Value of a 1978 308 GTS | FerrariChat
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Value of a 1978 308 GTS

Discussion in '308/328' started by canover, Jun 7, 2010.

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  1. canover

    canover Rookie

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    #1 canover, Jun 7, 2010
    Gentlemen, Please provide me with some input on what you think my dad's 1978 308 GTS is worth if I should offer it for sale. Here are some details on the car.

    1978 Ferrari 308 GTS (26689)

    This car was purchased from the original owner, Mark Simpson, in November 1989. It was maintained to that point by his mechanics in KC - predominantly Carriage & Motorworks. All maintenance was performed to his high standards. It has been garaged in Phoenix since and my father lovingly performed all his own maintenance.

    The car is azure blue metallic (azzurro mettallizzatto). The interior is red and black. There are 45,800 miles on it. It remains completely original, including original equipment 14" x 7" Cromodora alloy wheels (which were refurbished). It has Micheline XWX (205/70-14), but they should be considered rollers only. It is a 5 speed. It has power windows, air conditioning, power antenna and Alpine AM/FM cassette. It has the removable top.

    The paint is slightly faded, shows some checking upon close inspection and has a few door dings. It has driver quality paint, still looks good from 5 feet and it would benefit from a thorough detailing. A screwdriver punctured the driver's seat insert and it needs to be recovered (The other leather should be dyed at that time to match the recover.). The dash is perfect and there is no warpage in the ac vents. The air conditioner worked fine the last time it was used, but it will need recharging. As with most 308s, the power windows are slow. The carpets are original. The zipper on the rear luggage compartment cover doesn't currently zip shut. It needs a clutch cable. The multi-directional pivot on the rear bonnet support bar is broken. Both front lenses for the turn signal lights are cracked. The car has been sitting for several years. My father became ill and was unable to use the car. I do not have his mechanical skills. A hired mechanic partially refurbished the top-end of the engine during this time. He did a valve job (guides & seals), timing belts, carburetor rebuilds, distributor rebuilds (still using points), oil lines, fuel lines, belts, plugs, K & N air filter, brake job (pads replaced & rotors turned), wheel bearings and fresh fluids. The work stopped when my dad died. As it sits, the carbs need to be synchronized; the distributors, cams and crank all need to be timed. And please do not forget it has been sitting for several years - other needs will likely arise.

    Historically, this car has always driven and run very well. It is a tight car. It has had no electrical or mechanical problems. All of the gauges work. The clock works too. When someone attends to the mentioned items, it will again be an exemplary driver sporting the Ferrari magic.

    Thank you.

    [email protected]
     
  2. BigTex

    BigTex Seven Time F1 World Champ
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    #2 BigTex, Jun 7, 2010
    Sorry to hear about your Dad, to start with......

    The range on these is anywhere from low 20's to mid 30's depending on lot's of factors.

    Why didn't the mechanic complete the engine?

    The calibration of the distributors (off the car) then reinstallation together with carb sync and cam timng is the heart of the tune up....it sounds like you have a ton of work there...but all unproven!

    Can you engage the same shop to complete it?

    Or you'll have to locate another one.....

    "Running properly" it's a car...sadly, non running it's a candidate to be sold off for scrap.....

    While you may not personally care one way or the other, it would probably be to your advantage to consider completing your Dad's dreams of renovation, at least the mechanical side of it.....

    Post some pics if you can, we all love to see them........
     
  3. BigTex

    BigTex Seven Time F1 World Champ
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    #3 BigTex, Jun 7, 2010
    You may or may not be aware this was the first year the 308GTS was made.......

    Sadly it was AFTER the fitment of Catalytic Exhausts, and resultant de-tuning of the engine...

    Check the driver's side door jamb, below the VIN plate, and look for a square black sticker.....IF by chance you have an early 1978 car that says:

    "DOT NON CATALYST"

    ..then everyone will sit up and take notice.

    If it says:

    DOT CATALYST REQUIRED

    ..then it'll be the later specification motor.
     
  4. Artvonne

    Artvonne F1 Veteran

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    #4 Artvonne, Jun 7, 2010
    What its worth to you, and what its worth to someone else are vastly different things, and often that valley widens as the car deteriorates.

    In all honesty, you are describing a car that is non running, but complete, needing repairs and some restoration. Good quality paint on that car could cost $20K. Seats and Interior could cost another $5K.

    The car is maybe worth $15K to $18K as it sits to most buyers, in the condition you describe. I wouldnt expect yould get much more than that anywhere unless you were very lucky. If your looking to buy it back from the estate, and you really want the car, maybe go $20K. If your looking to just make it go away, throw it on ebay with a good description and a lot of pictures.
     
  5. Bullfighter

    Bullfighter Two Time F1 World Champ
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    #5 Bullfighter, Jun 7, 2010
    I would agree with this.

