Car Collector International
Classic · 1985–1989

Ferrari 328

The evolved 308 — bigger 3.2 V8, body-coloured bumpers and the last of the analogue mid-engined Pininfarina Ferraris.

Car Collector International Editorial
Red Ferrari 328 GTS in a studio setting, showing the Pininfarina-designed mid-engined V8 bodywork, body-coloured bumpers, pop-up headlamps, five-spoke alloy wheels and tan leather interior.
OverviewVariants & SpecsCollector VariantsBuyer's GuideWhat to PayOwnershipCommon ProblemsValuationAuction ResultsInvestment OutlookRecommended Network
Overview

Why this car matters

Launched at Frankfurt in 1985, the 328 is the direct development of the 308 Quattrovalvole: the same Pininfarina architecture with body-coloured bumpers, revised skirts and a fresh interior, powered by an enlarged 3.2-litre four-valve V8.

It ran only four seasons before the 348 replaced it in 1989, and the late-production cars — ABS and revised suspension geometry from 1988 — are widely regarded as the sharpest, best-resolved iteration of the shape.

The 328 is the final and best-sorted version of the Pininfarina mid-engined V8 line that began with the 308. For the earlier 3.0-litre carb, injection and Quattrovalvole cars, see the separate 308 buyer's guide.

Variants

Range and production

VariantYearsProductionNotes
328 GTB1985–1989—Fixed-roof coupe. 3.2-litre V8 with 266 bhp / 270 PS. Rarer of the two bodystyles.
328 GTS1985–1989—Targa-roof; the majority of 328 production. Same drivetrain as GTB.
328 GTB / GTS (late ABS cars)1988–1989—ABS as standard, revised suspension geometry, convex wheels. Widely regarded as the definitive iteration.
Collector Variants

Limited & special editions

The models below represent the most significant limited and special edition variants — factory-produced cars that command meaningful premiums over standard examples and warrant specific attention from serious collectors.

328 Mille Miglia Coupé (Touring 'Berlin-Rome') · 1939–1940

3
Distinguishing features
Three factory competition coupés built by Carrozzeria Touring of Milan on the 328 tubular chassis, using Touring's Superleggera construction (aluminium panels over a small-diameter steel tube framework). Full-envelope aerodynamic bodywork with faired-in headlamps, tailored to the proposed 1940 Berlin–Rome road race. Works-tuned M328 engine with polished porting and higher compression, uprated triple-Solex induction and a shorter final drive. The Huschke von Hanstein / Walter Bäumer car won the 1940 Mille Miglia (Gran Premio di Brescia) outright; the same chassis, restored, returned to win the Mille Miglia Storica in 2004 — the only car in history to win both the original and the modern revival.
Value premium
Effectively priceless in open-market terms: no example has traded publicly in living memory, and the surviving cars are museum-held. Any hypothetical sale would be a multiple of the strongest 328 road roadster result — well into eight figures, and negotiated privately rather than at auction.
Inspection points
Confirm chassis identity against the BMW Group Classic archive in Munich and the standing 328 registers (Simons, Schrader). Verify the Touring Superleggera framework has not been reworked outside period practice, that the aluminium skin is original or documented period repair, and that the works-specification engine internals and induction are period-correct. Continuous documented ownership, period photographs from the 1940 Mille Miglia and subsequent events, and any FIA/FIVA papers are essential.
Authentication
Only three were built and each is individually known and registered. A car claiming to be a Touring 'Berlin-Rome' coupé is either one of the three documented chassis or it is a later re-creation on a standard 328 (or 326/327-derived) chassis — the latter should be priced strictly as a tribute. BMW Group Classic and the international 328 registers can confirm chassis identity; period competition history must be corroborated in the same records, not accepted on seller narrative alone.

328 Mille Miglia Roadster ('Bügelfalte') · 1939–1940

2
Distinguishing features
Two factory-bodied lightweight competition roadsters built by BMW for the 1940 Mille Miglia to run alongside the Touring coupés. Nicknamed 'Bügelfalte' ('trouser crease') for the sharp longitudinal crease running the length of each flank — a signature body detail unique to these two cars. Reduced-weight aluminium bodywork over the standard tubular chassis, works-tuned M328 engine, cycle-wing or partially faired front wings depending on car, and a stripped competition interior. Class-winning finishers at the 1940 Mille Miglia behind the Touring coupé.
Value premium
As with the Touring coupés, effectively unavailable on the open market — one is in the BMW Museum in Munich. Any hypothetical sale would clear the strongest road-328 results by a multiple, negotiated privately.
Inspection points
Verify chassis identity against the BMW Group Classic archive; confirm the distinctive creased-flank aluminium bodywork is original or documented period repair rather than a later interpretation; confirm works engine specification and induction. Continuous documented ownership, period Mille Miglia photographs and factory works-team records are essential.
Authentication
Only two were built and both are individually known. Any car offered as a Bügelfalte roadster must be one of the two documented chassis, confirmed by BMW Group Classic and the 328 registers. Re-creations on standard 328 chassis exist and must be priced as tributes, not as factory works cars — the value differential is measured in eight figures.

