Good value: Mid-engine design still classic
The Ferrari Testarossa, built between 1984 and 1994, conjures of flashbacks to the TV series Miami Vice.
It is also a reminder of the poster car that adorned many a garage wall similar to the millions of 1977 Farrah Fawcett red-swimsuit posters, which incidentally hit the presses six months before the world knew who she was and had seen her in her role in Charlie’s Angels.
The Testarossa model range (including the 512TR and 512M) production run amounted to 9,957 units, which is a considerable number for a Ferrari model.
If you have a spare $65,000 to $80,000 hanging around and are looking for a fun car to drive, then this could be the car for you.
However, it would be prudent to pay a little extra for the improved 512TR.
In 1994, a new TR retailed for $212,000 US; in 2006 the depreciated value had dropped them to $118,000. I feel they have hit rock bottom at the moment and will eventually go up because it was the last mid-engine, flat 12-cylinder Ferrari built, (excluding the limited production F50 and Enzo).
All the newer 12-cylinder models have their engines in the front.
The white Testarossa used in the stunt scenes of Miami Vice was a modified De Tomaso Pantera. Ferrari North America donated two new Testarossas finished in black to be used during filming.
Ferrari did this to stop the use of the fake Corvette-based Ferrari Daytona Spiders used in the early TV series episodes. The production company refinished them in white because black did not stand out filming the night scenes.
This week, Coys auction house in London is auctioning the world’s lowest-mileage Ferrari 512 TR, displaying just 2,100 miles. The car was originally delivered to Sir Elton John and became part of his 28-vehicle collection. Coys auctioned off the entire collection in 2001 and the same Ferrari sold for $294,000 (2001 exchange rate).
The Ferrari is available once again and Coys estimate a sale price of between $137,000 to $168,000.
Will the Sir Elton John provenance add an additional $50,000 to a car if it was merely owned by Joe Public?