Market Value Question

I have owned 3 later model Ferrari's, but nothing vintage. I am thinking a 330gt would be a good starter car into this new realm of Ferrari ownership. I am considering this 330GT and would appreciate your opinions on market value in today's economy.

1965 330 GT, 5 speed, 4 headlight model, 16,000 miles (probably 116,000), new leather interior, paint is good at 20 feet but needs a fresh paint job. May have some rust that was "professionally" painted over, but rust would be minor. Wire wheels are in desperate need of help. Mechanical appears to be good. Leaks oil (big surprise). Car appears to be mostly correct except for a few small items, no tools, wrong mirrors. Trunk does not line up correctly in what appears to be a hinge problem. 3 owner car.

What do you think?

 

Will be a nice car when sorted out. Budget an extra $100,000 for repairs and incidentals.

 

That's a more than wee bit over the top if the car is basically sound and he doesn't intend to do a big resto job. $30K is more like it.

RWG, my advice: Shop around, buy the best car you can. It's a buyer's market

If you've owned three late-model Ferraris, you can probably afford a better 330 than what you're describing.

330 2+2's are great cars to own and drive.

 

A car like a 330 GT 2+2 is not worth restoring, as the restoration is very high and will cost about what a restored car is worth. Therefore find the best expample and pay the extra $20-$25K VS. a needy car. You get the car for free or the cost of a restoration.

Geno.

 

I think you know too little about this car. "May have some rust" will almost always turn into "much worse than we thought". Usually a car with various issues showing externally is a sign that other things have been neglected internally.

If you are really keen to save this car and turn it into a good one, then kudos to you but take heed of Dave330gtc's advice, his $ figure is not as unreasonable as you may think. As Geno mentioned, the 330GT is just as expensive to restore as any 275GTB and so it is going to be a labour of love as you are not going to recoup the cost. Before you do, I urge you also to try and drive a couple of decent vintage Ferrari's (although this can be very hard to organise - I've only driven 2 and I own one of them). But by buying the 330GTC I was assured that the 330GT that I drove a year before with a view of buying was not the car for me. The GTC is much nimbler and sportier and an altogether different driving experience. It also has better brakes. I do realise it is more expensive but may be worth the wait.

I'm not saying the GT is not the car for you, just providing information. When it comes to vintage Ferrari's, taking your time really pays off. The more you know, the more likely you are to buy a great car for you (whether restoration project or concours edition).

Hope this helps, and I hope you get to join our club soon. I'm really enjoying it so far!


Onno

 

Beware, these cars are old; if something hasn't been done recently, you will need to do it. If you buy a beater, it will be a labor of love but at least you will go into it knowing it needs everything - no surprises. You may not lose money, but you will not make it either. It will also be delayed gratification because whatever needs doing takes time. On the other hand, if you do it yourself, you will know what you have and that it is done right.

I did this with a 2 headlight car, mine is now mechanically done (need to put the engine back in after total rebuild all other systems done). I love the way mine drives! Less performance than a modern car but much more fun and much more of an adventure.

By the way, I personally like the 4 headlight car's styling. The interim (5-speed) is the best of the 4 headlight cars and only 125 were made.

Regards,

Art S.

 

Just based on your brief description, depending on what you want to do with it, I would venture to say that $30k will not be enough if you are looking to restore it to #2 condition or better. For example, if you want to show the car, a real tool kit alone will run you thousands. If you are just looking to drive it and fix what is wrong as it comes up, I suppose you can do it for $30K assuming that it does not need an engine overhaul. But even then you can spend 10 grand and not have the rust issue solved. I've always felt that if the car shows any rust at all, then there is likely to be a lot more rust lurking underneath.

 

Thanks everyone for your input. I know the performance is not like what I have now (2002 575), but I would be buying this for the mystique of a vintage Ferrari, and for the enjoyment of restoring it to a reasonable point of personal pride. I have no plans to show it, just drive it occasionally and add to my collection. I will continue to do my homework on this.

 

That's the same approach I took, though the car was my whole "collection".

In late November 2002, $32.5K bought me a very solid '64 Series I with full ownership history. I spent another $35K on it, including acquisiton costs, routine maintenance, and insurance, over the next four years. Best time I ever had with a car.

 

Well, that would be the right attitude to go ahead with the car you're looking at. And I echo Art's comments that 330GT's are great to drive - they have a real sense of occasion, just as much as any other vintage Ferrari. They're just a bit less sporty than other Ferrari's of the same vintage but that's OK. They've got great style - a great car to take the date to the theatre premiere with. If you go ahead informed, go for it!


