The phrase refers to the engineering similarities between the low priced Chevrolet Corvair of the 1960s and the Porsche 356.
The phrase "Poor Man's Porsche" was actually coined in a May 1963 Car & Driver article while road testing a Chevroloet Corvair Monza Spyder. Chevrolet turned the staid, economy oriented, four door Corvair into a sport compact with the addition of bucket seats and a 4-speed transmission with manual floor shift. These features, combined with the Corvair's rear mounted, all aluminum, air cooled motor and 4-wheel independent suspension drew inevitable comparisons between the Corvair and the Porsche 356. But the top of the line turbocharged Corvair Monza Spyder costs just a shade over $2,700 while the cheapest Porsche 356 powered by a 1600 cc air cooled flat four ran over $4200, with high performance versions such as the 4-cam Carrera 2 costing well over six grand. This comparison became even more prominent when Porsche introduced their 911 model in 1964 (now both cars had an all aluminum, air cooled, flat six motor) but the price diferential was now even greater, hence "The Poor Man's Porsche" moniker proliferated.
by Autohistory October 07, 2009
1) Any of the cheapest offerings from the Porsche auto company, especially anything from the Boxster line.

2) Any low-end item from a prestigious manufacturer.

My idiot boss thinks he's hot shit because he got a new sportscar, but it's just a poor man's Porsche.

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That watch is the poor man's Porsche of Rolexes.
by gumpish July 12, 2006
a Volkswagen Karmann Ghia

has a sporty body style that looks like a Porsche except a Karmann Ghia costs a lot less and has a 38hp engine
I bought a Karmann Ghia the other dad. I showed it of to my friends and his dad called it a poor man's Porsche
by KarmannGhiaFTW March 17, 2009
Usually a car like an 80's Nissan model 300zx, and driven by men like Tony that somehow believe they live in a time before they were born.
Mark: Here comes Tony in his Poor man's Porsche.
Adam: (sarcasticly)What an interesting car.
Mark: I see Tony gelled his hair once again.
Adam: What a douche.
Tony drives up.
Tony: Hey whats up guys?
by johnny-b December 20, 2006

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