Is this a bubble?

Well, i suppose you could call it a calculated risk , in this market. the 308qv/328 range are commonly know in the trade as the most reliable (older) Ferrari models ,with the term 'Bullet proof' often heard by mechanics of the marque..... even if there is a bit of a problem , its probably nothing that $5-10k wouldn't rectify.

Suspension/brakes ..... again even a complete refurb would only cost c.8k

Bodywork and paint ..... thats probably the biggest risk he's taking as that is a huge unknown even when buying what looks to be a 'shiny' example.... but even that , with a bare metal respray of excellent quality costing no more than 12-15k.

Interior are quite simple and materials readily available, and a total refurb interior would only cost $10k tops.

If we assume that these cars are heading towards 30% of the current selling price of something like a 246 Dino (a very reasonable assumption) .... then even if the buyer of the 308 you unfortunately missed out on, has to spend $20-30k on the majority of jobs mentioned above ..... he's probably going to come out on top, and with the car of his dreams.

What it does prove is that this is not a market to hesitate...... yes you have to do your homework in the background, but if what looks like the right car comes up, you can't hang around......its a sellers market right now, not sure that constitutes a 'bubble'?

BR,
Jez

 

As prices rise 308s and their owners are entering into a new class of collecting. It's happened to all the older Ferraris and eventually the market always comes down on the side of originality.

But everyone should find and do whatever brings them the most joy.

 

Hypothetically, that would be a terrific car. But you'd really have to know and trust the owner.

As to CORRECT restorations being a dime a dozen... yes for 246s, not so much for 308s. Restomods, maybe. Their prices haven't supported that kind of investment. Even the nicer ones I looked at (and the one I bought) needed the usual age-related stuff done.

 

I agree.

 

I think we are seeing the incipient stage of price escalation on the 308. As the prices creep ever higher, the financial incentive to properly restore the better cars becomes more viable. Of course, that provides it's own stimulus to further price rises, and eventually you find a 'Dino' situation developing where the committed collectors and enthusiasts decide they 'just have to have one'...and the next thing you know, a good, clean and original early 308 is priced beginning with a '2'. At the very least, as another member commented, it's not that difficult to see a good 308 making 30-40% the price of a Dino. There are very few pretty, historic analog car models left for collectors to covet. The 308 is one of those cars.

 

Sure it wasn't a scam? They fall apart pretty quickly when we start demanding to actually see the car in person.

 

There were a few classic Ferrari's with patina--including rust--at Cavallino this year. They all seemed to have a crowd around them and I know one that won a Platinum, which surprised me. There were a bunch of gently driven cars with patina as well. There were a few museum pieces which were obviously stored from new and rarely enjoyed. And of course, there were a bunch of overrestored autos that looked better than new.

Barring any hideous mods I don't think there is a "wrong" condition to enjoy one of these cars, it just depends on the personal preference of the owner. That being said I do think the gently driven originals are the best of the lot. You get the best of both worlds--a car that can be enjoyed but still looks factory original. It takes a lot of work and diligence to keep them like this.

Ferrari Long Island has a white/red 328 GTS museum piece listed for $150k. It's gorgeous (and tempting!) but I'd almost feel bad to own a museum car.

Used 1989 FERRARI 328 GTS For Sale | Plainview, NYC, NY | VIN: ZFFXA20AXK0082095

 

My mechanic told me about it so I know it was real.

 

Not that fond of the red dashboard, but why not buy it (if you got the right budget, of course) and THEN DRIVE IT ?
My 80515 had 12.000 miles when I got her, not much more than this one.

Rgds

 

I already have a GTB that's rarely driven. I want another car but I'm thinking 550/575, C7 Corvette or Alfa 4C.

 

If you look around at other classic automobiles and where they are sitting these days (starting at $100k) this run up in prices for 308/328 is actually a correction.

Or to put more precisely, it's a correction that's occurring within a bubble (the wider classic car market).

But don't hate on nice 308/328 that go to $100k. They're the last ones to get to the party.

-F

 

Agree. E-Types, 'pagoda' SLs, long-hood 911s, even forgotten mediocre Italian stuff like Uraccos... nothing much left under $100K.

