Fuel pump failed after 30 years & 54,000 miles.
Targa top tends to leak in the rain.
Oil leaks are not uncommon.
One of the best cars I've ever driven. It isn't the fastest car out there, but extremely easy to push to the limit on any road you might be on, be it twisty mountain road or wide open freeway. The sound coming from the 2.7 engine with the windows down and the top off is seriously addicting--you can hear it bouncing back off of everything you pass along the road.
Comfort and ride quality are definitely sub-par if you're going to use it as a daily driver. Stereo is weak and ride noise is very loud. It's also very hot in the summer. A Targa-top is a luxury in this situation. After all, the car is air cooled, so why shouldn't the passengers be also? Seriously though, the air conditioning is manageable if a little weak.
Drive quality is good, but not mind-blowing. The car feels extremely managable, just enough power to have some serious fun with, but not enough to get you in trouble. Combine this with exceptional handling and road-feel and you really are at one with the road. A targa top only makes the experience all the more enjoyable, although it detracts somewhat from the classic 911 silhouette.
Maintenance is a huge jump above similarly-aged sports cars. Any 911 this old should already have Turbo valve covers and Carrera chain tensioners installed unless they've been buried in a time capsule. Expect a full engine rebuild (8-10k $USD) around 50,000 miles. Tires, oil, and various expendable components as well as labor will be expensive, but won't break the bank like similar components for a Ferrari or Lamborghini will.
The car operates best when let loose. It really hates to be reined in at 45 MPH in stop-and-go traffic, and low-speed cruising lets the entire world know that all four vacuum-boosted brakes squeal when they're used. This car is designed to be driven alone or with one other person, not paraded around like so many other kid-cruisers.
Still, even after 30 years, this car can still turn heads from just about everyone. Not the outright excitement that a Ferrari might bring, but those in the know will smile and nod in respect. And the smile it will bring to your face is second to none. There's nothing else like it on the road.
I have a 1976 911s Targa and have to agree with the writers comments. It is my summer toy and it definitely puts a smile on my face. Taking it out on country roads for a drive beats going to a shrink for therapy.
I bought from a friend 3 years ago. It has about 163,000 miles on it without a major rebuild, just updates. Lucky I guess.
Happy driving.