Upward Trend - Early 308s

Hi,

I was just browsing the Ferrari Market Letter online. I am happy to see that there are a few early carbed 308 GTBs (steel-bodied) with asking prices around $40k, with the glass cars being around $50k.

I applaud the owners of these cars (especially the steel cars) for asking these prices regardless of what current asking price indices are stating. It is becoming extremely hard to find a nice, early carbed 308, especially the '76/'77 models. These cars deserve much more respect than they have been getting, and finally it looks as though owners/sellers are not afraid to demand a higher price - in a publication like the Market Letter, this behavior could help swing the market for these cars.

Your thoughts?

Thank You,

Anthony

 

I whole-heartedly agree. The 308s deserve higher prices than they command across the entire production range. I feel as though the opportunity to own a carbureted Ferrari - of any year or model - is one that should not be passed up, and as there aren't so many options in the "reasonably affordable" segment, it's only natural that the cars should start to steadily trend upwards in price.

I think just about everyone who has bought a carb'd 308 (GTS/B, or GT4) in the past year or two has done well for themselves, and anyone currently in the market had better kick their search into high gear! While we certainly won't be at 75 or 100k by 2008, it's not out of the question to see a bump in prices of $10k-$15k, depending on year, model, and condition.

 

yep.but i dont see any *selling* for much over the mid 30s. i have had my 77 308 GTB on the market off and on for 2 months at $32,500 with only a few calls.

i know its a black car, and its winter time, but the other 3 Ferrari's i had sold quickly.

i have been stating for years the early carb GTBs are a better "fun car" than the GTS car due to weight and stiffness.

guess i will keep it until spring when the buyers thaw out!


its Lamborghini time for me. (again)

 

I have wondered for some time, and have stated that I believe the values will turn northward on the early cars. I dont really want them to, but its rather disheartening to see Cuda clones and Challenger clones selling for really big dollars while cars like these are selling for virtual peanuts. When I have argued this with people, they have countered with the rising costs of doing a bare metal repaint on a muscle car, costing over $20K. Well, first off, thats BS, and second, it costs more to overhaul a Ferrari. The cost of restoration really has no real bearing. Neither do I believe maintenence costs are what scare anyone away. I think somewhere the 308, and Ferrari's in general, have gotten a bad rap that they are not reliable, and rediculously expensive to repair, and people are responding to the negativity. The early 308 has made it through the 30 year point, its still got looks to die for, and its showing to actually be a very reliable car you can take out for a drive somewhere and make it back home. Thats what will make it shine for the future collectors.

 

As Pork said in Gone With the Wind "Asking 'aint gettin' "

 

Very true. But people asking $40K aren't taking $20K. As asking prices rise, so do selling prices. The two are rarely ever the same in any transaction. Selling prices simply follow behind asking prices.

I think one thing we may be seeing here is that now as the cars are getting old, they require more maintenance, especially on the ones that have a lot of deferred maintenance. So a guy selling a properly sorted 308 has pumped a fair amount of money into it to fix all the stuff that was ignored by previous owners. This means he won't part with the car for peanuts like the guy who owned it for 10 years, drove it 3,000 miles and put nothing into it except a couple oil changes and some wax.

Another thing that is happening is that the image of the 308 is changing. (Slowly, not fast enough for me). As the car gets older it is less and less considered a budget "look at me" exotic intended to impress people, and more and more considered a handsome classic car owned by an enthusiast. Enthusiasts understand the value in a well-maintained older car as well as the distinction between a carbed and an injected Ferrari.

Birdman

 

A couple of points, then a conclusion.

Golden rule in real estate; buy the cheapest house in the best neighborhood. The house that goes up first and has the potential of the greatest percentage change is yours.

The only downside of publications like FML is they deal in prices that are published in the public. Gerald, FML publisher, has written a great thread addressing this issue. It is quite well written and you should read it. He cautions people that his asking price index does not include deals that are made behind closed doors.

Now don't beat me up on specific words here, think general theory.
When you look at a group of 10 year old sports cars and even 20 year old sports cars the price point in the resale market, generally, is still pretty tight without a wide spread from high to low.
Regardless of the make, as sports cars hit the 30 year old mark the pool of available cars begins to split into 2 groups. The first being cars that are in need of a total restoration, modified cars, and daily drivers. The second being cars that have become show cars, garage queens, or totally restored cars.
This is where large price desparity begins.
Example; look at 1970's E-Type Jag's.

