#19 - The Last of the Mohicans

If you are fortunate enough to ever find yourself at Monza for the Italian Grand Prix you will experience first-hand the incredible Tifosi. A fan base like no other, a sea of red supporting Ferrari and everything Italian engulfs the historic race track and makes any other nations home advantage on the calendar pale into insignificance. And that for me personifies Ferrari as a manufacturer. Whether they are winning races or not, the passion which surrounds them seems to flow through to the DNA of every car they build.

And at the heart of every car is without a question of a doubt its engine. Not only as the propulsion unit but also as a key sensory component to the driving experience. Great engines have rocketed certain cars to superhuman status among petrolheads whilst bad ones have consigned them to the scrap heap. The importance of the engine, especially as the automotive world tries to shift to EV power, should definitely not be overlooked. And Ferrari has always understood this which is why they invest so much time and money into making great ones. So while Ferrari in recent times have become renowned for using V12’s in their flagship models, their smaller V8 offering actually provides the more tangible yet often overlooked investment opportunity.

Ferrari has used V8 engines in their road cars since the mid-70s. Like many sports car manufacturers at the time, the trade-off between engine displacement and weight loss was an appealing one and Ferrari led the way with their remarkable Dino V8 which, named after Enzo’s late son, was used in iconic Ferrari’s such as the F355, F360 and the last iteration, the Challenge Stradale.

However, it was in 2002 when the combined force of Ferrari and Maserati came together to create the Tipo F136 engine……an engine we regard as the greatest naturally aspirated V8 to ever be created. It’s a big claim I know and an engine we have championed in the past (in The Mid Life Italian Job) but the mere fact it stayed in production until 2015 over the course of which it powered some truly incredible prancing horses speaks volumes of how special and capable the engine was. But the reason it has suddenly become more interesting as an investment is due to the fact that Ferrari have recently replaced it……with a turbo charged version, The Tipo F154.

Now the implications of this are easily glossed over. After all, this is not the first time in their history that Ferrari have used turbo charged V8s. What’s more, they have been “fairly successful” with it……if you can use that expression to describe the F40 and 288 GTO. No, what’s different this time is the reasoning behind it. In the F40, forced induction added even more power to a monumentally special chassis to create a biblically fast driving machine. With the new Tipo F154, turbo charging is being used to meet emissions regulations. So the rationale goes from Ferrari WANTING to do something, to HAVING to do something…….and that’s rather sad for a company born out of a passion for performance.

So what are the implications? Well unless Ferrari can get particularly creative and find a way to make their naturally aspirated V8 comply with the new regulations, it is likely that Ferrari V8s will be turbocharged forevermore. This does however mean that there are some naturally aspirated V8 gems in the back catalogue you need to be looking out for as they are likely to start or continue to appreciate in value over the next couple of years.

First up the F430 with a manual gearbox. It’s the last Ferrari ever produced with 3 pedals and that’s worth a great deal. Although official production figures aren’t available, there were only a handful produced and if you can find a RHD low miles example you are onto a real unicorn. Expect to pay £110-120k for a good one; a substantial premium over an F1 example but worth every penny….trust me. Next up, the F430 Scuderia; The unloved Ferrari lightweight special for absolutely no valid reason. The market seems to be too focused on the 360 Challenge and the 458 Speciale at the minute. Don’t follow the herd and buy a Scud. Furthermore, if you want to actually enjoy using it, buy a LHD example. There is a £50k differential between LHD and RHD cars which in our view is too much. As long as they have full service history and don’t appear to have any bodywork or track damage…..go nuts! Finally, the 458 Coupe; The last naturally aspirated V8 supercar from Ferrari. Sadly, they didn’t let us have it with a manual gearbox but that doesn’t matter, it is an absolute corker of a driver’s car and with those F40-esque centre pipes……devilishly handsome as well. Get the Coupe over the Spider, avoid the Speciale as you will be able to buy it cheaper in 12 months and focus on finding a nicely specified one. Red with cream interior is common but also classic. Expect to pay £120-130k. It may seem frustrating given the newer and more modern exotica available for similar money but they will be depreciating whereas this Fezza is most definitely going up in value.

Happy Motoring,

Greg