Tuesday, May 3, 2011
Car Of The Day: May 3, 2011
Today's car of the day is Topper Johnny Lightning's 1964 Ferrari 250 GTO.
The Ferrari 250 GTO is a GT car which was produced by Ferrari from 1962 to 1964 for homologation into the FIA's Group 3 Grand Touring Car category.
The numerical part of its name denotes the displacement in cubic centimeters of each cylinder of the engine, whilst GTO stands for "Gran Turismo Omologata", Italian for "Grand Touring Homologated."
When new, the GTO commanded an $18,000 purchase price in the United States, and buyers had to be personally approved by Enzo Ferrari and his dealer for North America, Luigi Chinetti.
36 cars were made in the years '62/'63. In 1964 'Series II' was introduced, which had a slightly different look. Three such cars were made, and four older 'Series I' were given a 'Series II' body. It brought the total of GTOs produced to 39.
In 2004, Sports Car International placed the 250 GTO eighth on a list of Top Sports Cars of the 1960s, and nominated it the top sports car of all time. Similarly, Motor Trend Classic placed the 250 GTO first on a list of the "Greatest Ferraris of all time".
For more information and pictures of the real car please visit: Ferrari 250 GTO
This was purchased from bunkerjim at the Keystone CARnival. Thanks Jim! I could be wrong on what particular model of Ferrari this is meant to represent, but the 250 GTO seems to be the closest match. If anyone knows differently, please let me know!
From the late 1970s to the late 1980s, classic car values rose rapidly and the 250 GTO, touted as the Ferrari that most successfully embodies the salient traits of the marque, became the most valuable of all Ferraris.
According to an anonymously authored article in Times Online, a 250 GTO seized by the FBI from a convicted drug dealer was sold in a sealed auction in 1988 for approximately $2 million. In 1989, at the peak of the boom, a 250 GTO was sold to a Japanese buyer for $14.6 million plus commission. By 1994 that example changed hands for about $3.5 million. In 2008, a British buyer bought a 250 GTO that formerly belonged to Lee Kun-hee of Samsung Electronics at an auction for a record £15.7 million. In May 2010, BBC Radio 2 DJ Chris Evans bought chassis number 4675 GT for £12 million.
Scarcity and high monetary values led to the creation of several replica 250 GTOs on more common Ferrari chassis. Misrepresentations of the original cars, offered for sale at full market value, have been reported.
However the values of legitimate high-demand Ferrari models have continued to rise through the present decade.