1989 Ferrari 328 GTS with 694 miles “defies logic” by selling for a hefty $228,500

Two things immediately came to mind when we saw this 1989 Ferrari 328 GTS sell for a whopping $228,500 on Bring a Trailer last week: Even with only 694 miles on the clock, that’s a huge chunk of change for a 328, and we sure wish we were the seller.

We asked Hagerty valuation editor Andrew Newton to make sense of the sale.

“Ferraris tend to live pampered lives, but since the 308/328 was one of the most affordable ways into Ferrari ownership for many years, a lot of cars out there led somewhat harder lives, saw more deferred maintenance, and traveled more miles. So, the fact that this 328 is none of those things makes it a standout,” Newton says. “A 694-mile time capsule like this is remarkable by the standards of any Ferrari model, let alone a more humble 328. But that only goes part of the way in in explaining this price, which is 2.64 times the value of one in #1 (Concours) condition. It defies logic.”

Perhaps even more illogical: Even at that high-altitude price, this 328 doesn’t come close to being the most expensive of all time. That distinction belongs to a 556-mile example that sold at RM Sotheby’s 2015 London Auction for £190,400 (nearly $280,000 at the time), proving once again that even “inexpensive” Ferraris can be very expensive.

BaT’s 1989 Ferrari 328—the model’s final iteration—is a black-on-black example that was sold new in the U.S. and spent time in Missouri and Illinois before being imported to Canada in 2006.

Power comes from a mid-mounted, 270-hp 3.2-liter Type F105 V-8 that features Bosch K-Jetronic mechanical fuel injection and Magneti Marelli ignition, mated to a five-speed manual transaxle. Features include fog lights, side window louvers, a removable black roof panel that stores behind the seats, and factory 16×7-inch front and 16×8-inch rear five-spoke wheels mounted with period Goodyear Eagle ZR50 tires (205/55 up front, 225/50 in back). The interior is covered in black leather with a matching dashboard, carpets, and door panels. It has air conditioning, power windows, a rear window defroster, and a gated shifter.

According to the seller, the car received new belts and fluid flushes in 2010 and ’14 and had an oil change, brake fluid flush, and alignment in October 2017. The sale includes manufacturer’s literature, a tool kit and jack, service records from 2010–17, a clean Carfax report, and registration from Alberta, Canada.

Looks like all that pampering paid off.