Update -- Would you put the money into a 328 or not?

Hi -

I posted earlier about 1989 328 w/ABS that I have been investigating. The update is that the car has just under $60K miles, was repainted a few years ago (red/tan) after a "minor" accident in front caused a new bumper and fender repairs (not major, no frame damage). The rear bumper was also replaced and the entire car was professionally repainted at that time (3+ years ago).

Car need 60K mile service, clutch is 7 years old with 16K miles on it, tires are 8 years old, need replacement, roof had a leak, my wife smells mildew in the interior (she is right). Rear cargo area doesn't zip - seems to have shrunk. Brakes probably need some attention, but haven't yet had a PPI done. The local Ferrari mechanic estimates $9K for the belts, repair of roof, full fluids, and some other odds/ends, but that doesn't include a clutch.

My question - is it worth it? I estimate all the repairs, updates will be $12-15K. At that price the total cost of the car will be $45K or so. At what point is this a reasonable deal, and at what point does the upkeep make it impractical?

 

HONESTLY it may be the best 3x8 ever made but is is also the ugliest by far IMNSHO.

WOULD not even consider one.

You cannot get rid of those awful wheels .....................



Sorry and I know my opinion doesn't help much but that is my honest opinion.




Damn, I HATE GERMAN keyboards .....

 

look behind you - if there is no - one else there in line to buy this car, then only you can decide.

 

$9K for belts, roof leak and fluids?...find another car and another mechanic.

 

You can get a nice sorted car for $45000

 

9K is real steep for a service. But at that point there should be no major maintenance/upkeep for 3 years. I am a little suspect about how the car was treated in its past life; 16K on a clutch is not good. I replaced mine after about 60K. Probably find a better example for same money all in. Leaking roof is quite common, but the cars don't spend a lot of time in inclement weather so I don't find that a biggie. Mine leaks and I have spent zero time worrying or trying to fix it.

 

At 9k you shouldn't trust this mechanic.

What does he want for a clutch? Another $6700?



Plenty of threads on here about how to do a belt change and even if you don't want to or can't do it yourself you should know that it's not anywhere near 9k. Brakes are as easy as any car i've done brakes on and can be done in a few hours. As far as a leaky roof who was driving a 328 in the rain anyway? I've had the top on my car 3 times in four years and it feels creepy and claustrophobic with it on. I have no idea if the roof leaks or not and don't ever care to find out. My guess is that the car was left outside for months or years at a time and the rain got in and that's not good. Some don't mind the convex wheels but they are a deal killer IMO.

 

"As far as a leaky roof who was driving a 328 in the rain anyway?"

I've driven mine in the rain quite a bit - the roof doesn't leak and there's no reason it should if the rubber is in decent shape. Certainly I wouldn't write the car off just because the roof leaks but accepting it (as well as many other things people accept on these cars) as a "given" is being too accepting.

 

Mildew, accident, respray, 60K miles...

Save yourself a lot of grief and just buy one of the many nice red ones available for $45K. These cars aren't worth restoring at current price levels, and you don't want an old Italian car that's been stored wet.

I tend to agree with your opinion, but market values for 328s with the obsolete ABS and awful wheels are still higher than for the earlier ones.

Either way, the OP should spend the money upfront on a great 328 instead of pursuing a "deal" on the mildew/accident one.

 

You can get a nicely sorted 328 for Mid Forties, and not have to worry about all the needs that the car you mentioned has.

or, a very nice 308 QV .

http://www.ferrarichat.com/forum/vbclassified.php?do=ad&id=7124

 

Belts are belts. They will need changing on a well sorted car just the same as another. $9K for belts and a few other things, seems really high IMO. I would think belts would run 4K, then fluids..........it is a simple DIY saturday afternoon. Get a lift or find someone local with a lift. Motor oil and trans oil is really easy to change. Won't take but 2 hrs. Brake fluid is also easy to bleed.

As said earlier, only you can tell if the car is worth it. I love mine, even if others think it is not really an exotic, or at least a low end one.

 

Paying mid-$40k for a 328???? In this huge buyers market??? Wow you guys are dreaming or are trying to over price your cars (or is your wife reading this and you are trying to save face?). Try mid 30's for 328s nowadays with that mileage and truly smart buyers wait until the winter to buy a sports car as pricing is usually far better.

