Did the Bubble burst?

I bought my 85' QV about 2 months ago. I wouldn't sell it for double the money I paid for. That's how much I like the car!

 

This.

It's bizarre that anyone still thinks $100K is huge money for a Ferrari when some really disposable cars cost more.

 

I've already been offered double for my car on more than one occasion. Not selling for the same reason - like it too much.

 

Not worried what others see as expensive. Just what I'm comfortable with. I just enjoy having paid off cars and not worrying about a scratch or a ding or 100 percent originality they way I would if the car got over 100k in value. It's just pure love I've had for the car since childhood and not money. Just want it to stay that way.

I agree on the disposable cars costing over 100k though. Just mulling around the BMW lot the other day waiting for my car. I'm like, oh this 6 series and M4 look nice. Stunned to see 106k on the 6 and 80 something on the M4.

 

M4, nice car.

 

Look to the Mondial. Still can be had for the 40s range.

 

Trust me there is a lot of lust for the 308 out there by many others that have much more expensive exotics in their collections. Myself and a few friends of mine are all looking for the same cars to add. These are: Countach, Diablo, Testarossa and the 308. All of these cars share something in common in that they are iconic exotics of their era's. Many of the newer exotics regardless of their 0-60 stats and top speeds don't seem scratch the same itch for people like myself.

 

Yes, you're right Emile; I guess this is an important difference between the United States an Europe: in Europe nowadays, a good 328 is about 100.000 euros, for which you could buy two 360s. The 360 values are now what the 328 values were two years ago, and the 360 is now the entry level Ferrari.

Rgds

 

Don't feel sorry for them. I'll never own a Daytona or a Muira as I was priced out of the market. The cars low market value was well known. Now I don't have to listen to people tell me they could buy one. How many articles have been printed and posted about buying a 308 Ferrari at Toyota prices? Thank God, I hope to never see one of them again with the 308 as the topic. When they start writing stories about the 360 at Toyota prices, I'll be buying one.

 

A Dutch 308 GTB QV had been for sale for 1/2 months for 98.500 euro's and was sold recently. It was a one owner car with around 95.000km on it.

 

You would get two 360 on the european market for that price; 98.500 is perhaps a bit short of change for a 360 coupé and a 360 spider, but not by much...

Rgds

 

Bought my car at a price I was happy with. Never intend to sell. The market can go on whatever roller-coaster ride it wants to. Up, down, sideways, I don't care. Bubble? I'm not convinced there was one. There are a ton of really cool cars out there whose main "disadvantage" and the reason people don't buy is the maintenance costs relative to market value. At one time (and it still may be that time) the 308 was/is one such car. Then when the value does finally go way up, the woe is me I could have ____ stories begin, from the same people who said maintenance is too much. Whatever. Such is the market.

 

If you know where and how to find them, they are out there

Friend just bought a driver 348TS last week for $27,000

Another bought a 308GTB for $22,000 that needed a major service and tires

And I purchased my Mondial 8 last October, running and driving with lots of recent work done, and brand new TRX's with 26k orig miles, for $10,000

They do exist

 

I’ve put together the results form Monterey 2015 in one place – I think there may be a 328 missing form the mix, but I’m not sure. I will post in the relevant market threads.
The general consensus from Monterey seems to be that the market has matured: to sell well it has to be rare, have a really good history and/or very low miles (fewer than 10k miles) – the vetro price is a case in point, perhaps also the Bonhams carb GTB; also, 246 GT/GTS seem to have come off the boil, but a 206 GT sold for just over $800k – and that surely is down to rarity alone.


