Pricing for great as new 308 GTB - Ferrari Life
 
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post #1 of 10 Old 06-06-2011, 09:09 AM Thread Starter
 
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Pricing for great as new 308 GTB

Dear Sirs,

it's my first message on this forum and I would like to welcome everybody.
I have an opportunity to buy a great condition '79 ferrari 308 GTB with only 5000 km on the odometer. I will take the car for the inspection to the ferrari garage but I would like to ask for the price for this car. I live in Europe and I saw ads of 308 for sale ranging from 25.000 EUR to 65.000 EUR for 19.000 km GTB.
Also do you know any action house which organise car auctions?
I would be very grateful for your answers and your help.
Best Regards
Mike
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post #2 of 10 Old 06-06-2011, 09:37 AM
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Congrats on being an owner. Make sure to get a good PPI.

and with no disrespect, see what that mech can make out of the 'reported/documented' 5k miles!!!!! I for one am not a believer, but if so, you certainly have one of the rarest Ferraris of that era. So, having said that your price is probably way way too low.

but, .... like I said, you might want an experienced Mech to 'qualify' that investment....something tells me you have a case for a lower price...

just saying.

but welcome. Post pics when you get the chance either way if you buy or not.

PS: I'm no expert on that model, but is is a fiberglass or metal...not sure of those years and Euro vs NA.

rik

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post #3 of 10 Old 06-06-2011, 11:05 AM Thread Starter
 
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Hi,
these are 3 phptos of the car.
Sience 1995 when the car was bought from the dealer- it was dealers private car the car was driven for less than 100 km so I have to get it inspected to see how these 16 years effected on the car.

Mike
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post #4 of 10 Old 06-06-2011, 11:30 AM
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Looks great.

I'm no expert, but is that a Euro model?

Also, so to understand this correctly: The dealer had this new since 1979, and the second owner only drove it 100km in that 16 years?

Am I reading this correctly?

BTW: Interesting wheels, I kind of like them on this older model.

Guide to the Galaxy: Don't Panic
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1990 Mondial T Cabriolet SN 86247 : Red/Tan
1995 456 GT 2+2 SN 99987 : Roso Metalizzato [Fer 311/C] & Tan
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post #5 of 10 Old 06-06-2011, 01:28 PM
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If it's a 1979 it will not be fibreglass, which means it is worth a whole lot less than the steel version. A good fibreglass car will easily be worth €70k even with 80.000km on the clock.

As for the one you are looking at - well.... Low mileage examples of older high production Ferraris are very, very difficult to price. Let's approach it from the other side:

Forgetting about mileage, I think the most pristine 1979 GTB you can imagine should be worth a maximum of €60k, although I have never seen nor heard of any such sell for that price. Top of the market is more like €50k.

Now, let's introduce "your car". I think it is very, very unlikely that this car is in good mechanical condition. Normally, when cars have been standing for a long time, as is likely when cars have very low mileage ("yours" has done 156 kms per year!), hoses rot through or become brittle. Oil stands and sags and breaks down. Petrol in the tank has probably caused dirt to collect at the bottom. I, personally, would never start such a car until it had had a full inspection and replacement of all fluids, and better still, a proper light mechanical restoration. The bushes will in all likelihood be shod, and any rubber will be brick hard (for instance, window seals).

So, if we take these things away then the car is worth quite a lot less than a perfect running car. We only have to add what the low mileage is worth.

All these things will not be believed by the owners (or denied), who only look at the odometer and will want a ridiculous amount of money for something, which is, admittedly, truly rare. Is it worth €70k, €90k, €100k? More? Perhaps all these things, it all depends on the owners and the buyer to agree.

So purchases like this are not for the faint hearted, and IMHO are best left for people who already know exactly what they want. Because - even if you have the money and you want to restore the car, what do you do then? Are you happy NOT to drive the car? Because, you can never go back on mileage. Don't spend over the top for a low-mileage car if you then take it on a 3,000 mile trip of Europe.... If you spent 4 times the worth of a regular driving 308, do you still feel you got value for money? If you do, then you've made the right choice.

A low mileage car like this can be a wonderful purchase, for the right person who strives after perfection, and who is prepared to (and knows in advance) to spend a lot of money getting the car to be right.

But for most of us, things are not like that.

Bottom line - I think a 308 like this could cost you over €100k to buy and get running properly.

