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  #1  
Old 08-24-2007, 11:36 AM
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Smile FERRARI 288 GTO

I am getting numbers all over the map from a car in England available for about $480k US (sold now I beleive) to a collector on the East Coast of the USA who Im told will sell his, but for $1m.

Im wondering where numbers should really be and it complicated by the fact that so few of these cars change hands regularly enough to establish values.

Joe
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Last edited by joe sackey; 08-24-2007 at 11:38 AM.
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  #2  
Old 08-24-2007, 11:39 AM
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Last i have seen were in between $500k and 450k Euros..

Seems every seller of the supercars are trying to push the market up , surfing on the Pebble Beach wave..but with the stock market crisis , it might be short lived.
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Old 08-24-2007, 11:41 AM
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Originally Posted by amenasce View Post
Last i have seen were in between $500k and 450k Euros..

Seems every seller of the supercars are trying to push the market up
Isnt it just demand and supply? The owner of this car has turned down $650k so does this mean this particular car is worth more to HIM or that the cars are worth that in general? The 288 is rare, but at 272 production cars thats still more than the more spectacular 213 USA F40s out there. One has to be careful when a market is not well defined...

Joe
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Last edited by joe sackey; 08-24-2007 at 11:56 AM.
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  #4  
Old 08-24-2007, 12:08 PM
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A private seller, with no need to actually sell, may ask anything, no matter how ridiculous it may seem. Their perogative, of course. They may re-set the market. Maybe not. All they need is one buyer who MUST have THIS car.

OTOH, a dealer, who is in the business of buying and re-selling cars, must be realistic and price at the existing market. There seem to be a few brokers who ask for high-end prices, but must, at the end of the day, come back to market prices in order to move the inventory.

CW
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Old 08-24-2007, 12:15 PM
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Asking for $1m for a GTO today means that either he doesnt really want to sell but shall the right buyer come along he would let go or he has no idea of the market ..or he is trying to push the market up. If you see one GTO at $1M , then the one at $650k suddenly isnt that over priced anymore.
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Old 08-24-2007, 12:24 PM
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However, I still say stick to the real market comps and don't overpay. If you don't get this car, another will come along (even with the few 288s available...IIRC, US has approximately 70-80). Maybe not quite as nice. Possibly not even the same model. But, there's always something coming along.

Years ago I spoke to a fellow who was selling a 288 up in the New England area. He was asking $1MM at that time. Non-negotiable. VERY low miles on it. He was advertising it as the world's "best" 288. Can't remember what, specifically, lended credence to his claim other than the low miles. I obviously took a pass as the guy just wanted his number. Fair enough. I didn't have to have it, and he didn't need the $ anyway. But, I came away shaking my head just thinking that the guy was out in left field and would remain there until the cows came home. Maybe we're even speaking of the very same car!

CW
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Old 08-24-2007, 12:30 PM
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Quote:
Originally Posted by joe sackey View Post
Isnt it just demand and supply? The owner of this car has turned down $650k so does this mean this particular car is worth more to HIM or that the cars are worth that in general? The 288 is rare, but at 272 production cars thats still more than the more spectacular 213 USA F40s out there. One has to be careful when a market is not well defined...

Joe
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Those pics are unbelievable. I love cars being unloaded..
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Old 08-24-2007, 12:36 PM
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Originally Posted by CornersWell View Post
A private seller, with no need to actually sell, may ask anything, no matter how ridiculous it may seem. Their perogative, of course. They may re-set the market. Maybe not. All they need is one buyer who MUST have THIS car.

OTOH, a dealer, who is in the business of buying and re-selling cars, must be realistic and price at the existing market. There seem to be a few brokers who ask for high-end prices, but must, at the end of the day, come back to market prices in order to move the inventory.

CW
Agreed 100%. Brokers have an obligation to think clearly and be realistic.

Joe
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  #9  
Old 08-24-2007, 12:37 PM
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Quote:
Originally Posted by amenasce View Post
Asking for $1m for a GTO today means that either he doesnt really want to sell but shall the right buyer come along he would let go or he has no idea of the market ..or he is trying to push the market up. If you see one GTO at $1M , then the one at $650k suddenly isnt that over priced anymore.
Yet still $1m is unrealistic and even $650k seems out of line...