 

Unless you make some major changes during a restoration, I don't see 'originally' adding that much value. Part for these cars are pricey, but still a lot of parts available except for maybe body panels or major sub-components...but at that point your talking accident damage.

I revamped my AC completely. I don't think a buyer would pass on my car b/c it does not have the OEM AC installed anymore. And I still have all the parts so they could put it back if it matters that much. But it's not going to devalue my car, assuming it reaches the levels everyone hopes for, 20% or something.

I didn't use Ferrari parts to rebuild my CV joints either...oopps...there goes $1,000 off the sale price... My new seats covers are not going to be from Ferrari either....you're telling me that's another $10k off the value? Fuel hoses not OEM either...good thing or it would catch on fire....more value off?? Dist. does not have points/condensers anymore...more off...****, I'd better just give my car away b/c now it's worthless....

Sarcasm aside, sure an all original low miles car will demand more, they always have an always will. But I'm having trouble believing my car is suddenly 50% less in value b/c I did not buy OEM parts for maintenance or to rebuild stuff.

 

At least for now, I don't think 308s are anywhere close to coming under the collector scrutiny that gets applied to vintage Ferraris (or Porsches).

In general the more visible or further from original, though, the greater the effect on collectible value - assuming you care. As 308s ascend from entry level to serious money, more prospective buyers will care more often, and a modified 308 may someday bring 50 percent less than one that it is very correct.

Worth worrying about now? Not sure, but I would absolutely save original wheels, bumpers, marker lights, targa tops, unmolested rear spoilers, air pumps, etc. The stuff that guys "upgrade" or trash sometimes ends up being the stuff that everyone wants a few years later. (The classic example in Porsche-land is 356A standard OEM plastic steering wheels, which usually got tossed in favor of a wood rim aftermarket wheel -- now they're suddenly cool again and you can't buy a perfect one for less than $5000-$10,000.)

 

Yes, very handsome car. Love the red interior with red dash (although I may be biased, I have a red dash too!).

Interesting to see what they charged for a Classiche cert. I always thought it was something like $2,500...looking at the pix of the paperwork looks like it was a whopping $4,800! Ouch!

 

Agree look great. That's a lot of red but it works.

 

You've created an excellent driver-level car and that's a great thing. I am doing the same and wouldn't do do differently with my car. BUT when the collectors who think their personal garage is museum come looking for cars, all of those modifications will be reasons not to buy the car or money off to correct. And since those collectors drive the upper level of the market (or at least have the financial ability to do so), original cars and "correct" cars will carry the premium that big-money collectors can place on them.

 

Well there goes the neighborhood

http://pages.ebay.com/link/?nav=item.view&alt=web&id=261779828368

I guess it never hurts to ask

 

I wouldn't be surprised if it sells for this kind of money. Judging from the description it's in the best condition one could wish for. I'ts no longer original though, so the preservation crowd will pass on this one.

 

This is the car that the recent discussion on "16 inch wheels and deep front spoilers on Vetroresinas" was about, right?

Robert

PS: No, I don't want to start this discussion again!!!

 

Hi Robert,

I'm not going there Aside from that, I'm talking about the new paint, new leather, new technical parts etc.

 

I think my friend bought this car. Local red on black with red piping, sounds like the same price range as what you mentioned -but it needed belts ASAP. He was on the fence about buying this or a 328.. and I wanted this car but he decided to go with the 308..

bought well under asking..

 

Now there is an advert designed to cause a argument! I won't deny , that its a beautifully presented car....... but 'Best in the World' , is a very proud boast indeed!.
I'm not saying its incorrect, but how do you think they arrive at that sort of asking price? , can't be linked to current market prices + restoration cost, as that wouldn't add up to more than c.$300k at the moment ...... just intrigued!!
BR,
Jez

 

Glass car - 150k
Resto - 150k
Time - ???? (good glass resto will easily take 12-24+ months depending on the shop schedule)
--------------------
~300k cost

567k price

Still a lot. They are catering to the guy that wants the perfect 308 right now. Whether those handful of people will pay that we shall see. I doubt the transaction would ever be completed via Ebay though with those figures involved.

Classiche still in progress, but it won a Platinum, so I would assume it would go through.

 

By no means with those ebay transaction fees.

Best Regards

Martin