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1989 328

Discussion in '308/328' started by pgb67, Dec 31, 2009.

  1. pgb67

    pgb67 Karting
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    Oct 8, 2006
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    Can anyone tell me the value of an 89 328. 14,000 miles been sitting in a warehouse for years. The owner put in a set of plugs and seems to run fine. Not yet sure of the condition because I have not seen the car yet.
     
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  3. mike996

    mike996 F1 Veteran

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    #2 mike996, Dec 31, 2009
    Last edited: Dec 31, 2009
    Could be high, could be low, depending on an awful lot of variables. Obviously needs a complete major service as well as all new rubber parts. All seals are likely shot since the worst thing for them is to sit. Could easily be $10-15k in work needed to put it in good condition if a shop does it. Remember that the worst thing for a car and all components is to sit unused for a lengthy period. Everything from engines to window motors work best when they are worked regularly.

    Many folks would suggest that the engine should not have even been started without at least the belts/bearings being changed first since it sat for so long.
     
  4. venusone

    venusone F1 Rookie

    Mar 20, 2004
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    I'm thinking of selling mine w/ 20K miles & will be asking $60K. It is black/black & spotless tho. The really low miles ones you find in excellent condition will run 40K-60K.
     
  5. FasterIsBetter

    FasterIsBetter F1 Veteran

    Jul 22, 2004
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    I agree with Mike. The answer is "it depends." If the car was really sitting for many years, unstarted, I would be very leary about running it without first changing the timing belts and tensioner pulleys, at the very least. If one of the timing belts let's go, you're looking a major bucks rather than just the cost of a belt change service. You also want to check the hoses, make sure the coolant is changed (and maybe flush the system at the same time), change water pump and alternator belts, and other maintenance items. And did he put in fresh gas before starting it? If not, if he is running it with several year old gas in the tank, you could be looking at a bunch of other problems down the road from the degrading of the fuel in the tank and lines.

    So, without knowing the condition of the body and the interior (assume the leather is dried out as well if no one conditioned it for years), look at what comparable cars are going for, and start deducting for the cost of doing all the maintenance that has been neglected for all those years. That should give you a ball park. Don't be fooled by the low mileage. Yeah, it's nice to have a "low mileage" car. But there are problems associated with that, especially if the car has just been sitting for years on end.
     
  6. mike996

    mike996 F1 Veteran

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    #5 mike996, Dec 31, 2009
    Last edited: Dec 31, 2009
    Re 60k: Be interesting to see if you get close to that - a couple of years ago (when I bought my '89 328 w/25kmiles) it would probably have sold for mid-50's. Can't imagine that price now but, hey, you never know. Then again, I was offered 55k for mine last summer so maybe so... Good Luck!
     
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  8. FasterIsBetter

    FasterIsBetter F1 Veteran

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    p.s. Do a Carfax and check any service records he might have to verify that the low mileage really is legit, and not a rolled back odometer.
     
  9. venusone

    venusone F1 Rookie

    Mar 20, 2004
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  10. hardtop

    hardtop F1 World Champ

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    For arguments sake, let's say the car would bring 60K once it is fully serviced. If it has sat for a long time, it will need a lot, so I would pencil in 15K. In this scenario, 45K would be fully priced and this assumes no cosmetic issues.

    Dave
     
  11. pgb67

    pgb67 Karting
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    Just got some more info.Red/Beige GTS. Tanks were drained and flushed befors starting. When car was put away everything was in order. He said he put in a set of plugs and let car idle then plugs fouled again. I told him not to run it anymore. Said trunk had mice at some point but they never got to the interior. Interior is supposedly perfect. Hes taking lots of pics and will send them in the next couple of days.
     
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  13. pgb67

    pgb67 Karting
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    By the way thanks for all the input.
     
  14. Bullfighter

    Bullfighter Two Time F1 World Champ
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    I think $60K is fair retail for a 14,000-mile 328 GTS in black or red. I didn't see where Bill posted what he paid, but if you're correct then there's a small premium built in for buying from a highline dealer in an expensive zip code.