Production figures sourced from official marque records and specialist registers. Verify chassis documentation with the relevant marque register before purchase.

Buyer's Guide

What to look for

Provenance and originality

Start with identity, paperwork and originality. For the Ferrari 328, the strongest cars have continuous ownership history, matching numbers where applicable, original books and tools, factory build documentation and evidence of work by manufacturer-approved specialists. Late-production ABS cars, original paint, matching numbers, documented Ferrari service history and complete book/tool set.

Mechanical inspection priorities

Tipo F105C 3.2-litre transverse V8 with Bosch K-Jetronic injection and Marelli Microplex ignition. Cam-belt service every 3–5 years is non-negotiable and can be done in situ by an experienced Ferrari specialist. The Microplex ignition module and the original fuse board are known age-related failure items and are routinely replaced with modern equivalents. A proper pre-purchase inspection includes cold-start behaviour, ECU diagnostics and fault-code history (where applicable), leak-down or compression testing, underbody photography, suspension and chassis inspection, brake condition and a long enough road test to expose heat-related faults. Deferred maintenance on a car of this class is almost always more expensive than buying a better-sorted example.

Body, paint and accident history

Use a paint-depth gauge, lift access and a specialist familiar with the model's factory panel gaps and finish standards. Collector value is dramatically affected by structural repairs, refinished panels, poor paintwork and missing factory trim or option content. Documented cosmetic refresh is acceptable; concealed accident or fire damage must be priced severely.

Specification strategy

Late-production ABS cars (1988–1989) in original colour with continuous history lead. The GTS targa is the more numerous and more tradable body; GTB coupes trade at a modest rarity premium. Specification, colour, options and limited-build variants move values significantly. Buy the best-documented example in the most desirable specification you can justify, rather than a tired example of a rarer derivative that will need years of corrective work.

Pricing

What to pay

Driver 328 GTB / GTS
USD$60,000 – $95,000
GBP£48,000 – £76,000
EUR€55,000 – €87,000
Usable cars with documented service, honest paint and no significant corrosion.
Excellent 328 GTS
USD$95,000 – $150,000
GBP£76,000 – £120,000
EUR€87,000 – €135,000
Low-mileage, matching-numbers, original-paint targa cars with continuous history. Late-production ABS cars lead this tier.
Excellent 328 GTB
USD$110,000 – $180,000
GBP£88,000 – £145,000
EUR€100,000 – €165,000
The rarer coupe body carries a consistent premium in the top condition tier.
Exceptional low-mileage late-production
USD$300,000 – $580,000
GBP£240,000 – £460,000
EUR€275,000 – €530,000
Two January 2026 Mecum Kissimmee results — $577,500 for a GTB and $495,000 for a GTS — sit well above typical market levels, consistent with the documented premium for late-production, low-mileage examples. Both are from the same sale; treated as directional rather than a confirmed new tier pending corroboration elsewhere.

Regional ranges authored independently — each reflects its local market, not an FX conversion

Ownership

Living with it

Typical mileage
1,000–4,000 miles typical for collector use
Service interval
12 months; mileage interval varies by model and use
Annual running cost
$5,000 – $18,000
Fuel economy
15–28 mpg depending on use
Insurance
Use an agreed-value collector or specialist supercar policy with limited mileage, secure storage, documented photography and an annual value review. Premiums vary sharply by age, storage location, declared value and driver profile.

Maintenance planning

Budget annually even if the car is used sparingly. Fluids age, tyres and date-coded rubber components must be replaced regardless of mileage, and stored cars need exercise. A documented maintenance rhythm protects both reliability and resale value.

Parts and specialist access

Use a Ferrari-experienced specialist for belt work, K-Jetronic set-up and Microplex/electrical fault-finding — general independent shops routinely miss correct procedure. Before purchase, confirm parts availability for model-specific bodywork, electronics, gearbox and engine components. A discounted car waiting on unobtainable parts or a factory service slot is rarely a saving in collector ownership.

