you can upgrade with. suspension, brakes, interior, ect... plus the interchange parts between vw and audi on allot of the hard parts and electrics. also on parts, some are definitely hard to find, BUT, the crew over at 924.org is taking care of that a little at a time. we've already done rod bolts, bearing, cometic head gaskets, and a bunch of other stuff. we've got a consortium developing head improvements, and all sorts of exciting stuff going on!
slow? maybe... my 78 with the 4 speed has great "pep" but above 85 or so gets buzzy and doesnt respond well, its awesome under 85 though. Five speeds will get you better top end, but you loose a bit of low end grunt. and yes you can swap out a four speed for a five speed, but you also have to change some other stuff (still a one day job, unless your converting from a snail shell to an audi (merc) set up. ) In any configuration you make up the lack of grunt on the corners... with a turbo , no lack of grunt or corners.. But as for the 924 being "beetle" slow, total myth bugs have trouble doing highway speed, the 924 even in the 77 95 hp version, is way faster :)
With a poorly maintained 924, there will be allot to address, and some parts will be hard to find, others may cost more than your used to (fuel pumps requiring 100psi + =cost.)
id recommend and 81 or 82 in the 2.0 n/a or turbo versions (turbos will be more work, but also MUCH faster). the 79-80 my had snail shell transaxles, lighter, but prone to 1st gear issues and a different mounting setup. 76-77.5 my had lower output, 78's are a decent choice, 81-82 are better... 87-88 had the 2.5 944 engines, slightly detuned, 88s had suspension improvements and are the better choice of the late models.
ALL that being said, there may be better choices, but ive really enjoyed mine. I'ive had my 78 924 since 1995, and my 82 924 turbo (931) since 2000, and enjoyed them both tremendously, even when their in pieces (my decision to tinker, not the cars issues for the most part.) I turn cars often, but have never gotten bored with my 924s...