Prices fall to 1976 levels!

Not.

Now that I have your attention, I am pleased to report that #9881 a 1967 330 GTC that was a solid #3 car sold at the Worldwide Auction in Houston this past Saturday for $175,000.

Seeing how (1) a similar #3 car sold at RM in Monterey in 2006 and (2) Monterey typically commands higher prices than a minor auction like Keels and Wheels, I'm thinking that this is pretty good evidence that even "affordable" vintage Ferraris are holding their value during this, if you listen to the Gen Xers out this, the worst of all possible economic depressions.

So here's to you, my former "railroad lady" {clue up Jimmy Buffet}, it was grand knowing you for a while.

Arrivederci!

Dale
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Frankly, I'm not sure. I joint ventured the ownership of this car with a buddy, and he handled the sale while I was racing at VIR. Worldwide worked with us on the seller's commission. I'm not sure about the buy side.

Overall, the bidding was not hot and heavy. Then again, the only other Ferrari was a 400 owned by some celeb, I forget who. However, it went for all the money. Maybe 400s are gonna git hot!

But we're both pleased. It turned out that co-owning a vintage Ferrari is like sharing your wife, on her bad hair days. But on balance, it was a lotta fun. I got to experience driving a great vintage Ferrari. My buddy had the pleasure of busting his knuckles and otherwise worshiping at the altar of Enzo.

As for me, I've found someone new -- sports car racing. Somehow I'm thinking that financially this new lover is not going to work out quite as well as this one.

The main point of this thread is to point out, once again, the wisdom of Mahatma Shaugnessy. Namely, when it comes to old bangers, if you see one that is for sale and you want it, buy it. Don't look back.

Dale

 

The Skippy MX-5 series.

Dale

 

Frankly, I don't think you overpaid.

First, my car was in #3 condition. As such, it is a good old car, but will require some bucks to reach a #2 level (paint, chrome, glass, read end rebuilt, etc).

Second, it sold at a minor auction where almost all the bidders were dealers. (In fact, the buyer was a dealer. My guess is that he will put maybe $15k into the car and sell it for $225K.) My partner in crime and I knew that we probably could have gotten at least another $20k if we had waited until Pebble Beach. But we took a haircut because we're lazy. (Old Wall Street saying: No one ever went broke taking a profit.)

So, yeah, your car cost $50k more. But it was in better condition and is a known car. Being brutally frank, I would never buy an old banger at an auction, unless I knew a LOT about the car.

Dale

 

Update!

The dealer who brought our car for $192,500 has already flipped it. I don't know how much, but presumably for more than $192,500.

Given all that has gone on, here is the surprising news -- it ain't going to Europe. Nope, #9881 will be on a "Rocky Mountain High." Frankly, I can't think of a better place to drive an old banger. Great mountain roads. Cool temps. And Dave Helms up the road.

Play on drummer. Wave that freak flag high.

Dale

 

Well, did you learn to "trust the car?"

But I'm curious. How does a tag team race work? Is this like NASCAR?

Dale

PS I'm working on myVIR thoughts. Life just keeps getting in the way.