This car sold for $32,994, including buyer’s premium, at the Christie’s Retromobile Paris auction, held February 8, 2003.
If there were a prize for the most undervalued Ferrari, it would have to go to the 400 Automatic. When a 4.8-liter, four-cam, 12-cylinder Ferrari-with a Pininfarina-designed and -built body-is the entry-level Ferrari, something’s wrong.
The 400 is the best-known derivative of the longest-running Ferrari production series ever. Initially introduced in 1972 as a 365 GT4 2+2, the model metamorphosed into the 400 GT and Automatic, then the 400i and 400i Automatic and finally the 412 GT and Automatic. The series was finally discontinued in 1989, an unprecedented 17-year production run.
While four-seater Ferraris have never set sales records, they have always been steady sellers. They can be daily drivers and often show up with lots of miles and plenty of wear. Use equals depreciation, and four-place Ferraris quickly work their way to the bottom of Ferrari values. Since they contain very similar mechanical components to their two-seat siblings at a 30-60% discount in sales price, the four-place Ferraris can be an exceptional value. The most serious danger is underestimating restoration costs, as a paint job can run nearly half the value of the car and an engine job can cost more than the car itself. Normal maintenance is expensive, but it is less than newer Ferraris and required less frequently.
When choosing a 400, the five-speed is preferred and brings a 5-10% premium. The gearing of the three-speed automatic is not intuitive and kills the performance of the car. For instance, driven at any constant speed, the automatic shifts into top gear. At 30 mph, top gear equals 1,100 rpm, well out of the torque range needed for maneuverability. The flexibility of the five-speed allows you to choose a more appropriate gear and take advantage of the car’s performance. The dual air-conditioning option is also desirable, as it makes the marginal output almost acceptable.
The single owner of 400 Automatic s/n 24185 was, indeed, a Heineken of the brewery fame. The car was presented with all the original books, tools and delivery items. It apparently suffered some neglect, and was reported as having stained seats.
There are legitimate reasons low-mileage cars sell at a premium, but determining the amount is always a problem. The roughly 4,900 miles on this car is enough mileage to lessen the maintenance concerns of an ultra-low-mileage, rarely used car, but still low enough to make any new mileage a concern. The pride of ownership of a time-warp car is always contrasted with the knowledge that every new rock chip and every new mile moves it closer to just another used car.
This car had both low mileage and celebrity ownership. While the estimate was $16,000-$19,000, at least two people wanted it very badly. It sold for an unexpected $28,000, $33,000 after a stiff 17.5% commission. Was it a good purchase? I think so. A nearly new Ferrari with all the goodies for about 15% of the cost of its current replacement can’t be all bad. My only reservation is the bronze color. The auction house noted it as a “period color,” but I call it outdated.
400s will never have the respect or value of their two-passenger siblings, but the value of them today, when in decent condition like this, is just too low.-Steve Ahlgrim
