Car Collector International
Classic · 1964–1965

Porsche 904 Carrera GTS

'Giant Killer' — Porsche's first fibreglass road-racer and Butzi Porsche's masterpiece.

Car Collector International Editorial
Silver Porsche 904 Carrera GTS in a studio setting, front three-quarter view showing the low fibreglass body, faired-in headlamps, small fixed side windows and centre-lock alloy wheels.
Overview

Why this car matters

The 904 Carrera GTS, launched in 1964, is the first Porsche with a fibreglass body and the first Porsche designed from the outset for both road and race. A mid-mounted Type 587/3 four-cam air-cooled flat-four of 1,966cc drives the rear wheels through a five-speed manual gearbox, all bonded to a steel ladder chassis and clothed in a Ferdinand Alexander 'Butzi' Porsche-designed body weighing around 650 kg.

At its 1964 competition debut the 904 finished first and second overall at the Targa Florio, and it went on to score class wins throughout the 1964–65 international sports-car season. It is the founding car of Porsche's modern racing lineage and the first Porsche that a serious collector market ever formed around.

The 904 is the first collectible racing Porsche and the direct progenitor of the mid-engine, purpose-built sports racers that followed — the 906, 908 and 917. It is Butzi Porsche's design masterpiece and, at ~650 kg, a defining example of Porsche's small-displacement, low-mass philosophy.

Variants

Range and production

VariantYearsProductionNotes
904 Carrera GTS (road)1964–1965Type 587/3 four-cam air-cooled flat-four, 1,966cc, 180 hp @ 7,200 rpm, 5-speed manual; fibreglass body bonded to steel ladder chassis; approx. 650 kg. Approx. 106 road cars built — sources vary between roughly 104 and 116. Verify.
904/6 (works, flat-six)1965Works competition variant with the 2.0-litre six-cylinder Type 901/20 engine derived from the 911; approx. 12 built. Reference variant only — not a standard 904 GTS.
904/8 (works, flat-eight)1964–1965Works competition variant with the Type 771 flat-eight racing engine; tiny build. Reference variant only — not a standard 904 GTS and not folded into the road-car count.
Buyer's Guide

What to look for

Provenance and originality

Start with identity, paperwork and originality. The strongest cars carry a continuous Porsche or recognised-specialist service file, matching numbers, both keys, complete books and tools and — where available — the Porsche Certificate of Authenticity and factory build documentation. For the 904, chassis-by-chassis history is the most important variable — continuous documented ownership, period competition history where present, and factory or long-standing marque-authority verification of the fibreglass body and steel ladder chassis.

Mechanical inspection priorities

Inspection should be led by a Porsche 356/early-motorsport specialist familiar with the Type 587/3 four-cam engine, the ladder chassis and the fibreglass body-to-chassis bond. A proper pre-purchase inspection includes cold-start behaviour, an undertray-off inspection of the engine and gearbox, chassis and suspension survey, brake condition and a long enough road test to expose heat- and load-related faults. Deferred maintenance on a specialist Porsche is almost always more expensive than buying a better-sorted example.

Body, paint and history

Use a paint-depth gauge and a lift inspection. Confirm any PPF history; inspect splitters, sills and undertrays for evidence of contact; and price concealed accident or corrosion damage severely. Rust in wheel arches, sills, floors and battery-tray areas is the primary body concern on the earlier cars.

Specification strategy

Specification, colour and factory options move values meaningfully. Buy the best-documented example in the most desirable specification you can justify rather than a tired car of a rarer derivative that will need years of corrective work.

Pricing

What to pay

904 Carrera GTS (indicative)
USD$1,600,000 – $2,500,000
GBP£1,280,000 – £2,000,000
EUR€1,470,000 – €2,300,000
Public sales are rare and provenance-driven; recent verified sales sit well above the old $1M–$1.6M band. Original matching-numbers four-cam drivetrains command a premium; many 904s lost their originals. Verify chassis-by-chassis.

