Ferrari Mailing List: Re: $31,900 for a 208 GT4

[red5hilser (red5hilser]

HA! A person who REALLY knows what a 'true exotic' is worth. As the salesman 
said to the Griswalds before they bought the Family Truckster in the movie, 
Vacation, "If you hate it now ... wait til you drive it!' 
BTW, my chassis number is ALSO #13550. Maybe that's where der Frau was last 
summer when she disappeared for a few days on our trip to California. The new 
owner hasn't taken delivery yet, because I just checked and a red/tan 208gt4 
with chassis #13550 is still sitting in my garage, and my title to the car is 
still in my safe. So, where's MY money so we can GET THIS PARTY STARTED!
 
Yer (confused) Shitbox Pal, Ferrari Bubba
 
 
-----Original Message-----
From: BigHeadDennis [at] earthlink.net
To: red5hilser [at] aol.com
Cc: ferrari [at] ferrarilist.com
Sent: Tue, 21 Nov 2006 9:44 AM
Subject: [Ferrari] $31,900 for a 208 GT4


>From Sports Car Market, a review of Willi's pride and joy.  Gosh, it's worth
than a 328, at clyDe prices!!!  :-)
 
Damn, maybe I should sell one of my cars at auction.  It'll be listed right
behind Willi's!
 
Oh, and good tax avoidance tips (and warnings).
 
vty,
 
--Dennis
 
 
http://www.sportscarmarket.com/profiles/2006/December/Ferrari/index.html

1977 Ferrari 208 GT4


This model is rare outside Italy, but as John Apen reminds us: all valuable
things are rare, but not all rare things are valuable


*   Chassis #: 13550 

The 308 made its entrance into the automotive world in October 1973 as
Bertone combined concepts and design features from both the 246 Dino and the
365. 

It was handsome, sleek, and powered by a superior engine. It was a departure
for Ferrari, with a V8 engine in place of the standard V12. Nevertheless, it
still had the ability to move more precisely and swiftly than its
contemporaries. 

The Ferrari 208 GT4 was powered by a low-displacement version of the V8
found in the Ferrari 308 GT4. The 208 GT4 used one of the smallest
displacement production V8s in history. In spite of its size, the 208's
engine produced 180 hp, enabling the car to hit 130 mph.

The 308/208 series was groundbreaking because it was the first production
Ferrari to feature a mid-engine layout. The 208 GT4 presented here is a
highly original example with only 16,000 miles. It has been meticulously
cared for and garage-kept, with service performed on a regular basis. 

To ensure that it would be in peak condition for the auction, a thorough
mechanical inspection was performed with a service that included new brakes,
spark plugs, fluids, hoses, clutch cable, and valve cover gaskets. An
excellent driver in very fine condition, this 208 GT4 is an avenue into the
elite world of Ferrari ownership.


The SCM Analysis


This car sold for $31,900 at the RM auction in Monterey on August 18.

It's said you can't avoid death or taxes, and while death is definitely
inevitable, once you understand the rules, there's a lot you can do to
minimize taxes. This car was designed to hedge bets in Europe.

By almost anyone's standards, a Ferrari is a major purchase, and the tax
implications can be enormous, even in the U.S. Depending on the state and
city in America, sales taxes and registration could run more that $20,000 on
a new six-figure Ferrari. (Of course, if the same person had that same car
delivered and registered to his Oregon vacation home, his sales tax would be
zero, and his annual registration fee under $50. No wonder their highways
are a mess.)

In an international setting, the implications can be even more dramatic.
Import duties can run as high as 100% of the value of a new car, so the tax
issues surrounding a Ferrari purchase are not trivial. 

Prudent tax avoidance can save you a bundle with very little planning. In
Georgia, there is a personal property tax on vehicles. The tax is due on the
owner's birthday and could run thousands of dollars on a Ferrari. Canny
planning means buying your birthday present the day after your birthday and
not the day before.

