308 GTB

I'm in the same boat, shopping for a 3x8 right now. My opinion: I would be very reluctant to spend $20K on a 308 with that kind of mileage. If it hasn't had a rebuild, it's likely to need one soon. In any case, it's due for a major service now - $3K-4K for that, depending on who does it.

Just as you're scared of the mileage, most future buyers will be scared. That's the biggest downside. If you just want to buy it and drive it till it dies, that won't matter as much. You will have $25K in this car to start, and that's assuming that nothing else needs doing. Not a good assumption.

An engine rebuild could be $10K or so. Even if you buy it at $20K and put $10K into a rebuild, you won't get $30K out of it. If you're a mechanic, most of my comments here don't apply. I'm a klutz with a wrench... ;-)

The seller's right about garage queens being a potential source of problems, but it doesn't take 6000 miles a year to keep these cars happy. A garage queen might have 15,000 miles or less on it. He's right about insurance -- it's not so bad, especially if you use this as a weekend car only.

The other bad news is that with that kind of mileage almost any other mechanical item could need replacing, if it hasn't been done. Suspension bushings, clutch and brake hydraulics, wheel bearings, starter, alternator, radiator, etc. I can't estimate how much of a money pit this could be without knowing more about the car. The AC and cluch disc are new, at least. A clutch job can run $1500 to $2000.

I think anyone here will tell you to get a PPI on any car, as well as check the carfax for major reported accidents.

There are plenty of 308s and 328GTS's around. Check ferrariads on this site (link up top). I would buy a car from a fellow fchat member before going to eBay. Depending on your budget, I think you ought to keep looking. Best case is that this is an amazing 127,000 mile 308, but Ferrari's with that kind of mileage don't appeal to many buyers.

My advice is to keep looking.

Jon

 

I think many people fall into the trap that if they fix the car themselves, all it costs is parts, so they dont try to take off the labor they would pay someone else. But really you should always consider what a dealer would pay for a car and what a dealer would charge for labor.

I am rebuilding the engine in my 77 308. I replaced pistons and bored the cylinders, there is $1500 there. Ill have another $2k in gaskets and seals and other peices. A new clutch with at least two new syncros makes another $6-800 or more. Carb kits, new valves, have the headers coated, new hoses, water pump parts, I know it will be over $5000 in parts. The labor? If someone is going to work on one of these and actually rebuild the whole thing, I would imagine it being $15-20K. Anything less and your not getting everything done. $10 would probably barely get you a valve job.

If that car hasnt had parts replaced, its going to need a lot of stuff. The rack, shocks, ball joints, probably all the wheel bearings could be going. You could lose $30K in a car like that if it starts needing everything. Sooo, if the car has no records to show any work done, you have to assume the worst, and then its more like a $15K car. But its worth more than that in parts.

 

You may want to pass on this car. It has rear end accident history plus he isn't the one who put all of the mileage on it. It only shows 600 miles put on it over the past year. Plus it failed emissions according to Autocheck. I found this info by running the VIN on Autocheck.

 

Cenzoo, given 308GTS's finding I'd absolutely run from this one. You don't need to invest your money in an ultra-high mileage car with an accident history. The seller's trying to unload it while it runs.

Jon

 

Yes, I agree. I went ahead and asked him some ?'s to try to find out more info for you. He avoided the accident history and didn't answer many of my other ?'s. Plus since it failed emissions recently and other times that there is probably oil being burned at this point.
When they ignore your questions and rant about something you didn't ask about walk away from the car or like posted "RUN".

 

Cenzzzoo,
This car is suitable only for restoration (which makes zero $1 sense) or for parts. It is possible the motor is still strong as QV's do go over 100K. But many other things on the car will likely need expensive attention. By the way QV GTB's in the US are even more rare than 328 GTB's. It took me 18 months to find just the right 328 GTB, but they are worth the wait. Ferrari of Atlanta has a silver '88 GTB for sale now which I actually tried out during my search when it was at Lake Forest Sports Cars in 1999. I passed on it mostly because of the red interior which I personally dislike. Otherwise, it was OK. It hasn't been driven much since then. I believe there had been some minor body repair in the front which was disclosed to me. The car looks great in silver and is quite rare.

Dave

 

1st hand experience:
count 20k for a complete mechanical restoration at an independent vintage garage (labor = 30% less than Ferrari dealer).
50 / 50 parts and labor.

In my case, mechanical meaning: complete engine rebuild, new suspension, brakes rebuild, A/C rebuild, hoses...

That said, making someone think that he can buy a good condition 308 for 20k is ludicrous, IMO...

Lots of kids around here seem to think that they can find a perfect dream car that someone would be ready to pay them to take

Good luck...

 

This just was just listed in the FerrariAds.
http://www.ferrariads.com/cgi-bin/classifieds/classifieds.cgi?search_and_display_db_button=on&db_id=3049&query=retrieval

1987 328 GTB Black/Black.

Good luck with the search.

 

Current bid is already higher then I would be interested in it now. The rear end damage on CarFax and emissions failure are what would concern me (not the mileage).

GTBs are hard to find. I think I was able to buy mine at the price I got it at almost solely due to the bling bling rims it had on it.