Joe
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Last edited by joe sackey; 08-24-2007 at 12:39 PM.
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  #10  
Old 08-24-2007, 12:43 PM
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i think the last 2 that sold in italy were in the 400k euro range

who knows? really so few of these sell these days

p.s. i'd take an F40 over a GTO and save some money but the GTO is a much more rare machine
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  #11  
Old 08-24-2007, 12:51 PM
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this spiralling rise in rare car prices, such as the GTO reminds me of the market during the late eightees. I know many people have a lot of cash, as the stock market until just recently had netted those astute investors lots of money. Same as in the late eightees. Then the markets fell and the prices of rare cars dropped as well.

I remember in 1989 an F40 commanding 1 million and more. I also remember when they sold for less than 200,000 a couple of years later.

Is this history all over again? Sell and head for the hills? Stay tuned.
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  #12  
Old 08-24-2007, 12:53 PM
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Originally Posted by joe sackey View Post
and even $650k seems out of line...

Joe
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Maybe a price between 500k or 580k is normal but 1 million..he definitely dont want to sell it.
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  #13  
Old 08-24-2007, 12:53 PM
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http://www.finecars.cc/en/detail/car...5BMODE%5D=make
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Old 08-24-2007, 12:54 PM
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480k is a very normal price
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Old 08-24-2007, 12:57 PM
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Quote:
Originally Posted by EMILIO View Post
i think the last 2 that sold in italy were in the 400k euro range

who knows? really so few of these sell these days

p.s. i'd take an F40 over a GTO and save some money but the GTO is a much more rare machine
Good point about the F40 being a better car (of the same twin-turboed disposition). I just heard back from a well-known longtime Ferrari broker and he thinks the benchmark value is the RM Maranello sale where the low-mileage production car went for circa $500k US. Now that seems more sensible to me... but what do I know?
The yellow car (below) that got $600k plus was in fact a prototype and not a production car, and yet still some think that particular auction suffered from Maranello 60th euphoria...



Joe
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  #16  
Old 08-24-2007, 12:57 PM
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Originally Posted by jorge.enzo View Post
480k is a very normal price
i think it is, may be a little cheap
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  #17  
Old 08-24-2007, 12:59 PM
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Originally Posted by joe sackey View Post
Good point about the F40 being a better car (of the same twin-turboed disposition). I just heard back from a well-known lontime Ferrari broker and he thinks the benchmark value is the RM Maranello sale where the low-mileage production car went for circa $500k US. Now that seems more sensible to me... but what do I know?
The yellow car (below) that got $600k plus was in fact a prototype and not a production car, and yet still some think that particular auction suffered from Maranello euphoria...



Joe
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tks,
it looks GREAT in yellow though !!!
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  #18  
Old 08-24-2007, 01:17 PM
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Originally Posted by coachi View Post
this spiralling rise in rare car prices, such as the GTO reminds me of the market during the late eightees. I know many people have a lot of cash, as the stock market until just recently had netted those astute investors lots of money. Same as in the late eightees. Then the markets fell and the prices of rare cars dropped as well.

I remember in 1989 an F40 commanding 1 million and more. I also remember when they sold for less than 200,000 a couple of years later.

Is this history all over again? Sell and head for the hills? Stay tuned.
Its a little different situation this time with the economy, the stock markets, real estate, diversification, new markets, cars owned for cash by real enthusiasts, etc etc.

Joe
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Last edited by joe sackey; 08-24-2007 at 01:18 PM.
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  #19  
Old 08-24-2007, 01:18 PM
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but 1 million..he definitely dont want to sell it.
Agreed...


Joe
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  #20  
Old 08-24-2007, 01:41 PM
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Originally Posted by EMILIO View Post
i think the last 2 that sold in italy were in the 400k euro range

who knows? really so few of these sell these days

p.s. i'd take an F40 over a GTO and save some money but the GTO is a much more rare machine
Which car is the better driver? The 288 GTO is by far the better driver... in fact.. it feels and drives very much like a modern Ferrari, without power steering... the seating position is actually quite good, effort, throttle response is better then the F40 IMHO... The F40 is the more extreme track oriented car.. but the 288 is the better driver.

My personal feelings is the GTO's value falls between the F40 and F50... but closer to the F40 range.
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