Fun Car Fridays: Buying a sub $100,000 Ferrari
Recently sold example for less than $85K
Being a lifelong car enthusiast, owning a Ferrari has always been a pinnacle goal and aspiration. However, that dream is typically hard to afford for a new model, with most being over $300,000 and the used market not being any better with many cars going for above MSRP. I wanted to dive a bit deeper and see if there are any Ferraris whose price has remained steady and can be purchased for less than $100,000, or the same price as a new Corvette.
What Ferrari models sell for under $100,000?
I spent some time on a few popular car auction sites and found 4 models that you can consistently expect to sell for less than 6 figures. 3 of the models are 80s classics: the 308, 348, and the 328. The other model is the F355 made in the 90s. All of these cars at mid engine V8 versions, and most come with a targa top or are convertibles. Mileage and condition on the cars will vary quite a bit, and for less than $100,000 the cars are not going to be 100% perfect. I have also seen quite a few models with some modifications such as aftermarket wheels or suspension that also typically end up in this price range.
How has the price of these cars changed?
This is where I think it gets a bit interesting - most of these cars have seen very little appreciation. This is surprising as these are manual transmission cars with gated shifters, most are the desirable red, and a lot offer the option of losing the roof for sunny days. Seeing a very slow increase in price leads to me to believe these calls will remain in the same price range for the considerable future. The car market is cooling off, and with economic uncertainty I see very few people being interested in shelling out for an 80s supercar. Over the past few months I have seen many of these cars not even meet reserve.
Ferrari 348 Price chart - you can see few examples ever sell for over $100K
Should you consider buying a “cheap” Ferrari?
I think this decision can only be made if you can pay for the car with cash and have at least $20,000 left over for potential repairs over your first 2 years of ownership. I do think this is a great alternative to other $100,000 new sports cars such as the Corvette C8 or a base Porsche 911. While the newer cars are a lot faster, more comfortable, and more reliable - they wont stop traffic or start up a conversation like a Ferrari. I would also make sure this is not my daily driver. I would also make sure I have a garage to keep the car out of the elements and look up mechanics in my area before an issue arises.