Your Handy 1976–85 Ferrari 308 Buyer’s Guide

There are poster cars and then there are poster cars. The Ferrari 308 is the latter, an Italian masterpiece that was lusted after in period and would become even more lust-worthy after appearing as the wheels of choice for Magnum P.I., the Hawaiian-shirt-wearing private investigator played by Tom Selleck. 

For all that, the 308 is a relatively common classic Ferrari, which also makes it one that still doesn’t cost eye-watering sums of money to buy.

The 308 was born out of adversity. Ferrari’s 308 GT4, the four-seat model that replaced the Dino 246, proved to be a sales dud. Its awkward cab-forward design by Bertone was not universally liked. Combine that with the fuel crisis and Enzo Ferrari’s initial refusal to badge the 308 GT4 as a Ferrari, and the GT4 was a hard sell. Something had to be done quickly following the GT4’s launch. The answer was the rapidly developed 308 GTB.

Pininfarina’s Leonardo Fioravanti had already put in the ground work for a Dino 246 successor, so a new two-seat sports car was ready for the 1975 Paris motor show. It was based on a shortened GT4 steel tube chassis, with the handling honed by no less an authority than Niki Lauda, who was driving for the Ferrari Formula 1 team at the time. Lauda helped tame the early prototype’s snappy on-limit handling and made the 308 a junior supercar everyone could enjoy.

The 308 GTB went on sale immediately after making its motorshow debut. The first cars were unusual because they had a fiberglass body, which earned them the “Vetroresina” label, from the Italian word for the material. Production figures can be a contentious issue with the 308, but Ferrari itself says 808 Vetroresina cars were made, while others say it was 712. Total 308 production of all models through 1985, including the targa-topped GTS (and the smaller-capacity 208 models built for Italian tax regulations), came to more than 12,000. This makes the 308 one of the more numerous Ferraris ever made and, as a result, rather attainable for a pre-1990s model.

After the introduction of the original GTB, Ferrari launched the GTS in 1977, with a removable roof panel. A Bosch fuel-injected version of the 3.0-liter V-8 engine debuted in 1980 and the name changed to 308 GTBi or GTSi to reflect this. However, power dropped from the original car’s 255 hp, (240 hp for emissions-choked U.S. models) to a measly 214 hp and 205 hp for U.S. cars. To counter this, Ferrari gave the 308 a four-valve-per-cylinder update in 1982, adding the “Quattrovalvole” (QV) tag to denote this. Output climbed to 240 hp to restore performance for European cars, with U.S. versions pegged to 230 hp. Typical performance for the 308 GTB was a 0–60 dash in 6.5 seconds and a top speed of 154 mph.

What’s a 308 Like to Drive?

Ferrari positioned the V-8 transversely in the 308, which helps keep the car remarkably compact by modern standards. This, in turn, means any 308 is easy to use, as it occupies far less space than even most current hot hatches, and you can use more of the road’s width to place the Ferrari. You will need to think about how you approach corners and bends, as the unassisted steering is heavy when loaded up at speed, and it is heftier still at very low speeds, but the reward is excellent feel and feedback.

Another element of the 308 that requires forethought is the gear change. When cold, second gear is reluctant to engage without risking a crunch of non-meshing gear teeth. Far better to let the gearbox warm up and swap from first to third as it does so, using the lovely open metal gate and dogleg shift pattern. When the transmission’s oil has heated up, the gearbox still needs a positive action to take it from one gear to the next cleanly, but familiarity helps here. Likewise, the clutch pedal has a long travel and is very firm, though not to the point where you actively avoid low-speed driving conditions. You’ll also find the pedals are offset to the center of the car due to the front wheelarches, while the driver’s footwell is also quite cramped for anyone with larger feet. In this respect, the 308—like so many other cars of the period—shows its age.

Because of the car’s low height (at 44 inches, it’s not much higher than a Ford GT40), taller drivers will find the 308 snug, so a GTS will offer more comfort with its targa roof removed. Once inside, however, the driving position is decent, and longer trips are fine thanks to the adequately padded seats. You can also actually see out of the thing far better than in a modern supercar, so using the 308 in traffic is not the heart-thumping trial it is in some of its contemporaries. Find a car with air conditioning and even hot days are to be enjoyed from inside the 308’s cabin.

Acceleration varies from decent to quick depending on which 308 model you choose. The 1980–82 models are the slowest, as they have the least power; almost any modern hot hatch will see one off from the lights, even if they won’t turn as many heads as they go. Opt for the earlier carbureted models or the later Quattrovalvole and you’ll keep better pace but you’ll be having a lot more fun, as the Ferrari rewards a driver who takes the time to work with the car, makes the most of its power band (it revs past 7500 rpm), and uses its balanced handling to carry speed through corners. The touch of Niki Lauda is evident in a well set-up 308 as it tends to gently understeer when pushed, giving the driver sufficient warning that adhesion is running out. You’ll also find the ride is far more supple than that of the latest crop of supercars thanks to the tires’ broad shoulders, especially if the car wears its original 14-inch alloy wheels and not later, larger replacements.

