What's my car worth?

My thoughts on this is that dealers are typically selling cars like these to current customers who have also purchased new Ferraris at the dealership. If you only have the budget for a 3X8 the prices seem high. If you bought a new car or two from the dealer in the last couple of years I think it could seem like a bargain, and a good way to add a more vintage Ferrari to the stable.

 

Hi Dan, thanks for posting.

In the end, all that matters is that you're satisfied with the deal.

I wish you had mentioned on the show that the car won Coppa Bella Macchina. A car that wins 98 points at the East Jesus Car Show & Bake Sale is NOT the same as a Coppa winner at all.

Allow me to revise my earlier remarks: the buyer got a terrific deal @$31k. Congrats to you for sorting a beautiful, Coppa-winning car!

 

Contrats on your TV appearance and on the sale of your car! Not a very princely sum for a 98 point car, but my guess is your '67 330GT 2+2 actually once owned by a prince would be worth much more! Sorry, I had to work that in

 

He bought it for $26k....it also needed a major service done.

 

Dan ... thanks so much for your post explaining the circumstances surrounding the sale,

You car was extremely nice. Amazing the mileage hurt the value as much as it did. My 85 GTS has just turned over 50K so I guess I'd suffer from the same scenario.

Glad you're ok with the outcome and all the best with the 330 and the M1.

Bob

 

In a few years high mileage on a 308/328 will not be a big deal.At that point over all condition will be the important factor in the over all value.Just look at the Dino246 as an example high mileage cars that are in great shape are still commandig big bucks.

 

So I learned something from this thread:

1. 50,000 miles is where the bottom drops out
2. The parts value of a non-running totalled 328 is $15K offered by a breaker like T rutlands or GT Car Parts

So, don't drive your 328 over 40Kmiles if you want higher resale for it, and if you have driven over the 50,000 miles then keep on driving because your car can never be less than $20K running.

That is not so bad!

 

I purchased an 87 from a fellow F-Chatter that had 56k miles on it and I have no regrets whatever. a beautiful car inside and out and runs perfectly....and I drive it every week.

 

Awesome first-hand non-speculative response Dan. Thanks for shedding light. By the way, you did a great job on TV. I wish you'd gotten the chance to qualify the '... but not needed..." comment to the dealers. I don't think it would've changed their minds, but might've adjusted the public perception a tad.

You car was/is gorgeous. I did a similar thing not long ago with a 328 that I'd gotten an okay buy on, spent a bunch of money correcting, and then sold in - to me - pristine shape (yet admittedly NOT as clean as yours.)

My car had 52k miles, but a mountain of receipts, recent belt service, et cetera. I felt it was a high-30's car. Silly me. The car brought $34,500 on ebay. Many comments on THIS site were "supportive" that the car coulda/shoulda brought more, but the market spoke and that was that.

Your car was a gem. Will be a great car for someone who has now inherited TONS of time, attention to detail, and saved significant amounts of Simple Green, dirty rags, aluminum polish and sweat. Enjoy the 330!

 

Nice summary! And I agree, that is not so bad! I read the market before I bought in and I still bought in, so there is much more to these cars than sequestering them until they are worth something more than the money we buy and maintain them for.

...So while we're talking about the impact of the "high mileage" on Dan's 328, I think we also see very weak demand on the low mileage cars. What we don't know if any of the low mileage cars on Johnk's earlier summary (in this thread) will actually sell for anywhere near their asking prices. We need an auction to determine that ! From my casual observation (seeing these same cars and others for sale for month over month) I think those asking prices are far too high to move those cars.

 

Thanks everyone. I agree the buyer got a great GTB and a good deal for $31,000

 

did you read his post. The car sat for months with no offers. Why is it an insult to actually get an offer.
The market is what someone is willing to pay for the car.
It appears to me that the market on these cars is well below what people think.

I like what Dan said that his 328 would cost him $100k over the rest of his life. Realist. You buy a 31k car and have to spend 3 times value to keep it on the road. Seems a bit off to me.

Are any of them selling tho?

I've got an 04 Challenge Stradale I'd sell for $400k......Do you think someone will bite?

That F40 Motorsports guy is on TV and is banking his pricing on someone thinking he knows what he is talking about is my guess.
Watch all those cars and see if anyone actually pulls the trigger on a 70k 3x8 car.

That's 360 pricing and 360's have 1/3rd the maintenance costs.
Those guys are dreaming in my book.
That's higher actually then most good 355's advertised as well.

The chances of these sellling with better cars selling for less seems to be just as you state. A dream.

 

I can understand mileage scaring people off at first glance. But if you are a serious buyer and you really look into the car's service history and perform a thorough PPI, then all that matters is what kind of work has been done on the car. Has the suspension been refurbed and has the engine been overhauled. Eventually the mileage on these cars has to tick up, even if we put 2K miles per year. Frankly they are not investments at this point but if you take care of them they will always be special, and someday who knows. The 246 was worth Accord money not too long ago and look at them now.

 

Are any of them selling tho?

