Without confusing you (the dealers here IMO are as much to blame for the confusion as is the Pub banter!) The models went a little like this (feel free to correct):
Pre 1986
2.5 'Lux' Square Dash (Series 1) 163BHP
2.5 'Lux' Oval Dash (Sort of a 1.5 but Series 2 would be the correct name) 1985-1986
2.5 Turbo '220' (The early cars had plenty of dish on the original 16" Teledials, had 4 Pot Brembos all round. They came with an LSD etc. as standard) 1985-
The above have cheaper wishbones (VW Golf items) than the later cars and wheels had more dish (less offset) in a nutshell. Yes I know the later cars came with alloy versions of the Golf (same dimensions are the earlier alloy arms) items, but you get my point
). There is more but I shall leave you to find that out
.
Post -86 (Series 2)
2.5 'Lux' Oval Dash (1986-1989)
2.7 'Lux' Oval Dash (1989) 163BHP but more torque than the 2.5 8v
2.5 S 'Venteiler' 2.5 16V (1987-1989) Around 190BHP
3.0 S2 16V 1989-1991 211BHP - This came with the smaller Brembo 4 pots all round that the early Turbos came with).
2.5 Turbo '220' (some of the earlier goodies were lost when they became the later wheel offset cars (Series 2) (1986-1988)
2.5 Turbo S '250' (These came with no sunroof (it could be specified) and the fabled M030 package (Koni Coilovers, larger front brakes, thicker ARBs) (1988-1989?)
2.5 Turbo 250 (1989-1991). The later cars came re equipped with the LSD and M030 brakes, at least after 1990.
The Series two cars tend to come with the longer alloy wishbones (pricey) which after 1986 allow for more flat faced wheels (more offset) to be fitted, in addition to a few other minor things.
John Mitchell explains the differences between the Turbos very well here (probably better than I can):
http://www.jmgporsche.co.uk/index.php/menu-articles/articles-performance/item/177-tuningthe944turbopartone
The S in S and S2 stands for Super. I have had many people ask me if I have the '3.0 Turbo S2' when my car is what they think it is, but of course, they have the wrong information (Porsche did not produce 944 3.0 Turbo cars on a large scale despite comments to the contrary). The S and S2s were only ever available in Series 2 form, just like the 250 Turbos (and arguably the 220s depending on how you look at things).
After driving a few, here are my brief opinions:
Early 2.5- A great car. They have more of a 'classic' feel than the later cars, and feel quick thanks to their low weight (out of the stock 944s they have to be amongst the lightest in Series 1 Square Dash form).
Early Series 2 2.5 - This example was not the best (the car I drove), but regardless, the Series 1 car above had more sparkle and and less weight. A step towards refinement some could say
Early 220 Turbo - I cannot comment since I have never driven one, but I am told from passengers that the turbo cuts in a little earlier than it does in the 250 cars. Furthermore, it is said that the boost tails off higher up the RPM rev range. With the earlier offset wishbone setup, these are beginning to acquire quite a following, giving some of the classic feel with great grip and of course, turbo power (other peeps words, not mine!).
2.5 S 16v - No comment again, Andy Watson is the man to ask here. These have reputation for having little power and torque below 3.5/4kRPM, and then lifting up their skirts and taking off quite well. A cult following is present of these cars one could argue.
2.7 - No Comment
3.0 S2 - IMO this is the smooth operator out of the lot. It is quicker than the rest in the real world arguably due to its very flexible powerplant (in part due to the extra 500cc it gained) with an abundance of power and torque. It stills have a little 'kick' above 3.5k and it is great fun. Some are bored by its smoothness, others love it. Arguably it is the precursor to the 968.
250 Turbo - In all honesty, they are not the quickest things below 3.5kRPM. Little power and torque are present. Above this, and they really do take off! On boost, they are almost certainly the quickest 944, the issue is keeping it there! Turbo lag may also be a problem, even when compared to modern turbocharged cars. Saying that, I reckon it adds to the character of the car, and reminds you of when manufacturers seem to shoehorn in the largest turbo they could get their hands on!
As for what to buy? Buy the best you can afford. Yes an S2 will not drop in value, but even to keep it there it can cost a pretty penny in comparison to the earlier cars (you can ask me how I know and that was with me working on the car at many times, thus saving labour)) That was with the previous owner having splashed out on a new starter motor, brake pads and discs all round and a fresh battery. My Turbo cost me more to buy initially, but has covered more miles and ultimately cost me less to run (all in as well!) despite the few miles I covered in the S2. To make matters worse it handles better, something I would have addressed on my S2 should I have kept it.
Your budget should get you a half decent S2 IMO. As for costs:
Servicing - relatively inexpensive IMO
Suspension - Expensive (front lower arms on post -86 cars are around £200 for recon items, earlier arms from Series 1 cars are almost 1/10 of that), some bits are reasonable
Engine - Depends. Minor stuff if caught in time is moderately priced. Beyond that you have guessed it.
Bodywork - expensive
Clutch - expensive (this goes for any 944, not just the S2 and Turbos)
Interiors - Depends. Sports seats now command a premium although a few things can be sourced reasonably secondhand
Anyway, I am sure there are errors in the vague specs I have provided (guys, feel free to set me straight), but hopefully you will get an idea. I also thank you for reading what has probably been the longest post in this section for the week.
EDIT: Post has been tidied up a touch, it was a slightly messy previously!