So... What's a really nice 330 2+2 Series 2 worth today?

Hi Matt,

I think you are right that 330 GTs are under-priced. I would say a near best in the world 330 GT with a rebuilt engine, no tranny or diff issues, and in excellent cosmetic shape and quite original is worth about $80,000 to at most $85,000. There are probably few that meet that description!

Dan

 

I'd guess $100,000 for THE world's best 330 2+2.

 

Considering we were discussing a $70,000 mechanically done, cosmetically needy car on Tomyang.net a little while ago, I would venture that the best car will be north of $100k. However, that price will still not cover the restoration cost.

As a side note, I've been hearing from more and more people that the 330 2+2 is really one of the best driving '60s Ferraris. Gentlemen, I think we picked wisely!

Regards,

Art S.

 

LOL, my, have times changed.....I remember when I was shopping for a 308 about two/three years ago that 330 GT 2+2s were going for roughly the same money as 308 QVs. The 330 was a hard-sell because an engine rebuild for a 35-year-old V12 would set you back at least $20,000 and that's just for the motor - dig into the tranny, the brakes, the suspension, interior, gauges, rubber seals, exhaust, etc. and these cars were bad deals any way you looked at it.

Now you're telling me foks want two to three times what they wanted for these cars just a couple of years ago? This just doesn't sound right, unless parts have become cheaper or there are WELL-sorted examples floating around...

 

The cars are not likely to stay so far below the cost of restoration forever or the supply of cars in truly nice shape will inevitably decline. The reduced supply of good cars will then drive prices up. Whether or not they meet or exceed the restoration cost is anybody's guess but the fact is that if you want a nice one today you will need to purchase one of the nice ones on the market or pay the restoration cost yourself.

Also, as the prices of the 2 seater V-12s from the 60's climb higher, the 2+2's will follow at a distance.

John

 

Michael,

We are not talking about the bottom feeder cars - I suspect that you can still find them in the QV pricerange range (probobly even at the low end of the QV price range). We are talking about the cars which have had the work you described already done.

Back when you were shopping for your QV, a few top flight 330 2+2s traded in the mid $70k range. Now the cars are slowly approaching the cost of a restoration (~$70k for the mechanicals and ~$70k for cosmetics).

The point is that sorted examples are generally not on the market as the sale price is below the replacement cost and the owners know the quality of the cars.

Regards,

Art S.

 

John,

You're right except that price gap may tighten as people begin to realize what nice performers these old '60s 2+2s are and that they are a heck of a lot better for a long weekend get away or for sharing the fun with friend than a cramped 2 seater.

Regards,

Art S.

PS. don't get me wrong, I love the Lusso and PF coupe, but I'm not sure that they are 3 - 6 times better than the 2+2s.

 

I have a pristine 1967 365 GT 2+2, in dark blue with grey leather.

I bought it at BJ several years ago and had it beautifully restored in 2004.

It is really a wonderful car and is a true 4 seater. It sounds better than anything else in my collection. The ANSA pipes look good but sound absolutely killer with a raspy growl when it starts up.
I have no idea what the real world value is for it these days, but I recently turned down a high 80's offer for it.

I'm running out of space and I will probably sell it soon.
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Seventy thousand dollars for a mechanical restoration?

 

$70k:

engine, tranny, brakes, cooling, diff, wheels, electrical, suspension, exhaust, misc.



Art S.

PS. i am aware of a lusso getting about $50k in metal + paint alone and the 330 2+2 has similar construction and a more complex interior.

 

410SA,

Nice car! How is the 410 doing?

Regards,

Art S.

 

I am glad others feel my est of $85K is low!

Dan

 

At the exact time Matt was posting the question about prices of a 330 GT, I was driving mine across PA on my way home from a mechanical rebuild, and thinking about insurance. (well, you can't listen to that OE radio in the center of PA - had to think about something)
I called my insurance Agent to upgrade the insurance. His consultants claim 40K to 60K top. Probably just looked in the FML, but they do not actually follow or research the market.
So tomorrow we will have a discussion.
Do any of you have any alternative insurance sources in case it is needed?

