Two things car hurt a performance car’s value: high production numbers and a convertible top. The Ferrari Mondial has long resided at the base of Mt. Ferrari because it is, by Ferrari standards, a mass-produced model. In addition, it makes less power than other models and is simply seen as less prestigious. These days, however, it is being embraced as an entry level portal to owning a Ferrari with a traditional gated manual shifter, and even cars like this 1983 Mondial cabriolet listed here on the Hagerty Marketplace are finally getting the respect it deserves, with bids currently sitting at $22,000.
This era of the Mondial may make the most sense for the aspiring-yet-budget-conscious Ferrari collector, as the 3.0L V8 doesn’t require the engine to come out to perform necessary belt services. That alone represents a boost to your enthusiast vehicle maintenance budget of $10,000 or more, as your local shop won’t have to keep the car on blocks for a week while the timing belt is replaced. In addition, horsepower increased to a healthy 240 b.h.p. in 1982, so this car benefits from the improved performance numbers while keeping the semi-affordable engine servicing.
Of course, no Ferrari is “cheap” to service, and that’s another reason why cars like the Mondial haven’t rapidly appreciated: you have all of the penalties of Ferrari ownership without the guaranteed rise in value to justify the investment. The seller’s car looks reasonably fresh with an assortment of cosmetic flaws and “old car” faults, like the A/C not blowing cold and speaker grills that won’t stay attached. But it’s really all about that gated shifter, as the retirement of the traditional manual gearbox from Ferrari’s modern lineup has instilled a new reverence for that magical experience of snick-snicking into the gears.
Later Mondails are more appealing to me, personally, both because of improved styling and more power, but they also carry the penalty of requiring engine removal to perform the semi-regular belt service. They’re also more expensive to buy. The convertible top will always impact value of cars like these, but in the case of the Mondial, the top is so neatly stowed so as to almost look flat against the body when it’s down. In other words, it’s a great looking car in hardtop or convertible form, and for the time being, it still represents tremendous value in the 80s/90s sports car market. Thanks to Barn Finds reader Araknid78 for the tip.
One of the all time great looking shifters. 😎
A few years ago i had a 92 Mondial T, the last year was 93. My first and last Ferrari, yes i had lots of fun and did many car shows. But never again, and these days when the price of everything has gone up, you need deep pockets for any model.
I agree. I lusted after the 308, and almost pulled the trigger a couple of times on used models. The maintenance costs always make it a deal breaker. Even when the values were down, looking at a 7K bill for preventive maintenance was too much. It is one of those legendary rides where you really need to have the discretionary bucks to play. I have owned XKE’s, and 911″s, and I was never up against the maintenance. I didn rent a 308 in Honolulu for 2 days. It was fabulous, and I got my fix.
Used or pre-owned?
I’ve had the opposite experience, twice. I bought a nice, low milage ’91 348 knowing it needed belt service. Spent $7k in the first month for belts, clutch, etc., and drove it completely trouble free for two years and sold at a small profit. Same thing with a ’97 355 (spent $11k for belts and an exhaust upgrade). Also drove that for two years trouble free and sold for a small profit. A well bought and maintained Ferrari is normally an appreciating asset. The longer you keep them, the more you’ll profit. If I had kept both of mine, I’d be $100k richer if I sold them today!
As a design, a reasonable achievement: A V8, mid-engine, 2+2 seating and a convertible top. That’s a challenging mix to engineer.
I could not believe what I read so I went back and read it again. Yup – you said that a convertible top hurts value!?! I thought it was an incontrovertible truism that “When the top goes down, the price goes up!” Especially on a sports car! I’ve got a few cars I wouldn’t have bought for any price had they not been convertibles!
911 convertibles are worth less than than coupes too.
I too was surprised at the idea a convertible top hurts the value of a “performance car”. I know things like the 911, 1963 Corvette and 300 SL Roadster are special cases (and maybe the odd rarity like the MGA Twin Cam coupé) but in the collector car market, impressionistically, convertibles seem to attract a premium. There’s long been a minor industry in cutting off roofs (Ferrari Daytonas & 275 GTBs, Mercedes-Benz W111 etc) but there seems no demand to add them convertibles.
Is the rag top raised automatically or manually?
Location
Savannah, Georgia
Thanks for acknowledging my tip