All, I am in the custody of a 78' 308GTS that I had assessed by Competizione. This 308 has been sitting in a trailer since 2011 not started or ran since then. Extent of their recommended repairs is as follows: - Full Major servicing needed incl all gaskets/seals/cambelts/tensioners/water pump/etc -Carbs cleaned and rebuilt, Fuel tank hoses completely deformed! Fuel tanks may need to be removed and cleaned out??? -Distributors rebuilt incl points/bearings/seals (update to electronic pickups is recommended) -All new Ignition wires/cap/rotors -ALL Coolant & Fuel Hoses as well as Fuel pumps -Coolant resv full of rust and corrosion internally -Replace Front & rear Brake Hoses, Rebuild all 4 brake calipers and rebuild/replace Master cylinder -Motor mounts collapsed -All Suspension Bushings/sway bar bushings worn out! recommend to replace/rebuild all shocks as well -Steering rack needs to be removed and rebuilt as well -Axle shafts to be rebuilt -Needs 4 tires -RF wheel bearing loose -Oil pan/Gearbox/shift shaft seals leaking oil (Major oil leaks evident! More gaskets and or seals may be required) I am trying to close out an estate that this 308 is in so I am in limbo on whether to invest (their estimation) of ≤50k to sell, or sell as is. Any advice would be appreciated! ~Dan R Image Unavailable, Please Login Image Unavailable, Please Login
IMO, you'll get a higher return if you sell it as-is, and let buyers worry about the repairs. Plenty of people out there who can do their own maintenance and repairs for a LOT less than that estimate.
IMO impossible to advise with the info given. We don't know the mileage, condition of the bodywork, condition of the engine internals, condition of the interior, nor the service history prior to being parked. Assuming the service listed by the OP is all the car needs - and returns it to "nice runner" condition - it's certainly worth more than $50k....probably in the $60k - $70k neighborhood. As it sits, with the info given, I'd guess some enterprising individual might give $25k - $30k for it. Of course all this assumes it doesn't have some ridiculously low mileage...if that's the case, then everything's out the window. - Dave
Right, but the question wasn't "do I sell this for 50K?" It was "do I put ANOTHER 50K in this non-runner in the hopes of improving the sale value?" In my opinion, spending the 50K in hopes of getting more than the 50K back at the sale seems to be a waste of time and money.
IMHO paying market maintenance rates it is very unlikely you'll increase the value by more than you'll pay unless this is a super special car with amazing provenance which it doesn't seem to be (like 99.99% of 308s). You'll also be taking risk of further work being uncovered plus delay and uncertainty getting it done. As others say, from a probate perspective I'd say no-brainer to sell as is, let others who can do it cheaper or who want to invest on an emotional not financial basis take the risk.
You'd never recover the $50k and the "oh and we found this and that which needs to be done" headaches involved. Put it on on BaT, let the market decide what it's worth and check that off your list.
OP here. Thank you all for the advice. From my conversation with Competizione and parties of the estate I was leaning to selling as is, and the consensus is clear in this thread. I have been a bit puzzled on the estimation of repairs needed as it was driven into the trailer in 2011 before the owner tried to do a self "tune-up" himself; however, I am in no way an expert in the mechanical of Ferrari so my opinion is of little value in the matter. Some of the issues make sense given the decay of sitting and not being ran. For clarification to some in this thread: Clean title (no liens, etc.) and mileage around 45k (forgot to take pic of odometer before towed to Competizione but less than 50k) Interior needs deep cleaning and is not immaculate. Body is fine with no damage / original paint
I second the idea to put it on BaT as is. I would be stunned if it did not do well on that platform, as is. These are great DIY cars in my opinion and a lot of people would be interested in a fixer upper, "bargain" Ferrari.
I'm in the camp of doing the minimum to get it 1) cleaned up and 2) running, even if poorly. Then let the next owner figure out what they want to do. I think of the motor turns over and it can go through the gears it will get a higher price than just sitting there. But as was said earlier, if you plan to sell do the minimum investment to get the best prices. People buy pretty things. Its the first thing they see. And depending on the condition, it might be better to just do the clean up part and make it look pretty in the photos. One good thing -- its a carburated car and those are in a little higher demand. But I'll be honest, once you open the can of worms and start to work on it, you never really know where you end up. As you've seen, they can get pretty expensive fairly quickly. But its worth saving and I'm sure someone will want to take it on. Its not a basket case. Clean it up and have a photographer take good photos. Its all people bidding on this car will know for sure.
I would advise selling as is on BaT. It would be relatively quick (3-5 weeks) and most likely go for $35-55k. Having a shop fix it will be months, if not years to finish, and I guarantee it will be more than $50k if that complete list is done. You would then have a car worth $65-85k. Where in VA? I may know someone who would be interested in it as is.
"My mama always said, 'Ferrari’s was like a box of chocolates. You never know what you're gonna get till you open them up'"
That appears to be a nice enough car cosmetically, let the market decide the value. This is one of those elusive "barn finds". Sprinkle some extra storage dust on it, and sell it as is.
Likely need to re-core the radiator too. There will also be electrical fiddle such as sticking window regulators etc.....
A clue for you should be that Dealers aren't breaking down your door to buy it from you, dump $50K+ into it, and then try to sell it for an easy profit . IMO, this kind of (massive resurrection) project only makes sense for a DIYer willing to trade their time for money.
- I am in Front Royal VA - The car is still with Competizione in Gaithersburg MD. Can send me a PM if you want my contact details!
The trailer is a 2007 PACE Enclosed car trailer. I recently had service completed including VA State inspection so it is road ready. Believe it is a 20ft trailer but I need to get the details off the side of it. 3000 GVW with 7000 maximum
They did inform me that they would assist in getting it sold, not sure at what cost or benefit to them. I just received a full set of pictures of their assessment on the OP.
In my opinion...that option would take A LOOOONG TIME to settle and the estate would be lucky to clear $10k in the end!
If this gets anywhere near $55k, I'd like the lucky buyer to know that I have a nice companion bridge available for a very attractive price. - Dave
