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308 Prices?

Discussion in '308/328' started by Dr.Bleed, Jun 5, 2004.

  1. Dr.Bleed

    Dr.Bleed Karting

    Jun 5, 2004
    139
    Indianapolis
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    Nathan E. K.
    I'v been thinking about sometime down the road, hopefully that means the next few years, getting myself a 308 that might need alittle work, alittle work as in not running me broke work. How much should I expect to pay for a car like that? (I'd assume somewhere in the neighborhood of 30 grand?)

    I figure soon will be the best time to buy one, not only the possibility they'll be appritiating in value, but also I'd like to have one while I'm still in my 20's and not tied down by some woman that might not have an appritiation for the finer things in life. (cars) :D
     
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  3. mk e

    mk e F1 World Champ

    Oct 31, 2003
    11,840
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    The Butcher
    For 30K you can buy an absolutely perfect 80-82 injected car, and that would be a little high for that car, a good one can be had for 25ish. A good carbed car is around 30. A good QV around 35. A car that runs and drives can be as low 10 depending on what is wrong with it, but money wise it is much much cheaper in the long run to just buy a perfect or near perfect car. I did what you're talking about and bout a 25K QV, ran good, paint fair, interior poor. I figured there was nothing I hadn't fixed before. Well...I spent around 3k in parts fixing the interior, 4k in parts to rebuild the engine, I havn't done the paint yet but the quotes are 8-10k. So that will bring it into the low 40s invested, but it still won't be perfect, it need supsension and frame repainted, bolts and brakes replated, the list just goes on. It will probably be like 50k before its finished (and still worth 35). With me it's even worse because I like to modify things so it now supercharged with a few other goodies, I'll probably end up with closer to 60k invested in a car that is only worth 30 because it's not stock. On the up side, I do truely enjoy most of the time I spend working on my car and it is scary fast these days, I'm estimating 600 hp, I had no problem staying on a C5s bumper last night shifting at 4000 (peak hp is at 6800) and never letting to boost gage over 10 (it will go to 22).
     
  4. Husker

    Husker F1 Veteran
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    Dec 31, 2003
    8,674
    western hemisphere
     
  5. Nuvolari

    Nuvolari F1 Veteran
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    Sep 3, 2002
    5,591
    Toronto / SoCal
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    Rob C.
    I totally agree from first hand experience. Even the most perfect 308 will be full of small time and money consuming projects. Buy the very best car you can afford. Even with your labour and time free, restoring things on these cars will ALWAYS cost more than having it done by someone else. If we were talking of a $300K + car this is different but for $30K buy a good one.
     
  6. Bandit

    Bandit Formula Junior

    Dec 21, 2003
    491
    Central MS
    Full Name:
    Mike B.
    Like others have said, get the best quality car you can.

    I've been looking for a 308 QV for six or seven months now, and I started out looking for a car like you describe. I've since found out there just isn't enough difference in price between a great car and a mediocre one to justify trying to save a little money.

    Early on, I looked at two cars I wish I would have purchased now. One '84 and one '85, both with less than 35,000 miles, original paint, very good interiors, most service records, and major service completed within the prior three years. One guy wanted $33K and the other wanted $35K. I passed thinking I could find a decent one that needed service and a little TLC for closer to $25K. I was wrong.

    The $25K cars either have extremely high miles or were obviously in need of extensive repairs. Neglect is not good to them, and seemingly small repairs would easily exceed the $10K I was trying to save. Also, the cosmetics typically aren't in the best of shape with faded paint, poor quality repaint, and cracked & faded leather being quite common.

    As far as prices, mk e's post matches the prices I've seen while I was looking. 25K-27K for a good injected car, 28K-30K for a good carbed car, and around 35K for a good QV. Also, I don't know if it is seasonal, but the prices have climbed by about 10% since November.
     
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  8. bobleb

    bobleb Formula 3

    Mar 9, 2004
    1,244
    Las Vegas, NV
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    Bob Lebenson
    FWIW, here are the numbers from the latest Ferrari Market Letter ASKING price index:

    308 GTB .. $28,419
    308 GTS .. $29,021
    308 GTBi .. $29,092
    308 GTSi .. $31,869
    308 GTB QV .. $33,691
    308 GTS QV .. $37,359
     
  9. Oblio

    Oblio Karting

    May 9, 2004
    129
    Puget Sound, WA
    Full Name:
    Todd R
    For the last couple of issues of Cavallino, they had an upper range price of $42,000 for a 308GTSi. I would like to find that buyer.
     
  10. Birdman

    Birdman F1 Veteran

    Jun 20, 2003
    6,687
    North shore, MA
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    THE Birdman
    I agree...to an extent. The problem is the guys out there who are selling fixer uppers (cars that run but need cosmetic, mechanical or some other work) are trying to get nearly what people with perfect, documented cars are asking. So if a perfect, documented car is worth $30K, some turkey is asking $26K for a high miles beater with crappy paint and hasn't had the belts replaced in 20 years. Obviously, don't buy it.

