The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

By Abhinand Venugopal

A rare example of a 1962 Ferrari 250 GTO has become the most expensive 'used-car' in the world. The car – with the chassis code 3413 – was sold at RM Sotheby's annual auction as part of Monterey Car Week in California. The classic Ferrari got a price of tag of a whopping 48.4 million dollars or roughly Rs 339.36 crore!

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

Another interesting fact is that the previous record holder for ‘The Most Expensive Used-Car In The World' is also a Ferrari 250 GTO. But that was a 1963 model, sold for 38.1 million dollars (Rs 267.11 crore), four years before.

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

Only 36 Ferrari 250 GTO models were ever built; the same reason why RM Sotheby refers to it as "the world's most important, desirable and legendary motor car". What makes this particular 250 GTO special is its enhanced ‘Series II' body design which resembles those of the iconic Ferrari 250 Le Mans race cars.

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

The 250 GTO is also a popular name in the history of motorsports. The car won the 1962 Italian GT Championship, along with over 15 other titles of the ‘60s.

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

This example was owned by Dr Greg Whitten, former Chief Software Architect at Microsoft, for almost 18 years. The authenticity of the Ferrari 250 GTO was inspected by Ferrari expert, Marcel Massini and officials from Ferrari Classiche. This was done because there are lot of 250 GTO replicas around the world and some even go the extent of building it from scratch (of course, without matching the original standards).

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

The car doesn't have all the original parts and has got a race-spec GTO engine as its heart, supposedly to encourage its owner to take it for rallies and not to keep it as a garage queen. But one can easily guess that this Ferrari won't see the road that often, let alone rallying.

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

The original Ferrari 250 GTO is powered by a 3.0-litre SOHC V12 engine breathing through six Weber carburettors. The power plant produces 296bhp and 294Nm of torque; benchmarking figures for its time. The engine came mated to a five-speed dog-leg manual. The car weighs only 880kg and makes one of the best exhaust notes in the classic automotive world.

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

This very GTO has undergone regular servicing over the years and is in ‘museum-grade' condition. The auction said, "The superb state and quality of 3413 further adds to this extreme rarity and makes its offering, quite literally, the opportunity of a lifetime — a moment in one's collecting span that is quite likely unrepeatable. For one collector, then, there is no higher honour, there is no greater custodianship of history, and there is no greater achievement in the search of the world's most important car."

Thoughts On The Most Expensive Car In The World

The Most Expensive And Valuable Car In The World — A 1962 Ferrari 250 GTO

Classic cars from famous brands have always fetched millions under the hammer. As per a new research, the value of classic cars are going to shoot up at a steep rate in the coming years. To be more precise — find a rare piece of automotive history from some place, hide it from the world, restore it as much as you can and then put it up for auction — you could be the next millionaire!

As for this Ferrari 250 GTO, there's no doubt that it's a valuable piece of automotive engineering. But for 48.4 million dollars, you should better buy ‘a part of Ferrari' rather than ‘a Ferrari'.

Source: TheTruthAboutCars

Read more on: #ferrari #auto news
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