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Have you all seen the prices on 308’s

Discussion in '308/328' started by Banzairacer, Apr 14, 2021.

  1. Banzairacer

    Banzairacer Formula Junior

    Aug 24, 2017
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    San Diego, CA
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    Sanjeev Thohan
    I’ve been watching the selling spree of varietal 308’s on BaT. It’s amazing.
     
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  3. Miklas

    Miklas Karting

    Dec 10, 2018
    53
    Luxembourg
    Care to elaborate?
     
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  4. Kidasters

    Kidasters Formula Junior
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    Oct 4, 2013
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    Ken
    Ya - not sure what you are talking about.

    There is only one 308 and two 328's listed right now. Be interesting to see how they close out. Prices aren't what they were in 2016/2017, but feels like a well sorted car is in the 60-70K range.

    https://bringatrailer.com/ferrari/308/
     
  5. mike996

    mike996 F1 Veteran

    Jun 14, 2008
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    Mike 996
    As has always been the case, the prices are mileage-driven. Low mileage cars can bring a relatively high price and, assuming the same general condition, as the mileage rises the price falls. Also, consider inflation - it can make you think you are "making money" when the opposite may be the case.

    I went through the entire chart of 328's sold and figured that my car today would sell for around what I paid for it in 2008, adjusted for inflation IF it had the same mileage that it did when I bought it - 24k miles, which it doesn't. Based on the chart and current mileage I would expect to get around the same dollar amount that I paid in '08...which is about 10k LESS than I paid when adjusted for inflation.

    To paraphrase a common saying: The way to make a little money in the 3x8 market is to start out with a lot of money... ;)
     
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  6. nerofer

    nerofer F1 World Champ

    Mar 26, 2011
    10,806
    FRANCE
    Hi Mike.

    Honest perspective, and interesting because we bought our cars almost at the same time, but an ocean apart.
    Both yours and mine are '89, but mine is a GTB (the GTS, also a '89, came only in January 2011); no premium in Europe for '89 over other years.
    I paid 41.000 euros in 2008, and the car could probably sell for "around 75.000" these days, after having asked 81 / 82.000 in the first place.
    So, even considering inflation, it would have "paid itself": insurance, maintenance, parts (not many...) tires, and gas.
    It had 36.000 kms on the odo in 2008, about 22.5 k.miles, and has 59.000 kms today (about 36.5 k.miles)
    But that's the situation today; tomorrow, who knows? For the time being, I dont' consider selling.

    Rgds
     
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  8. mike996

    mike996 F1 Veteran

    Jun 14, 2008
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    Neo, your mileage when purchased/now is essentially identical to mine. But since GTBs are relatively rare compared to GTS's and therefore, more "valuable" than the GTS models, I would expect them to continue to increase in value due to that rarity. I don't really see a notable increase in GTS car value when adjusted for inflation. There is just too many of them. At the time I purchased my '89 in the US, they commanded a price above the previous 328's. I didn't really look at the chart to see if that still appeared true or not.

    As far as making money on a car, wish I had my 1966 Plymouth Belvedere Hemi/4 speed that I bought used back in the day for 2500 bucks and sold for 1800 two years later! :rolleyes:
     
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  9. spirot

    spirot F1 World Champ
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    Dec 12, 2005
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    I used to have a 328 - that I loved, sadly I sold to buy a 599 - I regret it every day... but I also did not want to be in debt... anywho as sod' law would have it - 308 / 328 prices have been on the steady increase. at least in asking prices. I think now the ask is mid $50K US for 55K - 70K car... lower miles = higher ask. Not sure what the actual sales prices are. the value car is the 1980 - 1982 GTSI but even those are in the mid 40's.... clearly the world is looking favorably on the 308 series cars. I've noticed all the European mags, are mentioning them more frequently - which to me means that they are in vogue, and will be more sought after in the near future. I did well on mine - sold for more than I bought it for... but also spent on the car to keep it in tip top condition... who ever has it now - has a great 328 - that has been driven and cared for... which is what you want.
     
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  10. ProvaMo

    ProvaMo Karting
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    Jun 29, 2004
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    Paul John
    Good points, but I'd point out that the increased value (possibly!) is due to other factors such as a Berlinetta configuration for handling, vetroresina models and dry sump models. For example, Ferrari made "only" 505 365 GTC/4's, which has essentially the same engine as the Daytona (>1000 built), but not quite the "value" irrespective of rarity.
     
