328 offered for the low price of $129,500 - Ferrari Life
 
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post #1 of 13 Old 09-09-2013, 07:20 AM Thread Starter
 
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offered for the low price of $129,500

I found a listing for a nice 1989 328 GTS, but no price was listed with the ad. I clicked the link to inquire as to the service history and price of the car. The price I was told was a bit more than I was expecting. Straight from my email "We are asking$129,500 and currently excepting reasonable offers.".

The car is for sale with Autosport Design in Huntington Station NY. Has anyone dealt with this dealership before? The car has less than 2,000 miles, but needless to say I'm no longer interested in that car! For that money I have my choice of 4 different Ferrari's (2002 360 Spider, or 3 2005 430's) here in Atlanta, one being FoA, the others from the "raging bull" dealership.


Here is the listing for the 328:
1989 Ferrari 328GTS for sale | Hemmings Motor News
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post #2 of 13 Old 09-09-2013, 08:52 AM
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They'll figure it out after a while.

Their history on it is a bit wrong and they are counting on the fact that it sat for a year or so on display at FNA to make it worth more. We'll see how that works out for them.

Also it is not 3rd to last. There were a minimum of 30 GTS's built after that car and I personally know 3 of them.


It's good to want I guess. If they came down 50 grand or so they might move it.
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post #3 of 13 Old 09-09-2013, 10:31 AM
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I am not affiliated with the dealer but have spent time looking there as My father used to live in Huntington LI and was a new car dealer.

As you may or may not know, the north shore of LI and especially that area is an enclave with affluent owners and an active car community. In general AD have well preserved examples of desirable cars and brands and expect premium for them. All of their prices are at a premium- the 308 GTB for 68K, Dino for 345K and others. I am not commenting on those individual cars per se, but they are clearly on the high end market of cars/prices. That said, they are selling cars and not all of those cars sell near the price they list. Some of it comes from owners of consigned cars who will sell their babies at absurd prices only. It takes a year of not selling for the owner to move on the price or decide not to sell.

The price indicates they are looking for a buyer of the idea of the car for their collection as opposed to the actual car.

I am not sure I would buy from them since I am not their target customer, but I would spend a day there looking at the inventory. Really nice.



Just my perception.

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post #4 of 13 Old 09-09-2013, 11:54 AM
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they have a really nice boxer there too right now at 159K
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post #5 of 13 Old 09-09-2013, 11:56 AM
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Is any 328 worth 140K?
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post #6 of 13 Old 09-09-2013, 11:58 AM
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and I thought 80K was alot for a 328
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post #7 of 13 Old 09-09-2013, 12:42 PM Thread Starter
 
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The highest priced 328 I remember seeing listed for sale that seemed "reasonable" was an 88/89 for ~$74,500 that was similar in mileage. I don't remember which site I saw it listed on, but do know that I don't see it any more.

I politely responded saying that I was no longer interested, that I felt the price was too high, and any offer I would make I didn't feel they would consider to be reasonable. There reply furthers Scotts statement:
"Please keep in mind, you are correct with regard to the much newerFerrari for this price. The only problem is, our 328 GTS given thehistory and condition will no longer depreciate, it will hopefullyappreciate. This has already proven to have a legitimate market value.

The newer Ferrari will continue to depreciate until it has hitbottom. At that point and only if it is a wanted commodity at that pointin time will it ever have the chance to start to appreciate."

Scott, if I'm ever up in the area I might swing by to look at the inventory, just to see.

I'm not dogging this dealership at all, they have been nothing but nice, professional and responsive. I just think I'll take my business elsewhere.
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post #8 of 13 Old 09-09-2013, 01:22 PM
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Well they are right about it being in a position to appreciate. In about 10-15 years it will be worth what they are asking. Provided of course it is maintained in perfect condition and not driven.
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post #9 of 13 Old 09-09-2013, 01:27 PM
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Quote:
Originally Posted by scuderia430 View Post
and I thought 80K was alot for a 328


80 is ALL the money if it has no miles and is perfect in every way with ABS and a Red Book.


It also helps if you have had a couple of martini's before negotiation.
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post #10 of 13 Old 09-10-2013, 07:15 AM
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About the time I bought my car 5-6 years ago Algar had one for sale that had never been titled still in the dealers name and only had a handfull of miles on it, maybe 500 or so. They did a major on it and replaced all the rubber parts on the car and it was only around $80K if I remember correct.

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post #11 of 13 Old 09-10-2013, 12:07 PM Thread Starter
 
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Hemmings website has a tool to help you look up prices/values of a car. Not sure how accurate their numbers are, but figure they come from an aggregate of similar cars listed for sale on their site. Concours value for that car, if I remember right was just north of $60k.

I don't want a garage queen though, I want a car I can drive regularly. That's the point of owning a car, to drive it and enjoy it. What good is owning a Ferrari if you can't drive because 'Driving it will depreciate the value'? (rhetorical question)
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post #12 of 13 Old 09-10-2013, 05:44 PM
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Quote:
Originally Posted by gearhead329 View Post
Hemmings website has a tool to help you look up prices/values of a car. Not sure how accurate their numbers are, but figure they come from an aggregate of similar cars listed for sale on their site. Concours value for that car, if I remember right was just north of $60k.

I don't want a garage queen though, I want a car I can drive regularly. That's the point of owning a car, to drive it and enjoy it. What good is owning a Ferrari if you can't drive because 'Driving it will depreciate the value'? (rhetorical question)

60 or so is a good number for a great car. I do think you are looking at it wrong though. Buying a top dollar car is no different than buying a new car except it saves you a bunch of money. 60 something was what a new 328 cost in 1986 but 1986 dollars were worth a bunch more.

If you bought new in 86 would you hesitate to drive the car? If not then, why now?

We got a TR with less than 1000 miles. We paid about 27% of what the first owner paid. Saved a lot of money and got essentially a new car. We drive it whenever we can and the patina is all ours.


I really fail to understand this concept people express about buying a very low mile, fresh car and feeling for some reason at that point it can't be driven??? Why on earth not?

When you get a hotel room do you not sleep in the bed because it is made? Would you feel better if it was slept in by someone else first?


Considering the TR market I suspect ours would net about 90% of what we paid. That is the second cheapest car we have ever had. Depreciation? My pickup truck depreciated far far more in real dollars or as a percentage of value.
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post #13 of 13 Old 09-11-2013, 09:34 AM
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I definitely don't recommend paying a premium for a garage queen. I did it and now I drive the snot out of it. It's that fun. Wish I had saved 10k on my original purchase now and gotten one with a few more miles and a door ding.



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