Are you saying it sold for 50k? If so, that's the same price that a red/tan '89 sold for on Bring a Trailer about a month ago.
Wrong venue . Every year Mecum takes on more Ferraris at Monterey. Must cut a special deal with sellers on commission. Seller must have been very very motivated. Not to mention trucking a car to and from the auction with a no sale would have been close to $5K out of pocket. On the flip side a '89 328GTS with 2K miles sold for $190K. A '81 GTB with 8K miles sold for $90K. Go figure.
"On the flip side a '89 328GTS with 2K miles sold for $190K. A '81 GTB with 8K miles sold for $90K. Go figure." Mileage, mileage, mileage! This fact is demonstrated at literally every sale of one of these (or most any other) car. The lower the mileage, the more it is worth. If it's REALLY low, the value jumps dramatically - as per the 328 with 2k miles.
$5K to ship a car...around the world? You need a new shipping company...$1.00 per mile tops...1000 miles...$1000 P.S. $250 - $750 Mecum seller fee forfeited in "no sale"...
Well, I can't claim that I'm in the know, having owned only one 3x8, but every bit of sale data that I have read over the 8 years I have owned my 328 demonstrates that the lower the mileage, the higher selling price. I don't think that's ever going to change - at least for these cars; there are just too many of them for mileage not too matter...at least until there are only 50 of them left!
Oh, I agree - but I am talking about ME, not the market. You can keep a $180,000 3000 mile 3X8. Those cars, as nice as they are only, ONLY, trophy show cars that will never be driven again. And if you did want to drive it, add another $20,000 to that $180,000, then subtract about, I don't know, maybe $2000 every 1000 miles. I like to drive and enjoy them. I'll take the cheap "high mileage" 50,000 mile car. Much better.
Buck a mile IF you are shipping to and from regular destinations without any tricky logistics regarding access or loading and don't demand an enclosed carrier. Live off the beaten path or need any special service and prices rise quickly. That's my experience. Re the car; I didn't see it but can state that I've viewed touted cars at auctions before and they aren't always as represented. Perhaps condition was a factor too. Anyone see the car?
I purchased my QV after an earlier Ferrari market bubble collapsed. When Enzo Ferrari died in 1988 many Ferrari's jumped in value as collectors started buying them. The reasoning was 'these are the last of the Enzo cars'. I don't recall how long the bubble lasted, but a few years later the prices for nice 308's had dropped back to pre-Enzo death levels(maybe less). I was interested in the QV's at the time and from the early 90's on the prices remained essentially flat. I recall people telling me at the time that 308's would never really be collectible. There were too many of them built. I don't know where values will go in the future. I didn't buy it for an investment, I bought it for fun.
All we are looking at are pictures and a 50k sold price. Did anyone you guys know looked personally at this car? I have a dealer friend who was there and he told me the car was a turd. He said to make it nice you could spend a minimum of 30k on it wholesale prices. I've said it before.... The good ones aren't cheap & the cheap ones aren't good.
I just sold mine 328 GTS at 93 k euro, 105 k USD. Please stop writing bull****s: There aren't good 328 at 50 k. Ciao
Totally agree I don't think generally speaking that the clientele at Mecum are foreign car buyers IMO. Mecum appears to cater to American muscle car buyers. I can't figure why a Ferrari, Porsche owner would use Mecum as there are so few of these cars there. One looking to buy a Fcar or Pcar certainly would go to one of the other auctions to view more product as many auctions at Montery run concurrently and time prohibits attendance to very many venues.
I have a beauty 87 328 in the classifieds with 73k ORIGINAL mi. Ck my add out. I bought it from the original owner here in Florida. I spent over a year and a ton of $ restoring it, top shelf all the way. 1st class from end to end. It's not what you pay for a car like this, it's what you have to spend to make it a mint driver or a show winner.
I don't really agree. Most of the difference in the US/Euro market accounts for the higher prices. There is no BS involved it's just the reality of the different markets. Same is true for classic British cars - same year/equal condition, a UK buyer will pay far more than a US buyer for a car.
Just back from Monterey, and I did personally view the Black 328 that Mecum auctioned for ~$50K (hammered at $52K; not sure about what's being reported online). While everyone's evaluation is subjective, I don't agree that this car was 'a turd'. IMO, it was a perfectly decent, driveable specimen. Certainly not a museum car and probably not a 90 point car in FCA judging, to my eye, at least. (I'm NOT an FCA qualified judge, BTW) The car was black (not red, which people seem to value more), and it was dirty (not even detailed for presentation). And, as pointed out here, it was auctioned by a house whose specialty is really other types of cars. I was a spectator for a couple of hours of that day's Mecum auctions, and I can tell you that the average car was actually under active bidding for less than 2 minutes. Cars were rolled off the block and the next car rolled up, while the auctioneer was still selling. Of the very few Ferraris on offer while I was there, one even cut off bidding at half a million dollars, apparently nowhere near its reserve, perhaps because the Auctioneer judged it wasn't worthwhile to continue. Other than that, I think we all have to remember, the cars we've read about over the past year or two, for prices around and above $100K, are NOT typical of the driven class of 328s out there. We all want to believe that OUR 328 would fetch such a price, but the reality may be disappointing, if we were to actually put ours on the market. If I'd been there in time to bid, even without a thorough PPI, I'd have been happy to risk $50K for taking home this particular car, and then invest a year's worth of driving and weekend restoration in it, to ultimately sell it for maybe $80-90K. But then, I do virtually all my own work, and I've been lucky enough to spot and avoid 'turds' in the past. If I had to write checks to a certified Ferrari mechanic for everything, this car would not have been a good investment for me, if the goal was to transform it into a $100K Ferrari. On the other hand, if the goal was to drive and enjoy it, and keep it running reliably, then this would have been a good deal, IMHO.
Very well said/written. I totally agree...especially with: " We all want to believe that OUR 328 would fetch such a price, but the reality may be disappointing, if we were to actually put ours on the market." I have said it many times- MOST of the cars those of us on this site actually DRIVE routinely fall into the Haggarty 4 rating...whether we like/agree with that or not. A regularly driven car is automatically a 4 and, therefore not particularly "valuable" (per Haggarty) EXCEPT to someone, as Dr Tom pointed out, is specifically looking for a driver.
