Ferrari 308 For Sale $20000: A 1978 GTS Project Deep Dive

Finding a classic Ferrari, specifically a desirable model like the 308 GTS, often seems like a distant dream for enthusiasts on a tighter budget. The idea of a “Ferrari 308 For Sale 000” typically conjures images of a significant project, and this largely original 1978 example provides a tangible look at what that might entail. With just over 77,000 miles showing, this car, powered by its factory 2.9L V8 with quad Weber carburetors, recently emerged from over two decades in storage, presenting a unique restoration opportunity.

Exterior: Originality vs. Condition

The car wears what is believed to be its original Rosso Corsa paint, a significant plus for potential restorers valuing authenticity. However, the years have taken their toll. The paint is described as dry and worn, exhibiting etching, cracking, and a noticeable area of peeling on the hood. Critically, rust spots are visible ahead of both doors near the rockers and forward of the right rear wheel well, requiring immediate attention. Despite these cosmetic flaws, the seller reports no evidence of accidents or bodywork, and the panel gaps appear consistent in photographs, suggesting a straight chassis.

Rear three-quarter view of a red 1978 Ferrari 308 GTS project car showing faded paint and body lines.

Low angle front view of the 1978 Ferrari 308 GTS revealing worn Rosso Corsa paint and classic pop-up headlights.

Interior: A Time Capsule Needing Revival

Inside, the tan leather interior reflects both its age and the effects of long-term storage. The seats appear dry and cracked with some staining. The carpets are similarly worn and faded. On the dashboard, the upholstery covering the instrument cowl shows several cracks, and the windshield has a small delamination spot at its base.

Driver's side view inside the Ferrari 308 GTS cabin showing cracked tan leather seats and worn interior needing restoration.

Despite the wear, much of the original equipment remains. The chrome trim pieces, iconic gated shift plate, and switchgear are present and in fair condition, though a small red plastic lens cover is missing from one lower switch.

Close-up of the Ferrari 308 GTS center console featuring the classic gated shifter and switchgear.

The original Veglia gauges are reported to be functional, along with the warning lights. The aluminum dash panel itself has survived the years relatively well, maintaining a core element of the classic 308 cockpit experience.

Original Veglia instrument cluster in the 1978 Ferrari 308 GTS dashboard, displaying gauges and mileage.

Mechanicals: Running Engine, Known Issues

The heart of this 308 GTS is its 2.9-liter F106 V8 engine, believed to be original to the car. When new, this engine, fed by four twin-choke Weber 40DCNF carburetors, produced around 237 horsepower. After being stored dry (except for oil), the engine received recent attention to bring it back to life. This included a 12V system check, inspection of belts (including timing belt), replacement of all fuel hoses, a cooling system flush and fill with hose checks, and an oil and filter change. A new battery was also installed.

Engine bay of the 1978 Ferrari 308 GTS showcasing the 2.9L F106 V8 engine with Weber carburetors.

Encouragingly, the engine started on the first try after servicing. The coolant tank and airbox have been reattached, and a new air filter was fitted. The gearbox and clutch are reported to be operational through all gears, and the system was refilled with fresh gear oil. The brakes, including the emergency brake, are also functional. The car rides on 16″ alloy wheels, which are in good condition but are not the original units.

Ferrari 308 V8 engine with airbox reattached after service, ready for inspection.

Engine Health & Compression

While the engine runs, a compression test revealed consistently low readings of 59-61 psi across all eight cylinders. This is attributed to the long period of inactivity, with the piston rings being the likely culprit. The seller notes the car starts, runs, and idles easily but has not been brought up to full operating temperature. Furthermore, the smog equipment is not intact, meaning the car cannot pass a California smog test in its current state – a crucial consideration for potential buyers depending on their location.

Mechanic performing a compression test on the Ferrari 308 V8 engine, showing gauge readings.

Background and Undercarriage

This Ferrari 308 GTS has an interesting recent history. The current seller purchased it in 2014 from the estate of a previous owner who had acquired it in 1993 and kept it warehoused for 21 years. The seller, involved with the company Electric GT which performs electric conversions (including on another 308), initially intended to convert this car. However, recognizing its high degree of mechanical and cosmetic originality, they decided against the conversion, opting instead to offer it for restoration.

Side profile of the red 1978 Ferrari 308 GTS highlighting its classic Pininfarina design lines despite paint flaws.

Benefitting from its time stored in a dry climate, the undercarriage shows minimal significant corrosion according to the seller. Photos support this, showing the frame and suspension components appearing relatively clean for a car of this age.

View of the front undercarriage of the Ferrari 308 GTS, showing frame and suspension components with minimal corrosion.

Authenticity is further supported by correct data plates and stampings, confirming chassis #24645 and engine #00326. However, prospective buyers should note some missing parts: the rear Prancing Horse, GTS, and Ferrari badges are gone, along with the spare tire, hold-down screw, bonnet stay, and battery cover. The original antenna and base are included but not installed.

Close-up of the engine number stamping (#00326) on the Ferrari 308's F106 V8 block.

Conclusion

This 1978 Ferrari 308 GTS represents the reality of what a potential “Ferrari 308 For Sale 000” might look like: a fundamentally desirable and largely original classic requiring significant work. Its strengths lie in its originality, running engine, and seemingly solid structure preserved by long storage. The major challenges include addressing the low engine compression, tackling the rust spots, restoring the interior, and rectifying the missing smog equipment. For an enthusiast prepared for a comprehensive restoration project, this car offers a rare starting point, but buyers should be aware of the substantial investment in time and resources needed.

A video of the car starting and running can be viewed here:
https://youtu.be/UyevWbC4P3s