HELP! NEED THE COMMUNITY'S ADVICE: After two years of searching for the "right" red/tan carbureted GTS, I found the most cosmetically-excellent example of my whole search ten days ago, right in my own backyard. It had been sitting since last August, when a locally-respected duo of buy/fix/flippers - one "money guy" and one mechanic - purchased it as part of a Wisconsin collection. They said it just got new belts and water pump last June, and has 40,000mi on it. Only issue they noted is that it is missing some sort of donut between the exhaust manifold and muffler, causing an air "whistle," which they said they'd fix. I immediately wrote a check in the mid-upper '30s, subject to a PPI. Last Friday, when the snow melted enough to get it out of storage, I sent it to one of the most renowned mechanics in the country, who found so many mechanical issues that he recommended I pass. He said basically that the engine was running strong, but idling at 2,000, misfiring at 4,300, and needed a proper re-seal, in addition to which he said there basically is no life left in the suspension or exhaust system. He said it appeared the car HAD been maintained, but incorrectly by someone who didn't properly know Ferraris. He DID say it was a perfectly straight, rust-free body. I told the Seller I was walking away, but HIS mechanic came back and offered to do the recommended major work as part of the deal. Problem is, I don't trust his ability at all to work on this car, and MY guy says I'm looking at min $15k in work, and a 4-month "winter project" that "shouldn't be driven" as-is. I just moved in with the gf and am not really set up to do my own work, soooo..... Do I let the Seller's guy work on it, ask for a MAJOR price reduction (I really don't think they'll go for that), or walk? See attached images, and PPI scan. Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login
There are thousands of dollars worth of repairs here. I would offer 10K less and get the repairs performed by a true Fcar mechanic.
Is this a early carb gts ? Mid 30s is what I would expect. The 15k bill waiting by an expert could be low ball .... Add in new tires and other odds and ends. I would ask for the largest reduction I could get and see what happens. If they stay firm, and dont do anything and you LOVE this car , then be happy with the purchase and get to a Ferrari specialist you want long term to service the car. I would negotiate it like this..... Don't touch the car, I don't want you to fix the donut on the muffler ....give me x off and take the car. If these guys are missing 3 or more teeth , go get the car today before it goes somewhere else.
I would pass. There are so many Ferrari's on the market. The minute you fall in love with the car you lose objectivity. This could cost you a lot of money and heartache. This does not sound like the car. Find one with no excuses in good condition. Glen
His post is very clear. He has been looking for a 308 carb gts for 2yrs Please show us another one that he can buy that's a better deal. Can you offer the solution ?
Big Red is right. I could take my pick of injected models. But as for carbs, I've found just a couple PRISTINE ones, with 5s in front of the price, a few great-shape-wrong-color examples at fair prices, and a few poor-shape-right-color examples. If I want a red/tan carb '79 GTS, how many US examples are out there for sale, in great shape, at prices that aren't absurd? Never mind the uninformed buyers/sellers on eBay, after two years looking, I'm ready to pull the trigger at the same price I was last year, and now there don't seem to be any, and Sellers seem to be valuing them $10k higher in the last two months. Ugghh!
Exactly what I thought. Not so many carbs cars for sale and their prices are now starting to go up. I'm not sure the next car you'll find in this condition will be cheaper. Or you'll find a prime exemple but at which price? Fix the urgent things and drive it like this to feel the car. Fix the bushings and little stuff while you enjoy it one step at a time. Their is no real need to do it ALL in once. Drive it accordingly knowing the car condition.
They all need something. If you can get it for a price you are comfortable with, buy and fix it. Or spend another two years looking while you could be driving/fixing/enjoying this one. Just my opinion. Sent from my iPhone using Tapatalk
Justin, Nothing really stands out as a deal breaker. Most of it seems like normal wear and tear for a 30+ year old car. If you want a turn key, pristine car you will pay more. What is your comfort level on working on a car? This is were you will save the most money. The only thing I see as a big ticket item is the clutch, steering rack (could be hard to find), cooling pipe (but this could be wielded), tranny rebuild (haven't dug this deep yet), bushings all around you could source through SuperFormance.co.uk, as well as caps and rotors. A good tune up could fix the idle issue. Most all these cars leak oil from various joints, and the windows are notorious for being jammed up with Italian version of grease commonly known as varnish. Keep in mind, some parts will be hard to source, others will have a crossover.
BTW Wilcat326 if you buy that car take a look at them Ferrari 308, 208, 288 GTO & F40 Parts - Superformance they have the best prices for 308 parts and their shipping is fast.
If you do decide on the buying now and fix as you go plan.... Get the dry gas lines fixed first. Otherwise a fire is inevitable.
Mid 30's for a carb'ed 308 that needs a major+ sounds about right. Prices are going up. Spending $30k-ish + $15k-ish for a major puts it at $45k with seems about the right price for a carb'ed 308 in good condition. I guess what I'm saying is, given where the market is going, and assuming the interior and exterior cosmetics aren't bad, the math might actually add up on this one. -F
Its gonna take quite a bit to get that car "perfect" however, it looks like you're still a little short of the normal asking price for a "perfect" example. Ive always found it easier to stay motivated working on a nice looking project, rather than a well running beater. I would use the PPI as a bargaining tool, try to get as much taken off the price as I could, and use the money to fix the pressing issues.
Buy it if you really want the car but don't complain when you get the $15,000 bill. If it were me, I would NOT let the sellers mechanic do the work as part of the deal. Seller seems desperate to sell it.....that should be a bad vibe for you. Cosmetically, the car does look nice.
I would negotiate a big price reduction. What's the rest of the history on this thing? Do they have documentation on that pump and belt change? When was the last time it was driven regularly? When was the last major? What is YOUR timeline to wanting to drive and enjoy it safely? I could see it up on a lift for 2 years with the list you have already for a part-timer, or weeks/months in a shop. It depends how far you go once you start...it's a slippery slope. Make sure Red/Tan is the original color - if that is important to you. Good luck!
I would try to hit mid-30s at the most. I bought my driver for mid-30s when the market was lower. With what this will need, I would try not to overpay. I say *try*, because sometimes these things are emotional decisions : )
And yes, not the other guy's mechanic. A no BS shop that knows what they are doing and will charge for it. $10k-$15k for a real deal major. Now, if this engine needs to be rebuilt then you might need to walk. -F
It sounds like you know the market: the search is slow. It is a personal judgement call about how much you value bagging a local car versus continuing as a national big game hunter. Some people enjoy the hunt more that the acquisition. Only you can decide. There is no such thing as a 30 years old "no issues" car. All antique cars have issues. ... Although your PPI does list a lot of issues.
You paid for a PPI by (your words) "one of the most renowned mechanics in the country" and he said to pass. He knows what he is talking about right? Why question his opinion/advice? If you must have the car offer what your PPI estimate is to repair less than asking. Then have him (PPI shop) fix it. Do not let the "flippers" touch it.
