SCM Analysis
Detailing
| Vehicle: | 1988 Lamborghini LM002 |
| Years Produced: | 1986–93 |
| Number Produced: | 328 |
| SCM Valuation: | $275,000 |
| Tune Up Cost: | $2,500 |
| Chassis Number Location: | Right front strut tower |
| Engine Number Location: | Left front door |
| Club Info: | Lamborghini Club America |
| Website: | http://www.lamborghiniclubamerica.com |
| Alternatives: | 1989–2003 Laforza, 2002 Mercedes-Benz G63 AMG V12, 2006 Hummer H1 Alpha |
| Investment Grade: | C |
This car, Lot 156, sold for $320,637 (€308,750), including buyer’s premium, at RM Sotheby’s Monaco sale on May 14, 2022.
Do you remember the vehicles you used to doodle as a kid? Mine usually had big wings, big tires and sometimes even gun turrets. Little did I know that I’d be scribbling blueprints for a vehicle, part tank and part F1 car, that would end up in my garage as an adult (minus the gun turrets).
The LM002 is a caricature, a childlike vision of a grown up’s car. On paper it is as ridiculous as it looks, with a six-carb V12 in front and diamond-plated pickup bed in the back. It has a 120-mph top speed, four-wheel drive with locking hubs, and a 45-gallon gas tank nestled behind the rear seats. What little practicality as transportation it offers is limited to rather nice leather seats, power windows, and a mildly effective air-conditioning system that mostly just moves the gasoline-scented cabin air to-and-fro.
Yet the LM002 was futuristic in-period. Four decades later, Aston Martin, Ferrari, Maserati and Lamborghini (again) are all building SUVs. Even the new Hummer EV and forthcoming Tesla Cybertruck owe the LM002 a debt of inspiration. In Sant’Agata, they have always been ahead of the curve, but leave it to Lamborghini to bring this beast to life at a time when no one was asking for it.
Tired tires
The Countach-based engine is an easily serviceable unit, assuming that you have a reputable mechanic, and the ZF transmission is pretty bomb-proof. That mechanic must have the patience and special tools to tune the carburetors, one of the reasons why some prefer the later fuel-injected variants. When it comes to the drivetrain, the only thing you really have to fear for is your left leg, as the LM002 clutch pedal is a thing of legend.
If there is an Achilles heel here, it is the tires. The fabled 345-mm-wide Pirelli Scorpions have gone out of production, likely never to be made again. Even if one can find a set for sale, they’re probably quite old and as expensive as a year of college tuition. Proceed with caution, literally.
Our subject vehicle is lucky enough to be wearing the street version of the tire, which makes it a bit less of a liability. The sand tires that came on many of the early trucks were designed for jumping over the dunes of the Saudi Arabian desert. Their rubber compound was not meant to be used on asphalt and will be unsafe at highway speed.
It also has a sliding rear window, which, according to former Lamborghini test driver Valentino Balboni, was a rare add-on. I can tell you from experience that this certainly lessens the fumes generated by the massive gas tank. Hearing the howling V12 as it revs also helps to distract you, although that contributes to the LM002’s miserable fuel economy, about nine miles per gallon.
Not one, but two
Our subject vehicle appears to have received not one, but two major engine services in its first 25,000 miles, the most recent coming just 2,500 miles ago. Yet the auction company urges “due care and maintenance before it can return to the road.” This begs the question: What is preventing it from being driven?
One would think that the fairly recent engine service (as well as the differential) would be a good thing. The inevitable Chinese finger trap of collectible cars — will more problems arise from driving or from sitting in storage? — may be at play here. From my experience, these vehicles will require maintenance either way, so why not have fun with them in the meantime? The more you use them, the better they get, like breaking in a baseball glove. Machines are meant to operate, not be static.
With its roughly 28k miles showing, I would not consider this to be a low-mileage specimen. That said, a vehicle that has been serviced regularly is not something I’d shy away from just due to mileage. In fact, I wouldn’t be afraid to put another 25k on it.
Rising interest
With only 328 examples built, the LM002 has assuredly earned its place among the ranks of Next Gen icons. Our subject car isn’t wearing its original paint, which could ding the value a bit. The bigger issue is not knowing what is truly required to recommission it. While it’s hard to say whether this example was well sold or well purchased, the price is in line with recent sales, provided it does not have any problems lurking beneath its disclaimer.
From 2014 to 2017, LM002s were trading hands fairly often in the $150k–$200k range. Since the high-water mark, a $420k sale by RM Sotheby’s in December 2017 (SCM# 6853720), we have seen sales falling in the $250k–$400k range. As a longtime owner, I’m happy to see these continue to appreciate. With the general rise in interest in collectible trucks and SUVs and the strong growth of the market for ’80s and ’90s collector cars, this trend is likely to continue. ♦
(Introductory description courtesy of RM Sotheby’s)
