Ferrari 308s are pretty vanilla when it comes to exotic cars. “Magnum P.I.” gave them such exposure that despite being much rarer than a Porsche 911, they seem almost as common. They were built well and are not particularly prone to self-destruction.
While a full major service is expensive, interim cam-belt-only changes can drastically reduce service cost. Ferrari 308s are basically analog devices with no need for fancy computers for maintenance. Most good foreign car mechanics can keep one up.
Until recently, you could buy a decent 308 for under $30,000, with best-in-the-world examples barely breaking $50,000. Considering they are drop-dead gorgeous, a blast to drive, and say “Ferrari” on the nose, they have been the best buy of the sports car world.
Well the world has woken up and has started paying attention to 308s. Clean $30,000 308 GTBs can now break $50,000. $35,000 Quattrovalvoles have gone the way of dinosaurs. It’s a new world for 308s and 328s.
The rarest 308s
There were only 712 fiberglass 308s produced, and they are King of the Hill when it comes to 308 values. European 308 GTBs have a higher-horsepower, dry-sump engine. The dry-sump fiberglass 308s are the top dogs of all. The Artcurial and Silverstone 308s are both dry-sump versions, and they represent the pinnacle of the 308 market.
However, they vary in several areas — which resulted in quite different sale prices.
Silverstone’s car — chassis 20543 — was a much better car and was rewarded with a $38,000 premium. Resale Red is a reality, and with all other things being equal, Silverstone’s red car starts with a value edge. Silverstone’s car also was enhanced by celebrity ownership, documented history and an owner’s pouch.
Artcurial’s car — chassis 20271 — was saddled with aftermarket boy-racer mods, including silly-looking bomb mufflers, drilled pedals, a big radiator and gaudy engine detailing. Artcurial’s 308 also featured new leather that was not quite correct, and shabby, incorrect carpet.
Obviously, RHD cars do better in RHD markets, but it’s hard to put a value on LHD versus RHD versions. In this case, I think it was a wash.
The floodgates have opened
My charge on this assignment was to compare the sales of two cars, but the real story here is historical comparison.
A little over two years ago (September 2012, p. 58), I wrote a Ferrari Profile on another fiberglass 308 GTB. That car also sold at a European auction. The car was a U.S.-market, non-dry-sump model that sold for $70,000. I wrote that when a 308 sells for over $100,000, the floodgates will open.
A search of the SCM Platinum Auction Database shows the first recorded $100,000 sale was early this year. Barrett-Jackson raked in $114,400 for a yellow 1976 fiberglass example. While the sale got some tongues wagging, just a few months later a $155,000 sale was made, and then a backup $153,000 sale confirmed the 308’s ascension.
The $202,000 sale of Silverstone’s 308 was certainly impressive, but it is just a step on an upward spiral. When I wrote my 2012 column, I referenced the fiberglass 308’s value to a Porsche 911 RS and a Ferrari 246 Dino. The Dino and the RS have both seen unprecedented appreciation, while the 308 has lagged behind.
The jump in fiberglass 308 values is already trickling down to the more pedestrian 308 models.
I learned an important lesson a couple of years back when a Toyota 2000GT sold for a million dollars. Stunned pundits raved that the buyer could have bought a Ferrari Lusso, a Shelby Cobra — or any number of great cars for the same or less money.
The reporter’s comment went something like this: If a person can afford a million-dollar Toyota, they probably already have a Lusso or Cobra or anything else that they want. I’d never considered that perspective, and it changed my outlook on collector car values.
The bargain days are gone
It’s interesting how price can influence value. The same steak seems to taste better at an expensive restaurant than at a diner down the road. A shirt that appears garish at Macy’s becomes cool at an exclusive designer store. A $40,000 308 may never hit a wealthy collector’s radar, but at $150,000, he or she has to have it. That’s where we are today.
308s have always been great cars, but their entry pricing has kept them from being cool. It’s not logical that common British sports cars were selling for more than a Ferrari 308, but they regularly did. The days of cheap 308s are over. Top cars are already bringing good money — if you can find one. If you’ve always wanted one, you may be too late. ♦
(Introductory descriptions courtesy of Artcurial and Silverstone.)
