"The one I would really love," Andrew told me, a glint in his eyes, "is a F512M. That is an AMAZING car." Andrew is the service director at Joe Macari, the official Ferrari classic garage in London where my recently purchased 1987 Ferrari Testarossa is being preened. We were talking about the various iterations of the Ferrari Testarossa, and I was in a good mood, as his report on my Testa was all good: no crash damage ever, and engine internals as perfect as the 21,000 miles would suggest. All original and a great investment car. All that was required was a service, and then if I wanted to make it perfect some bits to be refreshed on the underside: springs, shocks, suspension arms, and suchlike, to replace the 28-year-old originals.
The bill would be around £15,000 without the additional perfecting, and £25,000 with. Given that the value of the car is ascending in an almost vertical trajectory, I agreed. You need to invest in an investment, and my eye was already on the next potential addition to my Ferrari stable.
A little detail: the outrageous-looking Testarossa was launched (in a Paris nightclub, obviously) in 1984. Mine dates from 1987.
The car was facelifted in 1992 to become the 512TR, a car visually very similar to mine, but more refined to drive (although lacking the all-important "Testarossa" badge on the back). Then, in 1995,
Ferrari morphed that into the legendary F512M (for Modificato). This was the ultimate incarnation of the Testarossa family. Just 501 were made for the world, between 1995 and 1996. Compared to the Testarossa and 512TR, it had more power, lightweight racing engine internals, an updated exterior, and a modified interior. Its maximum speed was 196 mph, which, 20 years ago, was very big news.
"Amazing car," Andrew repeated. Given that he was speaking while surrounded by millions of pounds' worth of fabulous Ferraris, such praise had to be well earned.
The catch: because so few were made for the world, it is much more likely you'll see a Berlinetta Boxer, Dino or a Daytona prowling the streets. Given their rarity and desirability, Ferrari F512M prices are starting to rise even faster than my standard Testarossa. I wanted one. But before I tell you about my journey to getting my name on a F512M's log book, let me remind you of the investment potential.
Testarossa: (1984-92; total factory production 7177, 438 RHD)
- September 2014: £60,000-£80,000
- Now: £90,000-£110,000
512TR: (1992-1995; total factory production 2280, 88 RHD)
- September 2014: £70,000-£90,000
- Now: £100,000-£120,000
F512M: (1995-1996; total factory production 501, 41 RHD)
- September 2014: Approx £130,000-£160,000
- Now: Approx £200,000-£250,000
Where will they go? The 365 and 512 Berlinetta Boxers, the immediate predecessor to the Testarossa, now sell for anything between £250,000 and £500,000. (Total factory/UK RHD production 387/58 and 1936/143 respectively). The previous model, the legendary Daytona (1284/158), is approaching £1m for a good one.
And the cars from before then are multiples of that: but they were all hand-made in tiny quantities, so not a fair comparison.
Which could explain why none had appeared for sale in the UK for months, so I renewed my focus on key markets in Europe. A black one popped up in Germany: 24,800 miles (which is not low), £165,000.
Wow - a year ago they were nearly half that. It sold before I could get the details from the vendor. Christmas came and went. In early January a yellow one came up in Italy, private sale, 31,000 miles, £161,000. Though the mileage was high, I rang, excited - only to be told it had sold the same day to a dealer. These cars are hot.
Another week went by, and then a dream car popped up on an obscure Spanish classified website I had been idly following.
F512M, red, a mere 12,000 miles, one elderly Spanish Ferrari collector owner, with the highly desirable and rare option of lightweight carbonfibre Recaro seats. I rang. A gentleman answered. "Do you speak English?" "No.". Grateful for the first time that I'd taken a summer course in Spanish when I was a student, I asked him various questions, established all was good and said I was interested. "There are too many people calling, and I am away on business until Wednesday," Alfredo said. "If you are interested, come to Barcelona." I booked a flight for Tuesday evening, and a hotel for the night, to be able to be with Alfredo and the F512M first thing.
When I phoned he didn't remember which one of the myriad callers I was, but sounded pleased that I had made the journey and agreed to meet me at 9.00am the next morning at Ferrari Barcelona. I walked into the dealership's workshop, to be greeted by a dapper man in his late sixties (Alfredo) and a man in an overall. I looked at the car. It was stunning. Perfect. Not a scratch outside, no wear inside. The man in the overall put it on a ramp. I peered up at the chassis rails. Straight and clear. The suspension and underside were clean as the day the car was made.
It was almost embarrassing to ask for a full inspection, but this was a lot of money. The inspection would take all day. Alfredo went off, and reappeared. "I thought you should also have this," he said, pulling out a two-piece lightweight Ferrari luggage set with F512M debossed in the leather. This was the other, highly desirable, option - open market value around £10,000 now, if you can find it.
Ferrari rang later. The car had passed with flying colours; the compression test was perfect. There was absolutely nothing the car needed. I made the transfer, and went back to Ferrari Barcelona where the delightful staff helped me with the export paperwork.
Now, the F512M is being packed up for transportation to London. I was tempted to drive it back, but I don't have the days free in the diary for months and I would like the car before then. It's now a race to see whether I will drive my Testarossa or F512M first.
Since then two more 512Ms have popped up, both in Germany, with many more miles than mine, for much more money: one for £201,000, and the latest for an eye-popping £220,000 euros. The half-million Euro (£365,800) 512M may be just a year away.
But there are other collectible Ferraris on the horizon, some of which are just starting to take off - perhaps. Or perhaps this will be a classic car bubble that pops. There is a lot of money in the world, though, and the super-rich are not buying these classic cars with borrowed money. Nobody knows what will happen, but having acquired two red V12 Ferraris of my teenage dreams in a few months, I am now tempted to proceed on the basis that 36 cylinders are better than 24, if I can find the car I am looking for. Watch this space.
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