Musings on 330 GTC Values

Like many of you, I'm guessing you have seen the car Sheehan is selling:

https://ferraris-online.com/pages/carintro.php?reqcardir=FE-330GTC-9939

I have no affiliation with Sheehan or the owner of this car, nor am I a potential buyer (or seller) of this or any other GTC. That said, it looks like a nice car. I'm guess it is a strong #2 car. The current ask is $539k, which is a slight reduction from the initial price.

This got me to thinking, which is always a dangerous thing, because I sold #9881 for roughly $200k at Keels and Wheels in May 2008.I had brought for $90k from a local collector who had brought it from a Portland lawyer to use in the New England Rally. I loved the car. Somewhere in the dusty electronic archives of FerrariChat there is a write up I did on what it was like to drive it. Like any vintage vehicle, the car liked a set line without surprises. Turning into a corner, it would understeer followed by oversteer. It was a hoot.

But I sold it because it had a lot of needs. I would say it was a #3-- car. It was making strange noises, and I didn't dare look at the quarter panels for fear all that was holding them up was the paint. Hell, I even had to double clutch to upshift into fifth gear. It needed everything, from paint to engine to transmission to transaxle. My guess was it needed at least $250k of work to be a good #2 car.

Comparing apples to apples then. My car, #9881, was a $450,000 #2 car in 2008. Interestingly enough, when I put $450,000 into my handy dandy CPI calculator I get a current value of $523k. Ironic, huh?

My point is it appears we have gotten to the point with Enzo era Ferraris where the real cost is the cost of restoration. There aren't many people left who can do this kind of work and most of them are busy. This means when you buy one of these cars that has already been restored, you're looking at a time bomb before you will have to spend a good chunk of the original cost in getting the car restored again. Not many of you will be like Malcolm who is willing to drive his Daytona or 275 to hell and back again, regardless of the cost. I'm afraid it also means many of these cars will end up on a pedestal. Once restored, their days out in the wild are over. Given the limited supply of restored cars, my guess is they will get more and more expensive.

Your thoughts?

Ps. The current owner of #9881 is here on FerrariChat.


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A 330 GTC is not vintage???


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Okay. I didn't even know this forum existed. Don't get down here much.https://ferraris-online.com/pages/carintro.php?reqcardir=FE-330GTC-9939

Ps. You guys don't chat much do you?

 

It depends. 9881 had a lot of needs, just to be a driver. I’m guessing $250k was a low number. The current owner is on here, but I’m not sure he would want to chime in.

At any rate, while the Sheehan car appears to be a deal, I doubt we’ll see GTCs trading much below $500k again. The cost of restorations is too high. Sadly, I’m guessing fewer and fewer of these cars will be owned by enthusiasts. I’m just glad I got to experience one while I could still afford it.


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My definition of enthusiast is someone who digs the car and likes to drive it around. Collectors, on the other hand, are managing inventory. My concern is the window for owning Enzo-era Ferraris by enthusiasts is closing because one by one the collectors will pick off the best cars.

 

I don't have a collector bone in my body. When I was a kid I brought baseball cards for the gum and traded away the cards. So I don't understand why anyone would have more cars than they could reasonably drive. That said, I'm guessing anyone with a half a dozen cars or more is collecting for collecting sake. As these cars get restored, for a lot of money, to a #1 or #2+ condition, I'm guessing a collector will not be driving them much. I realize in the past, GTCs were not that high on collector's radar screen, but as they approach seven figures maybe this is going to change. I hope not, but I'm thinking this is the incoming tide. $500+ or so will probably be a bottom for GTC values regardless of what the economy does. It doesn't matter to me. At 65, even if I had the money, I wouldn't spend $500k on any car. I just hate to see enthusiasts get priced out of the market.

 

Getting back to topic, does the Sheehan car represent a bottom for a #2 car, or will values fall further? Remember, I’m talking about a “good old car,” not one with needs or platinum at Cavallino.


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Thanks, haven't read the FML in years. The Sheehan car is now $539k. I think it started at $550k or something.