Perhaps it is an exhaust manifold to head leak. This can sound like valve lifters. Listen around the manifold with a length of plastic tube to your ear and you may be able nail down the exact location.
--
David Hunter

Probably a manifold leak. I drove a 245T for sale one time on a dealer's lot that did the same thing. The salesman said "that sounds like lifters knocking" to which I said "yes it does!!" knowing full well they don't have lifters. I got the $3995 advertised car for $1200, bought $13 worth of manifold gaskets and wallah - the non-existant lifters were silent!

:)

Jack,
These do not have hydraulic lifters but you could check the valve clearances with a $40 tool and a set of feeler gauges. Sounds like a manifold leak, especially if the noise diminishes as it warms. Remove the metal shield and you should be able to inspect it a little easier. Don’t give up in the car yet because of this. There are plenty of turbo owners in the 700 forum that are over 300k with the original engines and trannys. I’d rather have you driving it but if you’re getting rid of it, I may be interested in a...boot lid. :o)

Do a search on "exhaust manifold leak" and you'll find lots of info. Also check the FAQ.

--
Tom F. Three 940s. '93 T-Rex now running. Mods, RainX. Lien holder on two more (the kid's). Rust In Pieces, '78 245

Collapsed valve lifter(s)

I am not familiar with the exact layout of the valve train on a 945; however, what I have discovered on a couple of makes of cars that I own that have overhead cams and hydraulic lifters in the ends of the rocker arms is that there is a vent hole in the end of the rocker arm that gets clogged with carbon over time. When oil drains from the rocker arm on shutdown, air gets into the oil passages. Upon restart, the air can't vent out and you get an air bubble that prevents the oil from pressurizing the valve lifter. Maybe this gets worked out in a few minutes running, maybe not.

Secret is to take off valve cover and poke out the little vent holes with a thin piece of wire, or to run some Auto-Rx or other detergent with the oil to dissolve deposits.