Investing In Prancing Horses: A Guide To Buying The Right Ferrari

Ferrari is a universally admired marque, and its most desirable cars, like the 250 GTO, fetch millions of dollars. But not all Ferraris are good investments. The market for classic cars is volatile, and it can take decades for a car to appreciate in value.

If you're looking to buy a Ferrari as an investment, there are a few things to keep in mind. Firstly, it needs to have certain characteristics, such as historical importance, limited production numbers, racing pedigree, celebrity ownership, unique features or technology, and low mileage. Secondly, it won't be cheap. Thirdly, you'll need to invest in maintenance and repairs, which can cost upwards of a million dollars. Lastly, be prepared to wait a long time for a significant return on your investment.

Some of the Ferrari models that have been touted as good investments include the 1963 250 GTO, the 250 GT, the 308 GTB, the 328, the 599 GTO, the LaFerrari, the Monza SP1/SP2, the 360 Modena, the 456, the 612 Scaglietti, the 458 Italia, the F12, the 488 GTB, the 812 Superfast, and the F40.

Vintage Ferraris: the 1960s and 1970s models that fetch six or seven figures at auction

Vintage Ferraris from the 1960s and 1970s are coveted by collectors and enthusiasts alike, with some models fetching astronomical prices at auctions. Here are some notable examples:

1960s Models:

• Ferrari 250 GTO (1961-1964): The Ferrari 250 is considered the "gold standard" of classic Ferraris, with a rich history in motorsport and celebrity ownership. The 250 GTO, in particular, is highly sought-after, with a 1962 model selling for $48.4 million at a Sotheby's auction in 2018.
• Ferrari 250 GT SWB California Spider (1961): This rare model sold for $18.5 million in Paris in 2015. It combines vintage styling, rarity, and prestige, making it a highly desirable collector's item.
• Ferrari 250 GT Berlinetta 'Tour de France' (1956): This car placed 1st overall at the 1956 Tour de France Auto, and it is one of only seven Scaglietti-bodied first-series competition Berlinettas. It sold for $13.2 million at a Sotheby's auction in 2015.
• Ferrari 250 GT SWB Berlinetta Speciale (1962): Designed by Giugiaro, this unique Berlinetta Speciale was inspired by Ferrari's sharknose racing cars. It was owned by Nuccio Bertone and won multiple awards at leading international concours events. It sold for $16.5 million at a Gooding & Company auction in 2015.
• Ferrari 250 LM (1963-1964): The 250 LM is a purebred racing car with a mid-engined configuration, a 320 horsepower V-12 engine, and a five-speed gearbox. It was the last Ferrari to win the gruelling 24-hour race at Le Mans. A 1964 model sold for $14.3 million at a Sotheby's auction in 2013.
• Ferrari 275 GTB/4 (1967): This model was delivered new to Hollywood icon Steve McQueen on the set of 'Bullitt'. It was later owned by TV star Guy Williams and sold for $10.175 million at a Sotheby's auction in 2014.

1970s Models:

• Ferrari 308 GT4 (1973-1980): The Ferrari 308 GT4 is a 2+2 coupe with a 2.9-liter V-8 engine, producing 255 horsepower. It boasts impressive performance with a top speed of 154 mph and a 0-60 mph time of 6.4 seconds.
• Ferrari 208/308 GTB & GTS (1975-1985): These are the sportier and more upscale two-seat equivalents of the Dino 208/308 GT4. The 308 GTB has a 3.2-liter V-8 engine, producing 270 horsepower, and can reach 60 mph in just 5.5 seconds.
• Ferrari 328 (1978-1989): As the successor to the 208/308 GTB and GTS, the 328 features a more powerful engine and improved performance. It has a top speed of 166 mph and can accelerate from 0-60 mph in 5.5 seconds.
• Ferrari 400 (1976-1985): This model is known for its fuel injection system and automatic transmission. However, it was criticized for feeling heavy and lacking the typical "Ferrari" racing pedigree.
• Ferrari 512 (1976-1996): The original model of the 512 has a cult status due to its appearance in the TV series 'Miami Vice'. The ideal investment version dates back to 1984-1986 and has a single exterior rear-view mirror.

These vintage Ferraris from the 1960s and 1970s have not only stood the test of time but have also become highly valued by collectors, with some models achieving record-breaking prices at auctions. Their historical significance, limited production numbers, racing pedigree, and celebrity associations contribute to their desirability and investment potential.

The Ferrari 250 GTO: the most famous example of a vintage Ferrari, sold for $80 million in 2018

The Ferrari 250 GTO is a vintage car that has become iconic and highly sought-after in the automotive world. With its rich history and exceptional performance, it is no surprise that this particular model has fetched staggering prices at auctions and private sales.

The 1963 Ferrari 250 GTO, with its chassis number 4153 GT, is believed to be one of the most expensive cars ever sold. In 2018, this iconic car was sold for a record-breaking $70-80 million to David MacNeil, the founder and CEO of WeatherTech. MacNeil, who amassed a fortune from selling high-end floor mats, added this exceptional vehicle to his world-class car collection.

The Ferrari 250 GTO has an illustrious history in motorsport, finishing fourth at the prestigious Le Mans race in 1963 and winning the ten-day Tour de France road rally the following year. This particular model is one of only 39 examples built by the Italian marque between 1962 and 1964, making it extremely rare and highly desirable among collectors.

