1962 Ferrari 250GT PF Cabriolet Series II Review and Buyer's Guide

Seemingly stored since the early ‘90s, if the fluids were freshened periodically and corrosion hasn’t taken a toll on the block, the car may need only minor mechanical attention. If the storage were less than careful…

Despite the entreaties of at least four suitors, this car stalled on the block at Bonhams’ August 15, 2003, auction in Carmel, CA, at a reported high bid of $120,000. The after-block sale was reported at $135,000, including buyer’s premium.

Series II Cabriolets, long out of favor, have been increasing in value of late, with some cars fetching twice what they would have just a few years ago. Yet of all the convertible V12 Ferraris, they remain the least expensive. Blame the bland styling, similar to that of the unloved 250GT coupe, for keeping collectors’ interest at a low level.

Ferrari’s established practice during the era this car was built was that Pininfarina would build the luxurious and more expensive models, while Scaglietti did the sportier, cheaper cars. The Series II Cabriolet was the most expensive car in the Ferrari line, and its conservative design was intended for older, mature Ferrari enthusiasts. The foil was the Scaglietti-built 250 California Spyder LWB, the Ferrari for the younger, sportier set.

The 250GT Cabriolet Series II carried soundproofing, undercoating and rudimentary corrosion protection and cost $15,000, while the Scaglietti-built California Spyder cost just $11,600. Conjecture has it that Pininfarina’s conservative styling was a conscious effort to distinguish the Series II Cabriolet from its sporty sibling. Indeed, one reported reason for ending production of the Series I Cabriolet was that it was often mistaken for the much cheaper Scaglietti-built California, and even then, those who were spending big bucks for an exotic didn’t want it mistaken for a less expensive model from the same manufacturer.

This was one of the lowest auction prices for a Series II PF Cab we’ve seen in the last year, falling at the bottom end of the SCM Price Guide’s $125,000-$245,000 range. Was it a good buy? That depends on whether you’re the type who likes to gamble.

The car had an older respray over the original paint, and it was in bad shape. The chrome was thin but the bumpers were fairly straight and the body appeared sound. The original seats were worn and the stuffing had collapsed—as they say, “suitable for patterns.” The European instruments and all the knobs and little trim pieces were present and accounted for and the steering wheel was surprisingly nice. The hardtop is a real plus, however it was not seen at the auction so its condition could not be determined.

While restoration of the cosmetics would appear to be uncomplicated, requiring only money rather than long frustrating hours chasing missing pieces or rebuilding a rusty body, the mechanicals are much harder to assess.

A previous owner is stated to have had the engine rebuilt, though be careful in your interpretation of what this auction catalog statement means. A little research shows that this car was advertised for the last six months of 1987 by a knowledgeable and reputable North Carolina Ferrari dealer thusly: “Red/tan. Black unrestored hardtop. Two owners from new. Older restoration in beautiful condition. Recently rebuilt engine, no smoke. Drive anywhere. Gerald Roush, publisher of Ferrari Market Letter, drove it to and from National FCA meeting in 1987. $125,000.”

So it seems that 16 years ago, in early 1988, the car arrived in Atlanta and was probably a nice driver then. The engine rebuild was likely well done, however, as far as can be determined, no major work has been done on the car since. Seemingly stored since the early ’90s, if the fluids were freshened periodically and corrosion hasn’t taken a toll on the block, the car may need only minor mechanical attention. If the storage was less than careful…

On the same weekend that this car sold, RM auctioned off a very nice 1- condition PF Cab SII, S/N 3407, for a record price of $258,500. It had been given a complete cosmetic restoration, with no engine work required. It was implied that the owner had recently spent about $100,000 on paint, interior, chroming, complete disassembly, and a rebuilding of the rear end.

So perhaps the buyer of the car pictured here could achieve a #1 car after a simple paint stripping, respray and reupholstery, for, say, $50,000. He would have then achieved the Holy Grail of the collecting hobby, buying a car where everything was as good or better than it seemed, and ending up with a fully restored car without getting buried. Care to wager?—John Apen

(Photos courtesy of John Apen)