Unashamedly and expertly pitched at Porsche collectors with deep pockets, the 997 Speedster is a car that very few people will be lucky enough to enjoy, but one that should be celebrated simply for Porsche having the passion to build it. Beautifully executed, fun to drive and already all-but sold-out, the 997 Speedster’s desirability is sky-high.

If you like your 911s low, wide and topless then the new 997 Speedster is your dream come true. It’s the fourth generation of Porsche to wear the legendary Speedster badge, and is the work of the Porsche Exclusive department – creators of last year’s exquisite 911 Sport Classic. Limited to just 356 units worldwide, in honour of the original 356 Speedster, the 997 Speedster is a convertible 911 like no other.

Built around the wider 911 bodyshell from the Turbo, the Speedster is only available with rear-wheel drive and Porsche’s seven-speed PDK double clutch transmission. It also features the 408bhp ‘Power Kit’ version of the familiar 3.8-litre flat-six engine, together with a sports exhaust, PCCB carbon ceramic brakes and PASM suspension.

Visually the Speedster’s defining feature is the ‘chopped’ windscreen, which is 77mm lower than a standard 911 Cabrio. In turn, the shortened screen has required an all-new roof and double-bubble roof deck, which is quite an engineering commitment for such a small production run. That’s typical of the Porsche Exclusive ethos, and goes some way to justifying the£144,100 asking price.

The roof is manually operated and takes a couple of minutes to lower or erect. It’s not too fiddly, and unlike the Boxster Spyder offers complete weather protection and no speed restrictions when the roof is up. The lack of electric motors, plus lightweight alloy doors and the PCCB brakes keeps the Speedster’s weight down to 1540kg, the same as that for the standard Carrera S Cabrio.

In place of a regular 911’s rear seats, the Speedster has two fully trimmed luggage hollows for coats or shopping bags. There’s also the regular luggage compartment beneath the front bonnet.

Porsche Exclusive has created a new colour, called Pure Blue, for the Speedster. It won’t be available on any other model and looks fabulous. Black contrast detailing and iconic Fuchs-style alloy wheels provide highlights on the exterior, while inside the fabulous leather-lined cockpit mirrors the blue/black scheme.

With more than 400bhp and that 1540kg kerbweight, the Speedster is no slouch. The 0-62mph sprint takes just 4.4 seconds and top speed is 189mph. We’d prefer a manual option alongside the standard PDK gearbox, as a stick shift would feel more in keeping with the Speedster’s sporting character. Nevertheless those PCCB brakes and adjustable PASM suspension give the Speedster all the stopping power and road-holding you could wish for. It sounds magnificent too.

While there’s no question the Speedster is a car for the most committed and style-conscious Porsche collector it’s also a car of substance. Clearly if you crave eye-catching exclusivity then only the Speedster will do, but it’s still worth remembering you could have a faster 997 Turbo S Cabrio for less money, or a track-sharp 997 GT3 and a super-cool Boxster Spyder for the same money. Then again, if you have to justify a car like the Speedster then it probably isn’t for you.