    I would subtract $5K or so for being a private seller and being over 20K miles.

    I would agree with Mike's post above, about $10K-$15K in possible service/repair work to bring the car out of its slumber. And don't forget to change the fuel lines, unless you want a scary disaster behind you...
     
  15. BigTex

    BigTex Seven Time F1 World Champ
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    We are here for ya!

    I've actaully seen mice eat fuel lines, the injected ones are some kind of plastic???

    Good luck, get it rolling!!!

    NEVER believe that "everything was fine 15 years ago..." C'mon!!! LOL!
     
  16. mike996

    mike996 F1 Veteran

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    I looked at a car once that had been stored "indoors in perfect condition" for 20 years. It looked fine but it was a total wreck and even the owner was shocked once we seriously started looking at it - rusted out panels, every elec motor seized up and not able to run, every rubber seal, hose and belt crumbling, etc, etc, etc. Might be a great opportunity but look very carefully and go slow! As noted, be sure to factor in what the "restoration' will cost and deduct that from the offer.
     
  17. UpNorth

    UpNorth Formula 3
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    Sep 30, 2006
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    Yep like he said. And it goes for the fuel neck as well...After all these year it's lined with micro cracks that are just waiting to let fuel leak when you will fill it up...And with a hot motor just by it's side....
     
  18. hardtop

    hardtop F1 World Champ

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    Mice can do a lot of hidden damage. They are particularly fond of the insulation on wires. Spark plugs fouling quickly after starting may indicate serious FI issues. You don't mention how many years of storage but if it is really a lot, you can figure the brake system is shot, the fuel system iffy and, of course tires just for starters.

    Dave
     
  19. mustardfj40

    mustardfj40 Formula 3

    Jun 17, 2004
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    If the car was stored properly, 45K would be a great deal for 14,000-mile '89 328. If you can do all the works yourself, you could turn it back for a nice profit since low mile '89 is desirable.

    Good luck.
     
  20. pgb67

    pgb67 Karting
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    Does not really sound like the car was stored properly. I will do all the work myself which is not a problem. The car has sat for 9 years. Im told the interior is like the day they parked it and a good detailing will make the car look great. I guess we'll see. Hopefully the pics will come soon.
     
  21. Paul_308

    Paul_308 Formula 3

    Mar 12, 2004
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    Bought my 308 12 years ago when 308s were 25k±10%...325 values were 45k ±10%. Mean hasn't changed much but deviation is now ±25% , 30-60k...all based on condition.

    And a car sitting un-run for a decade with low miles might make for nicer interior but engine-wise is a negative in my book.

    Keep a 5k reserve in you bank account if you buy that car.
     
  22. venusone

    venusone F1 Rookie

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    #19 venusone, Jan 1, 2010
    Last edited: Jan 1, 2010
    Rats, not mice, once ate into my home AC/heating system to find water & a toasty place to sleep. Never underestimate vermin. Almost as bad as roaches.
    Regardless, post sone pics of the car in question please.
     
  23. pgb67

    pgb67 Karting
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    soon as i get them i'll post them thanks for the input.
     
  24. billhindy

    billhindy Rookie

    Sep 26, 2009
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    #21 billhindy, Jan 3, 2010
    Last edited by a moderator: Sep 7, 2017
    I did just buy (as somebody mentioned) the 89 black/black 328 from Bentley of Long Island (23900 miles, 4 owners, very well documented, no issues with carfax, history, etc. at all. Basically, the perfect car I was looking for). I paid $55,300 (plus tax, etc.) that included a major (plus all the other very small issues fixed) that just finished a couple of days ago. I would agree that $60k would be a good price for them to start the neg. for sure. It may take March or April driving season for them to move it at 60k, but it seems that if you could get it in the mid 50's would be a very good buy. (just my opinion, for sure)