In the Ferrari world I think it is safe to say that 20% of the cars are sold "behind closed doors", meaning unadvertised. I believe when we're talking about cars priced at the high end of thier group (exceptional examples) that percentage increases quite a bit.
Example; GT4 sold last week on the east coast for $33.5k, unreal car but unadvertised. Glass 308 last month, unadvertised, $50k+

The 308/GT4/etc "entry level" end of the Fcar market is moving and quickly. It is the cheap house in the exotic neighborhood. It has also hit an important milestone, the 30 year mark. Birdman you're right, they are changing from exotic cars to classic cars. When that happens to any car the market starts heading upward.

 

*whistling.....packing flight bag.........checking weather maps*

They are all dogs.....dump 'em into the Ocean!

 

They catch fire all the time, and $#&&%^*^ing EXPLODE!

That'll kill you!

Get a Honda.....you'll be happy!

 

The Mustang Ranch 'glass car could not get $18K...the Market is TANKING!

Open that door, put your parachute on......BAIL OUT! BAIL OUT!

 

Alan, man you have GOT to stop doing drugs

When are getting together and going for a drive?

 

....or MORE! Dosage is definately off.....

Gonna go talk Ferraris with my pal, Buddy Guy.....be right back......

There's gonna be a 4 place slab and barn raising soon, don't think the Hare Krishnas will help so I'll be shouting out to all my padners to pound some nails!

Free rib eyes to all participants, all you can eat.........you'd recommend a stout red with that??

 

They are doing a background check before reissuing my FCA badge, for some reason.....I'll need you and Franco to wright a letter for me.......

 

Props for the GWTW reset



As a Ferrari outsider, the cars do have the reputation for unreliability, poor parts availability, and high servicing costs.

Alot of this comes from the fact that the owners (new and old) just don't drive the cars.

 

That assesment is actually hopelessly behind the times...ever since the Factory sent all vintage parts to the UK, it's been wonderful.

Ricambi America has taken North American distribution into the Internet Age.

My Pontiac has cost more to maintain recently than any of my Fcars.....

Once set and tuned by an EXPERT in the field, my carbed cars run hard for several years. Find the Coupon Book for maintenance.....follow the coupon book for maintenance.......man, that's a tough one, eh?


BAIL OUT! SELL! SELL! SELL! Take 14K, 18K whatever you can get!

Gasoline is GONNA RUN OUT! THE TERRORISTS HAVE WON!
OPEN the WINDOW! HERE COMES A JET PLANE! ARRRRRRRGGGGGGH!

*splat.....into the mud of the Woodlands....mobile home window breaking*

 

D@mn, ........I got to find a taller building..............

 

Hi,

When we speak of Ferraris reputation for reliability, etc. - this would be an important point for those outside the F-car community - if they realized the cars were relaible, etc then they too would potentially demand them, thus driving prices up due to more demand.

But, in terms of early 308 prices within the Ferrari community, I do think they will slowly start to rise, as recently shown. I remember some individuals in the mid '80s would would not even think of buying a Dino - now the Dino is very dersirable. Also (unfortunately) some who are not really enthusiasts, all of a sudden, start to like a car just because it is valuable.

Some who pay no heed to 308s because they are relatively inexpensive (compared to other F-cars), will somehow be magically be interested in them if they were say over $75k? "Well, they must be great! They are fetching $80k - I must have one!" - I can see this happening - the desire to own a car and respect it, just because it is has a high monetary value is ridiculous....sad, but very true in the collector world........like the well-known body shop that I entrusted my precious GTB to for a simple, routine rust repair....maybe they would have treated my car with respect if it was worth significantly more money....but I digress... ; )

Anthony

 

Whatever you're putting on the ribeyes, pass it around.

 

I use Mojo Criolo...it's some magic stuff from the import aisle in the Foodland across the railroad tracks..........never read the label!

They say the Railcar Killer used to drink beside this store, behind Lady Valeria's house........

 

I was really excited to see that this post had received 18 responses! "Alright!!! We got ourselves a disCUSSion, here," I thought.

Then I realized - there weren't 18 responses, the thread simply got "Bubbafied!"

 

I'm like, beginning to think BigTex was the inspiration for that VW bus in "Cars", man. You aint got any that homemade hootch down there to go with them there ribeyes, do ya?

 

76 and 77 GTBs will follow the lead of the euro dry sump glass cars, and go up. i had a 78 GTS, and it did not drive anything like either of my 2 77GTBs.

there will be a point when the drivers buy the cars, and the open top GTS guys go on to something else.

 

If you had seen that movie as many times as I have thanks to my 3 year old, you would know that his name was Fillmore!

 

LOL

 

I have seen the market go up. I also saw prices in the Cavallino price guides were adjusted the last issue. The bottom figure prices of all 308s are on the rise according to Cavallino. And consider this.......two years ago the 1976 glass car I purchased on Ferrariads.com was listed at $27.5k with little interest. I even paid less than that. How fast would a nice US glass car last on the market today at $27.5k?