365 2+2

Relax, Keith Martin is just another used-car salesman- he says whatever suits him at any particular time for his own best interests. Look back at some of his earlier predictions and you'll be satisfied that he can safely be ignored. His articles on Ferraris often contain significant factual inaccuracies- he even confused Fiat Dinos with 246 Dinos at one point. He also said Boxers would never appreciate, 308s would continue to depreciate to nothing, etc etc. I think the basic idea is to give both sides of every argument and then 20 years from now quote the one that turned out correct. Willing buyers and sellers determine the value of cars, everything else is pretty much BS. I doubt 330 or 365 2+2s will ever decrease in value, and will probably beat inflation over the next couple decades as the new wealth in Asia and Russia create new demand for a fixed number of cars. But hey, that's just my BS, which is no better than Keith's. Well, maybe a little better- time will tell.

 

The LAST thing that you want to do is to buy a Ferrari because you think that it is a good investment. Have they gone up a lot in value over the years? Sure, but they also have gone done in value pretty spectacularly as well as witnessed by the crash that began in late 1990 and saw most Ferraris (especially the higher value ones) drop a stunning 75% in value by early 1993.

It is no coincidence that the peak of that market was marked by the formation of classic car investment partnership funds! Keep an eye open for someone to take this old idea into 2007 and form a collectible car Hedge Fund! Then you will know that the market has achieved a near term peak yet again.

There are many, many ways to make more money in any variety of investments than in buying a Ferrari.

As far as the 330 and 365 GT 2+2, they may not have the greatest appeal and market value compared to the hot models, but they still offer the Ferrari experience for a comparative good value. I would characterize buying one of these cars as a good investment or as a good deal if the depreciation in lower than a new exotic, which it surely will be.

Separate two things from your investment portfolio: the house you live in and your toys. Both may increase in value after you acquire them but would you really sell them at the peak like you would a true investment? Unless you can say yes without any emotion whatsoever then recognize that these have other values besides investments in your portfolio.

John

 

Well, recent history proves Mr. Martin's opinion wrong (and I like reading his stuff, actually).

Both 330s and 365s have increased in value dramatically in just the last 5 years. The last 3 years in Monterey, RM auctions (the seemingly official 365GT auction house!), 365s have sold for over $125K, with one selling last year (?) for a staggering $160K!! (or something like that). This is a car that sold all day long- in top condition - for $50K 5 years ago

The 330s were always the cheapest classic 12-cylinder (not counting the newer 365/400 notchback). The quad headlight iteration had been a $30K car for about 10 years, up until 4/5 years ago. Definately not the sexiest model, with a bit of a tweed jacketed professor vibe, but a current batch of nicely restored versions in very complimentary colors have jacked up the interest and prices. No odd Monterey feeding frenzy for this model, but values have essentially doubled in 5 years.

Bottom line: both the 330 and the 365 will be out of reach to the commoner if not now, then pretty soon. Yes, don't buy a Ferrari as an investment - bla, bla, bla. The reality is that classic cars ARE an investment, and anyone who says different usually has enough money to argue against!

Just don't buy an Ferrari that needs major engine OR cosmetic work, unless it is insanely cheap.

But, on average, these are can't-go-wrong models to buy.

The next one to go up: the 308s, including the official "Cheapest Ferrari", the GT-4.

It is almost beyond comprehension that a great condition 308GTB can be had for $30K - absolutely on of the most influential cars ever built, and a hell of a car. Just stay away from the 1980/81 version with the low-low anti-smog-inspired horsepower (again, I'm not trying to write a Cavalino article here, so if I'm off on my years or auction prices, all I can say that I'm close!) (So that means I'm writing a Forza article!).

Buy, buy, buy!!! But don't forget to drive, drive, drive!!!

 

1. My personal queen mother has about tripled in "value" since I bought it 7 years ago - a lot of work on my part and the rest by the market.

2. Value is irrelevant for me. I just came back from my 7:00AM sunday morning run w/ Michael Bayer - me in the queen and he in his 330 (poor bastard has to choose between the 330 and the C/4). Open roads, 5500rpm, good company, unbelievable sound. Not selling.