It was either love or hate at first sight when the 914 was introduced in 1970. Three decades later, the situation is pretty much the same.
To appreciate the 914, you have to understand its design brief: to recreate the 356 Speedster. That is, produce a simple, reliable, tossable, two-seat sports car with an immediately identifiable appearance. The biggest challenge was to produce this thoroughly modern roadster at about the same price as the final Speedsters: $3,495.
To achieve this goal, the 914 borrowed its four-cylinder boxer engine from the VW parts bin (the engine also appeared in the VW 411), and, because the Porsche factory was busy building higher margin 911s, 914 bodies were built and assembled by Karmann (the 914/6 was completed in the Porsche factory). The standard five-speed transmission and many interior appointments were taken straight from the 911 of the era, providing at least a visual nod to the family tree. In Europe, the 914 was badged as a VW-Porsche.
Whatever you think of the styling, the 914 succeeded brilliantly in the marketplace, with over 100,000 units delivered. It was far and away the best-selling Porsche of its time, and introduced a whole new generation of enthusiasts to the marque.
Although not a fast car, the 914 is fun to drive, and if you get a good one, very solid. The mid-engine location is exotic even today, and offers superb handling on the track and especially at autocross events. Porsche was clever enough to design two decent size trunks into the car, front and back, something that the owner of a Ferrari 308 can only fantasize about. All 914s have removable targa tops.
As with any '70s collectible, watch for rust, and not just salt-induced corrosion. The location of the battery, in the engine compartment, can result in rust to the rear frame member that is directly below the battery tray. In its most destructive form, the rear wheel on the passenger side will show excessive negative camber, i.e., the top tucked in.
Try to find a car with its original Bosch fuel injection intact. Many 914s have been converted to Weber carbs, but rarely do they perform as well as the original set-up, and problems may arise when they confront emission testing. Be sure all flexible fuel lines are renewed, as they do not age gracefully and can become a serious fire hazard. If there is slop in the shifter, replace the plastic bushings in the shift linkage; you'll be surprised by the difference.
During a pre-purchase test drive, I suggest going over a set of railroad tracks and listening for squeaks and groans from the top that may indicate critical chassis rust. The cars were quite rigid when new. If the rear window is loose, check for rust in the firewall. Many 914s have spongy brakes, due to a smallish master cylinder and a trouble-prone brake-proportioning valve. Possible fixes include a bigger master cylinder from a 911.
Avoid 914s with engine problems, as even though their powerplant is VW-sourced, a complete overhaul will still run more than $4,000.
Once the king of the under-$2,000 sports car gang, the values of 914-4s have been creeping up over the past five years. Plan on spending $4,000 to $5,000 for a good 1.7L. The 2-liter cars, first introduced in 1973, are much quicker and worth the $2,000 premium they command. The most desirable 914-4 is the 1973 2.0L, due to the chrome bumpers and the lack of significant horsepower-robbing emissions equipment.
914s remain a good entry-level way to experience a non-front-engined Porsche. Nice cars will continue to appreciate, albeit at a modest rate. In addition, you will be quite welcome at any Porsche Club event, and probably will get to sit at the same table as the 911 group, instead of being relegated to the back corner where the 924 owners are forced to huddle.