GTE Prices Appear to Remain Strong

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330 America
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GTE Prices Appear to Remain Strong

Post by 330 America » Mon May 11, 2009 7:01 pm

It's ironic that every time I receive my 250 GTE Registry & Newsletter, the front page quotes Ferrari Market Letter's absurdly low prices for 250 GTE's, but when I try to find just such a car -- they don't exist at that price. For instance, the latest edition shows a "market price" of $75K for a 250 GTE -- short of a rust bucket donor car, has anyone actually seen a $75K GTE?

I question whether a couple of martini's influence the Ferrari Market Letter and their price/grading scale -- but maybe such barn finds really do exist (just don't tell Wayne Carini).

A quick visit to eBay/Italy (http://tinyurl.com/oyuyy7) shows a Series I GTE in #3 condition for 130,000 Euro's (about $170K at current USD conversions -- which will go up when the US starts experiencing hyperinflation). This doesn't take into account price premiums for a freshly restored car or a Series III. Similar prices can be found at other European boutique dealers. Some may say "... asking price and sale price are two different things" which is true -- but I tried offering 90% of asking price on a Lancia Flaminia SS Zagato last month and the European seller wouldn't budge.

I wouldn't exactly write-off GTE's just yet as they're still one of only a couple vintage Ferrari's under $200K worth owning.

Thoughts?
Steve Patti
1969 911E
1976 Carrera 3.0
Ferrari 330 America (5061) - sold
OSCA 1600 Zagato (006) - sold

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Yale
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Re: GTE Prices Appear to Remain Strong

Post by Yale » Mon May 11, 2009 9:52 pm

Steve I know you are trying to sell your car and want $260,000 for it http://www.anamera.com/en/detail/car/39 ... e=1&ret=63 but because someone doesn't budge doesn't mean it's worth that price, it only means that someone isn't willing or needing to sell. Perhaps when you look in the mirror you will see such a person?

I remember the real estate downturn of the late '80's, NYC real estate hit bottom 5 years after the crash because the sellers at that point couldn't, or didn't want to, wait any longer. Maybe you don't see any $75,000 GTE's because they are selling so quick? (That's sort of a joke, but you get the idea). I do see there is a 109,000 euro GTE, how long has that one been up there....and how much longer will it stay there...and how much will that guy take...maybe offer him 75,000 euros and see if 75,000 price point cars exist. Remember that the exchange rate was set to be 1 euro to 1 dollar originally - no matter what your political persuasion feels is going to be the outcome of this administration's policies.
1964 330GT #6097

Rudy van Daalen Wetters
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Re: GTE Prices Appear to Remain Strong

Post by Rudy van Daalen Wetters » Mon May 11, 2009 11:08 pm

Ah..."pedestrian collectibles". That explains why I have to push my
GTE by hand so many times off the freeway....

Rudy van Daalen Wetters
1963 GTE s/n 4001
1966 330 GT s/n 8705
(nothing for sale, I don't care what the market does)

xs10shl
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Re: GTE Prices Appear to Remain Strong

Post by xs10shl » Wed May 13, 2009 1:21 am

shaughnessy wrote:I have a good 330GTC for $150K
I have a good USA daytona for a little north of $200K

A 250 GTE will be at the factory sale in a couple of days, stay tuned for a real number on a factory certified car, not just a GTE, a certified GTE.

GTEs are not strong, nothing is. No change in the immediate future on pedestrian collectables.
I have to say, the chandeliers were in attendance at RM's January sale - brought the auction to a grinding halt when they flubbed the sale of the Corvette. That said, I predict a sucker's rally for collector cars this summer.

xs10shl
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Re: GTE Prices Appear to Remain Strong

Post by xs10shl » Sun May 17, 2009 3:52 pm

Results were strong enough to make it a pretty decent sale. Which is to say, they sold the TR, which paid for the whole auction. Looks like there were a few sellers still living in denial, though.

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Yale
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Re: GTE Prices Appear to Remain Strong

Post by Yale » Sun May 17, 2009 5:54 pm

Ok Steve,

New market correct price on a GTE that according to TS, as Certified is top of the heap:

Lot 222 250 GTE 2+2 S2 3227 GT Grigio Argento Beige Sold for €117,600
1964 330GT #6097

Rudy van Daalen Wetters
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Re: GTE Prices Appear to Remain Strong

Post by Rudy van Daalen Wetters » Sun May 17, 2009 7:52 pm

Tom S.

I realize that you are a silent bidder, but must advise you that a Trabant
may not pass California emission standards.

Rudy van Daalen Wetters
1863 GTE s/n 4001
1966 330 GT s/n 8705

xs10shl
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Re: GTE Prices Appear to Remain Strong

Post by xs10shl » Mon May 18, 2009 1:25 am

shaughnessy wrote: Hate being under high bidder. Will correct that in Monterey!!
Opening that wallet wider will correct all mistakes made.
I'm sure I'm preaching to the choir here, but the only mistake you made was not taking a double scotch 20 minutes prior. For "gotta have its", partaking of the bidder's bar early and frequently tends to have the greatest effect on the purse strings. Unfortunately, it's been my own regrettable experience that it also tends to do wonders with "don't want it" and "really shouldn't" and "not worth it", which is a major drawback to this particular approach, I've found.

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lukek
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Re: GTE Prices Appear to Remain Strong

Post by lukek » Fri May 22, 2009 1:07 pm

bottom line is: FML index is incorrect.
I had a colleague who used to manipulate it. He would put his v12 ferrari in the FML for the asking price of 900K (or something silly like that), and this would skew the famous "asking price index" in his favor.
I much prefer the Sports Car Market, as it tends to be based on actual selling prices, and not opinion, or asking price edge cases. Auctions are not the only indicator, but they seem to be closer to reality.

All the prices are down, we should not kid ourselves, but GTEs went down from 150K cars at the peak to 100-125K cars at the moment. I might eat my words, and the recession could push prices down all the way down to 75K, but the recent RM sale indicates it is not so.
Ex 1963 Ferrari 250 GTE, 99 Modena 360, 11 Maserati QPorte S, 08 merc gl550, 67 Cadillac Coupe DeVille Convertible, 2008 Ducati Hypermotard S, 2006 MV Agusta Brutale S, 1991 Ducati 907i.e.

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