Bargain-Basement Ferrari - What's it worth?

Hello All...
I just joined this forum and would appreciate your kind input. I have three classic Mercedes including a '69 280SL...but always wanted a Ferrari, something with 4 seats for my kids. Recently, a Mondial came up for sale in Connecticut...I've been told these are the 'Danny Bonaduce' of Ferrari's (lol), but it does have 4 seats, a manual trans, and no computers, which appeals to me as an old school engineer...plus the yellow color was striking, albeit not the best job. The car just sold on Craigslist, and was listed at $19.5K...it was a color change repainted the yellow, just under 40K miles but sitting the last 5 or so years. Wouldn't start except momentarily on ether, and power windows and electrics shot...drivers seat torn...tires bad, windshield delaminated. Carfax said it had a deer strike, but seller stated the previous owner had switched plates with the car that was hit. My gut feel is it was worth only 10K...Without running the engine, who knows what blowby might be there, low oil pressure, exhaust leaks, clutch condition, gearbox, etc. Timing belts of course would have to be done, the whole sub frame dropped really to do a full engine eval and service. It sold before I had a chance to do a compression test and fiber scope inspection of cylinders. Good used seats, electric repair, window regulators, clutch, full service, tires, belts, etc etc, even done myself would cost at least 10K, not to mention brakes...If one of you were rolling the dice, how much would you think it was worth? It was an '84...
Thanks in advance for your thoughts!

 

One rule of thumb is the most expensive Ferrari you can buy is the cheapest. Just ordinary things are incredibility expensive, body parts and what are not are the worse.

Edit: The best way to tackle something like this is to plan on getting the car running and in a #3 condition. Then sell it to someone with more money than sense who can then restore it. Even then, your best case is to break even cash on cash, forget about recouping your time.

 

There is an old saying in the Ferrari world, it goes something like this: “If you can’t afford an expensive Ferrari, then you definitely can’t afford a cheap one.” Put another way, buy the best car you can find, never the worst. Don’t take the numbers too literally, but you could easily spend $30,000 making a $15,000 Mondial into a $15,000 Mondial and it will still never be a pristine car. Restoration costs for Ferraris are huge and it costs the same money to restore a Mondial as a 275 GTB. Real restoration prices easily run into hundreds of thousands of dollars and the car you describe needs everything.

 

Don't listen to your Mercedes friends unless they were/are Mondial Owners.

Did you know there was a Mondial Forum here as well?

Btw, the yellow car was discussed, beginning here:

https://www.ferrarichat.com/forum/posts/146994729/

 

Wow, thank you! That was the car! In the Mondial section, they make the point as to why the car was not made to run...like those have said here before, one could dump 15K into a car and still have a car worth only 15K.

 

You got lucky! That fish got away.

 

Thank you all for the replies...it's good to know I probably dodged a bullet. Plus I have my SL going into the shop for full strip and repaint, and that will take a few dollars. I suppose if any of you were to buy a Mondial, it would be a later T? Is there another model I should look at which has four seats? I would like a manual transmission...

 

Ferrari 456 is a good 4 seater with a 6 speed.

 

You could buy two decent Mondials for the cost of a bargain-basement 456.

 

No, if he had bought that $19K Mondial he would have to spend another $20K-$30K to get it to be a decent Mondial. He can buy a 456 now for less than $50K.

 

But he's looking for bargain basement (e.g. neglected). I can't imagine what one of those (456) would cost after the fact.

 

the 3.2 86-88 is a solid car. proven engine, (IMO) better styling than both the previous 3.0's and the later T's, but the T model has more performance and (IMO) a better interior.

Most who poo-poo the mondial have never owned one let alone driven one. No they are not performance cars, they are 4 seat GT cars and if you go in understanding that you will be at peace with your choice. The cab forward design is fun to drive, the longer wheel base makes for a great road car, they are easy to get in and out of, comfortable and with four seats you can enjoy that entire experience with your spouse and up to 2 kids.

You do need to be careful about any bargain basement vintage car be that a ferrari, porsche or anything else. Is every cheap ferrari a money pit, no. It all depends on what kind of owner you are in terms of experience, resources and ability and what condition car you start with.

 

How about a Jensen-Healey!


Sent from my iPhone using FerrariChat.com mobile app

 

An Italian, non-Ferrari option would be a Maserati Granturismo. Lots of options there. But if you're set on Ferrari, take your time...at least that's what I'm hearing. And of course, get the best you can--repair costs...

 

You need this:

https://www.ferrarichat.com/forum/threads/1995-ferrari-456-6-speed-manual-57-500.613541/

 

As others said, thank your lucky stars you didn't buy this one. I wouldn't touch it.

What I do recommend is ask yourself which model do you think 'looks' best? (there are 6 visual variations)
After that, test drive that model that has been well maintained...still like it?

Buy the best one you can find out there of that model. (pay now or pay even more later)

That's it.

 

As a person that currently owns both, the Mondial is still far more exciting then my 456M in my opinion. (Probably a shock to most people that read regurgitated hit pieces about the Mondial 8)

 

I have QP5.5 with the same engine, Maser's are great, and they are by and large "Ferrari-lite"

That's the problem though, the "lite" part. Excellent daily driver, , not so good if your heart is set on a true Ferrari (yes a well sorted Mondial is an excellent Ferrari despite what click bait articles want you to believe.)

 

I still get giddy firing up the Mondial after all these years. As Car and Driver said in 1989, it's the the closest you get to an open air F1 Experience with almost any car. Or as Road and Track stated in 1989 - the Mondial driven fast or slow is an exhilarating experience. Automobile magazine, said that it's the best Ferrari this side of an F40. Car magazine said it should be Ferrari's most popular car...

List of accolades goes on and on...

Surprised? Well, most people only read all articles out there repeating the same two 40 year old US Spec articles of the broken Mondial 8. Never realizing that automotive press absolutely loved the Mondial in later forms.

Why did the internet do this? Because it worked to get clicks, how/why else did people tell you what you thought?

"Worse Ferrari" is a eye-catcher keyword in Google Adwords. Much better performer then "great Ferrari"

 

Hope no one thought I was downing the entire Mondial series. I had just flipped from the classifieds when I read this thread. No affiliation with the seller either

 

No worries friend, many folks think the Mondial is the worst car in the world. That should be a clue right there much hyperbole exists.

Cheers

 

Joe. If you want eyes on a 3.2. Come look at my Coupe. I’m in Southbury. It may help to see one in person.

 

He posted exactly what I was going to, the only thing I'll add is I never knew I wanted a Mondial until I drove one.

 

Lots of scary traps with Ferrari. I am really in love with the 355 and want one. I have lurked along time and I think I can do a 40/50 thousand dollar car.

 

Thanks to all for all the input...I'm hooked...I think I'll start with a good running Mondial and as apparently many of you have been bite by a contagious bug, will probably not be satisfied and want to collect Ferrari's as well. I'm impressed with how the cars look, sound, and are built. back when I was an undergrad engineering student, I worked summers for a mechanic from London who restored older Rolls, Jags, and Bentleys...I was disappointed with the antiquated engineering and build quality of Rolls, especially when the Spirits/Spurs came out (I have a Spirit)...I've had the chance to have a Bentley Azure, which I think looks great and is nicely laid out inside, but the allure of a Ferrari captivates me...I look forward to reading the posts on here and learning from you guys as time goes on...