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The Porsche 996 ushered in the era of the water-cooled 911. Some say that the follow-up model, known by its 997 …
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I'm sorry but I owned 2 996's and loved the cars for the way they drove and handled but this IMS flaw is IMHO unforgiveable for a company with Porsche's ability and reputation. I had just had the IMS bearing replaced with the very expensive Japanese replacement (work I couldn't do myself and I'm a decent amateur mechanic ). With a new clutch and bits and pieces the work was about $2500 but I wanted to keep the car since I enjoyed it so much. Then the water pump grenaded - another common occurance for the 996, then the AC went on the fritz..... ditto. After sinking about $7k (new tires and reconned wheels) in the car I sold it - only 75k miles and netted about $12k after that expense.
Don't kid yourself - these cars aren't for the faint of heart or pocketbook. Parts are obscenely expensive (even from a great place like Pelican) - the alternator I replaced was $1300 list and with the price of a replacement engine the IMS bearing is a must do as well.
Caveat emptor... read the boards, research the car, have it inspected, and then plan to spend some coin if you're not an experienced Porsche mechanic. IMHO Porsche is now an "exotic" that requires dealer or equivalent maintenance. BTW - Porsche does not publish TSB's or the equivalent so the boards are a must if you're a newbie to the Porsche world.