The Porsche 911 996, produced from 1997 to 2004 for the coupe and 1998 to 2005 for the convertible, marks the fifth generation of the iconic 911 lineup. Approximately 175,000 units were manufactured worldwide, making it one of the more accessible generations for collectors. It was the first 911 to feature a water-cooled flat-six engine, a significant departure from the air-cooled designs of its predecessors, with displacements ranging from 3.4L to 3.6L. Power output varied from 296 hp in early models to 415 hp in the high-performance 911 GT2 variant.

For exotic car collectors, the 996 holds historical significance as a transitional model, though it remains less coveted than air-cooled 911s. Special editions like the 40th Anniversary 911 (2003-2004) and the rare GT3 RS (limited to just over 600 units) are particularly sought after. While values were historically lower due to polarizing design and reliability concerns with the IMS bearing, prices have risen in recent years, with well-maintained GT3 and Turbo models often fetching over $50,000 USD. Rarity of certain trims and increasing demand for modern classics make the 996 a noteworthy investment for collectors seeking entry into the 911 legacy.