While Ferrari may charge over half a million to restore their classics, an alternative specialist is available for half the price!
BY SAM MAIN
VIA HOTCARS
PUBLISHED MAY 11, 2023
One of the greatest and most admirable groups in the entire car community are those that restore classic cars. Craftsmen who rescue and revive ancient works of mechanical art and bring them back to their former glory. But one thing that always escapes the mind of the usual viewer is how much a restoration financially costs. As ever, the cost is highly subjective as it depends on the car being restored.
The truly eye-watering restorations come in the shape of ultra-rare high-class exotic supercars. This is best seen in the resurrection of classic Ferraris and is something Tom Yang – a highly accredited Ferrari restorer who once restored his own Ferrari 330 America – knows all too well. But, as Yang has detailed to VinWiki, an intriguing yet legitimate alternative exists, one that does not break the bank but gives a near-perfect finish for the restoration of a classic Ferrari.
Does Ferrari Restore Classic Cars?
Before we get into Yang’s discovery of a far cheaper yet legitimate way to restore Ferraris, many might be wondering if Ferrari themselves restore their classic line-up. After all, companies such as Aston Martin and Lamborghini now offer bespoke classic restoration services done in-house (though for an exceptional price). The same is true for Ferrari. Done in their hometown of Maranello, Ferrari provides a unique service to authentically restore customers’ classic cars.
The only catch is it can take over 14 months to do so and can cost north of $500,000, a truly eye-watering price, but one that no doubt reflects the labor and hours that go into it. So when Tom Yang was approached by a client to restore both a Ferrari 250 GTE and a Ferrari 330 GT. His first response was that a typical restoration shop for a classic Ferrari would charge north of $400,000. A lot of money given the limited value of the vehicle, and as Ferraris sit on top of the list of vintage sports cars that are often too expensive to restore in the first place, an alternative had to be found.
The Cheaper Yet Still Effective Way To Restore A Ferrari
Yang’s client then discovered a cheaper alternative than sending their cars to Ferrari or a West-coast restorer. A restoration shop in Latvia quoted around $200,000 to restore a Ferrari. Sounding too good to be true, Yang and the client flew out and examined the shop and their craft to see if it was legit. Lo and behold, it was.
The Latvian restorer, although had a cheap labor rate, still purchased parts from Europe, which made the cars as authentic as possible. The decision was made to send both the 250 GTE and the 330 GT to Latvia for their resurrection, and the results speak for themselves.
How Much Is A Classic Ferrari 250 GTE Worth?
The 250 GTE needs no introduction; A car that makes common appearances in the ‘most desirable Ferraris lists that enthusiasts make. This Pininfarina-designed automobile weighs in at around 2800 lbs and yet, thanks to its 3-liter V12 engine, produced 237 hp and could do the standing quarter mile in 16.3 seconds. A truly impressive set of figures for a car made over 50 years ago.
Back in the early 60s, one could be picked up for around $12,000. Now? The market has deemed the 250 GTE as a true classic, with this gorgeous Ferrari selling for an average of over $350,000. It’s for this reason that Yang’s client decided to restore theirs to its former glory. The restoration, though still in the hundreds of thousands, was worth it for its investment value. It is all thanks to the unreal restoration shop from Latvia that quoted half the price as compared to any other Ferrari restoration shop in North America or Europe.
How Much Does A Ferrari 330 GT Classic Car Cost?
Yet another timeless icon that signified style and performance was Ferrari’s 330 GT; the second car that Yang’s client shipped over to Latvia. Here was a car that, back in the 60s, had a 4-liter V12 engine that churned out around 296 hp, making the 2+2 reach a top speed of 150 mph. The 330 GT was a rocket ship on wheels, but one that looked like the dictionary definition of ‘beautiful’: simple, elegant, refined in its styling.
Because of just how rare the 330 GT is as a classic Ferrari, Yang’s client also decided to get this restored with the Latvian crew. Its resurrection was worth it, given that 330 GTs now have an average market value of about $300,000. Every penny put into its restoration was worth it, and given that the Latvia shop only quoted around $200,000 to do so, it was only logical for Yang’s client to go ahead with the "affordable" restoration.
Both cars were sent over—along with a stunning Ferrari 250 PF Coupe—and later returned having been restored to an astonishingly-high quality. Of course, the result was not perfect (the PF being 0.5 points off a ‘perfect’ score at a concourse event), but as a cost-saving measure that saved Yang’s client potentially millions of dollars, the Latvian restoration shop delivered an above-board exceptional product.
This, if nothing else, goes to show that passion and moderate commercial rates by independent restorers for classic cars can still bring out the highest quality results.
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