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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What is the price of a Ferrari 250 GTO in 1962?
1962 Ferrari 250 GTO (priced between $39,6 and $48.4 million) Less than 40 Ferrari 250 GTOs were built between 1962 and 1964, and buyers had to have Enzo Ferrari’s personal approval.
What is the market price of a 1963 Ferrari 250 GTO?
A Ferrari 250 GTO sold for the then-record-breaking sum of $52 million back in 2013, breaking all previous records for car purchases. On June 1st, another 1963 250 GTO, of which only 39 were made, sold for a tidy sum of $70 million USD, breaking the previous record.
WeatherTech president David MacNeil, a devoted racing fan and auto collector, purchased the 250 GTO. Cooper MacNeil, his son and a professional race car driver, will compete in this year’s 24 Hours of Le Mans while operating a Ferrari 488 GTE.
It is understandable why a Ferrari aficionado like David MacNeil would choose to invest such a staggering sum in the Ferrari 250 GTO. The word “invest” is appropriate because it won’t be long before another Ferrari 250 GTO is sold for a higher price.
Christian Glaesel, a German car collector, owned the vehicle that was sold. With Lucian Bianchi and Georges Berger serving as the car’s co-pilot and pilot, respectively, it competed in the 1964 Tour de France Automobile and took first place. This 1963 version of the vehicle bears the chassis number 4153 GT. In the GT division, the two drivers competed for the Ecurie Nationale Belge team. The vehicle competed in the 1963 24 Hours of Le Mans as well, finishing fourth. Over the next two years, it continued to compete in a lot more races. Amazingly, it never had an accident, which was at the time a small miracle.
Paying $70 million for an automobile is absurd to the average person. However, this sort of arrangement requires a different perspective. In particular, the 250 GTO model, powered by a V12 engine, is regarded as the pinnacle of Ferrari’s long history, on par with a great painter’s most renowned creation. Due to its mystique and the fact that just 39 of the 250 GTOs were made, its value has increased dramatically.
The car will be kept in the buyer’s private collection and will appreciate in value over time, much like a wise investment.
What is the value of a Ferrari 250 GTO?
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.
The 1962 Ferrari 250 GTO is quite pricey, why?
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.
A 1962 Ferrari 250 GTO is owned by who?
Two 250 GTOs are currently held by three people: Wal-Rob Mart’s Walton, hedge fund owners Tony and Lulu Wang (who are unrelated to owner Brandon Wang in the United Kingdom), and British industrialist Sir Anthony Bamford, who had briefly owned the chassis that just sold.
How many Ferrari 250 GTOs are there today?
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 makes the Ferrari 250 GTO 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. Legendary statistics back this up.
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.
The Ferrari GTO—is it unique?
With scarcity on its advantage, a vintage Ferrari GTO recently sold privately for almost $70 million: Only 39 GTOs were produced between 1962 and 1964, and they are regarded as among the most attractive sports vehicles ever made, not just in terms of Ferraris.
What was the purchase price of Chris Evans’ Ferrari 250 GTO?
Italian 250 GTO Chris is alleged to have declared his desire to acquire a 250 GTO after developing a taste for Ferraris. And he actually accomplished that in 2010. He spent a whopping $17.7 million on what must be the most coveted trophy of all automobiles, a red 1963 Ferrari 250 GTO.
How many more 250 GTOs are there?
Although it’s popularly believed that all 36 of the 250 GTOs are still in existence today, it was just the third 250 GTO to ever roll off the Maranello assembly line.
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.
Least Priced: No Ferrari can be labeled entry-level, but the Portofino is the least expensive Ferrari on sale. 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.