Current 328 Values?

What's a 328 cost? Like the gentleman who started this post I wanted to know what the 328 was worth, but then being honest with myself, I wanted to know how much I would pay for a 328 if I wanted one. The first thing I did was to spend about three days tracing down every aspect of the 328 that I could. This included some history on the net and some u-tube videos of this Italian sports car. Toward the end of the three days, I used my experience with current and past sports cars owned to decide that the 328 is, "Just old enough," for me to have th kind of character I was looking for in a sports car. This is not the newest of the cars, but an earlier experience that I was after. Then I decided that I did not want a perfectly concours car, because most of the time, that meant having to deal with the idea of putting quite a bit of money out there to get a car of this type, particularly a Ferrari. There is some claim by some people in the car world (and other worlds as well) that Ferrari owners are not normal and despite the fact that most Ferrari owner cannot be found in a category of the Diagnostic and Statistical Manual of the Psychiatric world, as a group they are somewhat different than the golf community. And therefore, "Buyer Be Ware!" The prices asked are all over the map and they may well remain that way. The drop of value in the past several years of the 328's has to do with their prevalence and the fact that they are somewhat more reliable and less expensive to maintain than many Ferrari models. Interestingly, the easier to maintain a Ferrari, to some extent, the less they are worth, at least to the buyers. "Condition," I would say, at $36,500.00 for a 328 is likely to be all over the map. It is instructive to note that the asking is somewhat over 100,000 for some 328's and can dip down to under $10,000 in some cases. The most common price I observed on the internet in March of 2012 was, $49,500.00 for the 328. By a ratio of about 5 to 1, the GTS is more prevalently available than the GTB. Lastly, I picked a price range of what I was willing to pay and then began to look around by reading adds of those cars and skipping the rest. This was best, as I was unlikely to buy a car out of my price range. I called and inquired about cars and asked a number of questions such as, "How many owners does this car have?"; How many miles are on the odometer? "Has a belt service been done within the car's lifetime?" "Does the paperwork, books, manuals, stamps, etc. accompany the car?"; Tool Kit? Jack? Spare tire and wheel? What condition are the tires in with regard to miles? Has the car had track days? Other proof of regular service? Ever been in an accident?

You would be astonished about how much comes out regarding body work done in a car that has a clean car fax. Additionally, I know that shipping is part of the cost of the car, so I intentionally confined my searches to within 250 miles of where I live. This is because a personal drive of the car along with a Pre-Purchase Inspection (PPI) is something that is mandatory to even know if the asking price is real as to the true market value of the car when compared with other cars in the same area and equipment combinations.

Ultimately, I decided to attempt to find and real driver, that did have some cosmetic issues, combined with also not having its paperwork, if and only if the car passed a ppi with regard to engine, drive train and suspension and if the cosmetic problems were not too much of a problem to correct. In this way, I could get what might be considered to still be a good car for a price lower than $35,500.00. An example is that I found a concours level car with all history, tools and jack and paperwork and service records and a recent belt service for as little as $38,000. This would tend to show that the economy has affected people and a car that might otherwise fetch almost twice the asking price has "depreciated." That said, I would not assume that 328's will depreciate indefinitely. Once the economy picks up, a good 328 will go back up in value. 308's with their very differing variety, are much more of a "collector's car," than a 328. However, if past records reflect reality, a 328 will stay on the road a greater amount of the time than a 308, and with a little patience and a proper PPI, chances are one can get a driver for a reasonable price and then maintain the car for less than almost any other Ferrari, if not as cheaply as let's say a Porsche. That 38,000 concours car is a red one with beige interior and is one of the most popular 328's out there and is a GTS. But one must go to Pennsylvania to obtain it. And, my price point was right around $32,000, which I did not want to go over. I've perhaps found one, but it will not have all the items the average Ferrari nut desires. No worries. If it passes a PPI, it will be the Ferrari I want and that is the true value and what the car is worth to me. Hope others weigh in on the question of what 308/328 are worth at the current time in Spring of 2012: a most-interesting topic--Alex Ford

 

I haven't found FML to be terribly useful for these cars.

The issue with 328s is that they are now old, so prices for a running one will range from perhaps $25K up to $80K for a pristine, low mileage one. Obviously a lot depends on the history and condition of the car. There are more worn out and modified/neglected 328s now than there were 5 years ago, so it wouldn't surprise me if average prices have declined.

If you are looking for a very presentable driver, I think $40K will get you one in the usual red/tan, and you can probably get an eBay-type car (long distance seller, no inspection) in the $30K's.

If you are looking for a great car, I think you need to find the right car, judge it on its own merits and pay accordingly.