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  11. Rosey

    Rosey Formula 3

    Nov 5, 2015
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    #9 Rosey, Apr 14, 2021
    Last edited: Apr 14, 2021
    I've always said the 308 GTB /S series as well the 328's would be worth so, so much more had they only been built in fewer numbers.

    A shape that is one of the prettiest and most iconic ever produced by Ferrari, not too big in size, low(ish) maintenance costs, no frills technology, a fantastic drive and excellent handling.

    If they only build 2,000 or so they would be as sought after as a Dino, if not more so.

    Having said that as time goes by and the number of good cars gets fewer and fewer (throw in the occasional write off through damage/ flood/ fire/ theft, etc ) and let's review the situation again in 10 years time.
     
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  13. ginoBBi512

    ginoBBi512 Formula Junior
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    Oct 9, 2016
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    I bought my 89 328 GTS in 1999 for 47,900, (20k miles) and Im not at all concerned with what I could sell it for. One classic Ferrari in a lifetime is more than enough for me ( and its an entire lifetime maintaining the car is what I mean) . Im more interested in the 488 Prices/ 812 Prices, since these are the only other Ferraris that I would want, or might be able to afford sometime in the future. I think it will be a long while until those prices will , or might come down enough for me to afford,one positive point about Ferraris not being driven much, low mileage.

    Thank you
     
  14. TurtleFarmer

    TurtleFarmer Karting

    Jan 13, 2020
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    Jason S
    The 3x8's manufacturing volumes are just about perfect in my opinion -- and it's all about community.

    Lower volumes would definitely drive up the prices, but it'd also change the ownership profile (fewer shade tree mechanics, fewer drivers == less forum support and comradery). It would also significantly reduce the availability of parts and aftermarket support.

    At the other end, higher volumes probably wouldn't change prices dramatically (e.g., 911s, C1s & C2s) -- these are iconic / mythical / dreamcar rides and there's a floor to their pricing. However, those higher volume cars don't seem to have the same close knit community that you see in in this group. The forums are a lot more snarky, less supportive and often full of very bad advice. Of course, part availability and aftermarket products are much richer for the higher volume cars (cuz the market is larger).

    I'm only a bit over a year in the 3x8 community, but I've been in the vintage car world for more than 30 years--this community is pretty rare when it comes to the level of knowledge, the level of *good* advice, the level of engagement and the level of genuine support for each other. The only other similar car community in my experience are the 190SL folks...and there were about 26K of those cars built from 1955-1963 (as compared to 22K for the 3x8s from 1973-1989).

    So, in addition to these little cars being such a pleasure to view and drive, both the current market entry point and the original production numbers simply add to the overall experience of owning a 3x8.
     
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  15. ferrariowner

    ferrariowner Formula Junior

    Feb 21, 2014
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    Jason,
    I agree with your sentiments. I purchased my 308 over 30 years ago and the support from the community had not yet developed as it is today ( prior to internet). I too belong to several forums including aircraft forums and the 308 forum is one of the best. Usually good advice and no politics. Everyone here has done a good job of policing the comments and providing quality advice/experiences.
     
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  16. Rosey

    Rosey Formula 3

    Nov 5, 2015
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    #13 Rosey, Apr 15, 2021
    Last edited: Apr 15, 2021
    Yes, I see your point. Volume numbers are a double edged sword.

    It's very true what you say about the "comradery" in this forum. I'm fortune enough to own a very original 328 that I enjoy entering into concorso events every so often and have helped out many owners with advice over the years (many I have actually competed against) and in turn advice has been requested by myself on many occasion.

    It's like we all take it upon ourselves to preserve the cars as best we can, everything else is secondary.
     
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  17. pizzadude

    pizzadude Formula 3
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    Feb 20, 2001
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    I’ve been watching sales on BaT and it seems to me prices are definitely firming up. A 328 with 57K miles hammered at 91k yesterday and a 5% buyers fee tacked on to that. I’m not saying these cars ever get to Dino levels. They won’t.
    It just baffles me sometimes how low they would sell compared to what other cars would sell for ( I’m looking at you air cooled 911!).
    So it’s nice to see them getting a little respect.
     
