News & Features May 31, 2007, 2:46PM EST

Ferrari's Coup

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Around s/n 1499, after about 200 had been produced, Dunlop disc brakes replaced the traditional drums. A little later, the much improved outside spark plug engine, Tipo 128F, was fitted to s/n 1527 and the cars that followed. The 4-speed transmission was dropped in favor of a 4-speed with electric overdrive. These changes made the later cars much better drivers and stoppers.

Using the Thorson collectibility scale, (February,"Race Profile," p. 65), where does this Ferrari fit?

First, was it special when new? Well, it was expensive, at $12,600; it cost as much as a very delectable selection of other Ferraris. It was the same price as an alloy-bodied Tour de France, and more expensive than an LWB California. Even a Testa Rossa was comparably priced and available, if you had the right racing license and a good team. Sort of reminds me of the lucky-unlucky guy who inherited his dad's 365 GTC/4 bought new 35 years before. The father chose it because, while it was more expensive than a Daytona Spyder or even a leftover NART Spyder, it was more civilized.

Second, was the PF coupe ever associated with special events or people? I may have missed them, but I don't recall any stories about Rubirosa romancing his lady of the week in his PF coupe, and of course there is little competition history, let alone any victories. So on the second scale, the PF coupe is pretty low in the Ferrari hierarchy.

Vast numbers sacrificed for parts

Third, rarity. It outsold all other models available in the late '50s and all models preceding it. When the first prototype, s/n 0843, was finished, Ferrari had produced fewer than 800 cars since its founding ten years earlier, so the sale of 353 cars in a little over two years was very significant to Ferrari's cash flow. Because of the vast numbers sacrificed for parts, they are now somewhat rare.

Finally, what's its fun quotient? Well, parts and service are readily available, if not cheap. It would probably be admitted to most of the international driving events, maybe after languishing on the waitlist. It will probably not be Pebble Beach material anytime soon, but most other events would welcome it. And it is a V12, makes all the right sounds, and should impress almost everybody at the local cruise night. So maybe it's a 50–60 percentile car.

Is it worth $153,000? The Ferrari Market Letter shows this model to have the highest increase in its Asking Price Index of any Ferrari over the last two years, close to 100%. Are we seeing a "bubble" in prices of second-tier Ferraris, similar to the 1986–90 period? Or is this vindication for the bottom-fishing theory of investing, that buying the cheapest house on a great block is the best way to go? Only time will tell, but meanwhile, it will be a great tour car, and as the prices of all old V12s continues to climb, this may be the new price of entry to the club.

Years Produced: 1958–60

Number Produced: 353

Original List Price: $12,600

SCM Valuation: $125,000–$175,000 (at time of print)

Tune-up Cost: $2,000

Distributor Caps: $400 each

Chassis #: 1617

Chassis # Location: Front frame tube

Engine # Location: Right rear engine mount

Club Info: Ferrari Club of America, Box 720597 Atlanta, GA 30358

Web Site: http://www.ferrariclubofamerica.org

Alternatives: 1955–58 Mercedes 300Sc coupe, 1962–65 Porsche 356 Carrera 2 GS coupe, 1961–62 Aston Martin DB4 Series V coupe,