1969 Ferrari 365 GT 2+2

By on in Ferrari March 1999 issue
Chassis Number: 12267
With the intention of competing in the worldwide luxury car market, Ferrari introduced the totally new 365 GT 2+2 at the Paris Salon in October 1967. It bore a strong resemblance to both the 330 GTC Special built for Belgium’s Princess de Rethy and to the famous 500 Superfast. The car was a technical triumph. It was the first 2+2 Ferrari to have four-wheel independent suspension, which also featured a hydro-pneumatic self-leveling system. Power steering and air conditioning were standard, while excellent insulation from noise and vibration was achieved by stabilizing the engine, gearbox and rear axle casing in one unit and mounting it all at four points on special rubber bushes. The engine itself was the new Type 245, with a displacement of 4.4 liters, single overhead camshafts and three Weber carburetors, producing 320 bhp at 6,600 rpm. The car was indeed no slouch — with a top speed of 152mph, it could achieve 0-60 mph and 0-l20 mph times of 7.2 seconds and 26.2 seconds respectively. During the three years of its production, only 800 examples of the 365 GT 2+2 were produced, yet nonetheless it is regarded as one of Ferrari’s most successful luxury models ever made. The car pictured here has seen little use, having only been used during the dry summer months and has always been well maintained and garaged. Finished in Argento with navy blue leather upholstery, this stylish 1960s four-seater Ferrari has recently enjoyed some cosmetic improvement.

SCM Analysis

Detailing

Vehicle:1969 Ferrari 365 GT

This car sold for $24,667 (including commission) at Coys’ London sale on November 26, 1998. The 365 GT 2+2, as the last of three early front-engined V12 Ferrari 2+2 series, is generally considered the best of the lot for driving, yet can be bought in today’s market at a price equal to the earlier cars.

The 365 was the least successful of the early 2+2s, with 801 units sold, versus 954 for the 250 GTE 2+2 (1960-63) and 1,080 for the 330 GT 2+2 (1963-67). When new, the 2+2s regularly outsold the sportier two-seater versions, yet the two-seaters are worth far more today. Buyers selected 2+2s when new for their greater room and comfort; today they represent genuine bargains as long as you can live with the styling.

Most observers seem to view the 365 2+2’s shape as a notch below the 250 and 330 2+2 body styles. The elongated rear sections of the car, derived from the limited-production Superfast models, didn’t work well on the 365 2+2 and have tended to date the design.

The mechanical condition of any older Ferrari can not be taken for granted. The cost to overhaul the engine can exceed the price paid for this car. If the mechanicals check out, this car is well bought by current U.S. market standards, where good clean examples of this model start trading in the mid $30s.

Two other recent 365 2+2s come to mind: A very decent red/tan car, with solid mechanicals, good older paint and an interior showing some age was bid to $35,000 (and unsold) at Auburn, Indiana in September ’98. A similar car was bid to $35,500 and not sold by Brooks in Gstaad, Switzerland in December ‘98. Both owners wanted more, but it takes a very special 365 GT 2+2 to bring more.

Although the car shown here represents the chance to own a V12 Ferrari at an absolute bargain basement price, this is not a car to buy on the phone in a moment of Ferrari passion. Nor is any 2+2 an investment that should be expected to reap financial rewards. Rather, it is a rational purchase decision requiring careful deliberation, a detailed understanding of the car, and a willingness to trade rear seats for market value.— Jim Schrager

Avatar photo

Written by

Jim Schrager has written about Porsches for SCM since 1997. He has also contributed to the 356 Registry, Panorama, and Excellence, and wrote two well-received books predicting the rapid rise in values for 356 and early 911 models.

Comments are closed.