The car's value is enhanced by its original condition, with its silver-yellow body and V12 engine remaining largely untouched. It has been raced across Europe and Africa and has been a prized possession in several private collections before its record-breaking sale in 2018.

The sale of the 1963 Ferrari 250 GTO for $80 million sets a new benchmark for classic car prices and underscores the enduring appeal and value of these exceptional vehicles. This car exemplifies the characteristics that make a car collectible and a good investment, including historical importance, limited production numbers, racing pedigree, and unique features.

The Ferrari 400i: an example of a model that has more than halved in value over time

While some Ferraris have proven to be a good investment, others have not. One example of a model that has more than halved in value over time is the Ferrari 400i.

The 400i was introduced in 1976 at the Paris Motor Show and was available with either a five-speed manual transmission or a three-speed automatic transmission. The automatic transmission was manufactured in the same Michigan factory that produced B-24 bombers during World War Two. The 400i was the first Ferrari to be available with an automatic transmission.

In 1979, the 400 was replaced by the 400i, which featured Bosch K-Jetronic fuel injection in place of the Weber carburetors. This resulted in a nine percent drop in horsepower, but it passed emissions tests more easily. The 400i could go from 0 to 60 mph in 7.1 seconds.

The 400i was never officially imported to the United States, but grey-market cars did make their way to American shores. The 400i is also notable for its appearance in the 1988 film Rain Man.

Despite its fuel injection and elegant design, the 400i has not appreciated in value. In 1982, it could be purchased for between $45,000 and $62,500, which would be between $136,000 and $160,000 today when adjusted for inflation. Today, the average price of a 400i is $44,000, which is a significant loss in value when adjusted for inflation.

The 400i's depreciation can be attributed to several factors. Firstly, it lacked the racing pedigree and celebrity associations that typically drive up the value of classic cars. Additionally, the 400i was notoriously heavy and hard to handle, with many describing it as not "feeling like a Ferrari".

While the 400i may not have been a good investment in terms of financial returns, it is still a well-designed car that offers Ferrari performance and the ability to transport four people in relative comfort. For Ferrari enthusiasts who value these aspects, the 400i may still be a worthwhile purchase, despite its depreciation.

The Ferrari 360 Modena/Spider: a more affordable option, with good examples available for under $60,000

The Ferrari 360 Modena/Spider is a more affordable option for those looking to buy a Ferrari as an investment. With prices ranging from $57,500 to $139,000, these cars are relatively inexpensive compared to other Scuderia models. The 360 Modena/Spider was produced from 1999 to 2004 and is the successor to the F355. It is a two-seater, mid-engine, rear-wheel-drive sports car with a 3.6-litre V8 engine that generates a power output of 395 hp. The car can go from 0 to 60 mph in 4.2 seconds and has a top speed of 183 mph for the Modena and 180 mph for the Spider. The 360 Modena and Spider have nearly identical specifications, with the main difference being weight—the Spider is only 60 kg heavier than the coupé.

The design of the 360 deviated from the sharp angles and flip-up headlights of previous decades, opting for curvier lines and a more modern look. Ferrari also partnered with Alcoa to produce an all-aluminium space-frame chassis that was 40% stiffer and 28% lighter than its predecessor. The 360 Spider, Ferrari's 20th road-going convertible, was unveiled at the 2000 Geneva Motor Show and overtook sales of the Modena shortly after its launch.

When it comes to investing in a Ferrari 360 Modena/Spider, it's important to consider the limited-edition models and the mileage. The 360 Challenge Stradale, for example, is a high-performance road-legal version of the 360 that includes features such as carbon ceramic brakes, track-tuned suspension, and weight reduction. Additionally, models with lower mileage and manual transmissions tend to be more sought-after by collectors.

While the 360 Modena/Spider may not be the best option for long-term investment, it is still a Ferrari, and thus holds a certain level of value. With good examples available for under $60,000, it could be a more affordable way to enter the world of Ferrari ownership and investment.

The Ferrari F40: a modern classic, with the best examples reaching around £1 million

The Ferrari F40 is a modern classic and a highly sought-after collectible. Designed by Pininfarina, it was introduced in 1987 to celebrate Ferrari's 40th anniversary and was the last car to be personally approved by Enzo Ferrari before his death. It was also the most powerful, fastest, and most expensive of Ferrari's production cars at the time.

The F40 is a prime example of how a world-class supercar can also be an incredible investment. With only 1,315 models produced, it is a limited-edition car, and its value has increased over time. The F40's suggested retail price was $399,150 when it debuted in 1987, and today, it is not uncommon for F40 models to sell for over $1 million USD. In fact, the highest recorded sale for an F40 was $3,965,000 for a 1990 model in August 2022.

The F40 is a mid-engine, rear-wheel-drive race car with a twin-turbocharged 2.9L V8 engine, producing 471 horsepower. It could go from 0-62mph in 4.7 seconds, and its body was constructed from a combination of Kevlar, carbon fibre, and aluminium. The F40 was also unique in that it lacked features typically found in luxury cars, such as a radio, carpet, or inner-door panels, and instead prioritised speed and efficiency.

The F40 has become a modern legend, and with its limited production numbers, historical significance, and association with Enzo Ferrari, it is no surprise that it has become one of the most coveted road cars in the world and an excellent investment opportunity.

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