For Sale: Used Car, $30 Million, OBO

February 14th, 2012

Ferrari 250 GTO

Most of us will never spend more than $50,000 on a car. And that’s being generous, I think, considering the average sales price of new vehicles is just about $30,000.

I tend to lean toward the used-car side of things, as prices in CarGurus’ used listings are generally much more palatable. I say “generally” because, occasionally, a used car will come along that commands a price no new car will ever fetch.

Top Gear tells us that one of the most desired, and valuable, cars ever produced recently changed hands in a $31.8 million transaction. The car, a 1964 Ferrari 250 GTO, is now the second most valuable vehicle ever sold. A 1936 Bugatti Type 57SC Atlantic still holds the record of number one, though just barely.

It’s entirely possible other cars have sold for more money, but if the transactions were not on record, we’ll never know about them. So we’re left to wax ecstatic on what we know.

1964 Ferrari 250 GTO

Only 39 GTOs were ever built. Thirty-three included a 3.0-liter 300-hp V12 engine, disc brakes and a 5-speed manual transmission. Presumably, that’s the model that has been sold by British businessman Jon Hunt to an anonymous buyer living in Spain. Considering Hunt purchased the car in 2008 for about $20 million, it’s obvious this Ferrari has become more of an investment piece than a collectible source of pride. Let’s face it, these people aren’t buying $30 million cars because they like how they drive. They’re buying them so they can sell them in four or five years and make 10 million bucks. I’m willing to bet in the next few years we’ll be writing about a Spanish owner who sold his or her Ferrari 250 GTO for $40 million.

Just don’t expect to see it for sale in the used car listings.

Sharp-eyed fans of pop culture will recognize the GTO as the fabled Ferrari Ferris drove in Ferris Bueller’s Day Off. That one, though, was a replica and sold for a pittance in 2010: just $122,000.

If you owned an original 1964 Ferrari 250 GTO, would you have the guts to drive it? It would be a shame to let that 174-mph top speed go to waste!

-tgriffith

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  1. Randy
    | #1

    You’re just plain wrong about the Ferris Buhler Ferrari. It was a replica of the ’61 California GT 250 Spyder.

    I saw the auction on TV. This is a really iconic model and I remember building a model of the car in the 60′s and also using the body style on slot cars. The same auction had some spectacular E-type jags and what looked like a Mercedes racer. Just love those 50′s-60′s race cars.

  2. | #2

    You’re right, Randy. Thank you!

  3. | #3

    I would not have the guts to drive it. Its such a beautiful car and its one of those cars you look at it and dream that you was driving. You would lower the resale value if you drove the car down the street and its not worth taking the chance. This is such an amazing car and 20 or 30 years from now this will be the highest sold car period and will be one of the rarest.

  1. | #1
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