Regional ranges authored independently — each reflects its local market, not an FX conversion

Ownership

Living with it

Typical mileage
1,000–5,000 miles typical for enthusiast use
Service interval
12 months regardless of mileage; major service on interval
Annual running cost
$3,000 – $10,000 depending on use and specification
Fuel economy
18–25 mpg depending on model and use
Insurance
Use an agreed-value collector or specialist Porsche policy with limited mileage, secure storage, documented photography and an annual value review.

Maintenance planning

Budget annually even if the car is used sparingly. Fluids age, date-coded rubber and tyres must be replaced regardless of mileage, and stored cars need periodic exercise. A documented maintenance rhythm protects both reliability and resale value.

Parts and specialist access

Porsche Classic and the wider Porsche specialist network support parts supply well for most generations. For low-volume or period-specific components, a knowledgeable marque specialist is essential to source correctly and preserve originality.
Common Problems

Known issues by system

Body / chassis

Rust in floors, sills, battery tray and wheel arches

Major$5,000 – $40,000+ depending on scope
Symptoms — Bubbling paint, corroded seams, soft floors, scale in wheel arches.
Inspection — Full lift inspection with paint-depth gauge; probe suspect areas.
Engine

Deferred maintenance and heat-cycled service items

Major$3,000 – $25,000+
Symptoms — Uneven idle, oil misting, driveability faults.
Inspection — Marque-specialist PPI; compression and leak-down; verify service history.
Electrical / trim

Period-specific wiring, switchgear and interior trim degradation

Moderate$1,500 – $10,000
Symptoms — Intermittent gauges, failing switchgear, faded plastics.
Inspection — Full electrical function test; interior condition survey.
Suspension / brakes

Bushings, dampers and brake service items

Moderate$1,500 – $8,000
Symptoms — Untidy tracking, uneven tyre wear, vibration under braking.
Inspection — Lift inspection and geometry check.
Valuation

Current value bands by region

Each region quoted in its local currency — independent market readings, not FX conversions

Strong original cars trade $2.1M–$2.55M. The very top cooled in 2023–25 — high-$2M-estimate cars went unsold at Gooding Amelia 2025 and Broad Arrow Atlanta 2023. Original matching-numbers four-cam drivetrains command a premium; many 904s lost their originals.

Auctions

Recent results

DateAuctionCarMileageResult
2024-08
Broad Arrow
Monterey 2024
1964 904 Carrera GTS
$2,535,000
Sold
2022-03
Gooding & Company
Amelia Island 2022
1965 904 Carrera GTS
$2,205,000
Sold

Auction results reflect verified public sales only. Many 904s trade privately; chassis-specific provenance and matching-numbers originality move values well outside these points.

Investment

Long-term outlook

Blue ChipHorizon: 10+ years

Fixed low production, founding car of Porsche's modern racing lineage, and Butzi Porsche's design masterpiece. Historically first-tier collector Porsche with permanent market demand.

Recommended

The trusted network

Specialists

  • Porsche Centre / factory-approved workshop
    View →
    UK / Europe / USA
    Factory-standard servicing, PIWIS diagnostics and originality reviews.
  • Independent Porsche specialist
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    International
    Pre-purchase inspections, mechanical and cosmetic assessment for collector Porsches.
  • Concours preparation studio
    View →
    International
    Paint correction, PPF, detailing and sale preparation for collector Porsches.

Storage

  • Windrush Car Storage
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    Cotswolds, UK
    Climate-controlled storage and collection management for high-value collector cars.
  • Autovault
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    Bicester, UK
    Secure climate-controlled storage at Bicester Heritage with regular inspection programmes.
  • Classic Car Club Manhattan
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    New York, NY
    Secure urban storage for collector and modern performance cars.

Transport

  • CARS UK
    View →
    UK & Europe
    Enclosed event, concours and collection transport across Europe.
  • Reliable Carriers
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    USA (national)
    Enclosed coast-to-coast transport for collector cars.
  • FERRLOG
    View →
    Italy / Europe
    Air-ride enclosed transport for European collector and hypercar cargo.
Related

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The valuation figures in this guide are for research purposes only and do not constitute financial or investment advice. See our full disclaimer.