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  18. rocket50

    rocket50 Formula 3
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    Rod
    Hmm. Sold at BAT in Sept 2020 for $80K and flips it now for 91K. Like to know the story here. Especially with 57K miles.
     
  19. mike996

    mike996 F1 Veteran

    Jun 14, 2008
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    Yeah - looks to be in some alternate universe price-wise.!
     
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  20. TurtleFarmer

    TurtleFarmer Karting

    Jan 13, 2020
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    Jason S
    That 328 yesterday definitely sold at the high edge of the BAT range and it's not immediately obvious if it had anything to do with the car itself. Don't get me wrong: it's a great car. It's just not clear that it's representative of the high end of the range.

    Many possibilities:
    - The day before @Big Swole did an *amazing* job selling his 308 QV (amazing car, great engagement, well-documented) also out at the high end of the range. It was one of the best auctions across any marque in a long time. Lots of popcorn watchers. This often has a "knock-on" effect on other similar vehicles up for bid.
    - There were three very motivated buyers -- this tends to drive up the baseline pretty quickly.
    - Maybe we are the start of a trend upwards in price. Based on BAT charts, it's not clear this is true (for either 308s or 328s)--but we could be at the very start of the climb
    - Right place, right time, right buyer

    Lots of 3x8s on auction now and over the summer...we'll see if there's any real trend here over the next few months.
     
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  21. dwhite

    dwhite F1 Rookie

    Of course there is an uptick. Cars sell quicker and for a bit more money. Significant, who cares. If you buy this car for an investment, you're probably also interested in a bridge near where I live.

    Now if you buy a nice well cared for example of this car, drive it, service it yourself and take care of it there is a best case senerio you can get everything you put into it and possibly a few bucks more. Who can complain about that. Some may get very lucky and just time it right, but only if they sell at the next bounce(ie bought in 2012and sold in 2014-15) But few do that.

    Enjoy em, because very few ever get the chance.
     
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  22. ferrariowner

    ferrariowner Formula Junior

    Feb 21, 2014
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    Ron
    I have been thru a lot of these ups and downs in pricing. Big increase around the time Enzo died (1988) then a long period of decline. Another peak in the early 2000’s and 2014-2015 timeframe. Always followed by a downturn.
    I don’t see 308’s as investment class vehicles. Buy, drive and enjoy.
     
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  23. Big Swole

    Big Swole Karting
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    #20 Big Swole, Apr 15, 2021
    Last edited: Apr 15, 2021



    Thank you for the kind words. The car sold itself for sure, I just did the best I could to present it (tons of pics and vids) and stay engaged with everyone.

    I think I did pretty well on the price and thang goodness I did, it makes just a little easier to have to say goodbye to it. I REALLY wished I could have kept it, but life is what it is and I had to make a choice on which to keep.

    I'm sure I'll regret it many times in the future. Especially if there's a big increase in value for the.


    https://bringatrailer.com/listing/1985-ferrari-308-gtsi-quattrovalvole-20/



    .
     
  24. Rosey

    Rosey Formula 3

    Nov 5, 2015
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    I had no idea you sold the 308.
    Congratulations !!
    I remember when you bought it.
    Didn't you sell a Porsche or something to buy it ?
    You didn't have it very long in the end.
    Are you now Ferrari-less ?
    What did you keep to sell the 308 for ?
     
  25. JC Andruet

    JC Andruet Karting

    Jan 16, 2013
    170
    I hate to be a prophet of doom, but I'm doubtful it's the start of trend, more a case of three astute buyers knowing exactly what they were bidding on, that being a car that had a very well documented restomod by a very well regarded member of this forum and thus was a relative rarity amongst a plethora of distincly average examples on the market,

    Whilst $90K sounds a lot for a 308 GTS QV, the reality of the matter is, it was a cheap car, as to buy a similar car AND THEN have it restored/modified to the level Newman did to this example, would've probably meant a total spend closer to double the figure the car just sold for.

    Put quite simply, the numbers just do not stack up for these cars currently, plenty (not all !!) of them have been poorly maintained by individuals and certified grease monkeys (and paintshops) that I wouldn't let loose on a bicycle let alone a $60, 70, 80K classic Ferrari, and equal amounts have massively deferred maintenance in addition to the poorly executed maintenance of both the mechanicals and the bodywork.

