Part out or restore, that is the question

Greetings fellow Ferrari Chat members.
Long story that I may elaborate if necessary; a daily driver involved in a relatively minor accident decades ago. A full restoration begun, again decades ago, beset by false promises, theft and substandard work.
Car completely disassembled, then partly reassembled by another shop; original shop prosecuted for fraud. Principal convicted/ slapped on the wrist (minimal jail time).
My car decades later (a Euro 308 GTS) still sitting in my garage.
Time to restore or part out.
Tomorrow is my 60th birthday. If money were no object I would opt for a full restoration, though with performance upgrades.
My question is: Does it make financial sense to restore this car?
Rick.

 

IMO, short answer is no. Can you do it/a lot of it yourself? If not it wont take long to get upside down even with current higher prices for 308's if it's done by a shop. I'm a big believer in project/orphan cars and building equity through DIY work, but one needs to be brutally realistic about time and money availability. Probably get more accurate info with some pics of what you are actually dealing with.

Parting out takes a lot longer than people think. Big stuff goes quick, but the rest can take a long time.... hundreds of trips to the UPS store, getting paid...it all takes time. Best to take a reasonable offer for it as a whole "project" than bit by bit if you go that route.

 

Keep on mind you are not obligated to restore that car like it left the factory and is going to Pebble.

Just fix it. Then enjoy it.

 

Happy 60th Birthday!!!!

With age comes the right to decide yourself what the heck you like best. How much do you miss that car??? Life is too short to not have one if you want one and its too short to hassle yourself with getting rid of the thing if you don't want it.

 

Spot on advice.

 

Rick

Happy birthday! I think the answer depends on they year of the car, the colors, the mileage, what you are capable of doing (mechanically yourself, your financial resources, etc), how disassembled the car really is, current condition of the body and engine, what pieces have gone missing, etc. I think it also depends on what the car means to you, as if this is a sentimental rebuild that would justify going a bit further financially.

In the black on a project like this without knowing all the specifics above is just a shot in the dark. But if you can keep it at or below the 45k mark, you probably won't loose your shirt if you decide to recoup the investment. Lets see some pictures of what you have. She is probably worth around 20k as is...so that is 25k to attack it with.

 

Happy Birthday Rick

I watch a lot of shows on Velocity. I can understand someone spending $60K restoring Dad's classic car they've had since 1967, that keeps the car as a family treasure. But I never understand someone purchasing a classic for $20K, then spending $80K to restore it - and now own a perfectly restored car worth $60,000. They should have just bought someone else's restored example and saved $40K.

So - I'll echo the others: we need to start with determining what you've already got in the car, the current state of it, and then try to figure out the answer. If you bought the car for $10K, it might be worth the time and cost to do a $40K (for example) resto. But if you bought it for $50K and need to spend $40K, perhaps not. Both options would require you'd have the funds available, of course.

This isn't a project you should do if it's financially straining; if your goal is simply "I wish to own and drive a 308", then you don't want to spend 50% more on restoration vs replacing your car with another one (and parting out yours - or, simply selling your entire car in total as a project.)

 

To answer the question "does it make financial sense?" the answer is no, Ferrari ownership shouldn't be looked upon as a financial endeavor. Outside of that the restoration should be something you have a passion for, either due to sentimental attachment to the car or because you want to do the work yourself and the cost is something you just accept. Parting the car out, as noted, wouldn't exactly be a picnic for you and seems a shame given the condition you describe. Plus, once you start that process you'll be committed, there would be no turning back.

I think the best possible future for this car would be to get it into the hands of someone who has the desire and capability to put it back together at least as a driver because, if they have a soul, these cars want to be driven. That means selling it as a project and accepting what you'll get for it even if that ends up being less than you have in it. Face the fact that you are not going to put more money into it and end up coming out ahead. There are certainly people out there with the capability to resurrect this thing and get it back to doing what it does best, which is not sitting in a garage collecting dust for another decade or two.

Try Bring a Trailer auction site. They used to, as the name implies, specialize in projects though not so much anymore these days. It will definitely sell there though, that site has a lot of traffic and would probably be a fun experience for you. A lot more fun that boxing the car up a part at a time watching it wither away and occupying a spot in your garage for who knows how long.

Good luck with whatever you decide and happy birthday

 

No. Part it out. Otherwise big waste of time and money.

 

Restore and enjoy it. Not many cars out there like a Ferrari 308.

Happy Birthday!

 

Happy Birthday!

