Being born in the 1980’s means there was a plethora of Lamborghini Countach and Ferrari Testarossa posters draped across our bedroom walls as children. The radical wedge design was in full force with large vents, angular styling, and cabin forward position to accommodate larger engine sizes, all of which seemed unnecessary and excessive. These […]
Being born in the 1980’s means there was a plethora of Lamborghini Countach and Ferrari Testarossa posters draped across our bedroom walls as children. The radical wedge design was in full force with large vents, angular styling, and cabin forward position to accommodate larger engine sizes, all of which seemed unnecessary and excessive. These design flaws; or should I say, design feats make these cars horribly amazing and utterly awesome compared to any other era! Fast forward about 35 years later and generation Xers and now millennials with the disposable income to purchase a fun, investment grade car they relished over as a teenager, are doing so thus driving prices to the current high levels.
According to Hagerty, prices for a Lamborghini Countach tripled in 2014, up 175% from 2013. Is this a scary, bubble-like increase? Or are these cars finally coming into their own and are now fetching the prices they should have always been achieving? Only time will tell but we think with low production numbers, radical styling, associated nostalgia, and immense power, the Countach has all the makings for a true investment grade car that will survive market fluctuations. We currently have two 1989 25th Anniversary cars both with low miles and Red/Tan. From a selling standpoint, we felt that for the most part, these cars are bringing the appropriate prices at auction on a larger stage, rather than privately. The overall market is not completely aware of the pricing trend thus we turn to auction in order to solidify that trend. Only “in-tune” astute collectors and buyers are aware of the increase and understand paying $410,000 for an excellent 1989 model. Auctions tend to attract these buyers fairly well which is why we decided this stage would yield the best results. However, since we love these cars so dearly, we are selling one privately (located on our “Current Offerings” tab) to test the waters, keeping and enjoying it right in front of our desks at the LBI Stable.
Another iconic car of the 80s that has recently seen gains is the Ferrari Testarossa. With similar styling to the Countach (albeit less vents) the Testarossa has a 12 cylinder monster power plant that is slightly easier to drive than a Countach. As we all know, when Enzo Ferrari died in 1988, prices for Testarossas skyrocketed in hopes/anticipation of a market spike which occurred due to everyone in the business and Ferrari enthusiasts thinking the same way. The list price on a Testarossa in 1990 was approximately $150,000 with many selling for as high as $100,000 over list price then subsequently being sold for a $30,000 profit after. Of every Ferrari model, the Testarossa may be the car with the most time-capsule, sub 300 mile examples currently on the market or sold recently at auction. Some of these delivery mileage examples achieved as high as $280,000. In fact, we have recently heard of a car selling for close to $350,000! All you speculators in the early 1990s may finally get the return you’ve been waiting for. As for us, we sold a special 1988 with 4,300 miles and a 1986 “Flying Mirror” car to the same collector despite our deepest desire to keep them!
Italian supercars of the 80s are not the only cars getting all the attention. A few weeks ago, during the RM Auction’s Ameila Island sale, a time-capsule 1988 Porsche Slant Nose 930 Turbo Cabriolet with 2,401 miles from new achieved an astounding $363,000. This will send many dealers into a feverish search for low mileage slant nose cars in anticipation of price hikes. We are firm believers that market pricing trends start with a single auction result or two then the ensuing flurry of across-the-board price spikes result from a hand full of “in-tune” dealers asking speculative money hoping to continue the trend.
The bottom-line is, special cars from the ’80s are finally being recognized among the collector car community, and rightfully so. They are icons from a period were bold styling, neon clothes, ray-bans, and huge collars dominated the fashion industry which translated into wild car design. Many people ask us what the next hot item is. For now, our answer is simply “Supercars of the ’80s.”