How Long Before A Ferrari 328 GTS Brings $300k?

1989 Euro-SpecFerrari 328 GTS, RM Sotheby’s, 12/10/22

Tony’s Take: The Ferrari 328 is a magnificent car. Unlike its replacement – the 355 – the Ferrari 328 doesn’t require a regular engine-out service (to replace the belts). That alone makes it the better collector car. But there’s so much more . . .

The Pininfarina-designed 328 has real drama, real Ferrari to it. It was the perfect evolution of the design after the 308’s eight-year model run. Subtle changes – such as the rounding/softening of the 308’s wedge shape – added both aerodynamic efficiency and elegance.

Old school? Oh yeah. Gated five-speed, analog gauges, pop-up headlights, no airbags or handling nannies. Hand-built by Scaglietti.

And, of course, the final evolution of the transverse mid-mounted, naturally aspirated, fuel-injected (Bosch K-Jetronic ) 3.2 liter Dino V8. Enzo’s mob even equipped it with a Marelli electronic ignition system. It starts!

When it starts and goes the 328 GTS makes a wonderful noise. (RF says the 355 is the sine qua non of Ferrari engine sounds. I say the 328 GTS’ engine note is the bomb.) The 328 GTS isn’t EV fast – zero to sixty takes 5.9 seconds – but what is? And who cares? This thing is fun. No wonder Ferrari 328 values have risen over the last two years.

Like a lot of 80’s and 90’s models, this example is dinged by its Euro-Spec build. On average, there’s as much as 25 percent less money on the table. Also on the downside: RM doesn’t list the number of owners. Then again, there’s only a thousand miles on the clock, it’s the right color combo and it’s blessed with Ferrari Classiche Certificate of Authenticity. That’s a lot of goodness right there.

If RM Sotheby’s figures this immaculate, low-mile Euro-spec red/tan 328 GTS could hammer for as much as $250k, you’ve got to wonder if a top-notch U.S.-spec 328 GTS would break $300k.

It’s a question of when, not if. The 328 GTS’ rep for reliability, its beauty and the fun-to-drive factor are already elevating values into the two’s. Meanwhile, let’s go to the tape.

Previous Sales

The 233-mile 328 GTS that sold for $216k back in 2021 would bring 20 percent more in 2022 – $260k. I predicted that the 3k mile car auctioned in July would bring $170 to $190k. It hammered for $191k.

Both previous sales of tan interior cars had 20k miles plus on the odometer. There hasn’t been a sub 2k-mile 1989 Red/Tan 328 GTS on the market since ever. Which is why RM’s prediction covers such a wide spread ($150k to $250k).

Before I saw this listing I evaluated a low-miles red/tan 328 GTS and figured it’s a minimum $295k car. So I’m thinking RM’s Euro-spec car will stay in the two’s.

Downside: It’s a Euro spec model.