Porsche Cayman R – The last R under the radar?

In a time before the transparent internet world, true insider tips were far more common. It was a time, some owners didn’t even know their cars were special at all! Nowadays, it’s almost unimaginable, but Porsche special editions didn’t always cost multiples of their “ordinary” siblings. This trend only began to intensify over the past 15 years. It almost seemed like limited Porsche models could always be sold at a profit. Models like the Porsche 911 R soared to dizzying price heights. However, some models remain relatively affordable despite their rarity. One of these is the Porsche Cayman R. Its value trajectory doesn’t follow the usual pattern. Let’s investigate the reasons behind this!

The Porsche Cayman R nomenclature traces back to the late 1960s

When Porsche reactivated the “R” designation for the Cayman in 2010, it left some enthusiasts scratching their heads. After all, the “R” — short for “Racing” in Porsche nomenclature — was derived from the Porsche 911 R, produced only 23 times. This 1967 911 was a purebred racing machine, weighing just 830 kilograms and delivering 210 hp. That meant 50 hp more and 200 kilograms less than the next most sporty 911 of its time. Honestly, the 911 R of 1967 had little in common with the standard road-going models of that era, aside from its name.

On the other hand, the Porsche Cayman R appeared, at first glance, very similar to the Cayman S. Externally, it differed through black headlight and vent trims, black mirror caps, a PORSCHE logo styled after the 911 R on the side sills, and a relatively narrow, fixed rear wing.

The power-to-weight ratio and the logo of the Porsche Cayman R echoed the 1967 Porsche 911 R.

With 330 hp for 1,295 kilograms, its power-to-weight ratio of just under 4 kg/hp was almost identical to the 911 R’s of 1967. However, compared to the more civilized Cayman S, an additional 10 hp and a weight reduction of about 50 kilograms didn’t seem overly exciting on paper. So what justified the legendary name?

A Lot of Hidden Refinement

The Porsche Cayman R was certainly not a car for the masses. This became evident during its debut at the Los Angeles Auto Show on November 17, 2010. Its standout Peridot Metallic Green color made it highly noticeable. However, one had to delve deeper to understand why the Cayman R, with a base price of nearly €70,000, justified a €7,000 premium over the Cayman S.

First, there was the mentioned weight-saving effort. Porsche used the 997 GT3‘s aluminum doors, equipped with straps instead of plastic handles inside. These doors alone saved the Cayman R 15 kilograms. The brilliant folding bucket seats saved another 12 kilograms. Drivers who opted out of air conditioning and a radio shed an additional 15 kilograms and could optionally order a lithium-ion battery. The lightweight 19-inch wheels were perhaps the most noticeable. A wheelset of this size weighing under 40 kilograms was virtually unheard of in production cars at the time.

Porsche also put a lot of effort into fine-tuning the suspension. The modifications went far beyond the mere 20-millimeter lowering. As expected from a sportier special edition, the spring rates were higher, stabilizers stiffer, and dampers firmer. Porsche also increased the camber at the front axle by 0.3° and the rear by 0.2°. These adjustments resulted in more agile steering and reduced initial understeer. Additionally, Porsche equipped the Cayman R with a mechanical limited-slip differential for improved traction.

Sales figures were not great – Was the Cayman R simply misunderstood?

The Porsche Cayman R quickly garnered praise from the automotive press. As an exceptionally well-balanced compromise, it delighted car testers worldwide. Some were so enthralled that they called the Cayman R the perfect sports car. However, despite having just the right amount of everything for most enthusiasts, there was a lingering thought: Could it have been even more impressive with a proper GT-engine?

Perhaps this lingering doubt held the Porsche Cayman R back. Despite universally positive press reviews, it wasn’t exactly a bestseller. The spark just didn’t seem to ignite with the customer base. Was the sharp crocodile simply ahead of its time? Or was it misunderstood? The truth may remain a mystery.

