Porsche 928 Brings Over $275K!

If you have been in the market for a jaw-dropping 928, Bring a Trailer had you covered with this 1994 GTS, which sold this week for $275,575. It’s not a record, but it is indicative of how great examples are valued—and how they are prized by enthusiasts.

Porsche began noodling on the idea of a 911 replacement as the 1970s dawned, and new chairman Ernst Furhmann very much favored a successor with the engine up front and the transmission in the rear. So began development of a clean-sheet design in February 1972, centered around a 219-horsepower, water-cooled, 16-valve, single-overhead-cam 4.5-liter aluminum V-8 and a rear-mounted transaxle, with an all-new “Weissach axle” rear suspension setup offering passive rear steering. The sharp-nosed, round-tailed 2+2 body, a mix of steel and aluminum panels, was bookended by elegantly integrated 5-mph polyurethane bumpers, and despite its generous size and 3000-pound curb weight, the 928 offered world-class handling thanks in no small part to its near-perfect weight distribution.

Porsche introduced its 911 replacement at the 1977 Geneva Motor Show, priced at a princely $28,000, with either a five-speed manual or three-speed automatic. In the end, it did not replace the 911 as Porsche’s signature sports car. But the 928 was no sports car: It was a GT. And as a machine built to cross vast distances rapidly and in great comfort, few cars were its equal.

The motoring press of the time had great things to say about the 928. Porsche diehards, however, spoke with their wallets, because the 911 did not go away, and who would buy a 928 when you could still get everything that made a Porsche a Porsche? Still, the 928 soldiered on.

Throughout the next decade, displacement increased to 4.7 liters for the 928 S of 1983, then to 5.0 liters in 1985 with the introduction of a 32-valve dual-overhead-cam engine. A four-speed auto also replaced the three-speed, and the S4 of 1987 boasted 316 hp, before the manual-only GT appeared in 1989. For the car’s final years, the range-topping GTS supplanted both the GT and S4 and employed a 5.4-liter V-8 making 345 horsepower.

By the time production ended in 1995, Porsche had built 61,056 928s. They weren’t exactly common, but they were never rare, either, and for a long time, iffy ones were dirt cheap and decent ones weren’t much more, partly because of the not-a-911 stigma they had so unfairly earned, but mostly because they were complicated machines and shared no parts with other Porsches, so the potential costs to keep them running kept many folks at bay. They were not for the casual enthusiast. Discerning enthusiasts, on the other hand, began paying real money for good ones about 20 years ago (iffy ones are still cheap). Values for the best examples of the most desirable versions have been on a long, steady incline ever since.

Which leads us to the ’94 GTS seen here. This was a two-owner, 11,000-mile car, and one of just 44 equipped with the five-speed manual in that penultimate year of production. Of its foibles, the seller stated the car had been backed into a golf cart at slow speeds and had cracked the original rear bumper cover, so an OEM replacement from Porsche has been fitted. The stereo does not power on, the hazards don’t flash, and there’s a small indentation in the undercarriage on the driver’s side. Recent work includes an A/C recharge, brake fluid flush, and replacement of the timing belt, water pump, and intake gasket, as well as new plugs, wires, distributor cap, and rotor. A new set of Michelin Pilot Sport All-Season 4 tires was fitted last month.

In 350-or-so photos, this 928 GTS certainly presents well, with only minor blemishes inside and out that place its condition firmly in the #2 (excellent) range, which corresponds to a valuation of around $175,000 (auto-equipped cars are roughly half that). But this was not a $175K car; it was a $275K car, which tops #1 (concours) money by a good margin.

As we said, it’s not a record price. That would be the 1979 Porsche 928 from the 1983 movie Risky Business, which Barrett-Jackson sold in 2021 for $1.98 million. More often than not, however, movie cars are anomalies, and that result certainly was anomalous; at the time, the car had a #2 value of around $40,000. Bonhams then failed to replicate the result in August 2024 when it offered the car at The Quail Auction, where it was a no-sale with an estimate of $1.4M–$1.8M.

A much fairer comparison is the 9000-mile ’94 GTS five-speed sold by BaT in October 2025 for $276,500, a $925 premium for a couple thousand fewer miles. Also relevant is a 19,000-mile ’93 five-speed sold by RM Sotheby’s in Monterey in 2023 for $269K. Three cars don’t make a market, but in their very similar conditions and specs, they sure do present a strong case. Notably, just this past February, BaT sold another GTS five-speed, a ’93 with 114,000 miles and commensurate (but certainly not offensive) blemishes from its life lived on the road. It brought just $71,000, #4 (fair) condition money for a car that appeared better than that and which, in the rearview, now seems extremely well bought.

Silverstone Auctions’ NEC Sale

It’s hard to classify our feature 928 as extremely well bought, but it is entirely possible there simply isn’t a #1-condition GTS five-speed out there, and this is as close to concours as you’re likely to find (we are happy to be proven wrong, of course).

In the 928, Porsche may not have built the 911 replacement it set out to, but it hit on something entirely appealing in its own ways. And as we near the 50th anniversary of the car’s introduction, it’s worth acknowledging just how well it was updated over the years, and how wonderfully its unmistakable “landshark” shape has aged. There is still nothing else like it on the road, and we’d argue that great ones like this still measure up to the very latest GTs, with one notable exception: None of those come now with a stick.