Need Advice - 1978 Ferrari 308GTS | FerrariChat

Need Advice - 1978 Ferrari 308GTS

Discussion in '308/328' started by dlr72492, Jan 17, 2025.

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  1. dlr72492

    dlr72492 Rookie

    Jan 17, 2025
    5
    Virginia
    Full Name:
    Daniel R
    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
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  2. BenB

    BenB Karting

    Dec 14, 2007
    92
    Illinois
    Full Name:
    Ben B
    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.
     
    jimangle, ZikZak, dflett and 5 others like this.
  3. flash32

    flash32 F1 Veteran

    Aug 22, 2008
    6,919
    Central NJ
    Full Name:
    Dominick
    +1 ..totally agree
     
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  4. GrigioGuy

    GrigioGuy Splenda Daddy
    Lifetime Rossa Owner

    Nov 26, 2001
    33,116
    E ' ' '/ F
    Full Name:
    Snike Fingersmith
    Sell it as-is where-is. The goal is to close the estate, not spend 50K and hope to recover that 50K.
     
    Zenobie likes this.
  5. ChevyDave

    ChevyDave Formula Junior

    Dec 21, 2019
    408
    Pacific Northwest, USA
    Full Name:
    Dave W
    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
     
  6. GrigioGuy

    GrigioGuy Splenda Daddy
    Lifetime Rossa Owner

    Nov 26, 2001
    33,116
    E ' ' '/ F
    Full Name:
    Snike Fingersmith
    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.
     
  7. Portofino

    Portofino Formula Junior

    Sep 17, 2011
    846
    Yorkshire UK / Switzerland/ Antibes France
    Full Name:
    Portofino
    The estate won’t love your for returning 0.50 cent on the $ .Or the delay .
     
    flash32 likes this.
  8. JC1720

    JC1720 Karting

    Jan 21, 2016
    139
    UK
    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.
     
    Zenobie likes this.
  9. rwbolt1

    rwbolt1 Karting

    Sep 10, 2006
    214
    Boerne, TX
    Full Name:
    Rodney Bolt
    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.
     
  10. dlr72492

    dlr72492 Rookie

    Jan 17, 2025
    5
    Virginia
    Full Name:
    Daniel R
    #10 dlr72492, Jan 18, 2025
    Last edited: Jan 18, 2025
    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
     
  11. mike996

    mike996 F1 Veteran

    Jun 14, 2008
    6,871
    Full Name:
    Mike 996
    Totally agree with the "Sell it as-is for whatever and let the new owner figure it out!"
     
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  12. surfdwn

    surfdwn Karting

    Sep 28, 2005
    140
    Freeport, Fl
    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.
     
    TheMayor likes this.
  13. TheMayor

    TheMayor Ten Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    106,118
    Vegas baby
    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.
     
  14. Dockboy

    Dockboy Formula Junior
    Silver Subscribed

    May 11, 2013
    600
    Maryland
    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.
     
  15. LE06

    LE06 Karting
    Silver Subscribed

    Sep 26, 2022
    228
    Full Name:
    Lee
    "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'"
     
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  16. Vonbarron

    Vonbarron Formula 3
    Owner Rossa Subscribed

    Aug 26, 2014
    2,261
    Westside Mofo
    Full Name:
    S B
    I’m curious about the trailer
     
  17. moysiuan

    moysiuan F1 Rookie
    Silver Subscribed

    Nov 1, 2005
    4,187
    Canada
    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.
     
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  18. jdjagguy

    jdjagguy Karting

    Sep 11, 2007
    76
    Enid Oklahoma
    Full Name:
    Richard Crump
    Likely need to re-core the radiator too. There will also be electrical fiddle such as sticking window regulators etc.....
     
  19. Steve Magnusson

    Steve Magnusson Two Time F1 World Champ
    Lifetime Rossa

    Jan 11, 2001
    26,794
    30°30'40" N 97°35'41" W (Texas)
    Full Name:
    Steve Magnusson
    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.
     
    mike996 likes this.
  20. dlr72492

    dlr72492 Rookie

    Jan 17, 2025
    5
    Virginia
    Full Name:
    Daniel R
    - 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!
     
  21. dlr72492

    dlr72492 Rookie

    Jan 17, 2025
    5
    Virginia
    Full Name:
    Daniel R
    #21 dlr72492, Jan 18, 2025
    Last edited: Jan 18, 2025
    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
     
  22. dlr72492

    dlr72492 Rookie

    Jan 17, 2025
    5
    Virginia
    Full Name:
    Daniel R
    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.
     
  23. Dockboy

    Dockboy Formula Junior
    Silver Subscribed

    May 11, 2013
    600
    Maryland
    Thanks! I will let them know and contact you if they are interested.
     
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  24. Dockboy

    Dockboy Formula Junior
    Silver Subscribed

    May 11, 2013
    600
    Maryland
    In my opinion...that option would take A LOOOONG TIME to settle and the estate would be lucky to clear $10k in the end!
     
    dlr72492 likes this.
  25. ChevyDave

    ChevyDave Formula Junior

    Dec 21, 2019
    408
    Pacific Northwest, USA
    Full Name:
    Dave W
    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. :p
    - Dave
     

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