So I [almost] bought a Ferrari [Mondial 3.2 Coupe] Sight Unseen for $2000

I recently was offered a Ferrari 308 GTS for $2,000. The owners want the car out of their garage and it has been used as a shoe rack for the last few years. For $2,000.00 how bad could this investment be even if I agreed to the deal sight unseen? It also helps that the car was purchased from a family friend. Excited to own my first Ferrari!

I am supposed to pick up the car some time later this week so I will have more information and pictures later this week or early next week.

This is what I currently know, which is not a lot, from talking to the seller and my dad who has seen the car under the shoes:
-Its a Ferrari 308 GTS imported into CA from NY, not sure of which year.
-Ran well when owner decided not to deal with smog and parked the car
-Needs new battery
-Still on TRX wheels and tires
-Needs to be smogged
-Paint and body work appear to be in good shape even after serving as a shoe rack for years.

This is what I plan on doing to get it road legal ASAP and as cheaply as possible:
-Refurbishing and replacing smog equipment - most likely going to have to get an aftermarket cat or two
-Replace timing belt
-Replace wheels and tires with 16" QV Rims from Superformance
-Brake Service
-Replace fuel lines
-Coolant flush and replace hoses if needed
-Rebuild or replace water pump - going to be in there anyways doing the timing belt
-Birdman fusebox
-Oil service
-Replace fuel filter
-Replace spark plugs
-Replace air filter
-Battery - any recommendations besides an Optima?


Hopefully, after all that work I can get the 308 on the road again. Any advice for getting this car smogged in CA? My main goal is to get this car up and running as cheap and as fast as possible. Keep in mind that I am going to be doing a lot of the work myself to keep costs down and I have limited time because I just opened my own business. I just want to enjoy it while I can and since I only paid $2,000 it gives me some money to play with later once I confirm I can get this thing pass Smog.

Plan later:
-Superformance Big Brake Kit on all Fours - mainly because I have heard of the useless 308 handbrake.
-Aftermarket Radiator + Fan
-Retrofit the AC unit

I am so excited that I haven't been able to stop thinking about this car and researching about parts since last Thursday when I shook on the deal.

 

Post pics
Sounds like the buy of the year in apart any condition.
Smog advice will vary wildly depending on model. Otherwise sounds like you have the plan
Congrats

 

Someone must have really wanted out to let it go for $2K. Unless it was intended as a gift.

For California smog, you'll need to find and buy OEM-spec cats (two of them), etc. Typically, California smog failure or a timing belt failure and related internal engine damage are the reasons for 308s being given away or sold out of state.

The other question is how long it sat under a pile of shoes. Months? Years? Decades? That will determine the condition of pretty much everything that needs to move to stay in driveable condition.

But, the parts value of the car is over $2K regardless, so I think you'll be OK.

 

Whoa! Pictures are mandatory! ...with shoes and without!

 

I'll reluctantly offer $4grand sight unseen. Could save you hours of anguish. Plus you get to tell people you doubled your money in this over-heated Ferrari market. My generosity embarrasses even me sometimes!

 

For cats I was looking at Hyper-Flow. I was interested in the ones from Fabspeed because they are half the cost but they have no clue if their cats will pass CA Smog. Anyone use any aftermarket cats that work for CA smog?

The car was parked for at least a decade. Originally, I was jokingly offered the car for $5,000 last year. I never took the offer seriously and it sounded like they already had another buyer in waiting. I honestly thought it would take $15,000 to get it out of their garage and at that time I did not that kind of disposable income for a car project. Fast-forward to this past Thursday, the sellers just got rid of a Porsche 948 they had sitting outside for $2,000 so they offered me the Ferrari in their garage for the same price. I immediately took the deal and have been giddy ever since. No way I was turning down a Ferrari 308 GTS for $2k.

I trust the seller's representation of the car but because it has sat for at least a decade I want to give the car a decent service. Hopefully, it wont take too much to get this thing road legal. I am already dreading the timing belt change as I will be doing it without a lift.

Can't wait until I get the call this weekend to get a flatbed over to the seller's house. Will post pictures soon. I don't want to rush the seller because they are family friends. Also I am located 90 miles away from the car, which is why I haven't personally seen the car yet.

