Words: John Mayhead
Images: Bonhams/Ferrari/RM Sotheby’s
People say that there’s no such thing as a cheap Ferrari, and it’s an expression rooted in truth and hard-won experience. Over the years, buyers eager for a bargain have snapped up Ferraris with low sale prices only to find that servicing costs are still gilt-edged. Worse, high maintenance prices on cheap cars can mean corners are cut – not great for thoroughbred, high-performance machines and sometimes very costly to rectify. Although there are exceptions, parts were often made specifically for the model and replacements can be eye-wateringly expensive.
And yet there comes a point when a car is so relatively well priced compared with its peers that it still makes sense, and I’d argue that there’s a Ferrari that now fits that bill: the 365 GT4 2+2 and its successors, the 400 and 412.
A few weeks ago, I stood in a packed auction hall in Paris surrounded by some of the most desirable cars in the world, from pre-war gems like the 1934 Alfa Romeo 8C 2300 Le Mans Tourer and Ferrari ‘Halo’ cars like the F50 right through to modern collectables like the 2009 Mercedes-Benz SL McLaren Stirling Moss. Renowned car enthusiast Rowan Atkinson entered the room and a few minutes later was studying an angular green car parked in the back corner. He wasn’t the first: the Verde Pino Metallic 1983 Ferrari 400i had already drawn a huge amount of attention from dealers and enthusiasts alike. It was listed at no reserve and was the final lot on offer that day; people sensed a bargain, but it wasn’t to be and the bidding was swift, finally selling for €89,125 including commission, well over Hagerty’s condition-appropriate value of £66,800.
A while ago, Jeremy Clarkson wrote that you can’t look bad in a Ferrari 275 GTS and I’d argue that the modern equivalent is a 400, or its derivatives. They have everything going for them: the angular, boxy design that Generation X adores, the phenomenal Colombo V12 engine, four seats and even pop-up headlamps; turn up in one of these at any enthusiast meet and you’ll be the centre of attention and really annoy the owners of modern Ferraris who have paid five times as much for their car.
It also seems that prices are moving in one direction: Hagerty Price Guide ‘excellent’ values for the Ferrari 400 have risen by 57% in the past five years to £62,600 and that trend seems to be continuing. Of the four aligned models (365 GT4 2+2, 400, 400i and 412), the 365 GT4 and the late 412 tend to achieve the highest prices, the early car having a slightly less fussy design, knock-on wheels and a manual gearbox, and the later more grunt, ABS as standard, and a more modern look including flat-faced wheels and body-coloured bumpers. A high-profile sale of Niki Lauda’s 1973 365 GT4 for a record €201,250 at an RM Sotheby’s auction in Munich in October 2025 helped set a high watermark, although recent driveable cars in need of a little love with the less desirable auto gearbox have changed hands in the UK for under £30,000. Maintenance records and structural integrity are critical – rust can be almost as much of an issue as a tired, poorly maintained engine.
For me, the 400 is the sweet spot. With 502 made, they’re the rarest of the bunch and the 400GT with manual gearbox is rarer still: just 147 were made. They’re slightly more affordable than the other cars, you get the rasp of the six Weber DCOE carburettors and they’re more powerful than the later 400i. Plus, interesting colour combinations tend, like the car in Paris, to draw attention and retain value the most.
What are your thoughts on the Ferrari 400? Which car would you like us to provide valuation insights on next? Drop your suggestions below!
Insure your classic with a specialist insurer
If you’re looking for cover for your pride and joy, why not consider Hagerty UK? Not only are we classic car insurance specialists, but we are enthusiasts at heart. Call us for a quote on 0333 323 1138.
