Car of the month: The retro Ferrari still topping the charts 45 years on
The need for speed never gets old as classic sports car lovers race to the finish line in a bid to own a piece of history
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It was the year Grease opened at the cinema and the BeeGees were topping the charts. But that’s not the only classic that hit the market in 1978. A rare right hand drive 1978 Ferrari 512 BB, goes under the hammer this week with price expectations of more than $300,000. Bidding is already fierce for the classic car being offered for sale via Collecting Cars.
Known for its speed, style and luxury, the Ferrari label is synonymous with supercar domination and is one of the oldest and most successful racing brands ever. With just four previous owners – the most recent keeping the car for 24 years – bidding on this limited edition vehicle ends Monday, September 18. We took a peek under the bonnet before this incredible vehicle heads off on its next adventure.
A True Rarity
The 1970s Ferrari 512 BB is a rare breed, with just 929 units delivered worldwide. Among these, only 101 were made in right-hand drive configuration. This example has had a total of four owners since it rolled off the production line, and it’s been in the care of its current owner for nearly a quarter of a century. Originally purchased in the UK, it is believed to have been brought to Australia by the then-owner in the 1990s. Although it has a few years on the clock, it has a modest 35,484 miles (57,106 km) on the odometer.
Iconic Styling
The Berlinetta Boxer, or BB, is famous for its striking design, and this 512 BB is finished in classic Rosso Corsa. Inside, the tan leather-trimmed seats with Nero ‘Daytona’ inserts offer both comfort and a touch of sophistication. The 15-inch five-spoke Cromodora alloy wheels, paired with Michelin tyres, add to the car’s visual appeal.
Powered up
Under the hood lies a 4.9-litre flat-12 engine that produces around 346kW at 7,250rpm. The powerful engine sends its performance to the rear wheels through a five-speed open-gate manual transmission, a setup that defines the era of analog supercars. The result is a driving experience that modern supercars can only dream of replicating.
Unique Modifications
This Ferrari 512 BB has been carefully modified to enhance its performance and useability. Upgrades include an MSD ignitor and coil, an uprated air conditioning compressor, twin electric cooling fans, wider rear wheels, uprated shock absorbers and springs, a Tubi stainless steel exhaust, remote central locking, HID headlight bulbs, LED fog lights, a Sony head unit, and a reverse camera and screen.
Impeccable Service History
Maintaining a classic supercar like this requires a great deal of care and commitment. This 521 BB comes with a comprehensive service history, with the most recent service conducted in November 2021 at 35,346 miles by Racing Red. This service included an engine oil and filter change, along with the replacement of brake fluid and a rebuild of all four brake callipers. Previous services in 2020 and 2019 included engine oil and filter changes, clutch inspection, timing belt replacement, and various other essential maintenance tasks.
The Road Ahead
The Ferrari 512 BB represents not just a car but a piece of history. With its rarity, striking appearance, and modifications, it’s an opportunity to own a piece of automotive history.
Disclaimer
As with any major purchase, potential buyers should conduct their own due diligence to verify the accuracy of the vehicle’s description.
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Excluding the Covid-19 pandemic period, annual growth was the lowest since 1992
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Australia’s commodity-rich economy recorded its weakest growth momentum since the early 1990s in the second quarter, as consumers and businesses continued to feel the impact of high interest rates, with little expectation of a reprieve from the Reserve Bank of Australia in the near term.
The economy grew 0.2% in the second quarter from the first, with annual growth running at 1.0%, the Australian Bureau of Statistics said Wednesday. The results were in line with market expectations.
It was the 11th consecutive quarter of growth, although the economy slowed sharply over the year to June 30, the ABS said.
Excluding the Covid-19 pandemic period, annual growth was the lowest since 1992, the year that included a gradual recovery from a recession in 1991.
The economy remained in a deep per capita recession, with gross domestic product per capita falling 0.4% from the previous quarter, a sixth consecutive quarterly fall, the ABS said.
A big area of weakness in the economy was household spending, which fell 0.2% from the first quarter, detracting 0.1 percentage point from GDP growth.
On a yearly basis, consumption growth came in at just 0.5% in the second quarter, well below the 1.1% figure the RBA had expected, and was broad-based.
The soft growth report comes as the RBA continues to warn that inflation remains stubbornly high, ruling out near-term interest-rate cuts.
RBA Gov. Michele Bullock said last month that near-term rate cuts aren’t being considered.
Money markets have priced in a cut at the end of this year, while most economists expect that the RBA will stand pat until early 2025.
Treasurer Jim Chalmers has warned this week that high interest rates are “smashing the economy.”
Still, with income tax cuts delivered at the start of July, there are some expectations that consumers will be in a better position to spend in the third quarter, reviving the economy to some degree.
“Output has now grown at 0.2% for three consecutive quarters now. That leaves little doubt that the economy is growing well below potential,” said Abhijit Surya, economist at Capital Economics.
“But if activity does continue to disappoint, the RBA could well cut interest rates sooner,” Surya added.
Government spending rose 1.4% over the quarter, due in part to strength in social-benefits programs for health services, the ABS said.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