 

Have a used set of SP 16s available also at a steal deal. PM me if interested.

 

I am apparently still in probation mode as all my posts need to be reviewed by mods first and I can't send PMs.

Email me at anon95811@ gmail [dot] com so we can get this conversation started.

 

Sounds like a fun endeavor. Good luck. You have the basics that need to be done.

Did you mention what year it is?

 

I'll go 5 because I love the colour...

 

Ahaha I think I am going to be holding on to this car for a bit. No other way I can get to own and drive a Ferrari for hopefully under $10,000.

Originally, I was going to slowly fix up my dad's old Porsche 914 but since we can likely get more for the 914 than I paid for the 308 that car is going to be gone soon. The 914 actually needs more work because it has been sitting for longer. Another casualty of this purchase is that my dads old Volvo 240 (non-running) from my childhood has to go to make space in the garage. Going to miss the old 240. Shifted my first gears in that car as my dad operated the clutch.

I do know the car is red. All my dad keeps on telling me when I ask him to take pictures is "You don't need pictures, just imagine the Magnum Pi car." Then usually a random tangent on TRX wheels he had on his mustang.

PM Sent

Most likely wont get a picture with the shoes on it as the seller is clearing that stuff off this week and I live 90 miles away from the car. But I do want to document this process as best I can. Now to bribe my dad to go take some pictures for me.

I think the best part is that the insurance for the 308 with decent coverage is about half the price of my daily driver.

 

If you hadn't mentioned the TRXs I would have suspected a rebody of some sort, at that price anyway.

 

First post.

 

Alex, congrats on the buy of the century. With all the mone you save, it's probably worth spending on the 308 and keep her up and running in a dissent condition, who knows your 308 may even come out as a concours condition someday. Anyway post some pics and fill up your profile.

 

So for 2k you bought an abandoned car.....try and keep that in prospective.

The car was not stored , they couldn't smog it, and may have had other issues so they used it as a shoe rack.

something like this once you start will cost you more than if you bought a decent running car. Just when you think you got it to run it will cause some other issue, especially if you drop a valve , if not already dropped.

Here is my advice .... Part out the car , all the big stuff will bring you good money, eBay it , and then discard the dead carcus....this will be a great return on your investment. Your labour will be a wash as you will spend countless hours trying to fix an abandoned Ferrari....use that fake fixing time to part it.

Take the money , then go hunting for a driver 308 .....

Bingo , enjoy your time driving !

That's what I would do.

 

Hope it all goes well, though I have to say if it were me I would have started this thread once the car was safely parked in my garage!

 

before we get too ahead of anything we need to know what the car is, year, condition etc. then can go from there, Hell he may have a glass car for all we know


Wade

 

I only see talk of the mechanical side of the car. If there is rust, and you want to cure it, the bill for that is going to make you weep, but as someone said, for $2k, you can make some money on the car regardless.

 

Could be the barn find of the year.

 

That is a great find. One of those dreams of a great barn find.

Given it has not been run in a while, there is lots to be done to bring it back to life. You mentioned belts and be sure to change all the pulleys as the bearings are probably more likely to fail than the belts.

As others have mentioned, you could spend a lot on getting it sorted. Take your time and do it right and you will have many years of enjoyment. 308s are fun and reliable.

 

I agree. After a decade of not running, I wouldn't count on a simple $5K major to get her on the road. And there's no way the shocks sat for a decade without seizing. And the brakes...

The time and expense here will make a $40K 308 look like a bargain.

I would be tempted to part it out and cash out.

Well, it's a GTS so I'd say steel.

 

Ignore Big Red -- he's actually right, but to him, anything less than a 100 point car is scrap.

Be very careful when trying to restart it. Based on your list it sounds like you've done your research. Assume every system is toast, and that it has broken valves. That way, any surprise is a good one.

Don't worry about getting it perfect, work on the mechanical side and make it safe, then go for cosmetics. Technically, it will probably be cheaper to buy a perfect car than restore this one, but I understand the joy of bringing back one that was abandoned.

Good luck, post lots of pictures

 

This is a fantasy thread. "Dad, can you take a picture of it for me?" "No, just imagine Magnum PI." I mean, c'mon.

 

Hope it's not a replica.

 

It might be cheaper to get back on the road if it were