Am I Making an Expensive Mistake?

What's the bodywork like? If that's good then if you fix the mechanicals, which may not be as bad as you think, then you have a sound car that you can enjoy for years and is unlikely to depreciate much if at all.

The gearshift (for example) might just be a shifter alignment issue which can be adjusted with the aid of some gear oil and a gasket (you really need to drop the gearbox pan to see what's going on). I'd have a look at that first before you start making big decisions about sodium valves etc. because if you can get the thing driving OK then your view on it may change somewhat!

 

Are you sure the gears aren't just adjustment - does second improve as the car warms up - if so thats normal

Sodium valves have not been needed fixing in every car - possibly not even a significant percentage

So if you have good bodywork just gradually improve & enjoy as Iain suggested

 

If you can do the work yourself the parts spend will not be too bad and sub out for services you need. Valves will run around £1k for new stainless parts, synchros have gone up a lot recently plus you will be for a bit of hardware (new ring nuts etc).

 

How do you know it needs synchros? The symptoms you describe could easily be a misaligned gear shift mechanism. The adjustment on them is quite fine.

How many miles has it done? If the bodywork is good then that is usually (much) more than half the battle.

 

If it’s any comfort, most classic car people have been in your situation at one time or another (perhaps often). The key is enjoying the process because it will generate emotional income exceeding any financial loss. Plus you will meet a ton of nice people. And over time you just might recover the investment but that’s secondary.

 

If the paint is good with no visible rust then there is your biggest hurdle. Rust repair and body work are huge consumers of money so if your focus is only on mechanical issues then you are on the right track. Some good advice has already been offered but I'll re-iterate and add in with the following:

1. Before anything make sure your shift shaft alignment is correct. What you are describing sounds like a combination of bad alignment, old/incorrect gearbox oil, and possibly incorrect driving technique. Even when perfect these gearboxes require a very precise and careful driving technique. They do not respond well to fast shifting and are quite clunky when cold. They are nothing like a more modern gearbox and knowing that goes a long way to understanding what a 308 drives like. Before pulling the engine be sure that the shifters are perfectly aligned. You can do this job yourself and all it will cost you is new gear oil and a new oil pan gasket. As far as oil goes I have had extremely good success with RedLine MTL on both my 308 and Dino 246. Having tried at least a half-dozen different gearbox oils I can tell you that there is a very noticeable difference between different fluids.

2. If it is determined that the engine needs to come out then bite the bullet and do the valves. I did this job a few years back and when the engine is out the additional cost including new valves, head re-build at a specialist, and head gaskets was a little over $2K. Having this documented and the piece of mind will make your ownership experience better and will be made up for on re-sale.

3. If the engine is out you will be faced with a huge number of 'while you are at it' tasks. If the bottom end tests well leave it alone. Other than that do a full major service including every bit of rubber you can get at. Not expensive to do when the engine is out and you are buying years of trouble free driving.

4. All of the other tasks you describe are DIY type jobs that can be done on a budget.

Don't feel too bad. Sure the car may not be perfect but you have a Ferrari and with a little elbow grease and a few dollars you'll end up with a great driver and you'll learn a whole lot along the way. Getting to know your car inside and out is part of the fun of the classic car hobby. Enjoy the ride.

 

You don’t need to accomplish every task or upgrade all at once, make a list and prioritize nice to have, and gotta have. Budget and then execute on your timeline...

I would also do what others have said, conduct the lowest (often least expensive) echelon of service/ trouble shooting of the trans first. If someone is encouraging you to pull the motor and trans then I would get another opinion.

 

There is a lot here on shaft alignment. If you got a “cheap” car I bet some of the bushings are worn. I had a similar issue and replaced the shift shaft bushing in front of the motor. There are two (one is under the center console behind the shifter). It fixed 90% of the issue. I suspect the other 10% will come when I fix the front one. These are available from most suppliers and it’s cheap. But buy a good delrin replacement from Verrel at Unobtanium Supply Co. Get two bushes and hang on to the one for your front. His little bush removal kit was helpful.

you can do this. Little things at a time and you might have a big bill sometime - so start a savings fund...

