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As long as you get the IMS fixed
EY-P1 is correct though by now I’d be surprised to find one where it hasn’t been done. I would look to take one without the nav- it will date less.
Reliable is probably relative here. IMS comments above are correct, but the 996 engine gets a bad rap across the board for quality. While you’ll probably be just fine with the 4S if you want a daily driver, this could impact the resale value of your car in the long run due to the market’s perception of the 996. If you’re looking for an investment, I’d consider the Turbo or GT3 - both of which have the Mezger engine. Sure, they’ll cost a bit more, but right now 996 prices aren’t too ridiculous.