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The 996 (1999–2004) introduced water cooling to the 911 and is one of the best values in the used Porsche market — a capable, usable sports car at a fraction of later generations. The known risk is the intermediate shaft (IMS) bearing on cars with the M96 engine; get a pre-purchase inspection and budget for the retrofit if it hasn't been done.
Turbos and GT3s use the Mezger engine and don't share this concern. Carrera 4S, Targa, and Cabriolet variants add breadth to an already deep market.