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These are the 911 models I actually like and would like to buy one someday. As far as I can tell, both cars look exactly the same except for the wheels, exhaust pipes, engines, and power outputs etc.
The 930 was produced from 1975 to 1989 (though not available in the US from '80-'85, and rebranded as the 911 Turbo after that), and the 964 was produced from 1991 to 1994.
Between the two, the major differences are those that came about between the change from the 911 to the 964: different bumpers, completely different suspension (torsion bars on the 911/930, coil overs on the 964/965), and various other minor changes that you'd expect as model years move on (different color options, different wheels, etc).
Within the 930 and 965 there are also some major differences. The early 930s do no have intercoolers (and had a 3.0L engine). most of the 930s use the 930 4 speed transmission, though this was switched to the G50 5 speed in 1989 (the 4 speed is generally the more desirable).
The 965 was introduced with the same 3.3L Turbo engine that was used in the 930 (and using the same G50 transmission from the last 930), but this was changed to a 3.6L engine in 1993. while the small increase in displacement is nice, the biggest difference in these engine is the management – the 3.3L engine still shared the same CIS engine management that was introduced back with the first 930, while the 3.6L finally moved up to the newer management system used in the current 911 models of the time.
There are also quite a few variants of each of these cars, including S versions. The 930S had few mechanical differences, and is most noted for it's different body work, with the 935 inspired slant nose – factory versions of these cars are relatively rare, though not always in demand. The 965S was an option that was on occassion paired with a slant nose option (visually quite different from the 935), but was itself a more traditional Porsche S package (more power, suspension upgrades, etc).
Paul S. has covered this question well. I would add that in 1993, Porsche developed a stripped down and highly tuned 964 Turbo S prototype for use in international motor-sport. The car, known as the Turbo S Le Mans GT (or simply Turbo S LM-GT), used first a 3.2 litre and then the 3.6 litre engine (which went on to power the next 911, the 993). this was the first twin turbo 911 that was legally sold in the U.S. it won 7th overall and 1st in class in the 12 hours of Sebring its first time out.
While never intended for general purchase, there may be a few Turbo S LM-GTs "out there."
BOTH are great cars….. but J is correct the 964 is much further ahead, better steering assemblage, better transmission.
one thing to keep in mind – especially if your car is basically a "city driver", the turbo's were quite slow to spool up (turbo lag) and in fact for on the street performance a 964 C2 is faster from the get go then the turbo (lighter).
if you like the widebody look of the turbo – but are interested in naturally aspirated engine (many porsche owners are just that), then consider the turbo look factory cars (such as the 92 america roadster) much cheaper than a turbo – the widebodies were limited production….same brakes as the turbo, same body….much easier/cheaper to fix and far more fun for street driving).
http://vista.pca.org/stl/92amroad.htm
Whats the overall difference between the Porsche 930 turbo and 964 turbo?