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On paper, 2011 was a strong year for Porsche. Sales of the Cayenne and Panamera were flourishing. However, the Porsche 997 and 987 Boxster and Cayman were nearing the end of their production cycles and losing momentum. Launching special editions to boost sales is a proven strategy in such situations. Yet, despite these efforts, Porsche managed to sell only 5,188 Caymans during that year. In 2012, that number dropped even further to just 1,614. Reportedly, Porsche produced only 1,621 units of the Cayman R.

From commercial flop to collector’s favorite? Not quite…

The sluggish sales initially led to declining prices. The 987 Cayman R wasn’t a “flipper car” that could be sold for more than its purchase price. On the contrary, prices fell. After the launch of its successor, the 981 Cayman, the Cayman R could be found for around €40,000 for a time.

Yet, cars with questionable commercial success often become sought-after collector’s items as they age. However, this doesn’t seem to be the case with the Cayman R. While its price, like most Porsches, rose between 2020 and 2022, it has since plateaued. The Cayman R remains stable in value. Why? Why is the Cayman R still often priced below its original MSRP?

Despite all its refinements, the Cayman R doesn’t feel drastically different from a well-equipped Cayman S. Another factor is competition within the lineup. Shortly after the Cayman R’s release, Porsche introduced the Cayman S Black Edition, a special model limited to 500 units. Essentially, it was a slightly more comfortable version of the Cayman R. Additionally, the Boxster Spyder, launched earlier, targeted a similar buyer demographic.

Why does the Porsche Cayman R still fly under the radar more than a decade later? Is the name to blame?

Not just competition from within, but also from its successor lineup, made life harder for the Cayman R. The next-generation 981 Cayman S, and later the GTS, were so good that the 987 was somewhat forgotten. Moreover, Porsche finally introduced a GT model based on the Cayman—the GT4. This is perhaps one of the Cayman R’s biggest “issues”. It was simply not a GT-Porsche but a sharpened version of the Cayman S.

What does that mean for Porsche Cayman R prices in the future?

One thing is clear: it’s already impressive enough to own a sports car without fearing significant depreciation. This likely applies to the Porsche Cayman R as well. For such a rare model, however, the question always arises whether its value might even increase over time. While any prediction here is essentially guesswork, history has a tendency to repeat itself, as the saying goes.

Fans of classic models might already associate a sporty special edition with added 10 horsepower with the Porsche 964 Carrera RS. A closer look at its history reveals some striking parallels to the Cayman R… Comparing a 964 Carrera RS to a slightly enhanced Cayman might sound sacrilegious to die-hard 911 fans at first, but it’s not entirely far-fetched! When the RS was introduced in 1991, media reactions were mixed. Why should a slightly lighter Carrera 2 Coupe with 10 extra horsepower carry the legendary Carrera RS 2.7’s name?

The British press even recommended buying a Carrera 2 instead and spending the saved money on fuel! It took many years for the 964 Carrera RS to become a true collector’s item. Even by the late 2000s, it was far from reaching six-figure price tags. The real hype began in the 2010s. Granted, we’re likely talking about a different scale here, but on a smaller level, the Cayman R could follow a similar trajectory. After all, the era of petrol-powered, mid-engine Porsches is coming to an end.

Even if the Cayman R doesn’t become the next superstar, it probably won’t get any cheaper

At the end of the chain of clues, the question remains whether the Porsche Cayman R will approach the €100,000 mark in the coming years or stay in the range of €60,000 to €80,000. Our prediction? Prices are unlikely to drop any further. One reason is the general market trend for Porsche 987 models. Both the Boxster and Cayman have already passed their price troughs and are climbing again.

Additionally, Cayman R owners appear to be holding onto their cars. The market selection is small. Models with manual transmissions, radios, navigation systems, and bucket seats are especially sought after. So, if your dream-spec Cayman R comes to market, act quickly and enjoy a truly analog, top-tier sports car without regrets!

© Images: Porsche AG, unless otherwise noted.