Not only the poor is feeling the Covid-19 pinch. Uncertain financial times are also causing more affluent South African to cash in on their valuables, including vintage cars.
If you can spare R5.3 million, you have the rare opportunity to buy a very rare Ferrari that has gone on sale on Gumtree Auto. This United Kingdom specific right-hand drive 512 TR was one of only 80 such models to be imported to the UK and one of only 38 of these to feature an ABS braking upgrade. It was imported to South Africa by a private collector in 2009.
The 512 TR is powered by a 4.9-litre flat-12 engine that produces 315 kW of power at 6 750 rpm with a quoted top speed that is limited to 320 km/h. The 18-inch Speedline wheels proudly boast the yellow pracing horse center caps and the interior is trimmed in cream leather with red carpets. The car is for sale with its original books and Ferrari tool kit.
Very few of these cars come on sale today and can largely be found in the private collections of celebrities and racing drivers. Ferrari founder Enzo Ferrari famously gifted one to American actor Don Johnson as he was a huge Miami Vice fan.
Jeff Osborne of Gumtree Auto says while most cars do not appreciate in value, rare classics can be an excellent investment. “Most collectors buy these cars for the sheer joy of ownership, but it can pay large dividends. It won’t be easy to find the right buyer and you can’t guarantee a quick sale, but for if you have a rare gem and maintain it well, you could turn a significant profit.”
If you do get your hands on a classic Ferrari, there are just a few boxes to tick.
“Check that all of the instruments work. If infrequently used, the fuel metering heads will gum up and lead to starting problems but you are unlikely to encounter any electrical issues. Many owners upgrade the exhaust, so make sure the engine still sounds like a Ferrari – it’s part of the appeal! Wear and tear on the bolsters and seat mechanisms need to be examined as they can be expensive to repair. Tyres are similarly quite tricky to find so make sure they are in good condition.”
According to Osborne, there is one issue you don’t have to worry about.
“The engine is allegedly bomb-proof. You do get what you pay for, and with the price tag of a Ferrari, quality is guaranteed. In general, this was a poster car for its era and is climbing in value. It’s a collectors’ dream.”
For R5.3 m, you can also get two brand new models from the Prancing Horse, the Portofino (R4.76 m) and Roma (R4.96 m), with the F8 Tributo slotting in at R5.5 m.
For more news your way, download The Citizen’s app for iOS and Android.
Download our app and read this and other great stories on the move. Available for Android and iOS.
