found a project car

15k max, if the engine is sound

 

Run away!

 

If its a complete car, and the expensive parts work..it doesn't look like its really that bad. But at 22k, the price is out to lunch to say the least. Try talking some sense into the seller, and you may walk away with a good solid project car to plug away at.

Have a look at Newmans 308 restoration thread to have an idea of what you may be in for. You may not need or want to go that far, but it will give you a good idea what to look for.

 

Price seems a bit steep for me, particularly for the work that YOU know the car needs. You may be able to drive the car tomorrow, but to get it "right" is going to take quite a bit more. Consider that if you bought it at 22k then you have to do a major - do it yourself for 2k or pay someone 5k. Then you are at 27k before you ever address the rust issues or do anything with the interior, much less getting the hail damage out.

Yes, you could amortize those costs over time, but before I ran the car any distance at all I would do the major which is going to put you at 24-25k even if you do it yourself.

There are other cars out there that can be had for less that would require less work, but thats what I am seeing at the moment.


PDG

 

I bought a 1982 308 GTBi on eBay for $20,000. (It's even silver.)

It needed belt service (as does this one), and had some very minor rust bubbling at the bottom in front of the driver's side door, but that was it. (Oh, and I did just buy reproduction 16" wheels so I don't have to shell out $475 each for inferior Michelin TRXs. You'll have to do the same, plus a few thousand to bring the interior up to standard.)

Make no mistake, I love to see a neglected Ferrari brought back to life and wish to encourage others to do so. But this looks like a money pit.

If you have the time and know-how to fix the body damage on this car, do it. But I wouldn't pay more than 12.5 k for that car, based on what I see here.

 

It always gets me when some people are more scared of a belt service than major cosmetic issues. You can do belts/tensioners yourself for a few hundred and be good to go for thousands of miles.
Clearly visible rust throughout means more that cannot be seen. Unless you are a body man, I see no easy way out of body repair. $$$$ Add to that some interior restoration and you easily exceed $10 with rust repair, paint and new interior.

 

Maybe someone needs to slap me around, but I don't see how this makes sense even at $10K (unless you are a dismantler) -- JMO.

 

I agree.

Multiply every rust bubble by 10 times to get a better idea of the REAL rust issues. A guy could wrap up 8k or more just in body and paint.

"It's a leaker, the throw out bearing makes noise he said (I didn't drive it) and the interior leaves a lot to be desired." Here is another 15k

New wheels and tires, 5k.

22,500 Purchase
8,000 Body and Paint
10,000 Service engine, clutch transmission, redo interior
5,000 Wheels and Tires
__________________________
45,500 SO FAR.

This thing is looking pretty tired.

You can get a good quality driver with up-to-date services for 27 to 30.
Run and don't look back.

BTW, for 45,500 you can buy a pretty good, (but needy) Testarossa.

 

I saw that car on craigslist when it was advertised for $18.5k. I would have bought it at $15k if it had no mechanical issues. At the end of the day, whether the rust bubble uncovers a dime-sized hole or a 2"x3" strip, you still have to cut and weld; for the person who does body work, this car is no big deal . . . but for the person who pays by the hour for it, it will add up.

I would try to save this car for the simple fact that it's a silver GTBi. I'm sure there are only a handful as such in the states. If you're going to part one out, for goodness sake, part out a red one . . .

 

I too would LOVE to see this car get the attention it needs and deserves, but just be aware of that going into it. I agree that a silver GTB is not going to be something that passes you on the road very often, so from that perspective its got some value, but not sure its worth the 22.5k.

Besides, if Steve Magnusson said what he said, then thats enough for me!!!


PDG

 

And I think the reality of these posts ALSO is another reason the seller doesnt want the car listed or referenced here on FChat.....

Sounds like he KNOWS what we would have to say about it.


PDG

 

I agree. I just spent a few minutes looking on craigslist and cars.com for an ad for it. He's been outed anyway -- we're talking about the car. And anyone who would come on here and ask about it would get the same truth anyway . . .

 

"Run away!" is probably good advice.

But it makes me sad to think that the cost of fixing up a 308 so greatly exceeds the value of the car once it's back in good condition. Seems that there's a real incentive here to simply buy a 308 in decent shape for just a little more money - and leave the ones that COULD be restored to continue rotting.

In an ideal world, the current owner would let it go for 5 - 7.5k to a highly skilled paint and body man / mechanic, who would put an additional 20k into it and bring it back to near-new condition.

Either that, or every silver 308 GTBi should be worth 90k - and thus every last one of them would be worth fixing. (OP did say, by the way, that he's not crazy about the silver color. One more reason not to buy this car.)

 

22K is a LOT for that. Makes this look like an incredible deal....

http://www.ferrarichat.com/forum/showthread.php?t=160115&page=12

You basically pay for a restore and get the car for free.

 

Im with Steve here, the price is almost 3 times too high. By the time you grind off the paint, those rust areas will most likely expand to the entire panel. It needs door skins, quarters and rockers if its ever going to be right, thats probably $20k in body work. It hasnt been serviced in almost 8 years, if even that is to be believed, it most likely needs a full service and probably a LOT more, you'll probably blow less than $15K there, if your lucky, then you can attack the interior....


Until the value of these cars goes up over $40K, cars like this are going to fall to the wayside. Its just not worth the expense to restore it.


Hate to say it, but look for a better car. The seller will never come down to common sense reality, so dont bother. He's looking for a sucker asking that kind of money.

 

$8-$10G's max. And even then...

But at $8G's, buy it, strip it, prep it, take it to the track and drive the piss out of it.

 

Tim, come back to reality, don't even consider purchasing that car. It is a money pit that you could never recoup.

The asking price is a scammers delight if he can get it.