Did the Bubble burst?

I agree. Certainly not dissing the two valves and I love mine but some of these asking prices are just ridiculous at the moment. I stated here before that my 85 Euro QV would not leave my garage for anything under $115,000, ( that's what it's worth to me ) Big difference in what it's worth to others. The bubble effect means little to me as I didn't buy the cars for an investment I bought them For the love of the 308 series. Went into ownership with the realization that I would probably lose $2000 a year keeping these current on maintenance.

 

My casual back of the envelope assessment:

Two tier market 1. ultra nice low mileage gems. 2nd tier..all the rest (even though there's several gradations..just in general).

Tier one examples selling and appreciating handsomely over last few months while tier 2 cars getting in on the upswing to a lesser degree. As sellers raise asking prices the market responds positively at first and then as sellers find no takers at higher prices cars accumulate and prices begin to come down.

Bubble burst? No, not yet anyway. Just a healthy slowdown as buyers let the market know they're not in at the new prices, so sellers in turn lower them.

See. for a burst I'd argue the cars would have had to have turned over at highly inflated prices. All we've had is higher asking prices with little, aside from a few outliers and tier one gems, actually selling.

 

I'd say yes. Much as these auction companies expand their business model to include imports, it's core customers of big iron loving dudes in Tommy Bahama shirts sucking on a stogie as they bid on a Vette, Camaro Chevelle etc. still dominate. The money may be out there but it's not in the room.

 

I wonder if the market tanking is going to put a damper on these inflated prices.

 

As long as the markets finish the year with growth over last year we will all be fine.

If China goes under 3,000 anytime soon, we could start to see a mad dash of declines....then all the people that have been praying for the classic car crash can run out and buy those cars they have been longing for the last 24 months and then they sell there stocks ....oh wait

 

The markets have been looking for news for some time and the "car" market is taking a breather to see where things go is my guess.

Either way enjoy your car whether you do coffee and cars, garage art or track. If your lucky enough to own a Ferrari life can't get too much better for those who have the lust for such things.

 

My opinion:
There is nothing that I would buy currently for sale. The closest car I would consider is the black QV at Marshall Goldman. But that would require work to get it to Platino level(overflow tank, diaper redo, different tires, finding factory floor mats, etc.)
Most owners of very nice 84/85 308's are not selling their cars.

As I posted in the 308 Market thread, an 1985 US QV Red/Tan GTS with 32K miles sold, by word of mouth, in less than 5 hours at the Concorso last week for over $72K. Hagerty condition: low 2, in my opinion.

Many Ferrari owners are looking to add a 308 to their collection (my family, in Ohio, met a plastic surgeon just last week looking for a nice 308 to add to his).
So, my opinion, is there are many - like myself - looking for a 308, but only certain years and of the highest level...of which none are currently listed.

 

I agree. I can't remember the last time I saw a GTB QV listed for sale.

 

I personally think the price difference between equivalent condition US spec VR and GTB QV is much too great. (dry sump VR is an unfair comparison since it was not possible to get a dry sump QV)

One is either over valued or the other is under valued. It would be interesting to see what a phenomenal condition GTB QV would bring at auction.

 

I agree. The price spread between the two models is just too great. Having said that though, it is kind of hard to know how great that spread is, considering a GTB QV hasn't sold at an auction in a long time. Recently, the only one on the market that I remember is that white/red one with all the issues, which obviously is not a good yardstick to measure market prices.

 

Man, I'm so glad I don't have to worry about any of this. Love to hear my car may be worth more to the right buyer, but investment wasn't the primary goal of ownership.

 

Investment wasn't a goal of mine either, otherwise I would sell my cars and at least double my money in about a year and a half. I just find the actions of the marketplace extremely fascinating. I love trying to identify what models are over and undervalued. It is just very entertaining for me. Not as entertaining as driving my cars, but I need something to entertain me on rainy and snowy Ohio days.LOL I also get a sense of vindication when the market realizes that the cars that I covet are collectable, hopefully very collectable. I don't understand why this offends the sensibilities of some. I don't like to wrench on my car, but all the maintenance threads don't bother me at all. I just don't read them. Live and let live I say.

 

Agreed, watching the market move is indeed interesting. I'm just not worried about which direction it will go. No matter what happens, I'll still have one of only 7000-ish 328's ever made. That's enough for me.

 

+ 308

 

Seems to be the case with the QV mate.

 

+1

I sincerely feel bad for people who have been priced out of the market. The "starter" status of the 308/328 was not a bad thing, kind of a best kept secret. Now, it's unobtainable for many people starting their journey as Ferrari owners.

There's no such thing as a $40,000 Ferrari anymore whereas three years ago, there were several options in that price category.

-F

 

+1000
I am 57 and fell for the 308 carb car as a young photographer. I followed the Ferrari world fanatically until 9 or 10 years ago when I was finally able to purchase a 79 just as I had dreamed about. Didn't buy it to hang on the wall so I've put 80,000 miles on it since I've had it and trust me they have been serious miles. Had the chance to drive many much faster and newer exotics and still feel this is one of the all around greatest cars ever made and a mega-bargain for what it has cost me.
THe problem I see on top of the rising entree price is parts prices and insurance are rising too.

 

Personally I'm not the kind of guy that wants to leave $100,000 sitting in the parking lot of the grocery store. I never wanted the 308 to be expensive. Just wanted one.

 

So the 360 will (have to be) the new " starters Ferrari " , here in Europe obtainable from appr. 50 K USD / 45 K in euro. No punishment imo. The 308/328 getting "vintage" is logical/ unavoidable. Prices may cool a bit/ stall. Not for long, I think.

 

I wonder why that is.

I understand the issue with 80-82 all too well, but a QV is a very good 308

 

I always had new model cars until recently that I start to appreciate the older ones. I still own and like to drive new cars. However, everytime I go for a ride on my QV., there is something special about it. I love it!!!

 

Is $00k really that expensive? A quick search on cars.com show about 100 new cars for sale within 30 miles of my home with prices from $100 to $200k. Manufactures include Audi, BMW, Mercedes, Chevy, GMC, Nissan, Jag, Maserati, Porsche, Caddy.

 

It is if you originally only paid @ $15K~$35K for the car just a few years ago!

 

YES!!! The bubble has burst!

As such, I am looking for a euro spec 83 308 GTSiQV in condition 1 or 2. I have up to $35k in hand ready to buy! This car will be sub 50K US miles, have euro bumpers, be up to date on service, and shall be in a color other than the normal rosso. More looking for a rare metallic (blue, dark red, green, gold) with tan interior. I am serious. And I might as well dream in the color I want!

Oh how I wish....

 

That has always been the irony.

Bubble or not, what I see as clearly shifting since I began learning about these cars 2011/2012-ish, is the shift away from viewing the 3x8 from the perspective of consumer utility; the merits of carbs vs FI, threshold vs ABS, whether the parking brake works or not, etc. Now, all the talk is about nostalgia of a bygone mechanical era. Now the whole 3x8 series is lumped together as the same bunch of cool old classics.

This is good; the rare and iconic 3x8 is getting the recognition it deserves. Price-wise, the run-up doesn’t benefit us keepers, but the market anomaly was the stigma against buying these cars in the first place; not that their prices have risen to the level of other desirable cars such as antique Porsches, Jaguars and Chevys.