Thanks melicha for the wonderful insight and value added comment. For the owner's sake, I hope you're correct.
However, just since I'm a "noob" on this particular forum doen't make my observation or suggestion any more or less qualified than yours. VTCS was the VERY first thing diagnosed on...
Mine was a galled rod bearing. Hope it's not the case with yours since you're out of warranty. The noise I heard would only be heard for less than a second right after a cold start when the car had been sitting for at least 6 hours. Outside temperature was not a factor...
Noise was a metallic noise, very harsh, a type of rappp noise. Best I can describe is the first thing you hear one an engine fires after changing the oil, as if there were no oil pressure in the system. This was what led to the initial diagnosis of new check valve and oil pump.
New P5 owner here. Former E36 M3, S/C M1 miata owner, and current B13 Sentra SE-R owner. The P5 is a great car. Different than the others, but very fun and practical all at the same time. The handling and brakes rock!
So here goes. 2 months ago, I bought a used 2003 P5 from a private party...