The most ardent Ferrari collectors will go to any lengths to acquire a vintage model. The absurd sums that affluent aficionados have paid to add vintage Ferraris to their collections serve as evidence for this. In 2018, a record price was paid at auction for a classic car, and the 1962 Ferrari 250 GTO is no exception.
At a Sotheby’s auction in California, one fortunate investor won the renowned Ferrari with a price of $48.4 million. It was anticipated that the red 1962 Ferrari 250 GTO would sell for between $45 million and $60 million at auction.
The winning price of $48.4 million is substantial, but it falls short of expectations given what was anticipated of the Ferrari. Even more amazingly, a 1963 Ferrari 250 GTO was also sold in 2018 for $80 million, albeit privately. The hand-built nature of every Ferrari 250 GTO that left the factory only serves to enhance the attraction of this legendary GT.
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How much did the original Ferrari 250 GTO cost?
So, from where did this amazing car originate? According to legend, Enzo Ferrari was searching for a rival to the Jaguar E-Type. That, according to Digital Trends, is the reason the 1963 Ferrari 250 GTO exudes style and charm. However, this car is primarily intended for racing.
Gran Turismo Omologato, or “Race Homologation Special,” is what “GTO” stands for. Since then, the GTO moniker has come to mean high performance, quickness, and racing prowess. The original 250 GTO won the 1963 Tour de France after a strong start.
The 1963 Ferrari 250 GTO was always a somewhat costly vehicle, looking back. The original price of the production model was around $18,000, or $153,000 in today’s money. Enzo himself had to assess and approve buyers as part of the procedure.
There is substantial debate over how many of these vintage Prancing Horses were made; estimates range from 36 to 39, according to Road & Track. Ferrari, however, affirms that it ultimately produced and sold 39 vehicles.
As they changed hands over time, different Ferrari 250 GTO models had varying prices. A 250 GTO actually cost $5,400 when it was sold privately in 1962, before all the fanfare. A restored GTO owned by Ralph Lauren sold for $4.2 million 20 years later. The price of the Ferrari 250 GTO has only risen in more recent years; a 1962 example was sold privately in 2012 for $35 million. Another 250 GTO also set an auction record in August 2014 when it sold for $38.1 million, according to Forbes.
Undoubtedly, a vehicle’s value might soar to new heights due to limited manufacture. But why is the price of the 1963 Ferrari 250 GTO so outrageous? And how does this storied collector automobile stack up against other pricey vehicles out there? Apparently, there is a lot more to learn about the Ferrari 250 GTO.
What’s the market price of a 1963 Ferrari GTO?
The condition of the 1963 Ferrari 250 GTO is largely to blame for the nearly $20 million price difference between two identical examples. Jo Schlesser raced a red 1963 Ferrari 250 GTO in 1960, which sold for $52 million in 2013.
Which Ferrari is the cheapest?
The brand of supercars that is perhaps best known worldwide is Ferrari. This Italian carmaker has gained notoriety for its outstanding performance and domination in motorsports. In order to make their sports vehicles even more thrilling, Ferrari has started using turbocharging and electricity.
The Portofino is the least costly Ferrari currently on the market, yet no Ferrari can be classified as entry-level. The base price of this classy roadster is around $215,000 before options, and like any Ferrari, extras are available in abundance.
Most Expensive: The SF90 Stradale is a display of Ferrari’s performance prowess. Its hybridized twin-turbo V-8 produces close to 1,000 horsepower. The SF90 is considerably over $1 million in price, but you can’t just go into a dealer’s lot and purchase one. To add an SF90 to your collection of Prancing Horses, you must receive a personal invitation from Ferrari.
The most entertaining Ferrari to drive is impossible to choose, just as the preferred pizza variety. Nevertheless, we were in awe of the 812 Superfast. We won’t soon forget the 812 “Stoopidfast’s” V-12 song since emissions regulations cast doubt on the future of 12-cylinder engines.
As soon as a car is released, we want to test and rank as many of them as we can. We’ll rank new models as we periodically update our rankings and we might even change the scores for some models. Vehicles with insufficient testing data, however, are not scored.
How much is the Ferrari driven by Ferris Bueller worth?
Ferris, the youthful protagonist of the iconic 1980s film Ferris Bueller’s Day Off, suggests purchasing a Ferrari 250 GT California Spyder because “It is so choice”—if you have the money, of course. Bueller was correct on this one point, even though you would not want to rely on the advise of a Ferrari-stealing, joyriding truant for much else. A genuine 250 GT California is a priceless vintage car that is worth millions of dollars. This 1985 Modena Spyder California, better known to the world as one of the three Ferrari replicas used in Ferris Bueller’s Day Off, is almost as good as the real deal and sold for a more manageable $396,000 on Saturday at the 2020 Barrett-Jackson Scottsdale auction.
According to popular belief, John Hughes intended for his next film to have a Ferrari 250 GT California Spyder as its lead vehicle. The only issue was that even then, a true Ferrari was too pricey. It’s simple to understand why a duplicate was utilized in place of the original vehicle given the rough treatment it would undergo in the movie, including jumps and being thrown backwards out of a suburban Chicago home and into a ravine.
Hughes came across Modena Design, a business established in 1980s California with the goal of creating reproductions of the legendary vehicle (basically a drop-top 250 GT “Tour de France,” one of which we tested). For the movie, three automobiles in various stages of completion were ordered. Only one of them was brought back to Modena Design, where the car’s movie damage was fixed and it was sold several more times, most recently to an American at a Bonhams auction in England in 2010 for over $100,000. That vehicle is currently on the National Historic Vehicle Registry’s list. But that isn’t the vehicle that sold at Barrett-Jackson.