Also do your belts. Alway start here and learn how to search fchat. Birdmans website has some of the best tutorials. DO YOUR TIMING BELTS!!!

 

Financially, the loss already occurred at the moment you overpaid for the car, so that's a sunk cost. No use losing sleep over it now. The question now is, do you want to pay ~25k or so and have a 308 with a fresh tranny rebuild and maybe engine too, or sell it and put 20k back in the bank? I think you should fix it and enjoy your well-sorted car when it's all done. Most of the cost of fixing it will just add to the car's value, so the real "cost" is minimal in the long run. Your unfortunate mistake will soon be a distant memory!

As they say, the most expensive Ferrari is a cheap Ferrari. I made that mistake with a 911 once. I trusted the seller and didn't get a PPI. It drove fine but needed a $15k top end rebuild. Lesson learned.

 

If Brian Crall has it then you are in good hands and have excellent council.

 

If you're strictly looking at this project as a balance sheet issue, then yes, you're probably making a mistake and your statement "and probably never get a Ferrari again since I'd be at square-one with less money." is sort of telling in that direction.

I suggest you examine why you bought the car in the first place. Was it to make money or have a great experience? If the latter, then you can spend with a clear conscience with the knowledge that the car has a clean body and will be mechanically sound after you've sorted it out. You'll enjoy the heck out of driving it once that's done.

If you're financially tight and don't want to have $50k+ in the car, dump it now and just write it off to a short sighted impulse buy.

 

There are thirty thousand dollar Ferraris and fifty thousand dollar Ferraris and it usually takes about twenty thousand dollars to turn the thirty thousand dollar one into a fifty thousand dollar one.

 

@Imatk keep the car, enjoy the time you spend with it and learn a ton. There is a lot of responsibility to owning a classic car. There is also a ton of joy from owning a classic car. Push through and get comfortable with your project and commitment. It may not be what you envisioned or intended but it’s a wonderful opportunity to experience the new.


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If you want a 308 in good condition, sell yours and buy one. It's almost always a financial mistake to try to bring one up to standard. I know its easy to say, but its the hard truth. BTW-this applies to a lot of things

 

I think you are over-thinking it.

Fix it, drive it, enjoy it, decide where you want to keep it for the short or long term.

Its very likely it'll get under your skin, just like the rest of us!!

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Plus, there may be hidden gotchas in the next car that might set you back as well. You KNOW what you have now, so I think you should go ahead and fix it. Think of it as a bonding experience.

Another consideration is that most states will require you to pay the sales tax on the sale and get a new title before you sell it on to the next guy. So you'd end up paying sales tax on two cars instead of one if you go that route. Maybe your state is different, but that could be a few thousand more down the drain.

 

What gear oil did you put in? I would put in MTL as already suggested and try driving it for a while— won’t be perfect but might be good enough. Then fix the small things you can do yourself while enjoying the car for a while (or sell it, cut yourself losses, and find a fun car you can enjoy without losing your sleep.) Don’t blame the car, it’s 40 years old and neglected

 

From what I've seen, it's not unusual to spend $30K-$40K to turn a thirty thousand dollar classic into a fifty thousand dollar one.

 

I suspect if adding MTL was a sufficient fix, Brian would have advised it. MTL can resolve issues with a cold car grinding into 2nd (mine doesn't need a warmup, never grinds), but a failure to even engage in 2/3 indicates a hardware problem.

 

I bought an E type once for a really low price - 11k when a nice series one was in the low 30's. I discovered, over the 7 years that I worked on the car that if I had spent 30 k initially I would have had a much nicer, more enjoyable car and spent a lot LESS money...

 

Brian is a big fan of using MTL. As you say if he thought that would fix it he would say so.