What's my car worth?

For a GTB? Ouch.

 

Is that high or low for the car?

 

Those guys were crooks offering $22.5k. Auction brought 40% more. Probably could have brought $35k privately, even though it was high mileage and needed a major..

 

They all thought 56K was high mileage. Also, Mark Hyman's comment was interesting, "...regardless of the price nobody would call me because nobody's looking for it, it's an impulse buy"... The auction guy was in a big ballpark - he said $30K-$40K at auction. I played along and thought $37K because it's a "B". Somebody got a solid deal at $31K + the auction commission.

 

So he thinks there is no market for the 328's?

 

The dealers they use are only going to buy something at a wholesale price that they can mark up very heavily, and the auctions featured on the show are more tuned in to a '69 Plymouth or El Camino buyer than a 328 shopper. I'd only put a 3X8 in a specialty auction with mostly Euro sports cars. Besides that, the rough economy has taken a real toll on values, even for the high-end collector cars. I think the TV car auctions are past saturation and will have the same result on specialty car sales that the house flipper shows had on real estate; raise buyers expectations irrationally and put inordinate focus on the trivial.

 

The high end collectible cars are going thru the roof right now. Some have taken 25% jumps in the last two years.

Some even double

 

I think more like HIS customers aren't calling looking for 328s. The other guys all had similar opinions though, and they know what they can or can't sell.

From my personal experience I can tell you that many of the cars I saw for sale when I was looking around this past summer are still on the market. So, demand for these cars does appear to be low, or at least it is weak enough to keep the prices on these cars below what many sellers are asking.

 

Yes, it is true that the very high end of the market is booming!

 

Just finished watching. The car was spotless but the owner made a comment that caused a "look" between the dealers when he said, "... yes the belt service is due, but it's not needed."

Okay.

So the dealers made protected bids based on that rather large "what if", that comes with a liability. The auction company makes no such disclosure nor bears culpability to the degree of the dealers.

Plus, the car had massive eye appeal, and after another beer, bidders could overlook the odometer and belt service.

Showing how much I don't know, I figured it would've brought $34,500. The car seemed a good buy at $31k.

I translated the dealers' comment as no one is calling for higher mileage Ferraris.

 

a car is only worth what someone will pay...finding where they will pay the best price is the trick.

 

Not just the very high end but even the 150-250k colectibles. Lots of movement.

This is what happens with Trillions sitting in cash around the country and no place that really feels secure to put it. 1% or less payouts on interest. Why not buy a beautiful car for fun that could gain value.

 

How much do the 3x8 cars cost to service? Belt service etc? Is it like my CS? Less? Or more like the extreme maintenance hogs 355's?

There has to be a point where buyers just can't justify 20% of purchase price every couple of years to maintain. I'm also sure many people buy these cars in the cheaper prices not realizing how much they will cost to fix.

It will mean the non cared for cars will most likely be junked away over the next decade and it will leave only the very good well cared for cars.

 

Sure there is, but if you want one you're going to buy one. New car depreciation is really kind of similar. These cars can be expensive to maintain, but they are very durable and so far I am finding my car to be very reliable. Not to mention the joy it is to drive!

I think 20% every couple of years is exaggerating just a bit, but it's not that far off if you buy a car with needs you don't take care of right away. If you work it, you can factor those needs into your purchase price to keep your initial investment in line with the market.

 

Again I know nothing of these cars. I know about 355's and I know the service of my cars. So the 20% was a guess. I assumed 35k car and about 3k per year or 6k every two years for proper service.

 

Booming up from the basement from the steep drop-off of 2008/9; few collectable cars have recovered to their prices of 3-4 years ago prices.

 

Hi guys,

That car was MINE!!! And it was me on TV!

I have been on Fchat since 2000 and enjoyed many years with my GTB. It won a Coppa Bella Macchina at Cavallino and a platinum at FCA. Both 98 points.

I am an IAC/PFA national senior Ferrari judge and know 328s very well. I have judged dozens of 328s and only very rarely do I see one as nice as mine, regardless of mileage. A few comments....and the realities of the market.

After 5 years of contemplation, I decided to sell the 328. I wanted more time to spend with my 1967 330GT 2+2, and I just bought a BMW 1M. I listed it with a well known broker, and at the time I didn't realize the mileage penalty on the value because the car was so nice. After 2 months we got NO inquiries, not one!

My broker kindly freed me to sell at auction and I got on the TV show. Free of his commission I could sell it at a lower price on the show (no commission), or at a very reasonable pre-negotiated commission at their auction. My friend sat with the car for 2 days prior to the auction and everyone walked away when they heard the mileage. No interest.

Please realize that the main reason to sell was I wanted to be free of the recurrent and necessary maintenance costs, which I estimate at $100,000 for the rest of my life! My comment on the major service is that a car that is stored well and driven every 2 weeks doesn't need belts changed every 5 years, in fact my mechanic did not want to do it for a year or two.

I decided to let her go at $31,000 because I actually wanted to sell it, because this is what the market will bear, because I had several thousand dollars invested in the weekend, and because I was unlikely to do any better once you factor in the continued cost of trying to sell it. Your first offer is often the best offer!!

Thanks for reading,

Dan Reese

 

I have been watching the 328 market looking to buy for over a year. I have spoken to brokers, F-dealers and independents all over the country trying to put together a "fair market value" matrix for these cars. Of course these cars are worth whatever someone is willing to pay, but my summation is that the cars priced are fair market value are turning and the cars priced over are not. The seller on the show seemed pretty forlorn to have let the car go for that price.

 

What's the serial number of your car? The offer you received was a lowball insult, unless your car is in pieces. And on fire. And titled in Nigeria.

 

my car is titled in Nigeria, but if you give me $1,000 I can get it titled in the US in your name.

 

Great! Where do I send the check?

 

its ok. As i stated in another thread: I bought a black tan 87 328 gts in great shape(47k miles, documented since it was new) that needed a major for $26k in March this year. I was hit, car was totaled by Hagerty, they got offer on the car for $15,100 as salvage for parts from someone ( T Rutlands?)

The market is, what it is, hence my rants on the fantasy asking prices on some QV and GTSi 2v cars right now.

This is still a crap economy, with many bad things still lurking in the air.

cash is king and 20+ year old Ferrari's are a pure toys.


my books, tools, jack kit, tool kit and spare for my car will be on Ferrariads for sale by this weekend.
There ARE better cars out there for the money.

 

Carreaper,

Really sorry for your car...
You are an early bird...its about 11h30 here, so six hours less in the States...

Economy is not good either in France, but as for 328 prices...

Speaking about asked prices (sales must be about 5% less, I guess)

The bracket is about 40.000 to 45.000 euros for a good to excellent GTB
42.000 to 47.000 euros for a good to excellent GTS.

Add more or less 2500 euros if the car is absolutely pristine or with a very low kilometrage (same as mileage, but in kilometers...)

One or two GTs have an asked price above 50.000 euros.

328 hold their value rather well; the top end of the 328 range is touching the bottom end of the 355 range now.

best,