Are older Porsches reliable?

hmmm. judging by the year and price range you post, i'm betting you are referring to all of the 944's that seem to flooding that market at the moment, as 911's typically command triple that when of that vintage. Those are quite reliable, for the most part. The 944, on the other hand, is not. Pumps and belts go out with alarming regularity, electicals pack up for no reason at all...and this is just the tip of the iceberg. Sorry friend, but either move up to the next price bracket, or move on. 944's are nothing you want to mess with. Remember, Porsche made their name with with cars that had AIRCOOLED engines in THE REAR OF THE CAR. Avoid any older Porsche that doesn't satisfy those conditions and you will be just fine.