Ferrari 308GTsi, need advice.

[2000GTS]

I'm hoping someone here knows something about Ferrari's.

Theres a local guy that has a 1983 Ferrari 308 GTSi. He's the original owner. The car has 6800 miles on it. I's burgundy exterior, black interior. Car runs fine and the interior is mint, however there is lot of rust on it.

What is a car like this worth?

Any problem areas to look out for?

Any help would be much appreciated.

Bill

 

[BADVENOM]

1984's were the best year on 308's to get..If the car has alot of rusat on it Id stay away..on a car like that your looking for one thats been well pampered, well kept, constantly detailed both body wise, paint and undercarriage..of course the engine servicing is very important..service records are a must..Ck out dupont registry for prices but Id say 1983 with low miles in pristine condition.upper 30's to high 40's based on miles and condition

 

[2000GTS]

Won't be keeping it. I was actually thinking I'd turn it and make a few bucks. I should be able to pick it up pretty cheap.

Bill

 

[BADVENOM]

And whats pretty cheap?

 

[2000GTS]

$18k

 

[BADVENOM]

iD SAY YOU wont get hurt but a new paint job and bodyworks gonna coast a few pennys..good luck on the restoration project..

 

[DodgeViper01]

At that price, something is most likely wrong with it. I have been researching Ferraris for many years and they are pretty much hit or miss. At that price I think there is a mechanic or accident problem that makes the car not run properly.

If you are seriously interested in the car, you MUST have a PPI done on the car at a local FERRARI dealership. They do a very extensive test on the car and it will show everything that is wrong with the car and what will likely happen in the near future. This test can run you up to $2K and if the car has problems then you will be out of that money. A friend of mine owns Ferrari of Central Florida. I could give you the information for them if you need it.

Hope this helps. Let me know if I could be of any more service.

 

[Godsil Performance]

That is a pretty good price, however if it is so cheap because it needs an engine rebuild it will run you another $18,000. Cars that are that old with that low of miles will need the engine gone through at a minumum. The seals and things like the water pump will go out faster from lack of use. Good luck but it will be a gamble.

 

[2000GTS]

I know the owner, he bought the car new in 83. The car runs fine as far as he or I know. Like I mentioned, if I buy it I don't intend to keep it. I would resell it so future problems aren't of concern to me. I don't even know if I'd have the rust spots fixed. I've noticed them selling in the 30's. With the low miles on this car, I think I could get high 20's and even more money with the rust spots fixed,

Am I right in my assumptions or am I dreaming?

Bill

 

[SylvanSRT]

my brothers bought a '85 308 GTSi QV for about 35k a little over a yr ago and the car was not pristine(cosmetically) mechanically the car was in great shape. 24,000 miles fixed up the seats and the car looks like new. '85 was the last yr for the 308 series.

 

[Andy 98 RT/10]

I'd talk to allanlambo about this. He seems to know a lot about Italian cars.

 

[allanlambo]

Couple things to worry about, #1, Burgandy is definately the color of choice. #2, if the car is rusty, id bet it hasnt been maintained, which to a knowledgeable Ferrari guy means BIG dollars. I would stay away.

 

[2000GTS]

Couple things to worry about, #1, Burgandy is definately the color of choice. #2, if the car is rusty, id bet it hasnt been maintained, which to a knowledgeable Ferrari guy means BIG dollars. I would stay away.

But do you think I could make money on the car? I am only interested in it for resale. If I bought one for myself it would not be this one.

Bill

 

[Lee00blacksilverGTS]

With all due respect and no flame intended it is almost beyond belief that you think you can buy a Ferrari of that vintage for 18K and make money by selling in the high $20's. Why do you think your friend can't sell it in the high 20's? 308's are the bottom of the barrel for Ferraris to start with, you have already heard 18k for an engine rebuild, do you have any idea how much to fix the rust? Uhh, maybe the difference between 18k and high 20's? And that is why it is being offered at 18? This is NOT a car to buy and flip for an investment, did you watch Barrett Jackson? Buy a muscle car, probably Mopar and hold for a year, buy right and you can never lose. And you really need to ask these guys opinion. www.ferrarichat.com They are the experts. Just trying to help.