    It's a unique 308 in color combination -- one of the absolute best exterior colors, but with an interior that sounds like it could deter many buyers. The mechanicals probably need a lot of sorting, and 308s are a difficult car to repaint properly, so this is going to take a lot of cash.

    If it has sentimental value, it could be an incredibly cool restoration project, but not one with any upside.
     
  6. Jdubbya

    Jdubbya The $10 Trillion Man
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    #6 Jdubbya, Jun 7, 2010
    Sorry to hear about your Dad. It sounds like he enjoyed the car.

    Why not have someone get the car running for you and enjoy it like he did? Just an idea.

    If you don't want to do that I would still consider at least getting it running before trying to sell it.

    Without actually seeing pictures and judging the problems that you mention it's hard to put an accurate price on the car.

    Not running with the issues you talk about you'd probably be hard pressed to get close to $12-15K for it. Running and just cleaned up, (not painted and new interior) you could probably get closer to $15-20K as long as none of the issues you mentioned are major ones.

    Post some pictures if you can and we might be able to be more acccurate.

    Whatever you decide, good luck with the project!!
     
  7. canover

    canover Rookie

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    #7 canover, Jun 9, 2010
    Thank you for the kind words Big Tex & Jdubbya. Dad indeed enjoyed the car. He was as content to work on it as he was to drive it. The narrative of my time line is not clear. This all occurred several years ago. I sorely miss him, however, the "been hit by a truck feeling" has passed. The mechanic was directed to stop work because the executor had to determine the best course of action. I ended up buying the 308 myself along with his Dino from the estate. I didn't think a snap decision should be made on the 308 and then the 1-man shop where it had been went under. I put it in storage (properly prepped) and pondered what I wanted to do. Time slipped by. There was already another Ferrari in the fold. It gets much of my interest. The 246 was a strong second. The 308 was relegated to 3rd best. I still call it my dad's car so you can see I never developed the necessary attachment to it. It's time to let someone else have it. It does have a catalyst.

    I am trying to be forthright about the car's condition and needs because I would rather someone find it better than described as opposed to worse. I certainly understand having it running and driveable will attract more buyers. On the other hand, my wife has made it clear I would be "persona non grata" if I were to undertake anything further than a simple trip to the mechanic. (Spending the last 3 years coordinating the restoration of 2 single seat open wheel racecars will try your loved one's patience.) There appears to be no net financial difference to having it running.

    I will take some digital photos asap. My scanner and glossies don't produce worthy likenesses. Can you provide instructions on how to post the photos please. Thank you.
     
  8. thecarreaper

    thecarreaper F1 World Champ
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    #8 thecarreaper, Jun 9, 2010
    There are quite a few of us on here that have had several 308s that we have brought back from the brink. BigTex has 3 right now, i have had 5 so far. you can share pics by using the "manage attachments" tab that appears when you go to post a reply.

    Irfanview is a free photo program that is very easy to use if you need one. That way you can resize large photos. Non subscribed members can only post a limited amount of pictures, based on thier size. I dont know what that limit is.

    I had a blu scurro 308 GTB QV for a year or so, i would like to see pics of your fathers GTS in blue.( i dislike red!!!)
     
  9. don_xvi

    don_xvi F1 Rookie

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    #9 don_xvi, Jun 9, 2010
    I'd invite you to think of it this way.
    It sounds like the car has a lot of good refresh work done, just waiting to be finished. As has been discussed (and I agree with the estimates offered), the uncertainty of a non-runner will make the car more affordable for someone to do those last couple of things needed and presumably produce a great driver for someone who might not have been able to, to enjoy like your father did.
     
  10. BigTex

    BigTex Seven Time F1 World Champ
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    #10 BigTex, Jun 9, 2010
    Last edited by a moderator: Sep 7, 2017
    You can subscribe here for $15 and use FerrariAds gratis..........

    That might be the way to go.....

    A serious project buyer will understand.....I have to agree with your wife, on the position that with current market values it's 'good money after bad" to continue the repairs, most likely.....

    I dump money into mine, thousands of dollars at a time net gain "zero".......well, a few benefits maybe!
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  11. Jdubbya

    Jdubbya The $10 Trillion Man
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    #11 Jdubbya, Jun 9, 2010
    It sounds like you're pretty clear on what you want to do with it then. Like Bubba suggested spend the $15 to subscribe (or just $50 to upgrade to Rossa) and post an ad here. If nothing else it's a cheap way to get the word out about the car.

    The other option is to just get some good pics, describe it like you did here and toss it up on eBay. If you think you need to get a certain amount for it put a reserve on it, if not just let it go for whatever it goes for!!

    Again good luck!!

    Oh and one more thing...You mentioned the 308 is playing third fiddle to a second fiddle 246. What's in first place? And if you haven't figured it out folks here like to see pics to share the passion! :)

    Let us know if you need help figuring anything out too, this is a great community of folks.

