Ferrari Fluctuations: 246 Dino and 360
After the rapid price increases in the collector car market in 2013 and ’14, there is a sense lately that the market has taken something of a breather. Some vehicles, however, have posted unusually strong price increases since the beginning of 2015.
Hagerty keeps track of all major auction sales and personally inspects as many of those vehicles as possible, assigning a condition rating to each. By looking at which vehicles are rising in value despite condition ratings that have been decreasing on average, we can see which vehicles are becoming particularly strong.
Looking specifically at Ferraris since January 2015, the average auction sale price of the 1999–2005 Ferrari 360 increased 40 percent, from $82,678 to $115,433. This includes the most desirable Challenge Stradales, as well as the standard Spider and Modena coupe models. At the same time, the average condition rating decreased from 2.0 to 2.4 as more heavily used examples have come to the collector car market. Cars selling for higher and higher prices, even if lower quality examples are crossing the block, is a good sign for 360 owners.
The 246 Dino, an ancestor of the 360, has a less positive outlook in the near term. Once Dinos were accepted into the fold as proper Ferraris some years ago, prices surged upward, but the current trend is perhaps a reaction to that initial exuberance.
The average 12-month trailing price of a 246 Dino has fallen 8 percent from $420,209 in January 2015 to $385,616 in November 2017. The average condition rating over the same period, meanwhile, has actually increased by over 8 percent. What we are seeing, then, is the opposite trend of what’s happening with the 360. Even though higher-quality examples have been coming to market lately, the prices keep going down, and that’s not a good sign for what had until recently been one of the Ferrari market’s hottest models.