Onno

 

I definitely would not want to discourage you from owning an older Ferrari however an older car with unknown and probably deferred maintenance and also paint hiding who knows what underneath is somewhat of a risky venture. If you are planning on driving the car at all you want the confidence that when you leave your house in the morning the car will bring you back at the end of the day. A good car will do that for you. Until you have sorted through all the systems on the car there will always be a question mark toward this end.

 

Great topic. I think you are buying a vintage Ferraris for the right reasons- the history, mystique, the feel of an older car etc. I have a series 2 1967 330 GT, which I bought when the market was hotter in 2004. I bought the first reasonable on available that was close to home. PLEASE get a pro to do a prepurchase inspection. Trust me, there is NO part on these old cars that if it is original wont need to be replaced or fixed!! My car was extremely original and untouched which can be good or bad- at least no one messed with it. I had no idea how much work my car was going to need over these 5 years. However I am so glad I didnt walk away from it as I later discovered it was originally one of Prince Bernhard's Ferraris. I have had everything done to this car. It has had a cosmetic freshening (not restoration), but still has an original feel. It has gone thru and extensive mechanical resto including an engine rebuild ( I am at the same point as Art S.). You can see this "resto" on Tom Yang's Ferrari forum. I tend to have the work done to be 100% perfect so I do open the wallet. One could do things cheaper BUT that figure of $100,000 to make it a mechanically fantastic #2 car is about right!!

Dan
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Dan,

Thanks for your post. Your car is beautiful. Now I am even more encouraged and excited to take on this project, but I will show restraint to make sure I find the right car. I will spend the few bucks on a PPI. That is money well spent. I am considering this a long term project. I certainly have no intention of dropping $100,000 on the car this year, but over a period of time would be fine. Part of the fun is the journey, not only the destination.

 

A neighbor is looking for the same. He calls it Peter Seller's car.
Probably true, but I never knew Mr. Sellers had a series I 300 gt

 

To RWG,s credit or otherwise he has not mentioned the buy it now price,that obviously is his prerogative.The responses HE has given are in the positive regarding restoration.That would indicate he,s getting it at a competitive price,therefore making it a viable resto process(given time and money,which it appears he has).
The relatively rare(in Aussie anyway(about 7-10)left that have,nt been chopped to a replicar of some sort)means the Chinese eye will become more collectable
IMHO.I took mine on a run yesterday having been away from it for a few months.....I,m still tingling.the comments when stationary are always complimentary.
I,m afraid I don,t buy into the snobish 4 headlight verses twin worth any more mention.I call it character.
GO HARD RWG.
.02c

 

Dan,
It's beautiful. Great balance to the 328. I hope to get a ride in it, some day. Hope you enjoyed the rest of time in Elkhart.

George

 

"It has gone thru and extensive mechanical resto including an engine rebuild"


I have seen that engine rebuild at various stages - tempted to steal it and display it at home. Beautiful!

 

PM me if you have any specific questions. I too own a 575 and bought and interim 4 headlight 330gt 2+2 as my first step into vintage. I love the car. Wish I had bought vintage Ferrari rather than my prior 7 modern Ferraris. The cars look, drive, smell and act totally different than the modern production stuff. I love it. It's a labor of love to restore these things and you can spend far more than they are worth if you are not careful. If you are a bit mechanically inclined it allot of fun to do much of the work yourself. And there are many owners on sites like this one who are pleased to assist you along the way. You might Google Tom Yang's site or Kerry Chesbro's websites if you want more specifically on the 330. Both gentlemen have been very, very helpful to me in my quest.

I think the best advice in the stings above it buy the best you can find as it is a buyers market.

 

I also entered the vintage world with a 330 Series II...never looked back and no significant problems in 6 years...runs like a sewing machine!
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Whatever you buy, make sure it's in reasonably good shape when you buy it. Then your cost of ownership should be quite reasonable, unless you are someone who insists that their 40 year old car has to look like new. Personally, I don't mind having a 40 year old car that looks 40 years old, but that's just me.

 

What a handsome car. I particularly like the colors.
Might you have a few more pictures to share?

 

A 4 headlight car will always be one.....compare it to the same model in two headlights and you'll see why....

 

Hi George!

Nice to see you at Elkhart Lake and congrats on the new one! We'll go for a nice long drive in it when its done. I may drive it to some local shows but wont show it seriously.

Vizsla, thank you and I will post more pics shortly


Dan

 

These are pics when I bought the car in 2004:
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Thanks. The green really makes the chrome pop and the tobacco interior is the perfect complement.
Very evocative of the period.
David