Latest Cavallino Mag, 308 QV value 60k !!

I believe one sold here in ATL about a month back for low 60's. It was a garage queen with like 6500 miles

 

I've been wondering if I should change my plans of picking up a 308 in a couple of years to picking one up now it does seem like prices on qv's have been going up not much but still it appears they are headed higher.

 

A gray, fiberglass 308 GTB with 1386 miles sold in Amelia Island for $46,200 (3/12/2005) and a Euro, red, 1985 308 GTS QV sold in Scottsdale, AZ, for $59,400 (1/26/05 - no mention of mileage and given a condition of 2 by Sports Car Market Magazine). The fiberglass GTB appears to be a special car, but the QV looks like a bit of Barrett-Jackson auction craziness.

Mark

 

I don't plan on selling my 308 either, so I don't really care what happens with 308 values, but this much I believe:

308 prices have bottomed out. They are not going to go lower on average. They are starting to go up.

As the cars get older and collectors horde all the really perfect ones, the prices go up. This affects all 308s, even the not so perfect ones. When the values climb, more 308s will get expensive restorations and the supply of cheaper ones gets smaller. The really beat ones vanish as parts cars for all the restorations.

No Ferrari has ever reached a certain age and NOT gone up in value. In 1983 nobody would have ever thought that 246 Dino prices would be where they are now.

The idea that a 308 will never be worth a lot of money because they were made in such large numbers is total hogwash. Look at the numbers muscle cars were made in and what they are going for. Sure, a 308 will never be worth the kind of money that a truly limited edition car is worth like a 288 GTO or an F40, but they are still very limited production cars in the big picture.

There were a lot more 355s and 360s made than 308s. In a couple of years as the prices of 360s drop like a stone due to the 430 replacement, this will trickle down. The 308 will no longer be the "driver's Ferrari." Face it, this is an old car, not very modern. The 348 and 355 will be the driver's Ferrari and the 308 will become more of a collectible classic. One thing it has that the 246 Dino also has is brilliant good looks that are timeless, and not "repeatable". (Modern cars simply can't be this low anymore due to safety laws). The good looks are far more important to the collector value than how well the car drives.

Just my $.02.

Birdman

 

I'm curious as to what will happen with 328 prices will they continue to go down while 308 prices go up? Will 308's become more valuble than 328's such as the 246 and the 308?

 

GREAT post. In every collectible field, people tend to focus too much on supply ("lots of 308's made") and not enough on survival. While every 288GTO -- not to mention 250GTO -- is sitting in a climate-controlled storage facility, 308's are being used up.

They're in the precarious position of being too inexpensive to be a good restoration investment. As the supply falls, that will change, but for now it holds that Ferrari parts prices make an expensive 308 restoration a long-term investment.

Also agree on the comments about the styling and proportions, as well as some of the charm of the 'outdated' stuff. (Has anyone ever made a great looking steering wheel with an airbag in it?) I saw a perfect silver Jag E-Type converible yesterday, and it can't be mistaken for anything else. The 308 is at that level of distinctiveness. Yeah a 355 will eat it for lunch, but I don't hear anyone complaining about slow Porsche Speedsters

I have been on a frustrating hunt for a great 308 for 5-6 months. These cars are NOT easy to find nice. Problems include: rust, interiors drilled up for custom stereos and alarms, accident damage, bad repaints, non-stock interiors, a service history entirely from the local Kwik-E-Lube, and so on. I'm guessing I'll end up spending somewhere in the $40K+ range, and I'd think twice about ever selling because of the time and expense it will have taken to locate the car in the first place. If someone offered me a perfect 308 qv for $50K, I would seriously consider it.

Truly mint 308's are already collector cars.

Jon

 

I think that 328's will remain stable and climb along with the 308's. There is already evidence of it now. Just look at the prices of super-low mileage, garage queen 328's. I've seen them priced from the $60k's to the $80k's. And I know what a lot of guys are probably going to say, "Yeah, but those are asking prices. What are they selling for?" Well, I know of one '89 GTB that sold for just over $70k. People will pay high for the right car.

Birdman,

Great post!

 

Jon,
I completely agree with you. In 2002 I paid $46k for a 13,000 mile red/tan gts example that I would be very hard pressed to find today. Value to a particular person is the key here. My next Ferrari (yes, this would be in addition to the 308) is going to either be a '99 550, an F430, OR a PRISTINE fiberglass or early steel 308 gtb. Even if I have to find a $30k car and have it restored for $60k. Some may say that I am crazy, but I do not see a great difference in the value, or fun factor, of these three cars. And, IMHO the 308 is better looking than the other two. This is my value as one particular individual, but that is how I will probably be spending my money.

George

 

The supply for good 308's is really drying up. It took me a few years to find the one I have now, and it's not perfect, but it's a fun car. I went back to the dealer where I purchased the car, and they said they are having a tough time locating 308's.

 

Early 308s are going up no question about it. Also remember they are much cheaper here than in every other market. Lots of cars going abroad at the moment even beat ones for parts. Just try and find a great glass 308's these days................................

 

I really mean it - they will never go up where you guys think they will. Besides the momentary blip on the auction radar here and there for a "good" one, the cheapest ones will never crawl over the $40k mark across the board.

Search this thread in two years and see if I am wrong now

 

Just a point of reference for everyone. A 308 GTS QV is worth between $15k and $18k as a parts car depending on rust.

 

Agree 100% with EVERY word in your post. EXCELLENT assessment Birdman!

 

i believe it as it took over a year for me to find a good 308 that met my desires and the new Forza article seems to echo this type of situation as well. Still, there are quite a few (if such a thing can be said for a Ferrari) 308 cars out there, but look at how many 360 cars on sale in near mint/garage queen condition. Then look at how many 308 with proper maintenance and records, etc there are out there for sale.

Still kicking myself for not picking up a nice Dino for $50k years back. DAMN that is one sexy car!

 

so can we end the offical bi-monthly "308 prices are on the rise" thread for May 2005....only to be started up again this summer...

...people have been saying 308 prices have been going up when I started looking in February of 2003. When I started looking the glass cars were $35-$40k, QV $35-$40k, carb cars $25-$30k, "i" cars 25-$30K...and today...they're selling for the same price.

The issue isn't the price IMO. The issue is finding a decent car. Birdman is right about finding a car with a decent service history. The problem is the crappy cars and good cars are all asking the same money.

 

Exactly. It will be the same in another two years as well.