Prices have been steady for the good ones. From a collector perspective, I'd advise always paying more for the best car you can afford, because it's easier to sell and will hold its position on the price curve.

 

A cheap Ferrari is the most expensive car you can buy.

 

Have you driven a 328 yet?

 

Have 355's dropped so low that they have pushed 328 prices to the mid $30k's? Is this really the current market price for decent 328's or is this bottom feeder price?

I don't know what the current market for 328's is, and my car is NOT for sale so it's a mute point to me, but if you can find good, low mile (<20k), well maintained, well documented 328's in the mid $30's you are getting an absolute bargain in terms of the amount of money spent for the amount of car you get. A veritable steal. If this is the market, boy, more power to current buyers.

I'm not saying mid-$30K's is not market (as I say, I have no idea what it is), but I can tell you that I wouldn't sell my 328 for that kind of money. I spent almost a year looking for mine (purchased in December 2001) and good ones were VERY hard to find then (which is why it took me so long to find one), so I can't imagine how many good ones are left 10 years later.

 

FML values are useless. I used to follow 328 GTBs carefully and often the FML values were lower than any car that had been offered in recent years which lead me to believe it is all bogus.

If you begin looking for cars and, more importantly, looking at actual cars you will begin to get a sense of what they are worth. Your best info sources are people who have recently bought or sold a car.

Dave

 

+328 Dave as always your right.

 

328's are amazing Ferraris, get 'em while you can.

 

I see mileage as the ultimate factor in the cost of 328's. I have seen in the last few weeks 2 328's with 30,000 miles that were junk, either they had their speedos disconnected at some point, or it was 130,000 and they were trying to sell them as 30,000 mile cars.

I for one don't care much about the mileage (and I am putting my dollars where my mouth is by buying a 70,000 mile 328) but it certainly makes a difference on the value of the car. For the car I am looking at right now with 70,000 miles on it, I figure I will break 100,000 miles in 4 years or less, I am also figuring $10,000 to rebuild the motor at that point (doing all the work myself). The motor may last well over a 100,000 miles who knows how long it will last but you have to have a average and I chose 100,000 miles. My theory is major when I get it home and pull the motor for the next major, I would love to have it last 2 majors instead of one and who knows it might. But you have to factor that into the value of the car.

To me a 20,000 mile car makes NO sense at all, if it has so little miles now you wont drive it for fear of putting more miles on, then why own it. I am buying a high mileage car and will drive it ! I knew someone who put 170,000miles on his 246GT before rebuilding the motor and he had 200,000 miles on the car at the time of his death, so I know that these cars don't break at some magic number.

The higher the mileage the lower the value but if you put the miles on the car yourself, you had a good time doing it.

 

I can't say I'm really on the same boat in regards to mileage as some. High mileage yet well-maintained means the car has been driven and taken care of. I've torn down low-mileage and high mileage example engines and found the exact same wear, so that argument is good for posterity only IMO. The public seams to like lower mileage with these cars but technically it doesn't carry a lot of weight. Whichever car you chose, have a good thorough engine inspect performed.

A good example would be a 250SWB or 275GTB type car, when was the last time anyone asked about mileage with those? Never, because it doesn't matter. Restoration work on some of those is a given to have been performed or need to be performed.

I would much rather have a 90k miles 328 with a recent quality engine rebuild than a 20k mile example all-original 328.

 

FML's most recent issue shows a 1.8% price increase in asking prices for 328 GTS & GTB.... Cavalino shows about 1% gain.

From what I see the 328 hit bottom about 6-9 months ago, and is climbing back up. Condition will alywas drive value, but in general I think the 328 is going to be one of those cars that will linger for a while and then start to climb up to the $50-100K mark in the next 10 years... this will be when a new Ferrari is $350 - $400k... so the ratios will be the same.

 

Though I haven't followed the market very closely my sense is $35,000 for a pre-1988.5 328 is on the low side and in the real world wouldn't buy a car in good condition.

Though deals can be found, a 328 with an asking price of less than around $40,000 typically means something is up with it, higher miles, no recent maintenance, missing items, cosmetic issues.

-F

 

+1

Only way my 328 would go for that amount was if it was the absolute end of the world for me financially.

 

Been there. Done that

Seriously, I paid a premium for the car I have (most of you know its history by now) and it is worth every penny. Give me a car that has been driven -- even tracked -- but has a well documented history and been cared for by a series of passionate owners, over one that has low-mileage and been sitting in a collection somewhere. The latter may show well, but getting ahead of the maintenance curve would be extremely costly.

Bullfighter: I seriously love this car, its interior, everything about it. The phrase "time capsule" was spoken a number of times at the last Redmond gathering. And it runs sooooo well. Credit where credit is due.

