The name Porsche almost always leads people to the 911. A very capable and complete sports car that’s synonymous with the brand. However, Porsche has been diversifying their portfolio for the past couple of decades and we got to experience a baby 911, the Cayman.
The Cayman and Boxster had every bit of the Porsche Ethos but was a lot more engaging than its expensive brother. Porsche execs even admitted to not pushing the Cayman to its full potential as it might cannibalize the sales of the 911. Back when it was new the Porsche Cayman used to be a $70,000 sports car that’s well beyond the reach of common folks.
Now, however, things have changed for the better. For one, thanks to the miracle of depreciation, a used 2006-07 Porsche Cayman 987 is available for less than $18,000! If you can stretch your budget to $30,000, there are enough of the sportier low-mileage S versions as well.
If you’re an enthusiast looking to buy a cheap sports car, look no further, for now, a Porsche 987 Cayman is a sports car bargain.
Porsche 987 Cayman: A Baby 911
Porsche pitched the Cayman as a baby 911 and thanks to its midship platform, the entry-level Porsche started to get accolades. The impressive chassis balance and precise steering helped cement the Cayman as one of the best handling sports cars on the market.
The Porsche Cayman was based on the Boxster 986 introduced in 2006. Almost all of its internals were the same except for the obvious omission of a roof. The 987 Cayman came with a mid-engined platform with a choice of 2 engine options: a 2.7-liter flat-six with 241 horsepower and a more powerful 3.4-liter in the Cayman S making 291 horsepower. Transmission options were either a 5-speed manual or a 5-speed Tiptronic automatic with the Cayman S getting the option of a Tiptronic unit or a 6-speed manual.
However, the 987 Cayman saw a facelift in 2009. Dubbed the 987.2, It came with a noticeable exterior redesign along with a few mechanical changes. The 987.2 Cayman came with a 2.9-liter flat-six (up from the 2.7) that made 261 horsepower while the S got a 315 horsepower 3.4-liter unit albeit with several changes over its predecessor. Transmission saw a few changes with the likes of a 7-speed PDK replacing the Tiptronic while the manual box got six ratios as standard.
Porsche Cayman 987: Cheaper Than A New Honda Civic
Before you deem it too good to be true, here are listings of Porsche Caymans on Carfax. As you can see there are several of the early 987.1 Caymans available for under $16,000. Before we go any further here’s a breakdown of the 987 Cayman’s depreciation. Of all the listings currently available, it seems the 987.1 Cayman S is the most common. Another important factor is that 987 Caymans on average depreciate around $1,200 per year. As stated by Fourwheel Trader, most of that depreciation is for the 987.2 Cayman whilst the 987.1 has almost plateaued and surprisingly, started to appreciate a bit.
While the 2006 models, in particular, are creeping, it’s estimated that with an average price of around $25,000, a Cayman could fetch anywhere between $24,300 to $27,800 over a year. That’s almost a $2,000 premium on a 2006 Porsche Cayman if you manage to find a decent example worth flipping. If you consider the prices of a 2021 Honda Civic, the Porsche 987 is around $4,000 cheaper and is definitely a more engaging experience. Considering all versions of the 987 Cayman the individual depreciation per year are; around $2,000 for the 987.1, $1,1000 for the 987.1 Cayman S, and $1,800 for the 987.2 Cayman.
Should You Get The 987.1 Porsche Cayman Or The 987.2
This part of the discussion is based on whether you’re getting the sportier S version. Since there aren’t many of the 987.2 Cayman S available it’s hard to put a number on it. However, the general trend is that the 987.2 Cayman S has a bit more travel to its depreciation and buyers should look to wait a bit and let it dip further. If you don’t want to wait, the 987.2 non S version is also worth considering. As for getting a 987.1 Cayman, it’s always better to get the S considering they fall in the same bracket as the regular 987.2 Cayman.
However, it’s advised to stick with the manual as the Tiptronic in the 987.1 are prone to reliability issues. As for the 987.2, most owners have opted for the PDK with manuals being slightly rarer. However, both of them are much more reliable than the Tiptronic equipped Caymans, and owning them shouldn't be a fuss. Also, it’s impossible to not discuss the IMS bearing when it comes to 987 Caymans and Boxsters.
Although not every 987 is plagued with the issue, do consider going over the service documents and making a quick check. If you do end up buying a 987 with a faulty IMS, the service bills won’t be cheap. As with any used car purchase, make sure to do your research before getting into the deal no matter how good of an offer it is.
Sources: Four-wheel trader, Wikipedia