FERRARI 288 GTO

Discussion in '288GTO/F40/F50/Enzo/LaFerrari' started by joe sackey, Aug 24, 2007.

  1. joe sackey

    joe sackey Four Time F1 World Champ
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    #1 joe sackey, Aug 24, 2007
    Last edited by a moderator: Sep 7, 2017
    I am getting numbers all over the map from a car in England available for about $480k US (sold now I beleive) to a collector on the East Coast of the USA who Im told will sell his, but for $1m.

    Im wondering where numbers should really be and it complicated by the fact that so few of these cars change hands regularly enough to establish values.

    Joe
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  2. amenasce

    amenasce Two Time F1 World Champ
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    Last i have seen were in between $500k and 450k Euros..

    Seems every seller of the supercars are trying to push the market up , surfing on the Pebble Beach wave..but with the stock market crisis , it might be short lived.
     
  3. joe sackey

    joe sackey Four Time F1 World Champ
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    #3 joe sackey, Aug 24, 2007
    Last edited by a moderator: Sep 7, 2017
    Isnt it just demand and supply? The owner of this car has turned down $650k so does this mean this particular car is worth more to HIM or that the cars are worth that in general? The 288 is rare, but at 272 production cars thats still more than the more spectacular 213 USA F40s out there. One has to be careful when a market is not well defined...

    Joe
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  4. CornersWell

    CornersWell F1 Rookie

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    A private seller, with no need to actually sell, may ask anything, no matter how ridiculous it may seem. Their perogative, of course. They may re-set the market. Maybe not. All they need is one buyer who MUST have THIS car.

    OTOH, a dealer, who is in the business of buying and re-selling cars, must be realistic and price at the existing market. There seem to be a few brokers who ask for high-end prices, but must, at the end of the day, come back to market prices in order to move the inventory.

    CW
     
  5. amenasce

    amenasce Two Time F1 World Champ
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    Asking for $1m for a GTO today means that either he doesnt really want to sell but shall the right buyer come along he would let go or he has no idea of the market ..or he is trying to push the market up. If you see one GTO at $1M , then the one at $650k suddenly isnt that over priced anymore.
     
  6. CornersWell

    CornersWell F1 Rookie

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    However, I still say stick to the real market comps and don't overpay. If you don't get this car, another will come along (even with the few 288s available...IIRC, US has approximately 70-80). Maybe not quite as nice. Possibly not even the same model. But, there's always something coming along.

    Years ago I spoke to a fellow who was selling a 288 up in the New England area. He was asking $1MM at that time. Non-negotiable. VERY low miles on it. He was advertising it as the world's "best" 288. Can't remember what, specifically, lended credence to his claim other than the low miles. I obviously took a pass as the guy just wanted his number. Fair enough. I didn't have to have it, and he didn't need the $ anyway. But, I came away shaking my head just thinking that the guy was out in left field and would remain there until the cows came home. Maybe we're even speaking of the very same car!

    CW
     
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  8. amenasce

    amenasce Two Time F1 World Champ
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    Those pics are unbelievable. I love cars being unloaded..
     
  9. joe sackey

    joe sackey Four Time F1 World Champ
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    Agreed 100%. Brokers have an obligation to think clearly and be realistic.

    Joe
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  10. joe sackey

    joe sackey Four Time F1 World Champ
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    Yet still $1m is unrealistic and even $650k seems out of line...

    Joe
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  11. EMILIO

    EMILIO F1 Veteran
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    i think the last 2 that sold in italy were in the 400k euro range

    who knows? really so few of these sell these days

    p.s. i'd take an F40 over a GTO and save some money ;) but the GTO is a much more rare machine
     
  12. coachi

    coachi Formula 3

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    this spiralling rise in rare car prices, such as the GTO reminds me of the market during the late eightees. I know many people have a lot of cash, as the stock market until just recently had netted those astute investors lots of money. Same as in the late eightees. Then the markets fell and the prices of rare cars dropped as well.

    I remember in 1989 an F40 commanding 1 million and more. I also remember when they sold for less than 200,000 a couple of years later.

    Is this history all over again? Sell and head for the hills? Stay tuned.
     