    John
     
  12. ollie

    ollie Karting

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    #12 ollie, Jun 9, 2010
    I think a lot of these comments is a common problem for this Ferrari and why this car is felt to be affordable. This is a Ferrari, the parts are expensive, it sounds great and they all drive great but somewhat differently. I have had a 348 and a newer 360 and kept the 308 primarily because it is paid for but it cost almost as much to afford this Ferrari as any other 8 cyl. one. This car or any Ferrari will only command a price in accordance with the market place, there are a few that get higher prices, but as a rule the going rate can be anywhere from $20,000 to $35,000. I paid $21,000 a very long time ago, put at least another $15,000 in it and consider my car to be worth more than I will ever get. Because of these comments and belief's I am at about $25,000 now, but, I think, this car is worth much much more. I am stuck not because of car but because of the market place and comments of affordability. I am not a happy camper on these statements. The car is a Ferrari and should command the Price of other Ferrari's that set trends, These cars, during their period, were top of the line and my view were solidly in the top 3 cars in the world. I have owned at least 40 cars, Porsche's, Chevy, Fords, Mercedes, Lexus and others. I always wanted a Ferrari and I will own them until I die. Next is a 1999, 355 GTS with the 1978, 308 GTS.
     
  13. Artvonne

    Artvonne F1 Veteran

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    #13 Artvonne, Jun 10, 2010

    Absolutely agree with you on all aspects, but until people stop selling them at fire sale prices there isnt anything we can do. If you have to sell one, you have to be realistic to the current market values, and currently they just dont sell for much.
     
  14. thecarreaper

    thecarreaper F1 World Champ
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    #14 thecarreaper, Jun 10, 2010
    agree. cash is king. there is no cheap financing for old exotic cars anymore. some federal credit Unions do have it ( Geovista) but the rates are stiff.
     
  15. canover

    canover Rookie

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    #15 canover, Jun 11, 2010
    I hope to find someone with your 308 passion (THECARREAPER) for 26689. Can you hear it calling your name? Maybe Big Tex does. I don't dislike the 308. It is angular and atheletic. Quite attractive! I have just always been MORE drawn to the curvaceous models. To that end, I even asked a few chaps with 360's to do a part swap. No takers, but the interest still exists on my part.

    I believe I will subscribe and post it on FerrariAds as suggested. I don't know that I've ever heard of any car selling for a fair market price on EBay. So worry not lads! I will do my utmost to avoid torpedoing the average value of a 308. I'm not in a rush. I know pretty much where it should be value-wise. I have extras to throw in the deal as enticement. And 26689 is a fine car. A known history.

    Jdubbya - the car that makes my blood boil most is my vintage '65 shortnosed single-cam 275 GTB. I am old school and so are the photos I have. They're all traditional glossy paper 35mm. When I can get digis I will be happy to share them.
     
  16. thecarreaper

    thecarreaper F1 World Champ
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    #16 thecarreaper, Jun 11, 2010
    Last edited by a moderator: Sep 7, 2017
    i am looking for a 308, but i prefer euro cars, and i wanted a GTS QV this time. i sold my blue GTB QV last winter. i would consider your car for sure, but i would need to see the pics and price when you have time to post the ads.

    i do have a stunning, clean 1985 911 targa i am selling for $19,000 with 58,000 miles on it. i really have to wait until it is gone, as my insurance company will let me add another car( i have 5!) you have found a great place here, ferrariChat, to share your passion. there are lots of "gearheads" on here who could buy "better" cars, but we "choose" to buy old, slow 308s.....

    because we can, and because these old cars are so much fun !
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  17. GrayTA

    GrayTA F1 World Champ
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    #17 GrayTA, Jun 11, 2010

    A 275?? Wow!!! Have you posted about your ownership there in the vintage section?? Great car!!! You could also post about the 246 as well. I bet that would raise some interest having those in the garage. I am very anxious to see photos of these cars. Could you post their chassis #s as well??

    I am quite certain that you will find the subscription worth the price of admission.

    Good luck and do keep us in the loop.


    PDG
     
  18. Jdubbya

    Jdubbya The $10 Trillion Man
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    #18 Jdubbya, Jun 11, 2010
    I can't imagine with a 275 and 246 in the garage why a 308 wouldn't be the number one car??? ;) Kidding of course, look forward to hearing more about all of your cars!!
     
  19. BigTex

    BigTex Seven Time F1 World Champ
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    #19 BigTex, Jun 11, 2010
    Last edited: Jun 11, 2010
    I avoid the CAT equipped cars, so that let's the GTS out for the most part...the motors lost some punch when the CATs were fitted.....

    When I finally grow up I'll get an early carbed 512BB!!!

    Thanks for the offer, as in all my purchases I have been very lucky to find solid, long term owners like your Dad.......THAT's the deal to jump n!

    Like the dry sump, that went thru here last week, at $22.5K!!

    Arrrrggh!!
     

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