2003 Ferrari Enzo

This 2003 Ferrari Enzo sold for $1,265,000 at the Gooding & Company sale in Scottsdale, Arizona, on January 17, 2009.

Defining a modern car as a 1980 model or later, the number of modern cars that sell for more than their original list price is an exclusive club. The McLaren F1 makes it, the Jaguar XJ 220 doesn’t. The BMW M1 makes it, the Bugatti EB110 doesn’t. The Porsche 959 barely misses the mark, while on a good day, the right late 1980s Aston Martin V8 might squeak by. Not surprisingly, the marque with the most entries is Ferrari.

The common thread among modern cars still selling over list price is that they all are top-of-the-market cars from prestigious manufacturers, they were built in very small quantities (with the exception of the Ferrari F40, with 1,315 produced), and only a favored client was in on the initial offering. They often (but not always) sold for a large premium over their list price, and if their value ever dropped under the list price it was only briefly. In short, they are the cars we still lust for years and even decades after their introduction.

Selling for more than when new

While nearly all cars depreciate, Ferrari holds the envious distinction that every one of its 1977-and-older cars will sell for more than they did as new cars. Obviously this declaration carries a few qualifications like good condition, low miles, and no drama, but amazingly, it’s an accurate statement. Maserati, Lamborghini, and Aston Martin may also share this distinction for a few models, but even if there’s another manufacturer I’ve missed, the list remains very small. Granted, adjusting for inflation, holding costs, insurance, and maintenance eats up a lot of capital appreciation, but the point remains-these are pretty special cars.

The Ferrari 288 GTO, F40, F50, and Enzo all still command a premium over their MSRP, and I suspect they always will. With the help of inflation, the 288 GTO leads the appreciation pack, selling at multiple times its original list price. The F40 and F50 have bobbed up and down near par values, and the Enzo may be the real winner, bringing nearly double its list in an era of low inflation.

The Ferrari Enzo Ferrari (the official name) was introduced as a model to celebrate four years of Ferrari Formula One success. Like the F50 before it, it was to be a showplace of Ferrari’s ability to transfer F1 technology to a road-going automobile. While the F50 may have been a truer representation of F1 mechanical technology transfer, the Enzo got the sizzle. Winston Goodfellow reports in his excellent book Ferrari Road and Racing that Pininfarina developed two dozen design proposals that were cut down to two for presentation to Ferrari. They then developed yet another design, and the final product was a composite of the three.

The Enzo is pure haute couture

There is nothing discreet about the Enzo’s design; it is pure haute couture, cutting-edge style that dances on the line between art and automobile. This is a Ferrari for the client who can afford the best and doesn’t care who knows it. Although the lines are overtly stylistic, they do not compromise their underlying job of being aerodynamically functional. A major goal of the Ferrari Enzo Ferrari project was to build serious racing aerodynamic tools into the design of a road-going automobile. The result produces exceptional downforce without the aid of a large rear wing.

There was never a lack of customers for the Enzo; they were sold out before the first one was delivered. Prospective purchasers were said to have had to present a bio to Ferrari and been judged worthy before their $650,000 check was accepted. This eliminated many speculators, and a large percentage of Enzos are still with their original owners. There are few Enzos on the market, which undoubtedly fuels the unusually high resale value.

As they say in Texas, this wasn’t the Gooding Enzo’s first rodeo. It spent time in Florida and Texas before being sold post-auction at Kruse’s Monterey (Concorso) auction in August 2005 for a reported $1,080,000. Auction reporter Rick Carey noted the result was generous for an indifferently presented car. I suspect since then it has had a proper visit with a detailer, and at this auction it looked like a 450-mile Enzo. I’m sure there are other ultra-low mile Ferrari Enzos out there, but it may take a while for one to come to market. The buyer paid all the money for this one, but considering the time it might take to find another, he didn’t overpay. He can start enjoying his purchase right away, and for many buyers, that’s worth a few extra dollars