Is 1961 Ferrari 250 GTE in need of full resto worth £60,000?
Discussion
I don't know. I'm just asking. Left hand drive, not driven since 1975. It's due to be auctioned by Bonhams. Apparently restoration cost is approx £100,000 jobbie.
http://www.dailymail.co.uk/news/article-2103371/Wo...
http://www.dailymail.co.uk/news/article-2103371/Wo...
£100k for the restoration is definitely an underestimation.
Is it worth £60k? If it has the original engine, yes, absolutely. If it doesn't, it is less desirable to fully restore as that fact will matter when she's all done and ready but can't be certified for Ferrari-organised events. But even so it would make £50k fairly easily. It is hard to find a car like this.
Will you make money on the total investment on the car once restored? Unlikely, you might break even if the trend continues but odds are you will be spending more than it will be worth. But people do these projects because they love to do them, not for the money it makes. It gives a great sense of accomplishment to bring such a beautiful car back from the brink of death. Most people keep the car for a long time after such a project, and then resale value doesn't matter anyway.
Onno
Is it worth £60k? If it has the original engine, yes, absolutely. If it doesn't, it is less desirable to fully restore as that fact will matter when she's all done and ready but can't be certified for Ferrari-organised events. But even so it would make £50k fairly easily. It is hard to find a car like this.
Will you make money on the total investment on the car once restored? Unlikely, you might break even if the trend continues but odds are you will be spending more than it will be worth. But people do these projects because they love to do them, not for the money it makes. It gives a great sense of accomplishment to bring such a beautiful car back from the brink of death. Most people keep the car for a long time after such a project, and then resale value doesn't matter anyway.
Onno
This car will reappear in a couple of years as a 250 GTO replica,these replicas are so popular that people are chopping up later models to build fakes. A GTE is basically a GTO underneath so a wealthy enthusiast will snap up this junk heap without regard to cost. Ferrari Life Forum has a thread atm, Luzzago- Butcher of 330GTE. Well worth a read.
kev b said:
This car will reappear in a couple of years as a 250 GTO replica,these replicas are so popular that people are chopping up later models to build fakes. A GTE is basically a GTO underneath so a wealthy enthusiast will snap up this junk heap without regard to cost. Ferrari Life Forum has a thread atm, Luzzago- Butcher of 330GTE. Well worth a read.
This is not a definite, there people out there who appreciate the 250GTE for what it is and want to restore one. And the GTE's are getting rarer too (to a large part due to what you refer to), more valuable by the day. Let's hope this one survives.BTW, a 250GTE is not a GTO underneath, for one thing the chassis is not the same length (how could it be - a 2+2 is not the same as a purpose-built racer) but also not the same geometry. Just shortening the chassis won't give you a GTO chassis. This is why fake GTO's generally look so horrible and to the trained eye nothing like the real thing, you just can't get the same flowing lines. If you want to do it well you have to build a chassis from scratch. Building a really good replica will run into the half a million mark. But I take your point that most replica builders don't care and build something which to the untrained eye looks real enough for 150k or so. Needless to say I despise such practices.
Onno
ChrisJ. said:
I'd rather see a scruffy 250 GTE than another 'new' GTO or SWB.
Or a new 250 Testa Rossa. Here's what is/was a 250 GTE:http://www.foskers.com/ferrari-sales/78-ferrari-25...
For more pre FIAT, Ferrari fun . . . . http://www.tomyang.net/cars/ferrari.html
kev b said:
This car will reappear in a couple of years as a 250 GTO replica,these replicas are so popular that people are chopping up later models to build fakes. A GTE is basically a GTO underneath so a wealthy enthusiast will snap up this junk heap without regard to cost. Ferrari Life Forum has a thread atm, Luzzago- Butcher of 330GTE. Well worth a read.
Yup, link here:http://www.ferrarilife.com/forums/ferrari-discussi...
Rollcage said:
Justayellowbadge said:
This sold for 17k this weekend.
I thought a top car was around 85k? 60k seems like fantasy.
Next weekend isn't it?I thought a top car was around 85k? 60k seems like fantasy.
http://www.bonhams.com/eur/auction/20140/lot/348/
AndrewW-G said:
Justayellowbadge said:
This sold for 17k this weekend.
I thought a top car was around 85k? 60k seems like fantasy.
If so, that makes it a very cheap car and unfortunately one that will most likely be seen next wearing a new body I thought a top car was around 85k? 60k seems like fantasy.
A good 250 GTE / 330 America is ~ £150k
Your numbers make this look cheap: http://www.carandclassic.co.uk/car/C245146#
Justayellowbadge said:
Your numbers make this look cheap: http://www.carandclassic.co.uk/car/C245146#
Sills look a bit suspect on that one...Gassing Station | Supercar General | Top of Page | What's New | My Stuff