    I get the feeling from looking very hard for a 328 for the 6 months (and always looking with less focus for last decade) that the market has hit bottom on the 328 and in the spring will tick back up. It seems like the 88.5 & 89 models are increasing their price/value gap over the pre- 88.5 upgraded 328s. IMHO - it was the very last car made in this AMAZING design and bound to be the most collectable. I could see a good 89 be on par with early 360's in a couple of years. It seems like the late model 328's have eclipsed the 348's, and are basically on par with the 355's now. That not because the performance is remotely the same as 355, but it seems like it's because of the design, last of the line, reliability, and probably the collectability of the car. Again - just one guy's view of what is going on.

    I didn't buy mine for an investment (although that latent function is nice); I plan on driving it quite a bit and enjoying it for all it's worth. I'll never changing any of the original parts, look, etc. so that it will always be a good example for two reasons: 1. That is how Enzo wanted the car, and who am I to argue (plus I LOVE IT) and 2. in the rare chance I want to sell it, it would fetch a good price (I'm sure that I would only sell it if I fall in love with another f-car.)

    Best of luck on getting it

    Cheers & Happy New Year,

    Bill H
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  25. mike996

    mike996 F1 Veteran

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    "I didn't buy mine for an investment (although that latent function is nice);"

    Congratulations on your new car - enjoy driving it.

    But IMHO that investment "function" does not exist...

    "Investment" has to be figured in actual currency value between the beginning and the end of the "investment. Since a new 328 in 1989 cost around 85k, in order NOT to lose money the car would have to sell today for around 145k. So EVEN if you could sell an 89 328 for 60k, you are 85k SHORT of breaking even if you bought the car new. Let's say you bought it in 2005 for 50k ( I have no idea if that 50k is a good number or not in '05). You would have to sell it for 57k today to just break even.

    Keep in mind that the above just applies to having the car sit in your garage. If you actually put gas/oil in it and have any service done, it further reduces any "profit." So if you bought that car in '05 for 50k and put say, 10k worth of service/gas/oil in it, it now has to sell for 67k JUST to break even. This is not my idea of an investment! ;)

    From an investment point of view the best that can be said about buying a Ferrari is that you will lose LESS money than with most other cars. I suppose the old saying that seems to apply to lots of things could be applied here: "The best way to make a small fortune buying/selling Ferrari's is to start out with a large fortune!" :)
     
  26. Gary Res

    Gary Res Formula Junior

    Apr 23, 2004
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    That was my 1989 328 that he bought. Great car. Never bought it thinking I would make money, but as Mike said, you will loose less money than most other cars. And that was the case with the 328. On the issue of appreciation, I think it would be great for F owners, but even with a little appreciation, the repairs would wipe that out. Even if Bill sells the car in 10 years for $65,000.00, he probably would have paid about $10,000 in majors and repairs. As these cars are getting older (308, and 328's) there will be less original ones left. As of now, because of age, there are some that are being restored, interior and exterior. My feeling is the "original ones" will demand a higher number in the future. As one collector once told me "A car is only original once". I always left my 328 original, as it was from the factory. I also believe that in the last 2 years a lot of cars have been dumped on the market at a discount (due to the bad economy) which has driven prices down across the board. Once the inventory starts to clear out, you will see stabilization in the market. Right now its a buyers market. It will change.
     
  27. red3555gtb

    red3555gtb Formula 3
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    billhindy, Congrats on your black beauty..... you get what you pay for and in your case you have a great example, you should post your car and info on it on the section where these guys think they can get cheap 308/328 for 20grand.
     
  28. pgb67

    pgb67 Karting
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    So I made a deal the car is being delivered sometime this morning. Everything with the car checked out. It came from the original owners estate with all tool kits, manuals and paperwork down to the original bill of sale and copy of the check that paid for it. 140,000. They said they paid top dollar because the car was in high demand at the time. I want to post some pics but it wont let me for some reason. Pete
     

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