SCM Analysis
Detailing
| Vehicle: | 1971 Ferrari Dino 246 GT |
| Years Produced: | 1969–74 |
| Number Produced: | 2,631 246 |
| SCM Valuation: | $292,000–$406,000 |
| Tune Up Cost: | $3,500-plus |
| Chassis Number Location: | Stamped in the frame above the left rear shock absorber |
| Engine Number Location: | Stamped on right side of engine block behind oil filter |
| Club Info: | Ferrari Club of America |
| Website: | http://www.ferrariclubofamerica.org |
| Alternatives: | 1979–80 BMW M1, 1971–74 DeTomaso Pantera, 1968–73 Ferrari 365 GTB/4 |
| Investment Grade: | B |
This car, Lot 118, sold for $404,667 (CHF 362,750), including buyer’s premium, at RM Sotheby’s St. Moritz, CHE, auction on September 15, 2023.
There were two series of production Dinos, the early 2-liter 206 series and the 2.4-liter 246 series. A scant 154 206 Dinos were built, whereas 3,913 246 Dinos were built, divided into 2,631 246 GT coupes and 1,282 246 GTS targa-top versions. The 246 series could be broken down further to a subset of the 246 L, the 246 M and the 246 E.
Highly evolved
The 246 L was built in 1969 and 1970. (Internally, Ferrari called the model a 607 L.) The 246 L closely resembled its predecessor, the 206 GT. It featured knockoff wheels, a passenger’s footrest, external trunk release, headrests that were attached to the bulkhead rather than the seats, and, in the early cars, a wooden steering wheel. The L also featured several aluminum body panels, making it the lightest of the 246s. While not the best version in terms of mechanicals, the 246 L is second behind the 206 GT in collectibility, selling at a 10%–20% premium over later 246 Dino GT models.
In 1971, Ferrari introduced the Dino 246 M (internally named 607 M). The M was the interim model between the L and the E. It showed Ferrari was becoming cost-conscious about building Dinos. Less-expensive bolt-on wheels replaced the knockoffs. Headrests were attached to the seats rather than the bulkhead, and a switch to steel body panels for all but the front hood was a nod to cost reduction. The M version had an updated locking glovebox and internally released rear hood, trunk and gas cap. Ferrari built 507 of them and the M cars are not as desirable as the L or E models; however, they do have a following due to their low production volume.
The 246 E (known internally as the 607 E) was the final version of the 246 Series. All 246 GTS models were E versions. They are easily identified by external door locks positioned under the door scoop rather than in the scoop. Additionally, on left-hand-drive models, the windshield wipers park on the left side of the windshield rather than in the center, like on the earlier Dinos. The center parking wipers, which right-hand-drive E models retained, were known for getting out of sync, requiring the driver to stop, shut off the wipers and untangle them before turning them on again.
Dino details
In-period, Dinos were not generally identified by a letter version. Early cars were called Series One and later cars were simply called Dinos. There are many detailed variations throughout the Dino series that I did not itemize. Front parking lights were different between U.S. and European models, and different-colored lenses were used depending on specific markets. Different backup lights and bumpers were used over the course of production, while lower front air intakes also varied, with one version having a panel that cut off air flow in colder seasons.
Seats could be upholstered in leather, vinyl, vinyl with a cloth insert, and leather with Daytona-style inserts. The center tunnel material was different from the early to late cars. Just when you think you know all the variations, a new one will crop up.
Upwardly mobile
Once the red-headed stepchild of the Ferrari world, today a 246 Dino is a must-have car for many collectors. Watching prices, it would appear as if there was a run on Dinos, but that’s not the case. Dino pricing has historically been on a bit of a roller-coaster ride. That has much to do with the variations of both models and condition. Dinos were introduced as an entry-level Ferrari. They were less expensive to buy than a 12-cylinder car but not that much less expensive to maintain. Add in that they were often driven more than the 12-cylinder models and it’s easy to understand why deferred maintenance was frequently a problem. Over the years, rundown examples were often locally refurbished by shops not up to the task.
Model variations mean these cars can run from a well-used, roll-up-window, non-air-conditioned, vinyl-interior GT coupe to a museum-specimen GTS targa with factory fender flairs, wide wheels and Daytona-insert seats. Pricing corresponds accordingly. The entry point starts just below $300,000 and goes up to around $700,000. RM Sotheby’s leaned on its car being an M version but was silent on options. The M configuration was a wash; it might be rarer, but it isn’t more desirable than the other variations. A roughly $225k refurbishment may be comforting, but I’d rather have one that hadn’t needed refurbishing.
There have been nearly 20 public 246 GT sales this year. This car sold for almost exactly the midpoint of those results. Assuming the car is reasonably equipped and the refurbishment was of good quality, the sale price is right where it should be. The seller lost a good friend, and the buyer started a new adventure. That’s as good as it gets. ♦
(Introductory description courtesy of RM Sotheby’s.)
