You Can Buy A Decent Ferrari 400 For Less Than A Base-Model BMW 3 Series, But Would You?

I’ve got fond childhood memories of endlessly paging through big hardcover books of exotic cars. You might too; I’m talking about those reference-type publishings that always seemed to be on sale at Barnes & Noble and Borders (RIP). One of my faves covered every Ferrari made up until the early ‘90s, and I distinctly recall scowling every time I got to the 400—it looked so bland and out of place compared to the 308, Testarossa, and 348. However, like my infatuation with Diet Coke that I acquired in my late-30s, one day a switch flipped and my opinion did a complete 180: The 400 is a masterpiece.

It’s a boat-like grand tourer with sleek, beautiful lines penned by Pininfarina. Well, boat-like by Ferrari standards; it’s still pretty darn small in the grand scheme of things (though, did weigh over 3,900 pounds). Not only that, but the 400’s got a legendary V12 over its front wheels and a plush leather interior with room for four. It wasn’t officially sold in the USA, but a good number have come over as either gray market or post-25-year-rule imports.

This handsome 2+2 is also incredibly inexpensive by vintage Ferrari standards; you can buy one for less than $40,000. That got me thinking: Could this be a truly attainable piece of prancing horse worth sinking one’s wallet into? Let’s talk about history and specs, and then run some numbers.

A Surprisingly Long Run

The 400’s angular body debuted in 1972 as the 365 GT4, which possessed a 4.4-liter dual-overhead cam V12 that was good for around 320 horsepower and 319 pound-feet of torque. It was an iteration of Ferrari’s beloved Colombo engine that’d been in production since 1947, and when bolted to a five-speed manual gearbox it could clock in a 0-60 mph run in seven-ish seconds.

The 365 turned into the 400 GT in 1976, and with this change came a bump in displacement to 4.8-liters, plus 20 more horsepower and 28 more pound-feet of torque. Three Weber carburetors fed each cylinder bank, and a limited-slip differential put the power down more effectively out back.

For added grand tour-ability, the 400 was also the first-ever Ferrari available with an automatic transmission, which was a GM-sourced three-speed unit—models with this box are denoted as 400 GT Automatics, or GTAs. A three speed is not the best accompaniment to an iconic V12 symphony, but I get it. The 400 also received hydraulic self-leveling rear suspension to complement the chassis’ front and rear double-wishbone independent suspension.

The 400i arrived in 1979 sporting fuel injection, yet saw a drop in output to 310 horses. It was still available with either a manual or automatic transmission, and received a few minor changes throughout, notably a more modern dashboard and a handful of mild exterior upgrades. 1985 saw the introduction of the final 400 car, the 412, which got a bump in displacement to 4.9-liters and restored output to 340 ponies. By the ’80s, this thing tipped the scales at over 4,000 pounds—what a porker! It ran until 1989, marking 17 years of this gorgeous grand tourer figure gracing dealer showrooms.

The Value Proposition

The Ferrari 400 lives rent free in my head as something that’d be so fun to cruise around in. That beautiful V12 soundtrack, sumptuous leather interior, great visibility, and reflection on storefront windows while cruising down the street—it’s a daydream for sure.

Though, considering it’s an old Ferrari, I’m not sure that said cruising would last very long. They’re moody to say the least, and enthusiasts report that they experience a variety of different oil leaks, they’re prone to corrosion, the exhaust systems fall apart, their self-leveling suspension systems cause issues (on models equipped with it), they have moody electrics… OK they have more than a few headaches. To get an idea of servicing costs, oil capacity is at 19.5 quarts, and this was when V12s were treated like two separate engines and had two of almost everything: Two ECUs (on 400i), two throttle bodies, even two oil filters.

So the juice might not be worth the squeeze. Though, for anyone who’s keen on an automatic model, it’s not unheard of to find them for under $40,000. Project cars?: Almost half of that. Manuals fetch $60,000-$80,000 in good condition.

Fast forward to me in a year or two, after letting my emotions get the best of me, trying to get a total basket case example to fire up on my driveway. “But it was only $17,000” I say to myself, softly, as tears mixed with power steering fluid and oil run down my face.

Regardless of all the figures and potential maintenance nightmares, what a beautiful lesser-known GT coupe. I’d love to supplement my daydreaming of driving one with seeing one in person at a car show someday.