Owner: T.J. Ostapchuk
Car: 1978 Ferrari 308 GTS
Bought in: 2011
Mileage when purchased/now: 30 000 km/56 000 km
Current value: Between U$65 000 and U$100 000 – based on Hagerty’s valuation tool.
Why I bought this car: The Ferrari 308 was my first love. When I was six years old, I was given a tiny red Hotwheels toy. It had “Racebait 308” stamped on the undercarriage, and “308 GTB” on the bonnet. It was a tiny 1/64 th scale Ferrari 308 GTB. But without any of the official Ferrari licensing or branding. Originally, I had assumed it was a Porsche, like my neighbour’s’ brand-new Rally Yellow 924. I had another neighbour who owned an Irish Green 1970 911E. So in my six-year-old brain, this little red car was a Porsche. Except it wasn’t.
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It turned out to be something a bit more exotic, a bit more special. Most importantly, it was the prettiest car I had ever seen. In the years following, I had done my fair share of scouring the classified ads, searching the internet, speaking with owners and enthusiasts. Finally, I was able to purchase my dream car. A 1978 Ferrari 308 GTS in grigio ferro, (steel grey) with a pelle rosso (red leather) interior. The seller was Steve Harris Imports in Salt Lake City. He had a very original 19k mile example for sale in their showroom. It shared space with the Bill Harrah’s 365 GTB/4 Daytona known as “Harrah’s Hot Rod” as well as a 288 GTO and an F40. At the time, it was an honest used Ferrari, and a well-depreciated one at that.
Click here to read our driving review of the legendary Ferrari F40.
Depreciation is a kind friend of people like me, a working-class firefighter in the suburbs of New York City. A vehicle history from the incredible, independent Ferrari Market Letter was able to give me some background of this particular car. This car was originally delivered to the Ferrari dealer in San Francisco. It was purchased by American author, and noted Ferrari historian Michael T. Lynch. It was sold in 1996 as part of a five-car collection to an individual who ultimately brought it to Utah and sold it. My story starts with it sitting as a used car in a Ferrari dealership.
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Common issues with this model: Most of the common issues with a 1970’s Ferrari are similar to most, if not all Italian cars from the era. Rust is the biggest issue for any steel-bodied car. Aside from the evil ‘tinworm’, the most common major issue are problems from deferred maintenance. These cars need regular cambelt changes. This includes the replacement of cambelts, tensioners and bearing at a time frame somewhere between three and seven years. Personally, I have followed the five year/30k mile regimen for the past 13 years, and it seems to work well for me and this car. As a matter of fact, the belts are being replaced as you read this.
It is important to remember that the engine service can be quite expensive. I usually budget around US$10 000 for the five-year ‘major service’. This covers the major, as well as any one of a number of “While you’re in there, let’s replace the clutch. Or rebuild the water pump. Or rebuild the alternator.” Finally, it seems as if every Ferrari 308 needs a steering rack replacement at some point. So, common issues are 1) rust, 2) deferred maintenance/major service time and expense 3) steering rack replacement/rebuilding.
Click here to read about more classic cars owned by local enthusiasts.
Major repairs I’ve conducted: Overall, these are very reliable cars when properly serviced, and driven regularly. Under my custodianship, this car has been driven roughly 18k miles. The regular servicing has included upgrades to the single-distributor ignition system, replacement of tires and brake pads, replacement of the clutch, and the addition of a bespoke Quicksilver exhaust system, from the headers back.
This car was originally delivered to the Ferrari dealership in San Francisco, California with some of the most restrictive smog reduction equipment installed at the time. Over the years, previous owners had made various modifications to the emissions equipment, ultimately removing the air pump and catalytic converters. Since the emissions equipment is no longer necessary in our region, it was removed in favour of a less-restrictive exhaust system. Otherwise, change the fluids, replace the tires and cam belts, and enjoy. Good luck finding speed-rated 14-inch tires these days.
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The best thing about my car: Although it is a 45-year-old pedestrian Ferrari, its still a Ferrari. Every day I walk into my garage and think “Wow! That’s a Ferrari in my garage!” Ultimately, these are good cars, with some rather common idiosyncrasies. The chassis is extremely neutral, with some understeer at the limit. The 240+/- horsepower is just enough to enthusiastically move the car without having to worry about this thing eating your face.
The original 1970’s factory-spec brakes and tires (Vredestein Sprint Classic) are good enough to perform required function with some nostalgia. In my mind, there was no sense endlessly upgrading wheels, tires, brakes, etc in an effort to gain performance. It’s a classic car, and its existence is enough. Is your Corolla faster from 0-60? Probably, but Niki Lauda never owned one. Ultimately, the classic Ferrari 308 experience is driving a well-engineered mid-engine road car that had a feel of a racing car of the era. Very analogue, with direct steering and a big, clunky gear change.
Click here to read about a Ferrari 308 that now features a Honda engine.
The worst thing about my car: Besides the endless “Magnum P.I.” jokes that everyone seemingly makes about the Ferrari 308, the absolute worst thing about a 308 is that they are terrible as transportation. They are machines of incredible engineering, which move very well, but the 308 is not your best choice for running errands in traffic, on a rainy October evening. The car has a low front overhang, so you can drag the fiberglass on driveway aprons and transitions. The car is low, extremely low to the ground, and this makes ingress and egress difficult for frequent stops when out running errands. No matter how fresh your weatherstripping is, the removable roof panel leaks in the rain.
It consumes oil, at a rate of about a quart every 1,000 miles (Which is still within factory specification). Oil changes can be expensive since the diminutive 2.9l V8 has an oil capacity of roughly 10 quarts. The clutch pedal requires about 30 kg of force to press it to the floor. This makes stop-and-go traffic something to avoid. That, and there is not much trunk space, so taking your sweetheart away for the weekend is easier for everyone involved when you skip the luxury of changes of clothing.
Tech spec below the gallery…
1978 Ferrari 308 GTS Tech Spec
Engine: 2 927 cm³, DOHC V8
Transmission: five-speed manual
Power: 179 kW
Torque: 264 N.m
Top speed: 245 km/h
0-100 km/h: 5,9 seconds
Take a ride in the 1978 Ferrari 308 GTS with TJ in the video below.
Brilliant article.