 

[Mopar426]

Well first off there is no "High Demand" for an '83 Ferrari 308. It is known as the "Redneck/Bubba Ferrari" As far as turning a profit anything is possible, but if you think you can put $5000 into and sell it for $35 you are dreaming. Keep in mind Ferrari paint is $100 a PINT and that's just the color not counting the primer, clear, etc.

Key to any Italian exotic is mileage and well documented dealership maintance.

 

[BADVENOM]

Well first off there is no "High Demand" for an '83 Ferrari 308. It is known as the "Redneck/Bubba Ferrari" As far as turning a profit anything is possible, but if you think you can put $5000 into and sell it for $35 you are dreaming. Keep in mind Ferrari paint is $100 a PINT and that's just the color not counting the primer, clear, etc.

Key to any Italian exotic is mileage and well documented dealership maintance.

DITTO..WHAT HE SAID..

 

[Anaconda]

308's are to Ferrari, what Boxster is to Porsche....

 

[JGarrett]

According to the Ferrari Market Letter. Ave selling price is about 31k for a really nice car. The prices have been falling from 6 mo ago, 1 and 2 years ago. The 308 is a fine car however burgundy is not the color most want, they want red and black. Also there are many fine examples with no rust or repaired rust. Repairs and a good paint job will eat up considerable dollars. This is not a job for Earl. A real Ferrari fan will look at a lot of cars and would not touch this one. I looked at or had my broker look at nearly 80 cars, and spent 8 months before I bought my 89 328 GTB. For the time and money you will take to turn this I doubt you would make any money and would most likely lose; with a good chance of taking a bath. I'd say avoid. This is not the type of Ferrari to flip or make an investment in.

Cheers and good luck,
Jim

 

[allanlambo]

Couple things to worry about, #1, Burgandy is definately the color of choice. #2, if the car is rusty, id bet it hasnt been maintained, which to a knowledgeable Ferrari guy means BIG dollars. I would stay away.

But do you think I could make money on the car? I am only interested in it for resale. If I bought one for myself it would not be this one.

Bill

I think if you buy it, make room for it in your living room. I had the opportunity recently to buy an 86 328 that ran and drove, needed cosmetics and soem other work for 18k. I shopped it around for 22, and not one interested person.

 

[rcdice]

2002GTS,

The current newsstand issue of MPH magazine has an article on guess what? 308 Ferraris. Talks about buying, build info, pitfalls, etc. March 05 issue.

Also, as mentioned by many more knowledgeable than I on Ferrari's, this car may not bring top dollar to a Ferrari connoisseur. However, you live in Miami, FL. The car market there is vastly different than many other places, especially where I live. You know the market and you know the people. A nice low miles Ferrari with a new coat of paint may be just what the Dr. ordered for say, $35k.

Good luck.

 

[PSilverGTS]

If you wanted to keep the car for yourself, I would say do it. But to turn a quick profit, forget it. I seen a Ferrari armrest for a 308 used on ebay for $1500. And to have the timing belt and seals done, every 15K-20K miles is $3000. If you could do the body work yourself then you could save some real money and maybe make 2 or 3 thousand. This car is best left with a specialized dealer who understands the Ferrari market and could properly repair the rust and do any maintenance needed. Special cars like Ferrari's take time to sell and those who want one do a lot of homework on what to buy.

 

[viper spray]

Show all this to your friend and offer him 15K ,Try to flip it and if you can't then repaint it and make some money.

 

[2000GTS]

Thanks for all the advice guys. It's been extremely helpfull.

I'm thinking of letting this car go. Don't know if its worth the time and effort to flip it if I'm only going to make a couple grand. Or I might just low ball him at $15k. However, I don't think he'll go for it.

Bill

 

[joe117]

"Ferrari armrest for a 308 used on ebay for $1500"

Part it out.