This is really one of the two chassis that had more enigmatic lives after Ferris Bueller finished filming. This car, chassis 001, has recently undergone a full restoration by Modena Design co-founder Neil Glassmoyer, unlike the third car, chassis 003, which went unsold at Mecum’s 2019 Monterey auction with a high bid of $225,000. The car’s exterior was changed and its mechanical parts were upgraded to bring it to this state. We assume that despite being equipped with a coil-over suspension, chrome 16-inch wire spoke wheels, and a 7.0-liter Chevy V-8 engine, this non-Italian Ferrari is still a lot of fun to drive. Along with the car, other memorabilia was offered for sale, including a signed certificate of authenticity from Modena Design.
At Barrett-Jackson, competitive bidding led to a final price that included the buyer’s premium of $396,000. There is no disputing that chassis 001, a pricey cinematic symbol, will go down in history, even though it is unknown exactly which sequences it appeared in for the movie.
Who is the owner of the $70 million Ferrari?
You can get an idea of how much it actually costs to join this extravagant club by looking at some of the prior sales of GTOs during the past ten years. Chris Evans, a boisterous and animated British DJ and TV host, paid $17.7 million for a 250 GTO at RM Auctions in 2010.
One was purchased for $31.7 million by an unnamed buyer from a UK real estate agent in 2012. Craig McCaw, an American Telecoms typhoon, also bought one privately that year for $25 million to add to his collection of more than 400 vehicles. The following year, a GTO changed hands for a cool $52 million in another private transaction.
Then, in 2014, one of these incredibly sought-after vehicles was sold at auction by Bonhams for a second time, this time for $52 million. Three years later, former race car driver and antique car dealer Gregor Fisken paid $44 million to become a member of the exclusive GTO club.
If some of the aforementioned figures have you struggling for breath now, the events that occurred in 2018 will shock you even more. Because in same year a guy by the name of David MacNeil from Chicago, USA, the creator of the automobile accessory company WeatherTech, paid an eye-popping $70 million for a silver 1963 Ferrari 250 GTO (chassis number #4293GT). the most money ever spent on an automobile.
Let’s quickly review some of the items you could buy with $70 million (not including charity gifting or using the money to make the world a better place). You could purchase a 3,000-acre island in the South Pacific (close to Fiji) if you want some peace and quiet to unwind on and top off your tan. You could also purchase Richard Branson’s Caribbean Mansion on the gorgeous Necker Island if you’re interested in real estate. If you want to make some extra money, you can rent it out for $42,000 per night.
Or, if you’re a fan of football and would like to build your own stadium, you could design the seating yourself to ensure that you get the greatest seat in the house at every game. The immaculate 60ct Pink Star diamond, which comes from a South African mine, is also an option if you enjoy wearing jewelry. It would make a great addition to your home. You can also opt to direct and produce your own Hollywood hit if you enjoy watching movies. You could give yourself the lead role and the headlines, and you could even pick your co-star. What a wonderful idea that is!
In all honesty, it appears that the value of historic cars has increased significantly in the last few decades. First, there were significant increases in the 1980s, which were followed by significant decreases in the 1990s. A 250 GTO sold for only $2.7 million in 1994, and prices didn’t start to rise again until the late 1990s. They are still increasing today, and they are rising so quickly.
When will it end, is the obvious question. Or is it more conceivable that one of these expensive, rare Italian automobiles will soon be sold (Grimace) for $100 million?
What is it about this ancient, no-frills Italian race car that appeals to people so much?
Which Ferrari is the most rare?
We’ve found the only Ferrari 328 Convertible ever produced, which is for sale. Wait until you read the story of how the car was created if you think that’s the cool part.
Have you heard about the Pininfarina Sergio, based on the Ferrari 458? Given that just six were produced, probably not. How about the well-known 250 GTO? 36 of those were present. Even the Ferrari F40 is incredibly widespread, with 1,311 units being produced.
The only other one is this 1984 Ferrari 328 Convertible (serial number 49543), making it the most uncommon of them. It’s also up for sale.
The car is still located in the Emilia-Romagna region of Italy, close to its home town of Maranello near Modena, and is painted Giallo Modena (yellow) over a black leather interior with a black soft top.
A standard Ferrari 328 costs roughly EUR1.1 million (A$1.7 million) less than the ask, which is a hefty EUR1,200,000 (A$1.85 million). Why then the outrageous price?
The Ferrari 328, which had a 200kW 3.2-liter V8 and a five-speed manual transmission, evolved from the Ferrari 308, which was only available as a coupe (GTB) or targa (GTS).
The 328, which was constructed between 1984 and 1988, shared a production line with the 2+2 Mondial, V12 Testarossa, grand-touring 412, and the 288 GTO and F40 supercars.
According to the records, chassis 49543 was not only the convertible prototype but also the first 328 series development prototype.
Pininfarina created the design, while Ferrari’s Carrozzeria Scaglietti in Modena constructed the vehicle as a production-ready soft-top. After that, it underwent certification and road registration to evaluate the new 3.2-liter V8’s performance and the revised chassis’ dynamic capabilities.
The Mondial was Ferrari’s mid-engine V8 convertible, but management believed that the 328 would hurt sales of the 2+2 (a total of 2456 Mondial coupes were made between 1983 and 1993, compared to 3693 Mondial coupes), thus the 328 retained the same GTS and GTB options as the 308.
The yellow cabrio was sold to a private buyer and let loose, in contrast to many “not for production” prototypes that are typically destroyed.
Over the course of its four-year production run, 7,412 Ferrari 328 vehicles were made, 82% of which were GTS Targa models. It was one of the final automobiles that Enzo Ferrari oversaw before his passing in 1988.
The convertible’s chances of success Probably, but the truth will only ever be known by one fortunate buyer.