Given how few were produced by the Italian company, the Ferrari 250 GTO is so pricey. During a brief production cycle from 1962 to 1964, only 36 were produced.
These sports vehicles were created for on-track competition in the FIA’s Group 3 class. The Ferrari 250 GTO had an exceptional track record during its prime because to such design. It became an icon after winning the 24 Hours of Le Mans, Tour de France Automobile, and several Grands Prix.
The 250 GTO was a force to be reckoned with as soon as it reached the circuit. The performance of the vintage Ferrari exceeded all expectations, and it quickly rose to collectible status.
It’s virtually impossible to get a genuine 1962 Ferrari 250 GTO because so few of them were ever made. Anyone who owns one wants to keep it, and anyone who wants to purchase one needs to have a lot of extra money.
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Find out why a Ferrari 250 GTO sold for $52 million and how it came to be that price.
The Ferrari 250 GTO is extremely rare and sought-after because just 36 of them were ever produced.
Feast your eyes on the Ferrari 250 GTO if you’ve ever wondered what the most expensive car in the world looks like. It was just sold for $52 million, making it the priciest automobile ever.
It goes without saying that purchasing a classic car is not inexpensive. A increasing number of collectors are very interested in vintage cars and will pay very high prices for them. But even the most liberal funds won’t cover the Ferrari 250 GTO.
The Ferrari 250 GTO has had a 500,000% increase in value when it first cost PS6,000. There are a few main causes for this:
- It is quite valuable because Jean Guichet drove it to victory in the 1963 Tour de France.
- Only 36 GTOs were ever produced, making it one of the most coveted classic automobiles in the world.
- It boasts a strong V12 engine that allows it to reach a top speed of 174 mph.
As of recently, this Ferrari was the most expensive vehicle ever sold.
- According to sources, David MacNeil, the creator of WeatherTech, purchased the vehicle from a German collector.
Sources claim that a 1963 Ferrari just sold for $70 million, which is reportedly the most money ever paid for a vehicle.
The 1963 Ferrari GTO, one of just 36 produced, was sold in a private transaction, according to Marcel Massini, the foremost authority on Ferrari collectibles. According to sources, David MacNeil, the inventor of WeatherTech, the manufacturer of automotive floor mats, purchased the vehicle from a German collector.
Previously, in 2013, a 1963 Ferrari GTO sold for $52 million, setting the record high price for a vehicle.
In the realm of auto collecting, Ferrari GTOs are prized for their rarity, strength, beauty, and racing prowess. In 2014, a 1962–1963 GTO brought $38 million at auction in California.
According to Massini, MacNeil’s $70 million GTO finished fourth at Le Mans and won the illustrious Tour de France in 1964. It has a silver and yellow paint job and, unlike many other GTOs, has never been in an accident despite having a winning track record.
Requests for comment from MacNeil did not immediately receive a response. But according to insiders, he is already an enthusiastic Ferrari collector who owns many high-end vehicles. With a GTO, he will join the “GTO Club,” an exclusive group of billionaires and multimillionaires who own what is widely regarded as the greatest Ferrari ever produced. Ralph Lauren, fashion magnate Lawrence Stroll, and Walmart heir Rob Walton are members of the club.
Since there are more millionaire Ferrari collectors, but fewer buyers ready to part with their high-quality GTOs, Massini expects that GTO prices will continue to rise.
In the next two to three years, “we will see a GTO sell for $100 million,” he said. “I am fairly certain.”
A legendary 1963 Ferrari 250 GTO is sold for a record-breaking $70 million.
David MacNeil, the founder and CEO of WeatherTech, is probably unknown to you, yet he recently became a member of one of the most exclusive clubs on Earth after reportedly spending $70 million on a 1963 Ferrari 250 GTO that won the Tour de France. The car, which has the chassis number 4153 GT, is thought to be the priciest in the entire world.
MacNeil, a Chicago-based company, made a fortune selling high-end floor mats and has used some of the money to acquire an impressive collection of automobiles. Along with a stable of other “prancing horses,” his collection also includes a 1960 Ferrari 250 GT Berlinetta SWB, which just won best in class at the 2018 Concorso d’Eleganza Villa d’Este, as well as a 250 GT Lusso, 275 GTB, 365 GTB/4 “Daytona,” F40, and F50.
Between 1962 and 1964, the storied Italian manufacturer produced just 39 copies of the 250 GTO, and it’s incredibly unusual for an owner to sell one at any price.
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You can infer something from the fact that the high point in 2012 was $35 million and yet a vintage GTO with a similarly impressive pedigree sold for $52 million in 2013. As a result, the market price for excellent GTO examples has at least doubled in the past six years.
One of the greatest GTOs ever is thought to be the vehicle that recently sold. The 10-day 1964 Tour de France Automobile endurance race was won by chassis number 4153GT, who finished fourth in the 24 Hours of Le Mans the year before. Additionally, despite having a long history of racing (it was also raced in the 1990s in classic rallies, including at Goodwood in the UK), it was fortunate enough to never have a collision. Additionally, it had undergone a comprehensive restoration and, according to speculation at the time of its most recent sale, was painted in the same Ecurie-Francochamps livery that year’s Tour de France champion wore: silver with a yellow band across the hood.
