1974 Ferrari 308 GT4 Dino

This 308 GT4 sold for $12,300 at Brooks Europe’s Gstaad Auction in December, 1999, significantly below both the Price Guide range and the auction company’s $25-35,000 estimate. This Dino should not necessarily be thought of as a bargain, though, because these pedestrian Ferraris cost as much to repair and maintain as their million-dollar brethren. They therefore can be scary to buy at auction, or at any venue where a full inspection is not possible. It is crucial that the auction company have some knowledge of the car, and be able to answer specific questions in a knowledgeable fashion. That is, after all, one of the ways that they earn their commissions.

The maintenance requirements and the cost of parts, in fact, is such that a poor GT4, even if given to you free, is not worth restoring, and a perfect GT4 with no needs (if such a car exists, which is doubtful) would be a fair deal even way above the top end of the Price Guide.

The Dino 308 GT4 is a mechanically robust car, with wonderful driving dynamics. The cab-forward layout gives a real “race car” feel, and the stiffness of the tube chassis combined with the wonderful sounds coming from the rear can be truly inspirational. When well tuned (and few are) they make great power, with the smooth V8 making terrific noises from idle to the 7,700-rpm redline and beyond. Power is especially good in early, non-catalyst-equipped cars or in Euro cars which have more radical cams and timing than the later (1977-80) US cars with catalytic converters. The ride quality is perhaps the most amazing aspect of the car, as it is truly comfortable with no impact harshness. The low height and mid-engine layout enabled the use of fairly soft springs and shock valving for the double-wishbone front and rear suspensions, without any sacrifice in handling. These cars are a joy to drive, if not to look at. The 308 GT4 is preferred by many enthusiasts over the later 308 GTB/S for their more stable handling due to the slightly longer wheelbase.

Problem areas and detriments include the useless back seat, heater and air conditioner, along with a tendency to rust, weak second-gear synchros, rust, weak water pumps, rust, poor fuse boxes and a lot of areas that rust. The biggest problem with these cars is that they have been cheap enough for long enough that all maintenance has probably been deferred. This means that a new owner may wind up sinking thousands into a car to make it right. Think $3,500 to do a valve adjustment and change timing belts, $700 for a new water pump, $600 for a pair of front rotors and $5,000 to re-do the gearbox. Not to mention rust repair, trim, electrics, more rust repair and the like, each of which is prohibitively expensive. This is why “bargain” GT4s should be avoided at any price, and a comprehensive inspection is a prerequisite to purchase.

Chassis 08760 may be a good car. If so, the buyer got a real bargain. At the price paid, some maintenance can even be done and the buyer could come out whole, as even $25,000 would not be too much to pay for a GT4 that needs absolutely nothing. The problem is that a GT4 with needs can quickly swallow $10-20,000 or even more in repairs and maintenance, making it less than a bargain at any price. Let’s hope the buyer of 08760 got lucky.-Alex Leventhal