    But if you can find a fixer upper for a reasonable number (well under $20K) it's not that expensive to do the belts, a clutch, a carb sync, etc. as long as your goal isn't to own a concourse quality car. I just wanted a decent car to drive and I enjoy the heck out of mine. It was pretty cheap and working on it myself is both fun, educational and money saving. And I have all these great dudes on FChat to talk me through the tough work! So, OK my paint isn't great. Maybe in a few years I'll have it painted. But I still get to drive the car RIGHT NOW not in a few years when I have saved up enough for a perfect car. Ferraris are for driving, and people who insist that every Ferrari has to be perfect, like it just came off the assembly line, are not having enough fun driving them!

    Birdman
     
  11. Dr.Bleed

    Dr.Bleed Karting

    Jun 5, 2004
    139
    Indianapolis
    Full Name:
    Nathan E. K.
    Well I'll deffinatly try to look for one in decent shape then if thats the typical going prices. If the cars in need of a little interior work, seats cracking, etc. thats no big deal to me, as a matter of fact that would be the type of car I'd be looking for.

    Like I said though, this is something for me to plot over the next few years as I save, but this has deffinatly given me a goal, and I know what to look for now.

    Thanks for the input guys.

    BTW... As a 26 or 27 year old, what kind of insurence would I be looking at paying?
     
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  13. Jerrari

    Jerrari F1 Veteran

    Jul 24, 2001
    5,458
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    Jerry Wiersma
    With a good driving record, around $500.00/yr with Hagerty, Leland West, Grundy.
     
  14. enjoythemusic

    enjoythemusic F1 World Champ

    Apr 20, 2002
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    Steven
    IMHO i decided on a car that had complete records in good (not perfect) shape, yet it was a very late QV GTS with some good mods already done (better rims, MUCH improved fuse box, etc). The "trick" is knowing what to look for and decide what changes/upgrades you ALREADY may have planned. Frankly, i over paid BUT being as that may the car is a EURO (very important here) and also there is only ONE car on the road newer than mine in the world(build date of the car here is June 1985).

    We each have our priorities and requirements... and know what future upgrades/servicing we may be planed. If you just want a nice stock unit not needing servicing, then finding a great example WITH COMPLETE RECORDS is key. As for price, condition, servicing needs, and records are key.

    Of course you can get a car needing A LOT of work fairly "cheap", but are YOU going to do the work (saving greatly on labor costs) or have a professional do it? Of course this is all dependant on your skill (or those of your friends who may help) and the deepness of your bank account.
     
  15. Birdman

    Birdman F1 Veteran

    Jun 20, 2003
    6,687
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    THE Birdman
    If you get a car as old as you are, you can insure it as a collectable car with several companies that specialize in that kind of insurance. If I keep the miles under 5,000 a year, my insurance is $170 a year!! My insurance company can offer deals like this to people with "collectable" cars and all that means is over 25 years old. (the car, not the owner!)

    FYI, the car is not registered as an antique. It's registered just like any other car. (Although my car qualifies, it would just be too embarrasing to register a 308 as an antique!)

    Birdman
     
  16. kdross

    kdross Formula Junior
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    Feb 10, 2002
    873
    NJ
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    Ken
    Steve:

    If you have a build date of June 1985 (like mine), there are at least 20-30 "newer" 308QV's made since they were built up to July 1985. The July 1985 308's have a 59xxx serial number and I know of one in the NJ/NY area.

    Go to Wade's 308QV Registery for a detailed breakdown of the 308QV's by serial number. My car has a June 1985 build date and is serial number 58577, and there are at least 20 cars produced after mine that are listed on the site. Of course, there are more cars that are not listed on the site.

    Ken



    Quote: there is only ONE car on the road newer than mine in the world(build date of the car here is June 1985).
     
  17. Dr.Bleed

    Dr.Bleed Karting

    Jun 5, 2004
    139
    Indianapolis
    Full Name:
    Nathan E. K.
    Well thats good to here about the insurence. Actually, with it being a Ferrari, I was expecting highway robery from insurence companies. Anyway, its always just one of those things people dont realize, having the money to buy the car, and affording the insurence are 2 different things, but thankfully it sounds like there are plans in place where you wont have to worry about it too much.

    Another question I have is the 2.9L's dependability. Say I get a car with a good engine. Is it one ill have to keep an eye on, or is it one that, as long as I keep it maintenanced, as in changing its fluids regularly, belts, etc. I shouldnt have any problem with?
     