  13. jorge.rios

    jorge.rios F1 World Champ
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    Maybe a price between 500k or 580k is normal but 1 million..he definitely dont want to sell it.
     
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  15. joe sackey

    joe sackey Four Time F1 World Champ
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    #15 joe sackey, Aug 24, 2007
    Last edited by a moderator: Sep 7, 2017
    Good point about the F40 being a better car (of the same twin-turboed disposition). I just heard back from a well-known longtime Ferrari broker and he thinks the benchmark value is the RM Maranello sale where the low-mileage production car went for circa $500k US. Now that seems more sensible to me... but what do I know?
    The yellow car (below) that got $600k plus was in fact a prototype and not a production car, and yet still some think that particular auction suffered from Maranello 60th euphoria...



    Joe
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  16. EMILIO

    EMILIO F1 Veteran
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    i think it is, may be a little cheap
     
  17. EMILIO

    EMILIO F1 Veteran
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    tks,
    it looks GREAT in yellow though !!! :)
     
  18. joe sackey

    joe sackey Four Time F1 World Champ
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    Its a little different situation this time with the economy, the stock markets, real estate, diversification, new markets, cars owned for cash by real enthusiasts, etc etc.

    Joe
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  19. joe sackey

    joe sackey Four Time F1 World Champ
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    Agreed...


    Joe
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  20. nthfinity

    nthfinity F1 Veteran

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    Which car is the better driver? The 288 GTO is by far the better driver... in fact.. it feels and drives very much like a modern Ferrari, without power steering... the seating position is actually quite good, effort, throttle response is better then the F40 IMHO... The F40 is the more extreme track oriented car.. but the 288 is the better driver.

    My personal feelings is the GTO's value falls between the F40 and F50... but closer to the F40 range.
     
  21. Pav

    Pav Formula 3
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    1 mill is just pure insanity. I noticed how euphoric values were lately given during auctions... why owners are trying to align their expectations on those prices.

    By the way that GTO for 240k pounds is correctly priced (er perhaps a little to expensive as it has aftermarket exhaust syst and looks overall not ready to fit a collection).
     
  22. joe sackey

    joe sackey Four Time F1 World Champ
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    Id have to agree with your thoughts...

    Joe
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  23. dan360

    dan360 F1 Rookie

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    The RM production car sold for $594,000 and bear in mind that was not for a US legal car. It had a Canadian Title and the addendum to the listing was "Please note that this vehicle is eligible for importation to the United States subject to minimal DOT modifications which can be performed by several U.S. shops." Good luck getting that done easily :)

    The Prototype sold for 683,000 which for me falls into the "Is what it is" category.

    AFAIK there are no US cars for sale right now, and to the point of the US F40s there are a lot less GTOs that are here in the US and were federalized in period. Yes in 3 or 4 years time you may be able to bring one in more easily, but its still going to be a ton of aggrevation compared to getting a US legal car.

    I know that I'm not selling mine anytime soon, and I personally don't care where values go, but I'm glad I've got the car car now. I could have bought an F40/F50 or even an Enzo, but chose not to in order to have the GTO (and a few other cars :)).

    My view is that in 2015, the GTO is a 1m$ car.

    Also in quoting "owners trying to align themselves" - always remember that buyers set the price. The big prices at Monterey were not set by the auction houses or sellers, but buyers.

    The reason big prices are being talked about is that there right now is money chasing a small supply of cars. But mostly the right cars, there has been no appreciation in the 400i or any late model Ferraris.

    Maybe the market will correct, but in my opinion most of these cars are being bought by people that want to own them, not as investments. Now 2.3M for the Steve McQueen Lusso, or 5M for a LWB California, are both IMO overpaying :)
     
  24. joe sackey

    joe sackey Four Time F1 World Champ
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    #24 joe sackey, Aug 24, 2007
    Last edited by a moderator: Sep 7, 2017
    I like your perspective... youre so right that ultimately it is the buyer who agrees to pay a certain price and by doing so sets a new standard... or not.

    BTW, is this your car? (front plate: EE.096.AK)

    Joe
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  25. Ermanno Claypool

    Ermanno Claypool Formula Junior

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    WOW! Amazing!
     

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