 

In short, yes.

If you can get a 355 for 45k, would you pay the same for a 328 or 348? I know I wouldn't, so that's why I got a 355. Even at 35k for a 328 or 348, the 355 is just so much more car I felt 10k more was a comparative bargain. I still feel that way 6 months later, but I haven't had a $5k plus repair bill yet.

All that being said, seasonal inflation will be pushing them all up a few grand. If you're really concerned with getting the best deal, spend the next 6 months figuring out exactly what you want and then buy in October/November/December as that's when they're the cheapest. Right now as the driving season starts, they're the most expensive. I don't see any of these cars going back up (other than due to inflation), economy turn around or not, as there are just too many of them and Ferrari keeps pumping out v8 models at a rapid rate. When the 458 replacement comes out, the 360 will be in the 50k range holding the rest down where they are...

In the grand scheme of things, 5k one way or the other isn't a big deal to be driving a Ferrari, so pick out the one that really speaks to you and go get it. 6 months may not seem like a long time to wait to save a few grand, but knowing what I know now if the window is open to buy one, DO IT, as it can close quickly and unexpectedly. Looking back, I had about a 4 month window and I bought 2 months into it. If I had waited another 2 months, it just wouldn't have happened.

 

Hear, hear! I have followed several markets over the past years (365BB, 330GTC), and the FML numbers very often have NO RELATION to the prices advertised in their own magazine!! I have compared their price index over 1 year with the prices advertised and their index was way off. Quite clearly they are just making it up as they go along.

I am also firmly in the corner of not getting hooked-up on mileage. A 328 is a great driver's car and you should enjoy it. A driver is a very reliable car. You can want your car not to age, but it does, such is the way of the world. Just save up for a nice restoration and enjoy it for many decades more! My 550, built in 2000, will get a sympathetic restoration this year. She deserves it.

BTW - I disagree somewhat with the previous poster, a 355 is not necessarily so much MORE CAR than the 328. It is significantly faster, yes, sounds better at high revs, yes, but it lacks the tactility of the 328 in steering feel and it is much more expensive to maintain. I predict the 328 will be more expensive than the 355 in a couple of years' time. The 308 vetroresina already is almost double the price in Europe.


Onno

 

The 355 is really close to the 328 in price, and I went so far has to have a PPI done on one. Then I saw one parked next to a MR2 and I realized the styling does not speak to me. Its a hell of a lot more car than a 328 but the 328 just looks right (TO ME).

Right now its a buyers market for the 328, if you have the cash there are lots of choices out there. The prices are LOW and I think will climb as the 328 is aging very well.

I passed up 2 weeks ago on a Red/Tan 30,000 mile 328 that was absolutely stunning with fresh paint for $29k (not a typo, $29,000). Why did I pass ? it was obvious from the wear and tear that the car had way more than 30,000 miles on it, no receipts/records of any kind. The interior was worn out, even the dashboard had rips in it. And then the owner said it was not repainted when that was obvious too. But someone got a stunning looking "shiny" car that ran well, I hope they did a PPI.

Best indication of the value of these cars, ever notice how long the low $40's and higher cars stay on the market ? I absolutely believe some of these cars are worth $50k but most are not, they are drivers. I hope to add another data point to pricing from personal experience in the next day or so

 

I'd like to check your car out at some point (may be the next Redmond ETC when you and I are both there) and compare with my nero/nero that is being sold for a premium at FOS.

 

First off - let me say that I beleive that 328s hit bottom several years ago and are slowly moving up - and picking up momentum.

Why is the question. I beleive that buyers see 328s as the last of the 'simple' cars that can befixed with wrenches and not computers.

Anyway, for what is worth - I know of a confirmed sale of a VERY nice, very original, low mile, red-tan 328 in the $55 - $60K range.

 

How can you judge a car with obvious wear and tear...no reciepts...worn out interior...rips in the dash...as stunning? Maybe stunningly bad.

A quick shiny repaint does not make a car stunning.

And, I beleive stunnign and awesome are the most overused words in Ferrari ads.

You were right to pass.

 

Mclaudio,

From what I can see, yours is a beauty and similar in many ways to my own except the color of the interior. I don't have the detailed history to compare the two, but yours should fetch a good price all things being equal. My personal opinion is I think FOS is asking a bit much, but that may be just their marketing tactics (start high, negotiate lower). Patience is key, as there are few enough prospective buyers for niche cars like these.

On a different note:

Something I've found in my own's written history is the admonishment by a few of the previous owners to hold on to my particular car. So I'll play devil's advocate and ask: "Why oh why are you giving her up?"

 

There is a black GTB in CA that's been for sale for $45k for months and never sells. Do you know the car? Any idea why?