GTO stands for Gran Turismo Omologato in Italian. alternatively Grand Touring Homologated Around the same time, John DeLorean, who was working for GM at the time, developed the Pontiac GTO in the US, a cool muscle car but unquestionably no match for the extremely rare Ferrari. Since then, the term “grand touring” has been applied in a variety of contexts, leading to the appearance of the GT moniker on everything from sedans to SUVs. It says something that even the purest form of an idea, like this Ferrari, is still valuable to those with substantial financial resources.
The GTO’s MSRP in the US at launch was $18,000, which, when adjusted for inflation, is equivalent to almost $150,000. The $215k Portofino is the “cheapest” new Ferrari available in the United States today. Who knows though, maybe it will appreciate 533 times as much as the GTO in 60 years. We have our doubts about it.
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What’s the market price of a 1963 Ferrari GTO?
The astounding news was revealed by CNBC in June 2018. When the media revealed some of the facts of the sale between two Ferrari fans, a 1963 Ferrari 250 GTO amazed readers. And it’s thought that the price of this privately negotiated sale may be the highest ever for a car.
For a staggering $70 million, the new owner took home this 1963 250 GTO (more about that later). And sales figures like these keep the general public interested in the arrival and departure of these iconic automobiles.
What makes the Ferrari 250 GTO so unique?
The Ferrari 250 GTO was able to reach an extraordinary top speed of 170 miles per hour because to its fantastic V12 engine and aerodynamic body design. One of the most storied engine combinations in a car is this one because it has larger valves and dry-sump lubrication.
Additionally, the engine had a twin overhead camshaft, six twin-choke Weber carburetors, and wet cast-iron cylinder liners. A five-speed all-synchronized transmission was also added to the Ferrari. When you put it all together, you get a 2,953cc masterpiece that had 300 horsepower.
The Ferrari 250 GTO won the GT World Championships in 1962, 1963, and 1964 using this engine and architecture. It also won the Targa Florio, Sebring 12-hour, Le Mans, and Spa 1000km.
The Ferrari won more than 300 races across the world when it was on the track, taking first place in its class. These accomplishments rank among the best wins for a road car, or any car for that matter. Its statistics are legendary.
Only three 4.0L with 3967cc engine GTOs were produced in 1964. At 7500 rpm, the engine was producing 390 horsepower.
This was in fact Ferrari’s last excellent front-engine GT car to be produced.
How many Ferrari 250 GTOs from 1963 exist?
A 1963 silver Ferrari GTO was sold privately for $70 million in June 2018, which is said to be the most money ever spent on a vehicle.
A 1962 Ferrari 250 GTO in red went for $48.4 million at auction in August of that year.
And in October 2017, British historic vehicle dealer and former race driver Gregor Fisken purchased the blue 1962 Ferrari 250 GTO owned by Washington, D.C.-based attorney Bernard Carl for $44 million.
The car’s gearbox is currently the subject of a $500,000 legal dispute between Carl and Fisken.
According to The Telegraph, Fisken claims he purchased the Ferrari with the knowledge that it lacked the original gearbox, a component of the transmission, but with the agreement that Carl would eventually provide it to him.
Fisken sued Carl for contract breach and demanded that Carl deliver the original gearbox right now. Carl then filed a lawsuit against Fisken, alleging that Fisken failed to locate the part because neither he nor Carl would pay a $25,000 fee to the American auto dealer that Carl claims is in possession of it. In addition, Carl is requesting from Fisken $500,000 to pay the expense of his search for the original gearbox.
Both men no longer actually own the car, but the matter is still pending. According to The Telegraph, Fisken sold the Ferrari to a “rich unnamed collector” in 2017 for an unknown sum.
The racing heritage of Ferrari GTOs contributes to their popularity. The GTO at the focus of the legal dispute competed in a number of notable races in the 1960s, including two in particular.
Famous endurance racers Phil Hill and Olivier Gendebien drove this Ferrari in the “12 Hours of Sebring” in 1962, finishing second.
The most renowned endurance race, the “24 Hours of Le Mans,” was won by Hill and Gendebien in the Ferrari that same year.
Its components were frequently taken out and changed as a race car to increase the likelihood of success on the track. Forbes claims that this is the reason the vehicle’s original gearbox was taken out and not replaced.
Ferrari claims that the 3-liter V12 engine used in the 250 GTO produces 300 horsepower at 7,400 rpm. It is left- or right-hand drive and features a cable-operated handbrake on the rear wheels.
What Old Ferrari is the most expensive?
- Jo Schlesser raced a red 1963 Ferrari 250 GTO in 1960, which was auctioned for $52 million in 2013.
- With a sale price of $70.2 million, another Ferrari 250 GTO in silver blue was the most expensive automobile ever.
What is the most affordable Ferrari?
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.