The Porsche 911 is one of the longest-running model lines in automotive history, the rear-engined sports car having been finely tuned by Porsche over the decades to be quicker, more engaging, and more reliable with every new entry. The German marque has prided itself on lavishing the nameplate with all the latest technology that has come to light over the last 60 years, affording it the reputation of being its halo model. Think of Porsche, and it's likely the 911 is the first thing that comes to mind.Being its range-topping sports car, it can be pretty expensive. Buying a brand-new 911 Carrera example will set you back nearly $130,000, so opting for a used specimen is the best way for most gearheads to get one. The most affordable version is the 996, which was produced between 1997 and 2006. While they're not particularly loved in Porsche circles, we reckon that they're a severely underrated bargain, especially if you want to enjoy the Porsche experience every day of the week. The 996 Is Surprisingly Affordable Porsche Of course, the word 'bargain' is relative, and it very much depends on which 996 variation you ultimately opt for. More sought-after and rarer versions, such as the GT2 and GT3, as well as the Turbo, have held their value pretty decently. The average used value of a stripped-out GT3, which made its debut on the 996 platform, currently sits close to $100,000, while the cheaper Turbo is valued at around $65,000. As a result, those looking for a bargain will be better off opting for one of the entry-level trims, such as the Carrera, which can be had for closer to $25,000.Available in two and four-wheel drive variations, as well as in coupe, convertible and Targa forms, you still have plenty of ways to make it your own. First of all, you'll have to choose whether you want a 996.1 or a later 996.2. While the former was built between 1997 and 2001, the latter replaced it until the 997 came along in 2005. The 996.2 boasts several key improvements over the first variant, such as a flat-six engine enlarged from 3.4 to 3.6 liters, a stiffer chassis that enhanced the car's handling, as well as a facelifted front end. Interestingly, the Carrera versions of both are strikingly close in price. The 996.2 Offers More Bang For Buck Porsche The 996.1 Carrera 2, which sends its power to the rear wheels, is worth around $25,000. The upgraded 996.2 version comes in at around $30,000, which is impressive value given its extra 20 horsepower and increased chassis rigidity. Manual versions of both demand a fair amount more money than automatic-equipped cars, with the latter on the market for around $20,000 and $23,000, respectively. Convertible versions of the model haven't held their value as well due to not being as sharp to drive, so knock between three and five grand off to get a decent one.If having the power distributed between all four sounds appealing, tack on an extra couple of grand to every trim across the board. Although purists will probably tell you the rear-driven examples are the better buy. The 996's Sub-Par Reputation Is The Reason For Its Low Value Porsche Whichever way you look at it, around $30,000 for a full-blooded 911 is a pretty awesome deal. There are reasons for this though, as the 996 doesn't have the best reputation. One of the main reasons for this was its styling, which took it away from its predecessors. The main point of contention for 911 fans was the 996.1's headlights, which earned the name 'fried eggs'. This was due to their curved shape and the location of the orange indicators within the lenses. Many felt that getting rid of the smaller extruding headlights snatched away some of the 911's character, with the design having remained consistent over the prior three decades. Porsche did replace them with simpler units on the 996.2, but the damage was already done.Further to this, the 996 was also the first 911 model to feature a water-cooled engine. The nameplate had always used an air-cooled engine, which is lighter and simpler than a water-cooled one, due to lacking all the pipes and pumps needed to transfer coolant around the unit. Alongside the new front-end design, the ditching of the air-cooled flat-six was seen as another character assassination, and 911 enthusiasts were furious at this atrocity. That said, it isn't that simple, as the 996 has also seen its value fall so much due to being vastly more mass-produced than its forerunners.While fewer than 70,000 964 and 993-gen versions were produced during their production runs, around 175,000 996s were built. One of the best ways to affect a used car with depreciation is by making a ton of it, so the 996s sales success compared to its predecessors also led to its reduced value. The difference is striking, as a 964 Carrera 2 will set you back north of $100,000, while a 993 equivalent comes in at $80,000. The 996 Also Featured A Fatal Flaw Collecting Cars While these reasons largely explain the 996's lack of value on the used market, there is another one. While the water-cooled flat-sixes were more powerful and efficient than their predecessors, and in many ways still very tough, they were hiding a severe issue. The factory grease used to keep the Intermediate Shaft bearing lubricated had the tendency to dry up over time, which eventually led to part failure and subsequently oil starvation. The result of this was the complete destruction of the engine, leaving owners with a huge bill.The issue has been rectified via aftermarket methods these days, and the vast majority of used examples have had the issue addressed. Still, the problem has left buyers wary of entering into 996 ownership, as the price of a failure can be crippling. The 996 Grants An Excellent Daily Sports Car Experience Porsche If you're happy with the altered headlight design, and find a car that has already had the IMS bearing fix carried out, the 996 boasts fantastic value. For starters, the more modern machine is much smoother and more refined than its forerunners, making it much easier to live with on a daily basis. The cabin is clad in high-quality leather, while standard equipment includes a CD player and automatic climate control. The water-cooled engine is an important influence when it comes to improved refinement, as the lack of loud fans helps keep noise down. Plus, you won't need to worry about a 996 overheating in heavy traffic. Find a car with the traction control optional extra, and it is also a more approachable machine when the weather takes a turn for the worse.Aside from being better to use every day, allowing you to enjoy it more of the time, the 996 also performed better. It perhaps lacked some of the rawness of the 993, but it made up for that with its more powerful range of engines and next-generation suspension and braking systems. The 996 was not only faster than the 993, but also more accessible. As a result, it represents an excellent used bargain, given that good ones can be had for far less than the equivalent 993. A Carrera 2 Offers The Most Traditional 911 Experience Porsche Given the various Carreras on the market all cost a similar amount of money, we recommend opting for a 996.2 Carrera coupe if you're after a great drive. Its more powerful 315-hp 3.6-liter engine not only ensures it's quicker than the 996.1, but the stiffer chassis and available hardened suspension arrangement also make it more capable through the bends. All the while, the car remains perfectly usable day to day. The convertible allows you to get the wind in your hair, but the relative lack of body rigidity takes away some sharpness from its handling.The Carrera 4 is great if you need to deal with rain or ice 24/7, but it simply dulls the driving experience. The extra traction is good and all, but the extra weight means it doesn't feel as direct as its two-wheeled sibling. Plus, the rear-engined 911 already has plenty of traction anyway, so the difference won't be as big as you think. Make sure the examples you're looking at have that pesky IMS problem rectified, and you'll have a 911 that not only thrills you on a quiet back road, but will also get you home reliably and comfortably. Others may not feel the 996 lives up to its predecessors, but this only opens the door to getting an excellent car for a bargain price.