The time of the bottom feeder is over.
I agree. There is another thread about who would trade their 3x8 for a 360. I have yet to see anyone who would...only those who would keep their 3x8 and maybe add a 360. The buying pool may be getting bigger AND some, like me, may be looking to purchase another/additional 3x8. Two other points. 1 - This is the winter when sports cars are usually at a "discount". I wonder what the prices will be looking like starting in May of this year. 2 - I had my 308's value increased with Hagerty last year and the underwriter wanted justification, pictures, etc. I increased the value again, in January, and Hagerty instantly accepted it. I might increase it yet again as I was discussing that I could not replace my car at the value that I have it insured for. Something to think about...Could you obtain a replacement at the value you have your 3x8 insured for?
I'm sure you know they made over 12,000 308's right? If anything over 50k for one seems like a good use of money, buy one. I assure you, the 40 something's are the last batch of potential buyers and I honestly don't think there are many of them.....so spend your money wisely. Over zealous sellers are driving this market, not buyers. The big money ones just sit for sale month after month.
At one point not too long ago, I was thinking $100K. That number seems like it might be a little too near-term (e.g 2015). My number is closer to yours...$200K.
I think the real question is how many of those 12000 are left? Do you know that all of the 308's registered on this site doesn't reach 1000?
They made 12,000 over how many years? They only made about 2,800 a year. Certainly not 16,000 or 20,000 a year they are doing right now. Ferrari is flooding the market with cars and diminishing their value. Just like Harley Davidson. Slowly killing the brand.
Does anyone here including the poster above have cold hard stats on any steel dry sump frame off nut bolt ground up cars re their recent selling prices . If so post recent truly comparable results and then start the conversations. I think speculation about what is and is not a realistic price is simply .........................speculation given that few if any come for sale in this condition . I suspect the seller might be trying to feel out the market and I suspect the car will eventually sell most likely privately for an undisclosed amount as typically the best ones do . This of course is just me speculating ......... Gary Espada 8394 EtypeFHC 887465
It takes on average 6 months to sell an exotic car. Or in my case 2 hours .......at least to get a deposit.......LOL. M.
Agree. Except that the outdated, antiquated 275 GTB, 330 GTC, etc. are well past their sell-by date if we go by the generational theory. And Merc 300 SLs should be getting cheap as "that generation" of owners dumps them. As has been posted, some of us have enough modern cars and want something different.
How many of the 308's built world wide still exist worldwide? How many made it to the US, and how many of those still exist? And to put production numbers in perspective, compare the aforementioned numbers to Porsche, who built as many 911's in a single year as Ferrari built 308s over the course of a decade. It isn't as if there's a surplus of these cars out there. It's also false to say sellers are driving the market. Buyers are stepping up and paying more for nice or "rare" cars. Sure there are some cars sitting on the market at high prices, but many are trading hands for similar money. I know of a few different 308 GTBs that have sold near $100k in the past couple of months. Buyers had something to do with that!
Ok, I agree with that, but the 300SL, 275, and Dino buyers are all the same "Bruce Meyer and Jay Leno" age group. A genXer will not flock to a gullwing Mercedes, anymore than large crowds get excited about a Duesenberg like they did in the 70's. Baby Boomers will all be gone and their dream cars will become artifacts like a grandfather clock...... sure, they're neat but who is buying a grandfather clock?
I thought by definition all us 3X8 owners were bottom feeders by definition in the Ferrari world I can't change my image now!
Ferrari makes no v6 engines today. The 488 is a twin turbo v8. They make about 7k cars a year max currently. They of course will be increasing production based on what we hear from FCA.
Great, those are passionate end users not caring about a bubble or a potential next buyer. I can give you plenty of examples of nice cars just sitting for sale. The air cooled Porsche market is totally different as they have a massive audience to Ferrari's small potential buyer audience.
The seller/restorer posted photos of the restoration before during and after. It's clearly legit. A total restoration by a respected shop that achieves platinum awards for their work is going to set you back at least $300K these days. The amount of work required to restore a TDF, a Daytona, a Dino or a 308 is not dramatically different and the hourly rate does not change. Restoration of the rarest and most tired Ferraris cars can approach $500K. If someone is buying a very rare and valuable Ferrari, the cost of a restoration is almost a rounding error. So while there might be a bit of shock and awe when a 308 appears with an asking price of $345K, if I wanted a dry sump 308 to restore, I doubt I could find one in this market for less than $100K. Arguably, you are getting this car for $45K and simply paying for a $300K restoration which is already complete. Provided you like the colors of this car and were already planning to fully restore a dry sump 308 GTB, this would be the one to buy. I've been down this road with a Dino years ago. Unless you want to experience the thrill and pain of investing in the restoration of a car, paying for someone else's restoration is always preferable. My $0.02. Keith
I'm sure you are aware of the massive market up swing in air cooled (notably 1978-89 3.0 and 3.2) and it is based on the massive amount of people wanting them. Apparently the hipster crowd loves them.....
Use Google, go to Hemmings, search Ferrari 308. Most, if not all cars over 70k have been sitting there month after month. There is a really nice low mile 2VGTB (the lowest production of all) on SF craigs for literally 3 years.
Because I fit the discription. It was a cool car growing up as a kid and I want it as an addition to my stable. I currently own a scuderia.
Interest in the prewar era is diminishing and some prices are moderating. Given the great length of their collectable hay day I'd say that its not a bubble we're looking at but a curve.
