After YEARS of reading about this incredible restoration, I cannot believe my eyes: Newman's 308 GTB is for sale. Really, truly, for sale. In Fchat http://www.ferrarichat.com/forum/vbclassified.php?do=ad&id=1826 On ebay: http://cgi.ebay.com/ebaymotors/308-GTB-fully-restored_W0QQitemZ260464228534QQcmdZViewItemQQptZUS_Cars_Trucks?hash=item3ca4e0b8b6&_trksid=p4506.c0.m245 Could the last part of the description be right? Someone could GIVE you a 308, and do all the restoration labor free, but all you'd have to do is buy the parts. Who wouldn't jump? I talked to Paul about this before, and he had receipts that exceeded the reserve. Amazing. Anyway, a new 'standard' of 308 now sits before us. Should be interesting.
Many times when a car is featured in a magazine, it is up for sale within a few weeks/months of the magazine coming out. It drives car magazine editors crazy.
It's a gorgeous car, but a 308 for 360 money is a tough sell. Definitely needs to find the right buyer.
Love the car, love the color, but not the price tag. Definitely will need to find the right buyer. Not to say it's not worth it. It's worth every penny, if not more. But it's a tough market and till I win the lottery... Ace
I read the Forza article and absolutely have to admire the job done by Mr. Newman. However, the same magazine that chronicled this story also summarized current values of 308s, the rare fiberglass models are set at a high of $40K, which means concours at $50K. I considered a similar restoration of a fiberglass 308. My father owned a '76 GTB and I loved that car. However, the reality is that these models were not well made, and closer to Fiats than Ferraris in very high number of production. (The Forza article points this out). I figured out the cost of restoration would give me a car that costs $25K more that it was ever worth. While $70K seems like 1/3 a new car's costs, you cannot compare this model to modern Ferraris. Is the car worth $70K? Yes, to someone who uniquely loves this car, but it's unlikely to ever get that amount if re-sold. I think the eBay listing underestimates how far the US Ferrari market has stalled.
How many 308's in this kind of running and cosmetic condition can there be? Not many. There are still lots of people with enough disposable income that 90k barely registers as a blip. All it takes is one of them to have a hankering for a bright yellow carbed GTB and voila, they've got the best. I bet at least one of these people exists. Hell people have been throwing more than this at average Dinos for years, and other than a curvier body (the 308 is just as visually arresting IMO), smaller motor and some less weight they're the same car.
I think the common term is over-restored. Newman just has way too much (cash and personal effort) tied up in the car to get even a fraction back. When you enter into such a project plan on either keeping the car for a very long time or taking a hit both financially and of work effort. I hope Newman gets what he wants, but I doubt it. Mark
+1 there. Also given that RM sold an 89 328 GTS (time capsule car, basically as new but lots of 'time' issues if anyone wanted to drive it) for $90,000, this as-new 'meant to be driven' 308 isn't far out of line. If a person put the same money into a used 360 vs this, in 5 years, where would anyone venture the value? All speculation of course, but time will tell. I think there's an 'ultimate' top-tier buyer for most anything.
Just curious - at what level of restoration can you list a car as having ZERO miles as this one does in the eBay ad? Does that mean the ODO gets to be reset? One of the pics shows someone driving the car - what about THOSE miles? Curious how this zero mile thing works exactly... Jedi
If someone really wants one of these, and has the resources, this is the car to buy. It is as close to perfect as you can get with one of these, and while it is overpriced for what it is, there is only one like this, so hopefully someone will buy it at a decent price. If they do, then another person can justify doing this again, to another vehicle, which is a good thing. Art
It's so perfect, it should be retired and just trailered to car shows, where it is guaranteed to take 1st place wherever it goes and remain in perfect condition.
This car if kept in similar condition in the next five or ten years will still command a similar price or maybe more, but a 360 for similar price no matter how well kept it will depreciate far more than this car and the maintenance will be atrocious in comparison. Sure we all would like to buy it at $50k, most of us would pay for a 360 $90k any day of the week, but I feel the owner wont let the 308 go below $80k, so in other words this 308 is out of our league and that's the reality.
It is a unique opportunity to own an as-new 308 GTB. I don't believe the asking price is too high at all. This car is not like any other 308 on the market and $90k is not too much to expect to pay. The fly yellow color is perfect, the ugly side marker lights (US) are gone, it's even has the roof spoiler delete option. All perfect. I would jump on it if I could... There is only one potential downside; is it too perfect to drive? No, says Newman. Drive it!
I'm surprised there are no replies to this part.... how do you get ZERO miles on the ODO, when in the ad are photos of the car being driven? It's a real question....
Awesome car, what would you do with it? A Ferrari is designed to be driven, often and hard, its a shame that the buyer will probably never experience either. It will likely end up as a trophy car, crying shame.
The ad lists the car as having 35000 miles. It may say "Zero" in the sense everything is new but it also clearly shows 35k miles.
Thanks for that. I was reading the eBay 'mileage' section that says 0 - must be buried elsewhere in the ad. Thanks for the clarification. [EDIT] Just checked the ad and it no longer reads ZERO - in fact has been upped to 35k since the first few times I viewed the ad... interesting Are there some conditions under which an odometer can be rolled to zero?
Not in a concours. Too many things wrong. Very nice car but not concours correct. It is obvious that was not the plan.
Beautiful car. A shame to put all that time and energy into it and then not spend some years enjoying it personally. A restoration like that is a stamp of personal skill and dedication - why do all that work just so somebody else gets to enjoy it? However, I realize for some it's the process of restoration that provides most of the enjoyment and I can understand that.
Rifle - since I joined here your comments have always been helpful and I respect your opinion. So please tell us - where do you see the telling issues (outside of the internal engine mods etc.). What are the details you're seeing? Thanks Jedi
Just my .02... From my perspective, it isn't even close to the original color for one thing. "ever"? Ever is a long time. Tell this to a former 246 owner. Newman probably experienced that "retirement" feeling after his project was complete. Much the same as an artist once he finished signing his name, or my mom after the O.J. trial was over Newman's moving on to his next project no doubt. He's got a 512BB, time, money, and of course, a family. I wish you all the best Newman. I hope you get a well-deserved amount for your 308.
my dad spent 3 years restoring a '63 E-Type in his garage (not quite to the extreme level of this 308 of course, but nut and bolt in the true sense) back in the late 70's, drove it lightly for 1.5-2 years and won a few trophys, then sold it (for $12000 I seem to remember) to help finance his dream house (back when interest rates were like 18%!). I was too young to drive it, and of course he probably gets a knot in his throat whevenever he thinks about it, but when cars like these tie up a significant amount of your money tough choices are necessary. And if he were to drive the hell out of this 308 like he obviously would like to the 'worth' would drop fast. Just think with 10,000 miles this could go from a 90k to a 50k car, even though the driving experience would be damn near identical. Devastating $/mile ratio there to most people, but hopefully not the next owner.