1976 308 vetro, claimed 1st US vetro est $175-225k sold $247.5 incl
1976 Ferrari 308 GTB Vetroresina | Gooding & Company


1984 308 GTS QV Sold $72.6
https://russoandsteele.com/vehicle-details/?show_vehicle=121182&current_index=12&total_results=109&auction_pk=161&=&caryear=&caryearto=&search_text=&page=&showpage=2


1978 308 GTS carb, Red/Black low miles (24k) est $125-150, sold for $77k hammer $ 84.7k incl premium
https://www.mecum.com/lot-detail/CA0815-219684/0/1978-Ferrari-308-GTS/

1978 308 GTB Carb Black/Black 27k miles est 125-150 reached high bid of $105k
https://www.mecum.com/lot-detail/CA0815-219683/0/1978-Ferrari-308-GTB/5-Speed/

1979 308 GTS, says bid to 5k, which seems odd
https://www.mecum.com/lot-detail/CA0815-227191/0/1979-Ferrari-308-GTS/5-Speed/

1983 308 GTS QV Nero/Rosso 36.5k miles, est $75-100k 'restored'; sold $71.5k
1983 Ferrari 308 GTS Quattrovalvole | Monterey 2015 | RM Sotheby's



1978 308 GTB Carb. 23k miles sold $126.5 incl
Bonhams : 1979 FERRARI 308 GTB Chassis no. F106AB30461 Engine no. F106AE01816



1987 Rd/Tan 328 GTS, 26k miles est $75-100 sold hammer $75, $82.5 incl
Bonhams : 1987 FERRARI 328 GTS Engine no. 01012



1986 328 GTS, Red/Black Sold $58.3 incl
https://russoandsteele.com/vehicle-details/?show_vehicle=123182&current_index=19&total_results=109&auction_pk=161&=&caryear=&caryearto=&search_text=&page=&showpage=2


1988 328 Black/crema 57k miles sold $65k hammer (71.5k incl) - no est
https://www.mecum.com/lot-detail/CA0815-225190/0/1988-Ferrari-328-GTS/5-Speed/

1987 328 GTS Red/Beige 33k miles sold $85k hammer (93.5k incl) vs 100-120 estimate
https://www.mecum.com/lot-detail/CA0815-219762/0/1987-Ferrari-328-GTS/5-Speed/


1989 328 GTS White /Tan 16k miles; est $110-125; sold $90k hammer, $99k incl
https://www.mecum.com/lot-detail/CA0815-219910/0/1989-Ferrari-328-GTS/5-Speed/



328 GTS Giallo/Nero(1269km/774 mls) – Est $275-325k; no sale, high bid US$ 185000
https://www.mecum.com/lot-detail/CA0815-219935/0/1989-Ferrari-328-GTS/5-Speed/

 

Wow, that was a bit of work and thank you for that! I saw another thread on the super low mile 328 that didn't meet reserve, yet still pulled in the mid 100's, correct?

Will be interesting to see if the collector car market forges ahead like it did after the '87 'Black Monday' toward hard assets, or if the stock market will cool things across the board.

Thanks again for your contribution.

 

Found the low miles 328, now added with the white one - I knew I was missing a couple!

Who knows where things go now...

 

I have tidied up a bit, and added what the seller takes away, which is probably of interest to many - with auctions, what people will sell for is at least as interesting as what people will pay. Missing estimates would be useful if anyone has them

308

1976 308 vetro, claimed 1st US vetro
Est $175-225k
Sold $247.5k incl premium
Hammer $225k
Seller nets $214k
1976 Ferrari 308 GTB Vetroresina | Gooding & Company


1984 308 GTS QV
Sold $72.6k incl premium
Hammer $66k
Seller nets $62.85k
https://russoandsteele.com/vehicle-details/?show_vehicle=121182&current_index=12&total_results=109&auction_pk=161&=&caryear=&caryearto=&search_text=&page=&showpage=2


1978 308 GTS carb, Red/Black low miles (24k)
Est $125-150k
Sold $ 84.7k incl premium
Hammer $77k
Seller nets $73.3k
https://www.mecum.com/lot-detail/CA0815-219684/0/1978-Ferrari-308-GTS/


1978 308 GTB Carb Black/Black 27k miles
Est $125-150k
High bid of $105k
https://www.mecum.com/lot-detail/CA0815-219683/0/1978-Ferrari-308-GTB/5-Speed/


1979 308 GTS
Says bid to 5k, which seems odd
https://www.mecum.com/lot-detail/CA0815-227191/0/1979-Ferrari-308-GTS/5-Speed/