  18. enjoythemusic

    enjoythemusic F1 World Champ

    Apr 20, 2002
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    Ken,

    Agreed, the one here is 58939 and so far only 59099 has surfaced. We must remember some cars have been totaled, sold as parts, etc. According to his site only eight others are newer than the example here, but only one is known as alive and kicking. No matter, the car here is (GLADLY) so far away from stock that in the end i guess it really does not matter much. But hey, i'd rather have 58939 than whatever was the first 328 to roll off the production line :)
     
  19. enjoythemusic

    enjoythemusic F1 World Champ

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    If the car is in proper mechanical shape and maintained well, it should EASILY last 140k+ miles. i know of quite a few with over 120k as daily drivers and still going strong. The later 308 are very well made and mechanically sound provided they are properly serviced. This is why i mentioned something with a good service record and paperwork to show it.
     
  20. GrigioGuy

    GrigioGuy Splenda Daddy
    Global Moderator Owner

    Nov 26, 2001
    24,998
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    Chris P. Bakon
    (serial number geek mode on)
    Oddly enough, according to at Original Ferrari V8 the first 328 GTB was 58735, which implies that production of the 328 overlapped the 308. I haven't ever read anything that states the series overlapped, so perhaps the source is in error?

    That being said, the earliest one I have a record for is 59535, an 86 GTS
    (serial number geek mode off)
     
  21. Dr.Bleed

    Dr.Bleed Karting

    Jun 5, 2004
    139
    Indianapolis
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    Nathan E. K.
    Sounds really good then. I plan on only driving it during the summer on nice days, maybe around town so from the sound of things I shouldnt have to worry about things a whole lot. (Getting excited thinking about it already :D .)

    Another question I have is, where should I go to buy a car like this? Should I buy straight from another owner, or go to a used exotic dealership, what is the best approach? (A payment plan would be superb)
     
  22. don_xvi

    don_xvi F1 Rookie

    Nov 1, 2003
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    Don the 16th
    I think you'll get a diversity of answers to this question. There are a number of ways to find these cars, exotic dealerships, brokers, ferrariads.com, cars.com, ebay, personal contacts... People sell these cars just about all the ways they sell other cars (I've never seen one with a FOR SALE sign in the window), but all the rest seem to apply. Once you're ready to commit, start the process, and budget some money for travel to see far away cars and pay for inspections.
     
  23. jimangle

    jimangle Formula 3

    Nov 5, 2003
    2,438
    Haverford
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    James
    Dr. Bleed,
    I have a 79 308gts and I think the car is extremely reliable. This car could be an everyday car. I don't drive it like that, because I want to keep it nice. If you're worried about the engine, don't. It's the strong suite of the car. Just make sure you buy one that wasn't abused. I can really get on my car on a hot day, and the gauges barely flinch. I'm very impressed with the design set up of these cars. They're really made for driving. I was scared after I bought mine, thinking something was going to timebomb on it, and after a few confindence drives, and a few hard drives it really raised my confidence about the car. Especially when you drive it hard one day, then the next day you drive it, it runs better than before.
     
  24. enjoythemusic

    enjoythemusic F1 World Champ

    Apr 20, 2002
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    Steven
    As mentioned, you will receive many answers. A proper PPI (pre purchase inspection) is MANDATORY by a qualified Ferrari technician!!!!!!!! i PPIed a total of FOUR cars and owners WILL lie to you about the condition of their "pristine" car and waste your PPI $$$$ accordingly :(

    Again, also assess what you plan to do with the car (upgrades, etc). My plans were to get a good example and have it gone over with a VERY FINE toothed comb. Yes this equaled $$,$$$ (literally), yet the car here is driven a lot (try over 1k miles in the past 2 weeks alone). And no, the car here does not melt in the rain either.
     
  25. Dr.Bleed

    Dr.Bleed Karting

    Jun 5, 2004
    139
    Indianapolis
    Full Name:
    Nathan E. K.
    Thats good news. Sounds like you were having the same feelings I have right now. Well I'm glad to here that then. Makes me feel alot safer about the whole thing.
     
  26. Dr.Bleed

    Dr.Bleed Karting

    Jun 5, 2004
    139
    Indianapolis
    Full Name:
    Nathan E. K.
    Well that sounds like thats pretty much all I need to know then for the time being. Thanks for all of your help guys.

    Edit: Well one more thing, how did you guys pay for these cars? What kind of payment plans are there out there, or is that up to the dealership/owner you buy it from?
     
  27. enjoythemusic

    enjoythemusic F1 World Champ

    Apr 20, 2002
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    Steven
    i did it the old fashioned way...
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    i sold my soul for rock and roll :)
     
  28. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    74,136
    Houston, Texas
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    Bubba
    cash is king, and I was unable to find a finance company willing to go to bat on a "collector car", although my first one was a normal used car loan thru the credit union.

    I withdrew against a 401K.

    One company wanted my gf's house as collateral if she co signed. Geeeez.
    The car was obviously the collateral but they weren't going for it.
     

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