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Check the IMS class action suit web-site. If your car is covered you could get some money for repairs. http://www.imsporschesettlement.com/
Thanks for all the advice in the end I just didn't want to worry about it. It wasn't about spending a couple thousand a year but having to drop 20K into a car that costs 45K. The math doesn't work for me. So today I bought a new Boxster. Not exactly a 911 but a great first Porsche.
Spoke to the Service Manager at the Porsche dealer today about the IMS issue. He said a few years ago it was a problem and they had scraped and replaced a few engines but he hasn't seen one in a couple of years. He also said to the best of his knowledge all the problems he saw were at 15000 to 30000 miles. I asked him if I should be concerned and he said he wouldn't but he's on this side of the counter. His best advice was to look at an extended warrantee at least then you don't have to worry about it. He did offer to replace the bearings but said it would be around $3000. PPI is tomorrow should be interesting.
I have a deal on a 2005 911 Carrera 4S Cabriolet with the 3.8L, 47500 miles. The deal is pending a PPI by the local Porsche dealer, I'm not buying it from the dealer. After all this talk of IMS bearings I'm concerned. The car fax is clean. I visited the Porsche dealer and they ran a service report that shows a warrantee repair at 11000 miles ( 13590 sealing f cranks, flywh / 5043 oil loss) When I got this report the service manager said this was a good thing that the seal was replaced because the newer seal is better than the original. Any advice on this IMS bearing issue would be appreciated before I make the purchase.