Sounds like a great jigsaw puzzle for someone - I've been looking for a new hobby!

 

Move it to a new owner as a complete project. It’s a DIY project, but if things such as the interior and drivetrain and paint are really bad it may not even be that as those are huge ticket items to do right. Any pics you can post so we know the scope of what we’re talking about?

 

From financial point of view, like many said here before me, the answer is no. It doesn't make sense. However, If you are going to keep the car without any intentions of selling it for a profit (or break even) than go for it!. Restore it and enjoy it! Sometimes the satisfaction of getting involved restoring your own car means more than all the money spent.

 

Excellent answers all. Many years ago (1976), I restored a highly modified 1963 split window fuelie Corvette (non original 350 motor/ Rochester carb and four wheel disc brakes). I replaced the entire nose and rear quarter panels with NOS parts plus a 1965 fuel injection unit (for better driveability).
Crazy fast/ sideways in second gear, sometimes third! Purchased a life time battery from Sears. I was going to keep this car forever!
Enter Ferrari fever! Grand Prix SSR in Setauket NY. I sold the Vette to buy my 308.
Ferrari Club of America/ Skip Barber tracking at "The Bridge" in 1985, ride in Joe Rosen's 512 BBLM.
I always joke that I bet on the wrong horse, but I didn't. I would do it again in a heart beat.
Life is short. Pursue your dreams.
Rick.
Happy New Year!

 

Find an fchatter nearby you with a 308 GTS, get a ride (drive, if they’re trusting) when weather permits, decide what the “life experience” is worth to you.

If you’re less than impressed and think you’ve been in cheap muscle cars with more impressive power, or it’s a more cramped and awkward driving position than you’re comfortable with at 60, consider selling. If your inner child beams when people of all ages admire it a stoplights, you find yourself utterly intoxicated by the combination of engine intake and exhaust noise, and you relish the feel/smell of something vintage, Italian and blissfully analog, then you have a sense of direction.

You can find a good driver 308 for under $60k since this past summer’s market correction. You could spend that on total restoration, not including paint and interior. I did a complete clutch, wheel/suspension, heating/cooling system, brake system, fuel system, exhaust system, shift shaft, alternator, carbs, starter, head rebuild with new valves, belt svc, along with every hose and fastener I could reach for about that, doing everything myself but the motor and wheel hubs rebuild. That’s roughly where I landed, cost-wise.

It almost NEVER makes financial sense to fully restore (as opposed to “fix”) a car worth less than high six figures, and maybe even seven. But at the same time, remember this: For whatever money you a) get out of selling the project/parting it, b) pay to restore it or c) buy a working one with, there’s almost nothing else available that’s as exquisitely beautiful, unique, iconic, drivable, and FUN.

I think you have two questions to answer. Do you even really want a 308, or is this just about “winning” against this bear of a project? If you definitely want that car (good call, if so), do you need the satisfaction of seeing this through (and have the requisite time/budget/skill) or could you live with/afford a working driver from another seller? The calculus may be different if you think you can resolve this in 12-24 months, versus spending $50k+and a decade, only to first drive it at 70.

 

having some experience with cars that arrive in boxes, unless you want to be the Ferrari King of Craigslist, parting out is plan C.

plan A, depends a little on the car. if it rolls, and is complete, it is sell-able as is, and this would be the easy way. you will not get top dollar, but in return it would be a one ad, and one transaction.

plan B would be to just put the car back together and drive it. this depends on how far apart it is, and who is doing the work. it probably does not pencil out to take it to the dealership at $200/hr to put the carpet in for 6 hours.

as above its not really a financial thing, although you probably don't want to end up too far upside down if you keep it. i am hesitant to use real numbers in an example, but lets say the car is worth X, if you fix it, and total cost is less than or equal to X, you're in great shape. if the cost of repair is double X, that is probably bad. selling outright is probably half of X or less.

personally, i like to tinker with cars in boxes, so i'd put it together.

 

Meister said it all in the first reply. After I finished parting out 0647GT back in the day I swore I would never do it again. And of course, in hindsight, I never should have anyway!
Other options: Sell it now, as is, or store it for posterity and higher prices (maybe).

 

Rick, Happy Birthday and Happy New Year. I'm in New York and interested in your car. PM me if you would like to meet.

 

Sounds like you've been without the car for decades, although it has taken up lots of space in your garage. If you haven't restored it by now, my sense is you're not that passionate about getting the car back in usable condition. So, I say sell it and use the money for something you're more passionate about.