People get greedy and do stupid things to illegally save a few bucks on
taxes. Life's too short to go to jail over taxes (remember Leona Helmsley?)
so cheating is not a good idea. A local schoolteacher made a cash killing in
a Ferrari sale only to get hit with a money laundering charge when her bank
got suspicious over multiple $9,500 cash deposits.

Before you ask for a low value bill of sale, remember this story. A West
Coast man recently told the DMV his million-dollar Ferrari was worth about
the same as a new Toyota. A savvy DMV clerk thought otherwise. The taxes
would have been cheap compared to the lawyer's fees it will cost to keep
this guy out of jail. 

Tax avoidance is an art form in Europe. One famous Ferrari story involves an
owner sending his car to Italy for repair and getting back a new one with
the same serial number so it could be imported in the customer's country
without duties. 

In the early 1970s, a fuel shortage hit Italy especially hard, and as a
conservation measure, a heavy tax was placed on cars with an engine
displacement over two liters. In 1975, Ferrari saw a business opportunity,
as well as an ingenious (and legal) tax avoidance plan, and built a 2-liter
version of the 3-liter 308 GT4. Keeping the same stroke, smaller liners were
used to choke the bore of the 2,926-cc 308 engine down to a tax-friendly
1,991 ccs. 

The 308 GT4 had been around for nearly two years when the 208 GT4 was
introduced. A smaller-engine version of a marginally popular car built
specifically for the Italian market hardly made a ripple, yet 840 208 GT4s
were built before it was phased out in 1980. There was little manufacturing
cost saved, but a 17% tax savings proved enough to convince buyers that
speed isn't everything.

Despite the market's initial resistance to the Bertone-designed 308 GT4, the
model won high praise from drivers. The 255-hp (Euro version) 3-liter V8 was
exceptionally flexible, made wonderful sounds, and had adequate power for
spirited driving. A great chassis with excellent driving position
complemented the engine making driving truly fun. A profile of the 308 GT4,
written in January 2005, can be found at www.SportsCarMarket.com. 

The 208 GT4 is differentiated from the 308 GT4 by a narrower front grille
and the lack of driving lights. A single exhaust replaces the quad tips of
the 308. Other external clues are smaller 195x70x14 tires versus 205s on the
308 and a 208 GT4 badge on the trunk. Inside, a black aluminum panel
surrounds the gauges instead of the brushed aluminum panel of the 308.

The performance of the 180-hp 208 engine is enhanced by gear ratios that
favor acceleration over top speed. Acceleration is reasonable, but a top
speed of 125 mph falls far short of the 308's 147 mph. Ironically, after all
the fuss, the 208 only gained two miles per gallon.

Finding a 208 GT4 outside Italy is rare, but as SCM contributor John Apen
reminds us: All valuable things are rare, but not all rare things are
valuable. A 208 GT4 should challenge a Mondial 8 for the title of lowest
priced Ferrari. $30,000 is top of the market for an exceptional 308 GT4, and
$5,000 should be the discount for a 208. This sale blew the curve and
frankly came down to two bidders with checkbooks to match their egos.

Perhaps they were suckered by an unconscionable $40,000-$50,000 auction
estimate? The seller caught the Hail Mary pass at the state finals. He
should drop an extra $1,000 in the collection plate because prayers like
this one aren't often answered.

Years Produced   1975-80    
Number Produced  840    
Original List Price  $16,500    
SCM Valuation    $17,305 at 2002 Bonhams Gstaad, SCM #29721 (at time of
print)  
Tune-up Cost     $3,500 
Distributor Caps     $550   
Chassis # Location   Right frame high in engine compartment 
Engine # Location    On the top of the engine in the middle of the V

Club Info    Ferrari Club of America P. O. Box 720597 Atlanta, GA 30358

Web Site     http://www.ferrariclubofamerica.org
<http://www.ferrariclubofamerica.org/>  
Alternatives     1972-76 Lamborghini Urraco, 1982-76 Maserati Merak, 1967-77
Porsche 911S    
Investment Grade     D  

>From the December 2006 issue of Sports Car Market.

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