From the onset, the intention of the 400 had been to challenge the finest luxury saloons available. It was anticipated that a large demand would come from the lucrative American market, though sadly the cost involved in meeting the stringent US regulations denied this option.
Introduced in 1976 at the Paris salon, it was available with either a five-speed manual gearbox or automatic three-speed transmission, sourced from General Motors. This option was targeted at those customers who wanted a long-distance GT without having to change gear; it was very much a boulevard cruiser in the modern idiom of the time. 502 examples of the standard, carbureted 400 models were built before fuel injection was introduced in 1979, mostly selling to the European market.
This 400 was purchased new by Alfred Heineken in France, as an update for a 308 model. The car was kept in France until 1983, when it was imported to Holland. It has the three-speed automatic option, 340-bhp V12 engine and four-wheel disc brakes.
This is the archetypal example of the model, right down to its period color. Throughout more than 20 years of ownership, its mileage has remained under 8,000 km (4,968 miles), and naturally its condition reflects its limited use. Furthermore, the benefit of its single ownership from new is that it retains its original tools, handbook, etc. A relatively small number of the model was built; they represent a tremendous value for the money in our opinion, with the glorious V12 engine and ample room to go long-distance touring. These aspects, combined with the uncomplicated history of this car, mean that we highly recommend this four-seat Ferrari.
SCM Analysis
Detailing
| Vehicle: | 1969 Chevrolet Camaro Pace Car |
This car sold for $32,994, including buyer’s premium, at the Christie’s Retromobile Paris auction, held February 8, 2003.
If there were a prize for the most undervalued Ferrari, it would have to go to the 400 Automatic. When a 4.8-liter, four-cam, 12-cylinder Ferrari-with a Pininfarina-designed and -built body-is the entry-level Ferrari, something’s wrong.
The 400 is the best-known derivative of the longest-running Ferrari production series ever. Initially introduced in 1972 as a 365 GT4 2+2, the model metamorphosed into the 400 GT and Automatic, then the 400i and 400i Automatic and finally the 412 GT and Automatic. The series was finally discontinued in 1989, an unprecedented 17-year production run.
While four-seater Ferraris have never set sales records, they have always been steady sellers. They can be daily drivers and often show up with lots of miles and plenty of wear. Use equals depreciation, and four-place Ferraris quickly work their way to the bottom of Ferrari values. Since they contain very similar mechanical components to their two-seat siblings at a 30-60% discount in sales price, the four-place Ferraris can be an exceptional value. The most serious danger is underestimating restoration costs, as a paint job can run nearly half the value of the car and an engine job can cost more than the car itself. Normal maintenance is expensive, but it is less than newer Ferraris and required less frequently.
When choosing a 400, the five-speed is preferred and brings a 5-10% premium. The gearing of the three-speed automatic is not intuitive and kills the performance of the car. For instance, driven at any constant speed, the automatic shifts into top gear. At 30 mph, top gear equals 1,100 rpm, well out of the torque range needed for maneuverability. The flexibility of the five-speed allows you to choose a more appropriate gear and take advantage of the car’s performance. The dual air-conditioning option is also desirable, as it makes the marginal output almost acceptable.
The single owner of 400 Automatic s/n 24185 was, indeed, a Heineken of the brewery fame. The car was presented with all the original books, tools and delivery items. It apparently suffered some neglect, and was reported as having stained seats.
There are legitimate reasons low-mileage cars sell at a premium, but determining the amount is always a problem. The roughly 4,900 miles on this car is enough mileage to lessen the maintenance concerns of an ultra-low-mileage, rarely used car, but still low enough to make any new mileage a concern. The pride of ownership of a time-warp car is always contrasted with the knowledge that every new rock chip and every new mile moves it closer to just another used car.
This car had both low mileage and celebrity ownership. While the estimate was $16,000-$19,000, at least two people wanted it very badly. It sold for an unexpected $28,000, $33,000 after a stiff 17.5% commission. Was it a good purchase? I think so. A nearly new Ferrari with all the goodies for about 15% of the cost of its current replacement can’t be all bad. My only reservation is the bronze color. The auction house noted it as a “period color,” but I call it outdated.
400s will never have the respect or value of their two-passenger siblings, but the value of them today, when in decent condition like this, is just too low.-Steve Ahlgrim