a bit of guidance please - Ferrari Life
 
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post #1 of 8 Old 10-23-2007, 11:01 PM Thread Starter
 
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a bit of guidance please

Like any red blooded male, I dream of some day owning a Ferrari. I had not planned on that happening for several more years though. As luck would have it, a potential opportunity has presented itself that may enable me to pick one up much sooner. I need a little guidance as I am very much unprepared for this opportunity. The car in question is an 83 308 Quattrovalvole at an estate sale. The owner passed away and his mother is selling off his estate. I'm told that he was a bit eccentric and simply NEVER drove his cars (he had several). The car has approximately 16,000 miles and has probably not been driven, started and certainly not serviced since 1990. What I need to know is, assuming the car is otherwise mechanically sound, how much can I expect to spend at a qualified shop to get it back on the road again. I realize that this is a vague request dependent on many factors, I'm just looking for a range, even if it's a wide one. Obviously, having this information up front will be a great help in determining how much to bid on it, or even if I should just pass on it and wait a few more years. Any advice would be greatly appreciated.
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post #2 of 8 Old 10-24-2007, 01:34 AM
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Based on your assumption that the car is mechanically sound, other than the possibility of not being started in 17 years I would ball park a range of $3k-5k. I'm also assuming that the paint and interior are all in great shape. I'm also assuming the car was in a garage and not out back under a tarp.

I am basing this on needing the following work: A thorough inspection, a new battery, new timing belts, all the fluids changed: engine oil, transmission fluid, coolant, brake fluid and the gasoline. The entire fuel system will need to be flushed and cleaned. It may also need new tires. Even if they show no signs of dry-rot they may be flat-spotted so bad that they won't recover.

Normally, anyone here would recommend a PPI. In this case I would probably forgo it and offer a substantially reduced price. They want to get rid of it quick and they may not know it's value, if it goes to auction somebody else will buy it sight unseen and either get a great deal or the bidding will go crazy and the car will sell overpriced. The car is probably worth about $40k. If it were a fully documented car with all the service up to date it would be worth more. Here's what I'd do: I'd offer her a little more than half of what it is worth, maybe $25k but you want to hear it run. If she agrees to that, show up with a cashier's check and arrange to have a tow-truck with a flatbed accompany you. Bring along a new battery and the tools to change it. (the battery is a group 47 and costs about $75). Bring some fuel too. If it starts and runs tell her you are ready to load it up and hand her the check. It is important to be ready to take the car immediately because once she has a running Ferrari she might think it is worth more. I remember once looking at an MG for an extremely low price and told them I would be back the next day to collect it and when I got back there they had already sold it to someone else.

So those are my thought, of course just like your user name I too might be a little off.

Capt. Pete
'79 308 GTS, '82 Jeep CJ7 Jamboree
"Time is what prevents everything from happening all at once."
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post #3 of 8 Old 10-24-2007, 04:53 AM Thread Starter
 
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Thanks for the info. That's exactly what I was looking for. For better or worse, it's already at auction. I'm hoping (dreaming is more like it) that based on where this auction is, how it was advertised and what else is being sold there, that there won't be a whole lot of people there to buy this car and I can get it for a very good price.
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post #4 of 8 Old 10-24-2007, 05:25 AM
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Well good luck and let us know how you make out. Just to give you a reality check at the auction I would stop bidding at $30k and let someone else take the car. There are plenty of well sorted out 308's out there that you can afford to wait for the right one to come along. Once you get up over $30k you can find a decent QV that's already sorted out. A member here, enjoythemusic, was just selling his in New Hampshire for $30k, don't know if it is gone yet or not. Probably gone. He was asking way less than it was worth but he knew it because he wanted to get rid of it and concentrate his efforts elsewhere. That car is fully sorted out and set up for racing. If you want a GTSi you could probably find a good one right now in your price range of under $30k. One just sold in California for $25k.

Capt. Pete
'79 308 GTS, '82 Jeep CJ7 Jamboree
"Time is what prevents everything from happening all at once."
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post #5 of 8 Old 10-24-2007, 05:54 AM
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Could be a lot of work to be done but if you can get it cheap, i would go for it. Somewhere along the line of what Pete was saying. The electrical could have gremlins after so many years of not being used but those can be solved with time.

Keep us posted on what happens...


~

1990 348 TS (87284)

I build cars for young men that only old men can afford - Enzo Ferrari
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post #6 of 8 Old 10-24-2007, 06:10 AM
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Quote:
Originally Posted by Pete04222 View Post
Well good luck and let us know how you make out. Just to give you a reality check at the auction I would stop bidding at $30k and let someone else take the car. There are plenty of well sorted out 308's out there that you can afford to wait for the right one to come along. Once you get up over $30k you can find a decent QV that's already sorted out. A member here, enjoythemusic, was just selling his in New Hampshire for $30k, don't know if it is gone yet or not. Probably gone. He was asking way less than it was worth but he knew it because he wanted to get rid of it and concentrate his efforts elsewhere. That car is fully sorted out and set up for racing. If you want a GTSi you could probably find a good one right now in your price range of under $30k. One just sold in California for $25k.
I am going to risk differing with the Honorable Captain on this one. I would stop bidding at $25k. If it has been sitting for 10+ years you are going to need to replace every single hose, belt, seal, 4 new tires, flush all the liquids, overhaul the brakes, etc. If I was buying I would also do a major service and have the engine pulled and completely gone over. The airconditioner will need to be overhauled and upgraded to the latest spec gas. Rust, especially if water has gotten caught in the sills could also be a major headache. You will probably need to replace the fuse box and definitely the battery. All of this can add up to $10k+++ very quickly. Hence my math is vlaue of a nice 308 QV = $40k. This one breaks down to $25k for the car + $10k restoration + $5k risk/reserve.
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post #7 of 8 Old 10-25-2007, 07:54 PM Thread Starter
 
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unfortunately, it did not turn out to be nearly the opportunity I'd hoped for. Seems that Ferrari afficionados have the ability to sniff out a Ferrari for sale from great distances. The auction was extremely well attended and it sold for 27K as a non running car. The auction Co. tried to get it running, but it would only run on starting fluid. Thanks very much for all of the input though.
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post #8 of 8 Old 10-25-2007, 08:21 PM
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Well keep checking in and learn all that you can about Ferraris. When you are ready to buy one there will be one out there for you.

Thanks for the update.

Capt. Pete
'79 308 GTS, '82 Jeep CJ7 Jamboree
"Time is what prevents everything from happening all at once."
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