It's insane to think that a car that was released in 1963 would be worth anything in the market today leave alone a whopping $70 million. Yes, you heard me right, the 1963 Ferrari 250 GTO just got sold at a record $70 million in a deal that shook the motor world. When it comes to classic cars, the older the better. In fact, this GTO is expected to be worth well over $100 million in the next 5 years. If you thought cars depreciate in value you might want to reconsider some facts.
Features Of The 250 GTO
The design of the 250 GTO is all about flexibility and drive ability. As a sports car, the GTO was designed to attain maximum speeds in record time and shift around with impeccable flexibility. The Holy Grail Ferraris were fitted with 3 liters V12 engine at the time of release. Since the car has been around for quite a long time, the owners have changed some specs. The V12 is a powerful engine which managed to develop well above 300bhp, a force that was equal to a few at the time of release. This classic car is still faster than many modern day cars. The 250 GTO was designed to hit speeds of 60mph in just 6.1 seconds. Such high acceleration is still a far-fetched dream for most car brands even today. The Ferrari GTO can attain maximum speeds of 174mph, which is well above the top speeds for most family cars.
So What's The Fuss About The Ferrari 250 GTO?
The specs of this car tell very little about its pricing. There are more powerful cars produced today that can barely be sold at half of this record market price. So why is the GTO Ferrari so expensive and why are people willing to splash huge sums of money on an old car?
The first clue lies in the prestige associated with the 250 GTO model. The Holy Grail model cars were produced in scarcity, with only 36 cars being released in 2 years. The production of the GTO started in 1962 and was stopped in 1964. In a span of just 2 years, the beautiful prestigious Ferrari's were no longer being produced. This meant that only a few sportsperson could afford the luxury of driving a 250 GTO.
Then came the prestigious awards.
In 19 64, the Ferrari 250 GTO won the prestigious Tour De France. If you are a fan of car races you will understand the magnitude of the event. As from this time, the value of all the 36 cars produced shot up. It became a dream of most sportsperson's just to ride a 250 GTO if not owning one. For some time, the GTO Ferrari car went quiet then came back with a bang. Given that the demand for classic cars on the rise, the prices for the GTO are bound to keep on rising. In August 2018, the internet went crazy after the 1962 250 GTO was sold for $44 million in an auction within just 12 minutes.You would be fooled to think this was the last time a GTO was selling at such high prices. A few months down the line, we are now talking about the 1963 GTO being sold for $70 million.
What About This Specific 1963 250 GTO.
For many years, the Ferrari GTO was based in Germany. The car has been shown all over the world in classic car events and remains among the most coveted classic cars among car lovers.
According to hemmings, a top Ferrari historian Marcel Massini described the $70 million Ferrari as one of the top three GTOs in the world. The Ferrari that has been bought by an American businessman was proved to be original and in sound condition at the time of purchase. According to the Ferrari expert, the value of the GTO is bound to keep on rising with age. The sports car is expected to hit the $100 million price within a few years if all factors remain constant. Mr. Massini believes that the amount paid for the car is worth it if the car keeps holding its value as expected.
Modifications Done To The $70 Million GTO
1963 is such a long time that you would expect the GTO to have undergone plenty of changes. On the contrary, this machine has only been modified once. In the 1990's it was restored from a shred of its former glory by DK-Engineering. DK- Engineering firm specializes in blue chip remodeling. Although the engineering firm was not involved in the $70 million deal, the modifications played a big deal in setting the price for the GTO.
The 250 GTO Intrinsic Value
This 1963 GTO ranks high in value than many sports car in the GTO line. This specific car won the Tour De France which marked a big milestone for the model. Further, it had a very good competitive time and was driven by the best racing teams. Having been driven by the Ecurie Francorchamps, one of the most famous Ferrari teams of all times, it stands to be a car that is loved. Further, it has not encountered a single accident on and on the track. This car looks amazing both on track and on the road. It has also competed in many other racing events including hill climbing and long distance rallies.
During the 1964 Tour De France, Lucien Bianchi and Georges Berger of Ecurie Francorchamps drove the 1963 250 GTO to the finish line. This marked the beginning of an era where the GTO would be coveted and desired through history. To date, many people around the world would give anything just to enjoy a moment on the breathtaking 1963 GTO. As much as the $70 million price tag may sound shocking, that is how much the GTO is valuable. Ranking among the top 3 GTOs and having such a rich history, it is not surprising that this classic will be worth a lot more in just a few years. According to experts, the car's value is likely to increase by over 50% in just 5 years from now.
Written by Dana Hanson
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