I’ve just been asked this question.
My immediate reaction was to say no. Or rather, yes but be prepared for trouble. The big killer with cheap older 911s (and expensive ones for that matter) is rust. What looks like a few bubbles on the paintwork can turn out to be very pricey to rectify, especially if the sills and B posts are affected, while one front wing is about £800 to replace (don’t even think about filler).
However, if you go in with your eyes wide open, there’s no reason why you can’t have a bit of fun with a £10,000 Porsche 911SC. These remain great value for money and are superb to drive. My advice is to buy a highish mileage one because these are less desirable and, therefore, prices are lower. Check the sills carefully for rust and, if they look OK, then rusty wings and the like are usually more cosmetic.
If you buy such a car, don’t make the mistake of pouring money into it. Accept the fact it’s a bit scruffy around the edges and enjoy it for what it is. As any surfer will tell you, there’s something cool about a scruffy air-cooled car!
I once had such a car – an early 3.2 Carrera (that’s it in photo). It would never have won a concours but it drove like a 911 should and gave me a lot of fun. When I sold it, I described it as the cheapest 911 in the UK and it was snapped up quickly!