I hope this helps. And please remember - nothing in this sort of area is fixed. There will be people out there who disagree with me, and a large part of the cost is down to the choices that the owner makes. But if you want to do a classic Ferrari of low mileage justice, it is going to cost a lot of money. So just be aware of that before taking the plunge.


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post #6 of 10 Old 06-06-2011, 01:34 PM
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Sorry I typed my response over several hours, didn't see the photos until it got posted. First of all: the wheels are not original. Are the original ones still with the car? For a low mileage car this is VERY important! Originality is everything, at least if the owners ask a premium for the low mileage.

Then the reflectors on the side and the exhaust set-up with double exhausts and a "box" around them seem to indicate it is a US version. Someone with better knowledge on 308's can confirm. If it is, then it would be worth less, certainly in Europe.

Finally, if it has done 100kms in 16 years, then at least you know 1 thing for certain: that car needs a mechanical restoration. I would budget €10k for that, if you don't encounter any serious problems.

I would love to hear any other knowledgeable opinions out there. Am I far of the mark?


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post #7 of 10 Old 06-06-2011, 03:49 PM
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Quote:
Originally Posted by JazzyO View Post
Sorry I typed my response over several hours, didn't see the photos until it got posted. First of all: the wheels are not original. Are the original ones still with the car? For a low mileage car this is VERY important! Originality is everything, at least if the owners ask a premium for the low mileage.

Then the reflectors on the side and the exhaust set-up with double exhausts and a "box" around them seem to indicate it is a US version. Someone with better knowledge on 308's can confirm. If it is, then it would be worth less, certainly in Europe.

Finally, if it has done 100kms in 16 years, then at least you know 1 thing for certain: that car needs a mechanical restoration. I would budget 10k for that, if you don't encounter any serious problems.

I would love to hear any other knowledgeable opinions out there. Am I far of the mark?


Onno

Onno: That's what I was thinking as in NA not Euro: Reflectors seemed a give away.

And I truly agree on your investment strategy.

If a museum piece, it would command more keeping it that way and go on to a driving example IMO, as I'm thinking you do also.
r

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Rik -- LAH !


Current:
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1990 Mondial T Cabriolet SN 86247 : Red/Tan
1995 456 GT 2+2 SN 99987 : Roso Metalizzato [Fer 311/C] & Tan
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post #8 of 10 Old 06-06-2011, 07:18 PM
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Welcome to Ferrari Life, MikeW!

Click on either of the following blue highlighted websites, then scroll down until you see the serial number for this car. The serial number is located on the steering column. If the information is there, you should be able to know more about this car... Welcome to the 308 GTB Register or http://www.r-design.net/308/index_e.html

From the pictures, your car looks like a Euro Version which was first imported into the U.S. then American Federalized with side markers. The rear exhaust bib throws me off (because I see it on some California Smog-Controlled U.S. Version 308s).

It's a good looking car from the pictures and I hope it all works out for you.

Last edited by Neonzapper; 06-06-2011 at 07:38 PM.
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post #9 of 10 Old 06-06-2011, 11:22 PM
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Suggest you contact the following auction houses:

Bonhams Classic and vintage car Auction sales: Bonhams

RM RM AUCTIONS

Coys http://www.coys.co.uk/

and see what they think it is worth. A full history and the original wheels will be key to maximizing the evaluation.
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post #10 of 10 Old 06-08-2011, 11:06 AM
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Quote:
Originally Posted by Neonzapper View Post
Welcome to Ferrari Life, MikeW!

Click on either of the following blue highlighted websites, then scroll down until you see the serial number for this car. The serial number is located on the steering column. If the information is there, you should be able to know more about this car... Welcome to the 308 GTB Register or Welcome to the 308 GTB Register

From the pictures, your car looks like a Euro Version which was first imported into the U.S. then American Federalized with side markers. The rear exhaust bib throws me off (because I see it on some California Smog-Controlled U.S. Version 308s).

It's a good looking car from the pictures and I hope it all works out for you.
Didn't some swiss/german cars have american style side marker lights? The rear bib was standard on all the US cars except for the very early ones with single exhaust. I'm not buying 5000 miles either. It's very common for the speedos in these cars to stop working. It's not a question of if but when. I'd like to see a pic of the interior. That would shed more light as to if it is a true time capsule or a well used car with erroneous mileage.

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