At higher speeds, a 308’s cabin gets a little noisy with wind and road noise, but few will worry about that as they enjoy the Ferrari experience. Initially, the 3.0-liter V-8 doesn’t sound that special, though carbureted models have an added edge with their intake note. When the engine is warm and you can use full revs, this problem disappears, as the Ferrari V-8 has a distinctive note that is more race car than muscle car.

How Much Does a Ferrari 308 Cost?

In the eyes of collectors, the most desirable Ferrari 308 is the early “Vetroresina” model, partly as it’s the rarest but also because it’s the lightest and fastest. Find one of these in #2 (excellent) condition and you can expect to pay about $250,000 depending on its history and originality, with those in #3 (good) shape trading closer to $190,000. A later steel-bodied GTB with the same engine will typically cost around $120,000 less, which gives you a clear idea of just how prized by collectors those very early models are. An early GTS will tend to trade for slightly less than its fixed-roof counterpart.

The underdogs of the 308 world are the less powerful, slower 1980–82 GTBi and GTSi. Even in #1 (concours) condition, a GTBi will fetch $129,000, while a #4 (fair) driver is a $50,000 machine. Again, the open GTSi version comes with a small discount.

If you’re considering a later Quattrovalvole 308, a tidy GTB in #3 shape is a $135,000 prospect, with mint examples topping $200,000. The GTS version in similar conditions will be $107,000 and $169,000, respectively.

What to Look for When Buying a 308

A continuous service history with Ferrari or reputable independent Ferrari specialists is vital when choosing a Ferrari 308, more so than with most classics. It affects value, mainly because it shows that previous owners have lavished the car with the kind of attention that separates a 308 that is ready to enjoy from one that’s waiting to interrupt your cashflow. If the records are sound, don’t necessarily be put off by high-mileage cars, as the 308 is mechanically robust and will thrive on regular use.

The good news for 308 buyers is this is one of the easiest Ferraris to work on, so many servicing tasks cost less than for other models of the same period. Eight cylinders rather than 12 also helps reduce costs for routine service items such as plugs and wires. Ferrari originally quoted 12,500-mile service intervals, but most owners will have an annual check. A clutch should last 30,000 miles, while cam belts are not difficult or especially time-consuming to change.

The engine’s cam seals can leak, which is generally down the to car being left to sit rather than being driven. If this happens, you can get the cam belt replaced at the same time to save labor charges. The valve clearances should be checked every 12,500 miles, though it’s a wise idea to shorten that for cars that are covering only 1000 miles per year or so. In carbureted models, an engine misfire points to the Webers needing a rebuild. During a test drive, look for the correct engine oil pressure when warmed-through, which is 40–45 psi at tick-over and 85 psi when revved.

The condition of the interior should be easy to assess. However, look for a car that has all of its interior trim, the correct exterior lights, and all of the extras such as the tool roll, jack, service book wallet, and roof cover for the GTS. Original items like these are hard to find and expensive.

Outside, rust is the biggest concern, and like any car of this age it can take a hold on a steel-bodied 308 on the sills, lower door sections, rear part of front fenders and arches, and along the exterior belt line that is painted black. Also check behind the bumpers. With fiberglass-bodied 308s, you may think you’re in the clear, but these cars can hide a rotten chassis, as water collects between the body and frame.

Not so long ago, a 308 was a truly inexpensive route to Ferrari ownership, and the cost of proper restoration far outweighed the car’s value. For that reason, an inspection by an independent specialist will be money wisely invested when buying a 308, as there are still plenty of cars out there that have had superficial restorations.

Which Is the Right 308 for You?

There’s more to consider than you might imagine when choosing a Ferrari 308, despite what seems like a simple model lineup. First off, do you want an early Vetroresina model with the fiberglass body? It’s the choice of purists and the most expensive to buy, but it’s also the best-driving of all 308s. A steel-bodied GTB built between 1977 and 1980, however, delivers an almost identical experience for much less financial outlay.

The fuel-injected GTBi and GTSi are the cheapest to buy, but they are the slowest by some margin. However, modern technology and experience can improve their pace considerably, without spoiling originality. As a result, these cars can represent a cost-effective route to 308, where one can find an example in very good condition for the price of an average earlier car. The Quattrovalvole cars sit somewhere in the middle and are good to drive while also being the easiest to use.

Another decision is whether to opt for the closed-cockpit GTB or the targa-roofed GTS. The open-top car offers an extra layer of appeal on sunny days and the roof is generally water tight, so you don’t have to panic at the sight of rain clouds. They’re also easier to find, and they tend to be cheaper.

Balancing the cost of buying a 308 against use and enjoyment, many reckon a steel-bodied GTB with the Weber-fed engine is the pick of the bunch. It delivers keen pace, easy maintenance, and it has that marginally purer driving experience. Whichever 308 you plump for, the poster car of your childhood will finally be in your garage for real.