Common Problems

Known issues by system

Engine

Cambelt service neglect

Critical$3,500 – $6,500 (major service)
Symptoms — Lapsed belt service interval, no recent records.
Inspection — Verify documented cambelt service within the last 3–5 years.
Body

Sill, floor and rear-arch corrosion

Major$8,000 – $35,000 for correct restoration
Symptoms — Bubbling paint, prior repaint history, panel-gap inconsistency.
Inspection — Lift inspection and paint-depth survey by a Ferrari specialist.
Electrics / ignition

Marelli Microplex ignition module and original fuse-board failure

Moderate$1,500 – $4,500
Symptoms — Intermittent misfire, blown fuses, unexplained warning lights.
Inspection — Specialist electrical sweep; check for solid-state fuse-board conversion.
Fuel system

K-Jetronic warm-up regulator and fuel-line ageing

Moderate$1,500 – $4,500
Symptoms — Poor cold start, uneven idle, fuel smell.
Inspection — Specialist K-Jetronic diagnosis and pressure test.
Valuation

Current value bands by region

Concours
USD
$150,000
GBP
£120,000
EUR
€135,000
▲ +3% 12-mo
Excellent
USD
$110,000
GBP
£88,000
EUR
€100,000
▬ +1% 12-mo
Good
USD
$75,000
GBP
£60,000
EUR
€68,000
▬ 0% 12-mo
Fair
USD
$50,000
GBP
£40,000
EUR
€46,000
▬ -1% 12-mo
Project
USD
$28,000
GBP
£22,000
EUR
€26,000
▼ -3% 12-mo

Each region quoted in its local currency — independent market readings, not FX conversions

The 328 market has firmed since 2023 on the back of continued demand for analogue, gated-manual, mid-engined Ferraris. Late-production ABS cars in original colour with documented history lead; concours GTB coupes carry a consistent rarity premium over the targa. Two January 2026 Mecum Kissimmee results well above the standard tier signal a widening spread between typical cars and exceptional late-production examples.

Auctions

Recent results

DateAuctionCarMileageResult
2026-05-16
Mecum
Indianapolis
1986 328 GTS (Lot T222)
—
$80,300
Sold
2025-03-08
Gooding & Co.
Amelia Island
1989 328 GTS
12,400 mi
$112,000
Sold
2026-01-15
Mecum
Kissimmee
1989 328 GTB
Exceptional late-production example; treated as directional.
—
$577,500
Sold
2026-01-15
Mecum
Kissimmee
1989 328 GTS
Exceptional late-production example; treated as directional.
—
$495,000
Sold

January 2026 Mecum Kissimmee standout 328 results recorded with the sale-house lot record; treated as directional ceilings rather than a confirmed new standard tier pending corroboration.

Investment

Long-term outlook

Strong HoldHorizon: 5–10 years

The best-sorted iteration of the Pininfarina mid-engined V8 line and the final gated-manual, analogue mid-Ferrari before the 348. Late-production ABS cars in original colour with continuous history should continue to lead; mid-grade cars will track inflation.

Recommended

The trusted network

Specialists

  • Ferrari factory-approved specialist
    View →
    UK / Europe
    Ferrari 328 inspections, major service planning and originality reviews.
  • Model-focused independent
    View →
    United States
    Pre-purchase inspections, scheduled service and market-correct preparation for the 328.
  • Concours preparation studio
    View →
    International
    Paint correction, PPF, detailing, preservation and sale preparation for premium collector cars.
  • Hagerty
    View →
    USA / UK / EU
    Agreed-value collector and supercar insurance with global recognition.
  • Lockton Performance
    View →
    UK / EU
    Specialist agreed-value cover for modern hypercars and limited-production supercars.

Storage

  • Windrush Car Storage
    View →
    Cotswolds, UK
    Climate-controlled storage and collection management for high-value classic and supercars.
  • Autovault
    View →
    Bicester, UK
    Secure climate-controlled storage at Bicester Heritage with inspection programmes.
  • Classic Car Club Manhattan
    View →
    New York, NY
    Secure urban storage for collector and modern performance cars.

Transport

  • CARS UK
    View →
    UK & Europe
    Enclosed event, concours and collection transport across Europe.
  • Reliable Carriers
    View →
    USA (national)
    Enclosed coast-to-coast transport for premium supercars and classics.
  • FERRLOG
    View →
    Italy / Europe
    Air-ride enclosed transport for Italian and European collector cars.

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The valuation figures in this guide are for research purposes only and do not constitute financial or investment advice. See our full disclaimer.