    When the time comes to address those years of neglect properly, some VERY hefty bills await those brave enough to open the Pandora's box that others have chosen to ignore and avoid during their ownership.

    In the UK, there's the added sting in the tail of heavy corrosion to not only the body panels, but the main chassis rails, the front outriggers and pretty much every other part of the steel chassis componentry.

    Nothing has really changed over the past 10-15 years, sure the prices have gone up and down with the market, but the chances of the steel bodied 308 GTB/S "doing a Dino" or even getting close, are a long way off yet, and if we're being totally realistic, most likely will never happen, because as others have said before, there were too many built, and the majority fell into the wrong hands when they were cheap cars, with all that entails with regards to poor/deferred maintenance.

    Take this example of the fabled Vetroresina :

    https://silverstoneauctions.com/sa073-lot-248-1977-ferrari-308gtb-vetroresina?el=13903&pn=1&pp=100

    Bought in 2017, one imagines for £100K + ? and the subject of a very thorough restoration at a cost of £120K.

    It sold at auction recently for £118K ...

    The cheap Vetroresina (by Vr standards) that sold at auction here in the UK last year for £58K (ie very cheaply) is now undergoing a cosmetic restoration, the car had the obilgatory rust bubbles at the base of the A posts :

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    The images I've seen of the ongoing "restoration" rightly or wrongly lead me to believe the real issue hasn't been addressed, because under those bubbles most likely lurks this kind of horror show :

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    So the £5K that was most likely quoted for a repaint of the crazed/spider's webbed fibreglass bodywork, has now rapidly escalated to a screen out, roof off, front clam off, doors off, dash out, scuttle stripped, to be followed by many hours of metalwork fabrication/panel beating A post reconstruction, and on the basis the A posts are that rotten, it's probably fair to assume the front outriggers that supprt the headlamps etc will also have been eaten by Tin Worm too.

    Now don't think I'm suggesting that ALL 308's will be afflicted in this manner, one would sincerely hope those of you in the sunnier climes of California have no such issues ??? But those who live in the cooler/damper climates of europe, with additional threat of salt strewn roads, may have some nasty surprises lurking in the nether regions of their chassis and bodywork ...

    Apart from some light scabbing on the underside, it looks almost as solid as the day it rolled out of Maranello doesn't it ?

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    as we all know, looks can be deceptive ,,,

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    Here's what the underside of the same chassis rail on other side looks like :

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    Cheap 308 ?? Caveat Emptor ...
     
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  26. mike996

    mike996 F1 Veteran

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    I bought an E Jag many years ago that looked beautiful! But underneath it was like the pics you show. Lots of rotting-out underneath fresh paint. You could push a pencil some of the "metal" The "restoration" went on for nearly 7 years as I ended up having to cut/fabricate/weld body and structural parts. My wife often commented, "You aren't restoring a car, you're building a car!"

    Frankly, it was the worst car experience of my life, totally caused by my not being aware of what to look for in such a purchase. Seven years later I sold the car for double what I paid...which didn't even cover the price of parts, let alone labor, which, fortunately, was all my own. So I profoundly agree with doing research FIRST on the common issues with whatever old car you are looking at and then carefully examining any specific examples that you are interested in.
     
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  27. Big Swole

    Big Swole Karting
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    Long story short, I LOVED the 308 and SO wished I didn't need to sell it.
    Shortly after I traded my 2012 Porsche Turbo S for the 308, I knew I still wanted a Porsche Turbo
    So I decided I'd buy another and try to keep both. I ended up getting a loan on my now current 2017 991.2 (911) Turbo S.
    I've had both since Sept. 2020. I could have continued to just keep both, but I needed to start thinking more about saving more for retirement.
    So I decided since the Turbo is a year round car for me, it was going to be the keeper. I'm so hot natured, driving the 308 in the Spring / Summer here
    is just too uncomfortable due to me sweating so much. The AC works great but just not great enough for me. lol. Plus, the 308 is simply a Top OFF car
    for me. Too much fun with the top off, so the Fall and Winter here was great for me.
     
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  28. Rosey

    Rosey Formula 3

    Nov 5, 2015
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    All sounds reasonable to me.
    Enjoy the Porsche (all year round) and we hope one day you become another 308/328 or at least a Ferrari owner.
    Don't be a stranger, please stick around on the forums in the mean time.
    Cheers
     
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