|Vehicle:||1969 Ferrari 365 GT|
This car sold for $24,667 (including commission) at Coys’ London sale on November 26, 1998. The 365 GT 2+2, as the last of three early front-engined V12 Ferrari 2+2 series, is generally considered the best of the lot for driving, yet can be bought in today’s market at a price equal to the earlier cars.
The 365 was the least successful of the early 2+2s, with 801 units sold, versus 954 for the 250 GTE 2+2 (1960-63) and 1,080 for the 330 GT 2+2 (1963-67). When new, the 2+2s regularly outsold the sportier two-seater versions, yet the two-seaters are worth far more today. Buyers selected 2+2s when new for their greater room and comfort; today they represent genuine bargains as long as you can live with the styling.
Most observers seem to view the 365 2+2’s shape as a notch below the 250 and 330 2+2 body styles. The elongated rear sections of the car, derived from the limited-production Superfast models, didn’t work well on the 365 2+2 and have tended to date the design.
The mechanical condition of any older Ferrari can not be taken for granted. The cost to overhaul the engine can exceed the price paid for this car. If the mechanicals check out, this car is well bought by current U.S. market standards, where good clean examples of this model start trading in the mid $30s.
Two other recent 365 2+2s come to mind: A very decent red/tan car, with solid mechanicals, good older paint and an interior showing some age was bid to $35,000 (and unsold) at Auburn, Indiana in September ’98. A similar car was bid to $35,500 and not sold by Brooks in Gstaad, Switzerland in December ‘98. Both owners wanted more, but it takes a very special 365 GT 2+2 to bring more.
Although the car shown here represents the chance to own a V12 Ferrari at an absolute bargain basement price, this is not a car to buy on the phone in a moment of Ferrari passion. Nor is any 2+2 an investment that should be expected to reap financial rewards. Rather, it is a rational purchase decision requiring careful deliberation, a detailed understanding of the car, and a willingness to trade rear seats for market value.— Jim Schrager