There’s a funny wrinkle in vintage cars when it comes to originality and asking prices. In general, enthusiasts prefer to find cars that remain highly original, and will pay a premium for them. But that asking price has to reflect a distinct boundary between originality and slightly tatty, as there comes a point where the price needs to include original paint in good to great shape, no major rough edges, and some legitimate eyeball appeal. This 1965 Porsche 912 listed here on Facebook Marketplace is highly original and has an asking price of $47,000, which requires you to consider what matters most.

Original air-cooled Porsches with numbers-matching drivetrains will always command a premium, and with the seller confirming that this 912 retains its original engine and even stating “….all parts are original to the car and stamped August ’65,” it seems like this 912 is a bit of a unicorn. The seller has owned the 912 for over a decade, and notes that the engine was overhauled about a year before he got it. The paint is not original to the car, and it left the factory in one of the best shades offered by Porsche at the time: Irish Green. If it still wore this color, the asking price would be significantly higher.

The 912’s interior is in excellent condition, with clean, untorn upholstery on the bucket seats, a crack-free dash, and all original components, from the steering wheel to the shift knob. The cabin is a reminder of how compact air-cooled Porsches used to be inside, and putting this interior next to a modern 911 will remind you how massive the current crop of sports cars have gotten. The seller notes there are no electrical issues and that his 912 is equipped with the 5-speed 902/901 transmission. Overall, there’s very little to fault inside or outside the car – but here’s the rub: it’s not pristine, but it’s also not entirely original, either.

An air-cooled shopper who wants something pretty in the garage is going to look for a different car. The guy who appreciates the date-coded parts and abundance of original details will love this 912, but also will not want to pay near $50,000 for one. The seller is correct that this 912 deserves a premium price, but it does land in a bit of a gulf for me: if it was still wearing Irish Green paint, it might even deserve $50,000 with a blemish here or there. But I suspect the current price will force potential buyers to do some soul searching about what their priorities are when buying a vintage Porsche, and whether this is where they want to park their investment.