Cheers
Warren

 

If Sheehan sells his listed 250GT and 250GT cabriolet for anything near the asking prices ($150K and $350K respectively) a really nice 330 2+2 could bring a surprising number. The market does seem thin with a scarcity of 250GT, 330 and 365 at the Phoenix auctions this month. I would have expected some softening in the market with the decline in the Euro......wrong again. I’ll be watching the 250GT cabriolet, 330GTS and 330 2+2 at the RM auction.

 

I use Hagerty and have Agreed Values for each car. The 365GT 2+2 is currently at $95K but I think it is worth more today.

 

Here is one for less than $60,000

http://adcache.exotic.collectorcartraderonline.com/10/exotic/4/2/81377142.htm

 

Do you really think 365 gt 2+2s are over 95k? I've not even seen asking prices that high at this point, even for phenomenal cars. If someone offered me that for mine, I'd take it. My feeling is that really nice, correct cars with all tools and books, history, receipts, etc etc are only going for about $75k. My own car matches that description and I think my coverage with Hagerty is only $65k (not changed in the last couple years). Has anyone seen actual sales (not just asking prices or hype) in the 90s? Frankly, I wish prices would plummet so some of the cars I aspire to would come back down. I've moved up through the ranks of Italian cars steadily over the last 30 years, starting with a 1956 Giulietta Spider and continuing through some 150 Alfas, Ferraris, Maseratis, etc, but recently I've seen the cars I thought were in my financial sights rocket into the stratosphere, notably the 275gtb/4. Sad, unless another bust is on the way- I can only hope, but I have a feeling these prices are only going one way this time- up.

 

Sports Car Market's 2006 price guide lists 365 GT 2+2's in a range between $65K and $95K. I believe there was an auction sale of a 365 GT 2+2 recently at around $95k, hence SCM's upgraded valuation.

 

My Hagerty agreed value is at $60,000 and they told me they would up it if I wanted, no prob....I've got one of those 4-headlight things.

Even if I sold my 330 for say $70K cash, what could I do, take out a home equity loan for the same amount again to purchase a cheesy Daytona or 330 GTC that would then need another $25K in work right off the truck, and another $25K over the next 2 to 3 yrs? No thanx, I'll hang on to my nice, sorted out and paid for 330, have fun, and save my money.

These are the economics that are keeping good 330 2+2's and 365 2+2's scarce.

 

Spoke with my insurance agent (J. C. Taylor) - He updated my insured value to 68K with no appraisal needed - to go higher I need an updated appraisal.
And he knew what a Ferrari was, and the difference between 2 and 4 headlight cars. The data he must use is of course published data, which by the nature of things, as Art S. pointed out, will be the 2nd tier cars. So available data will always be somewhat behind the curve, pricewise, for either the average or the better cars.
J.C.Taylor has insured my cars for years - no problem, but neither have I had a claim, so we both win.
Matt - Charlie Pearson in Schwenksville Pa did the work. He is a former ALGAR 12 Cyl specialist, and a Senior Judge/guru in the Ferari Club. My car left to make way for another Ferrari.

Cheers
Warren

 

You are correct:

Russo and Steele August 20. 2005

365 GT 2+2, S/N 12539. Silver with burgundy interior. Cosmetic restoration, 3 condition. Hammered sold at $83,000 plus commission of 10.00% = final price of $91,300. Chrome spoke Borranis, no radio. Well maintained and in good usable condition showing age and use after a thoughtful cosmetic restoration some time ago. Passenger’s door fit could be better. Reported sold at Barrett-Jackson Scottsdale in 2003 for $51,300 with about 500 fewer miles than the 94,249 showing today and in much fresher condition. Also came with a later cassette stereo and the original radio then, both apparently missing today. For a Queen Mother this is an heroic price.

 

2+2 owners are geniuses in the Ferrari world!

I got my series 2 330 GT for a reasonable price but put alot of money sorting it out. It drives beautifully and has no current issues at all. It is in very good cosmetic shape and has a cool history and is quite original with all matching #s. The only negative is that the engine has never been rebuilt, but I hope it wont need it for a long time. I cant imagine I would even take $80K for it. Why? Because even if I doubled that amount I couldnt get a very good 2 seater and would have to start the sorting process all over again. And there is no way that car would drive or look 2 or 3 times better than the one I have. I cant imagine those with a really nice 2+2 would ever sell. You would have to triple or quad your money to take the next step.

Dan