It was fitting that production of the Ferrari 328 ceased production in 1989; as one of Ferrari’s most recognizable cars, it was an icon of 1980s pop culture. The 328’s styling was given styling tweaks and a bored out 3.2 liter V8 engine to bring it up with the times and freshen it up until the (often lamented) 348 arrived. While the 270 horsepower output is nothing to get excited in this day and age of stratospheric engine output, it was enough to catapult the 328 to 60 mph in 5.5 seconds. This particular 328 GTS Targa for sale in New York is one for the serious collector with under 9,000 miles and has the advantage of the seller offering a fresh service upon sale.
1989 Ferrari 328GTS
This stunning 1989 GTS has covered only 8,707 miles and is likely one of the best and most original examples you are will find. Featured in Red with Black leather the car has never been damaged or had paintwork. The tires were recently replaced and the car includes service history along with the original books and tools. In my opinion the 328 is among the best Ferrari models to purchase and own now. The 328 is among the most reliable and usable mid-engine Ferraris and the most refined of the line that started with the 308. The subsequent models, like the 348 and 355, introduced more complicated electronics and require the engine to be removed for a major service, making them much more maintenance-intensive. Leonardo Fioravanti designed some of the most collectible Ferrari models including the famed Dino. You can see his design heritage in the iconic lines of the 328 and for that reason I personally feel the 328 to have a greater upside than other models of the period. I am not alone in that assessment because the market is already valuing the most pristine 328's higher than comparable condition 348 or 355 models, and the value of the very best examples is moving up on 360 territory. I would not be surprised to see the 328 follow in the Dino's footsteps with respect to future appreciation.
Among the photos posted with this auction are a copy of the Carfax report and a photo of a receipt from 2008 showing the most recent major service including timing belts. The belts were previously replaced in 2001. No expense was spared in maintaining this car to the highest standards.
Berlinetta Motorcars in Huntington, New York, specializes in service, repair and restoration of Enzo-Era Ferraris and I am offering this car through Berlinetta on behalf of a client. The car is available for inspection in Huntington, New York.Berlinetta has been dedicated to Ferrari for over 30 years and takes great pride in accurately representing the cars we offer for sale. We want you to purchase with confidence and to that end we inspected this car thoroughly to identify any areas that might need attention. The one thing we found is that there is some leakage from the cam seals. This is something that happens from age, not from mileage, and we suggest that it is the only item that needs attention. Gaining access to the cam seals entails much of the work involved in changing the timing belt, so although the belt is only three years old, we would suggest that it be replaced at the same time. With the new belt and cam seals, the car will be fresh and up-to-date with regard to these time related issues.
So while you are bidding or negotiating a purchase price on this car, we propose to include a complete major service, with replacement of the timing belt and cam seals, which will be done at no cost for purchaser after closing on the sale. Alternatively, we are willing to negotiate a price without the service if you wish to defer the cam seal replacement until the next timing belt service is due. The car runs and drives properly without further attention at this time, and it is possible that someone inspecting this car could easily miss the cam seal issue. But Berlinetta could not offer the car without disclosing it. That said, the service we are offering is valued at about $5,000. We feel that having a documented service done by Berlinetta in the new owner's name will be a genuine addition to the value of the car.
The one advantage to the 328, over many Ferraris, is that much of the service can be carried out without having to drop the engine out of the car. Resale values for these 328 models typically hover in the $40,000 to $60,000 range depending on mileage and condition, but have been creeping up lately due to the desirability of this model and the fact that it is creeping closer to classic status.
-Paul
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