As for the car in question, offer him $15k MAX if you really feel like opening a can of worms and the nightmares of possible more problems found. Have you seen the parts pricing for these cars, truly insane.

 

FIRST, get the PPI done. After that, is it the car you want? (color,int.ect.) 9K for belts and fluid ? There are allot of nay sayers on the 2V------ don't sell it short! lost

 

agree. I would sell my 87 328 for $37,000. 1 owner, fresh service, 46,000 documented miles.

I would rather buy land to build my gun range on.

I dont see the value in these old 2v cars with nosebleed prices, nor can I justify the crack head prices on some of the 4v cars. There are simply too many other, better cars out there for the same or less money now.

3x8's are fun, I have had 7, but they are slow, and getting old.

 

Amen, and the cost of parts are getting truly stupid nowadays. Simple items that were $8 are now $25, and other parts that were $200 are now $500(!). Am very glad i bailed about four years ago, don't regret it at all. Maybe the orignal poster should buy your car

$45k for a good condition normal miles 328... wow you guys are too funny! Try a 355 for $45k or $50k, yet a 328, waaaaaay too high priced.

 

Does anyone have actual DATA on the selling prices of these various cars recently? Asking prices are meaningless as are "I'd only pay X for that car" statements.

 

Maybe some recent buyers or sellers can chime in with actual sale prices. Carreaper, if you don't mind, what did you pay for your car?

As far as the car in question, run, don't walk. There are several good cars out there for around the same price.

-F

 

I like the newer convex wheels better than the old concave ones....

A new clutch in my 328 was under $1500 at the Ferrari dealer.

Belt service, tensioners, valve adjustment, aka "major service" is more like $3500 at a qualified independent shop.

OP - find a different car. There are a lot of them out there, the one you are looking at has too many issues unless you can get it for next to nothing.

 

Or a good Testarossa for the same money.

 

over here 308 cars are slowly getting classic car status, while 328 cars are simply 308s with ugly 80s taste bodyparts. Good 328 and 308 QV sell for almost identical prices in comparable condition.
And while looking at prices for pre-73 Porsche 911 one must state, that it may have nothing to do with ' slow or old '.
I still regret not purchasing that '72 2,7 RS back in 1995 I got offered for 50.000 German Mark ( now ~EUR 25.000,-- or $ 35.000 ).
Back then I thought; Huhh so much money for a sport beetle ? Now they are ~ EUR 200.000..... or more.

Best Regards from Germany

Martin

 

I have to say to the original poster that this car sounds like half-a-basket-case. There are better samples out there that don't smell, may not leak, and more kept up.

Having said that, buy a car that you can hop in and drive anywhere and not worry about leaving it unlocked. You will have more fun that way. Then if you really want a collectible, then buy a second car for that.

 

If I read your post correctly this car is not being offered at $45K. You said you would have $45K into it once you spent $15K on repairs. An 89 328 with 60K miles for an asking price of $30K seems resonable and worth exploring. Twenty plus year old paint doesn't always look so good. New paint is a plus. I wouldn't completely disregard this car. It could be a resonable buy and something you can drive without worrying about.

 

I am by no mean's an expect on Ferrari but then again they are just another car so the same principles apply and the issues you listed can be done by you saving you thousands of dollars. I do have many years of experience though taking on such issues and it really helps you to get to know the little things so with alittle help you can save alot of money, have fun and learn alot about your car. The members here who perform most if not all of the maintenance can help coach you thru the process.

Happy motoring,
Gregg

 

The difference between Ferraris and most other makes is that the parts you need to refurbish a car may be NLA or hideously expensive. It doesn't take a huge amount of skill to replace a ~$1500 driving lamp assembly on a 328, for example, but it does take ~$1500. It takes more skill to replace an $800 window seal on a 328, and you probably don't want to ruin it by learning as you go. The mentality that works with an MGB -- buy it in boxes and put it together over a few beers -- doesn't work with Ferraris. The value of all the gauges and switches in a 328 is probably in excess of $5000 -- assuming you can find the power mirror and vent control switches without waiting for someone else to crash his 328.

 

Well, you got the pretty 308s in Europe... we didn't. I don't think there's a mad rush in Europe to import US-spec 308s.

Absolutely agree with you that "slow and old" is completely irrelevant with regard to market value. You can't touch a really good '73 RS here for under US$300,000. Or a decent Carrera 356 for under US$200,000. Or a 246 GTS for under US$150,000. etc.