1983 308 GTS QV Nero/Rosso 36.5k miles; "restored"
Est $75-100k
Sold $71.5k incl premium
Hammer $65k
Seller nets $62k
1983 Ferrari 308 GTS Quattrovalvole | Monterey 2015 | RM Sotheby's


1978 308 GTB Carb. 23k miles
Sold $126.5k incl premium
Hammer $115k
Seller nets $109.5k
Bonhams : 1979 FERRARI 308 GTB Chassis no. F106AB30461 Engine no. F106AE01816

328

1987 Rd/Tan 328 GTS, 26k miles
Est $75-100
Sold $82.5k incl premium
Hammer $75k
Seller nets $71.5k
Bonhams : 1987 FERRARI 328 GTS Engine no. 01012


1986 328 GTS, Red/Black
Sold $58.3k incl premium
Hammer $53k
Seller nets $50.5k
https://russoandsteele.com/vehicle-details/?show_vehicle=123182&current_index=19&total_results=109&auction_pk=161&=&caryear=&caryearto=&search_text=&page=&showpage=2


1988 328 Black/crema 57k miles
Sold $71.5k incl premium
Hammer $65k
Seller nets $62k
https://www.mecum.com/lot-detail/CA0815-225190/0/1988-Ferrari-328-GTS/5-Speed/


1987 328 GTS Red/Beige 33k miles
Est $100-120k
Sold $93.5k incl premium
Hammer $85k
Seller nets $81k
https://www.mecum.com/lot-detail/CA0815-219762/0/1987-Ferrari-328-GTS/5-Speed/


1989 328 GTS White /Tan 16k miles
Est $110-125k
Sold $99k incl premium
Hammer $90k
Seller nets $85.7k
https://www.mecum.com/lot-detail/CA0815-219910/0/1989-Ferrari-328-GTS/5-Speed/


328 GTS Giallo/Nero(1269km/774 mls)
Est $275-325k;
No sale, high bid US$ 185000
https://www.mecum.com/lot-detail/CA0815-219935/0/1989-Ferrari-328-GTS/5-Speed/

 

Please note: I applied a 'standard' 5% seller's commission across the board, which clearly should be taken as more of a guide! I hadn't realised they were that high in general at Monterey - that does make some of the net-to-seller figures seemingly rather low, even excluding transportation.

The final sale prices including premium are either those published by the auction house, or in the case of Mecum including the 10% premium as per their terms for the auction. It does not include any local taxes which may or may not be applicable.

Anyway, I hope it's useful to have some hard figures with several common reference points - location, time and to some extent bidders.

 

Thank you for doing all that. It is really helpful to have those results distilled into one list.

 

+1

 

Was the mileage revealed anywhere?

Looks like well bought for a late 308...

 

I wasn't shopping, but walked past this car and paused. Professionally detailed. It was good but not great shape. Passenger door caught my eye; I didn't look too closely but wondered if there was bondo near the door latch.

 

"Never intend to sell. The market can go on whatever roller-coaster ride it wants to. Up, down, sideways, I don't care. "

I have said that about several cars, motorcycles, boats, cameras, guitars...all of which I have sold.

 

In Europe, there a few different factors influencing the prices right now.

I was looking at getting a 348 recently, but got cold feet due to what seem to be overheated prices in Germany (€60+ for good cars). One dealer showing me his €65k 348 said the prices are up €20k on those cars since March this year. That comment gave me second thoughts, and I eventually decided against it for now.

The Euro prices here seem high compared to US prices due to a couple of things... with the instability of the European Union and the EURO (Greece crisis... Spain/Portugal/Italy struggling... etc.), people have looked to hard assets for investment. Everything from real estate to classic cars has shot up in the past two years.
Then the EUR/USD exchange rate has reversed it's trend, so there are not as many Europeans shopping for classics in the USA right now. When I bought my cars in the US, €30k would get you a $40k car. Today it's more like €35k. So Europeans are shopping more here in the home market and pushing the prices up seemingly... but not in a sustainable manner, in my opinion.

 

You will know the bubble burst when you start receiving letters from collector car insurance companies stating that they can no longer insure your car for the inflated value they accepted 6 months ago.