Yes, the 328 are indeed selling in France, for a very simple reason: the demand is greater than the number of cars offered. This probably because the number of cars offered is very small, which is peculiar to the 328 (and to some extent, to the 308 as well)
At the most, on the whole territory (well, its not as big as the States, but...) at any given moment you will find around 15 cars maximum for sale, and that's all.

The car seems to enjoy a high reputation for its looks and for its bullet-proof reliability. Furthermore, the tightening of the speed limits, the multiplication of automatic radars, etc...makes the 328 a good choice to enjoy driving in style without risking jail at every minute.

The mileage ('scusi, the kilometrage) barrier is about the same than the one you are talking about in the United States: at about 80.000 kms, which is more or less 50.000 miles, there is a psychological barrier, and a marked drop in interest, because the car is nearing 100.000 kms which is a big limit here, even if you can see from time to time pristine 328 with 150.000 kms on the odo.

At 50.000 euros or above, I don't know if they sell...there is probably a discount of about 5% I think. Also, you will also find some cars that have been advised at 40.000 for more than a year.
But a very good one will always sell, it seems, as the demand for very good to pristine cars is sustained.
I have a feeling that a clean car with about 35.000 miles (50.000 kms), transparent history, well serviced is nowadays actually trading at about about 42.000 to 43.000 euros for a B, and 43.000 to 44.000 for a S.
Take note that the "B" is more sought after than the "S" here (I don't mind, I've got both, both being 1989)

A Rosso Corsa over Black Leather with Red Carpets GTB with 19.000 kms on the Odo (more or less 12.000 miles) that was advised for more than a year at 48.900 euros, did eventually sell a month ago...

Best

 

Although there is a lot of truth to what you have written h2oskier, I’m not sure how much to blame the maintenance argument for keeping the values down on these cars. These cars do sell at a certain price point, these cars have proven reliability and this is after all supposed to be a prestige automobile. The way this "should" work is that people who buy into these cars shouldn't care about the cost of maintaining them.

Thinking out loud here, the low values may be much more a function of supply than of maintenance. There are too many of them sitting on dealer lots, on lawns, in garages, listed on Craigslist, and on ebay, available for parts, etc. to be escalating in price on the market. I think a very good parallel market to observe is General Aviation. Small single or twin engine airplanes glut the market, yet they continue to sell at a certain price point despite the fortune it costs to maintain them.

 

Those are crazy numbers for a 328. Not wanting to offend but wow.

I still think it's not much different than the alcohol and tv affecting pricing at Barrett Jackson. F40 Motorsports asks more because he's on TV. Wayne could be a good guy but in the end his pricing and the other guy that he talks about sometimes Copely have WAY OUT THERE PRICING....

 

I really have no idea who is paying these prices- Because in most cases the cars are not that special- Sure the occasional super-low mileage example. But F40 seems to place a 25% royalty on all of its cars- I wasted FAR too much of Mike's time trying to buy a 355 a few years ago, and the price never got to within $15K of what I ended up paying. (And I bought a newer, better car with similar mileage)

 

Well, to add a little more data to this thread... My car is an '87 gts with 28,500 miles and I listed it for $54,995. And within 3 days I had a deal in place for $54,995. Granted, my car is in an odd bracket where it is cosmetically and mechanically as nice (or better) than any 5k mile car, but actually has been driven and, based on mileage, could be considered a low to average mile driver.
But, my point is the good cars are still selling. They aren't normally selling in three days, but they are still selling.

 

To a friend maybe that knew the value of your car and how clean it was? Or to someone you have no clue who they are?

Just asking I'm not in the market I'm wanting to understand the market.

 

To a complete stranger, although he is an Fchatter, so I know that helped.

 

Congrats on the sale. Yes Fchat helped that along. I'd bet no less than 20 PM's were sent asking about your car and it's history before the buyer bought it.


I sure like the looks of the 3x8 cars in White

Just not enough around. Especially with black interior.

 

Congrats on the sale and the show! For some time I've felt 328's are commanding a high premium - I just can't see paying $50K+ for one of these cars. However, I did think the panel low balled you. I know Klutt and Hyman don't specialize in Ferraris, but that was borderline insulting. Even the $31K seemed low - I would have purchased at that price based on your description and their view (e.g., it was VERY clean).

In any event, you seemed happy and I commend that. You handled it well.

6 degrees of separation - I work with one of Mark Hyman's (close) relatives...FWIW.

 

I agree on the 3x8 pricing being out of whack, but do 360's really have 1/3 the maintenance costs? I can't see that being the case, although I'd do the maintenance on a 3x8 myself. Then there's the desirability factor - I think the 3x8 has more upside than a 360.

Look - I own an E-Type, a car that has a fairly notorious reputation for being flimsy and expensive. The car is neither - it's solid and has been a trooper for me. The maintenance costs have been minimal and I've had the car for about 8 years.

Sometimes the hype precedes the reality. Not saying that a Ferrari CAN'T be a money pit, but I owned a Toyota Corolla that cost me more in maintenance than my Jag.

Just sayin'....