Ferrari has a long and celebrated history of creating beautiful cars. Throughout the decades since Ferrari debuted, the Prancing Horse logo has become synonymous with performance, luxury, and speed.

Today, Ferrari's vintage sports and touring cars are worth millions of dollars, and wealthy, passionate gearheads from all over the world often meet at auctions to outbid each other and take home legendary Ferraris.

That said, one of the most collectible Ferraris of all time is the 250 GTO. Over the years, this model has broken multiple world record auction prices, and it's one that any car lover would cherish. Ferrari's impact on the automotive industry isn't just down to luxury sports cars; it's also about winning.

The Italian brand has been at the forefront of motorsport since it opened its factory doors in the 1940s in Maranello. Drivers like Michael Schumacher, Niki Lauda, and Alberto Ascari made their names racing for Scuderia Ferrari.

Updated October 2022: Ferrari's enviable legacy owes a lot to the GTO. Hence, we've revised this article with more information about the incredible 1962 Ferrari GTO with a major focus on what it costs in 2022.

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Production History Of The Ferrari 250 GTO

Ferrari 250 GTO In Red

One of the reasons the Ferrari 250 GTO is such an expensive car is because only few were made by the Italian manufacturer. Just 36 were manufactured in a short production run from 1962 to 1964.

The sports car was designed for the track, and it raced as part of the FIA's Group 3 category. The design earned the Ferrari 250 GTO an impressive pedigree on the track during its heyday. Victories at the likes of the 24 Hours of Le Mans, Tour de France Automobile, and multiple Grand Prix made it an icon.

From the moment the 250 GTO hit the track, it was a force to be reckoned with. All expectations were surpassed by the vintage Ferrari's performance, and it became a collectible overnight.

Because so few were produced, it's almost next to impossible to get your hands on an original 1962 Ferrari 250 GTO. Anyone who has one in their collection doesn't want to let it go, and anyone wanting to buy one needs some serious cash.

The Awesome Specifications Of The 1962 Ferrari 250

1962 Ferrari 250 GTO By Paul Pappalardo
Via LeithCars

Ferraris come equipped with some of the best engines and exhaust noises in the business. Underneath the hood of the 250 GTO is a 300 hp 3.0-liter V12 engine that has the power to stick drivers to the back of their seats.

This engine was already track-proven and is the same one found in the 250 Testa Rossa. Ferrari took that already impressive engine and restructured it to make it one of the most competitive Prancing Horse machines the track has ever experienced. Its 0-60 mph time of just 6.1 seconds makes it one of the greatest classic Ferraris ever made.

While the stuff under the hood is mightily impressive, it's hard to overlook the classic and elegant styling of the Ferrari 250 GTO. Most Ferraris are made for their beauty as well as their power, and the 250 GTO is no exception.

Via LeithCars

Ferrari worked hard on the aerodynamics of the 250 GTO to ensure it was as fast and stable as possible. It's a simple design, but one that was worked on in a wind tunnel and tweaked to perfection. Also, of the 36 units of the 250 GTO, a total of 33 units are 1962 model.

Unlike many modern Ferraris, anyone fortunate enough to own a 250 GTO won't have a luxurious interior to enjoy. The Ferrari 250 GTO was designed for the track, so the interior is one of a race car. There are no frills here, but that only just adds to its appeal for most gearheads.

The 1962 Ferrari 250 GTO: Its Most Expensive Auction Price

1962 Ferrari 250 GTO
Via: RMSotheby's

The most passionate Ferrari collectors will spend whatever it takes to get their hands on a classic model. This is proven by the astronomical figures wealthy fans have shelled out to add historic Ferraris to their collections. The 1962 Ferrari 250 GTO is no exception, and in 2018, a record fee was paid for the classic car at an auction.

A bid of $48.4 million was enough to secure the famous Ferrari for one lucky investor at an RM Sotheby's auction in California. The red 1962 Ferrari 250 GTO was expected to fetch anywhere between $45 million and $60 million at the auction.

While the final bid of $48.4 million is a lot, it's a little underwhelming considering the figure expected of the Ferrari. Perhaps even more impressively, a 1963 Ferrari 250 GTO was also sold in 2018, although privately, for $80 million. Every single Ferrari 250 GTO that left the factory was hand-built, which just adds to the appeal of this iconic GT.

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How Much The 1962 Ferrari 250 GTO Costs In Today's Money

1962 Ferrari 250 GTO
Via: RM Sotheby's

When you think of how much the 1962 Ferrari 250 GTO can fetch at auction, it makes you wish you had a time machine to go back and buy one. In 1962, the Ferrari 250 GTO set new buyers back $18,000 from the factory. Adjusted for inflation, that price is now $176,525.76, which is still way below the value at auction for the 250 GTO.

Notably, as the car that Ferrari claims was the model that best summed up its philosophy, and with the recent astronomical rise in inflation among other factors, the 1962 Ferrari 250 GTO will surely cost more than an arm and a leg today. Going by its most recent sales, a 1962 Ferrari 250 GTO was sold for $48.4 million at an RM Sotheby's auction in 2018 to become the most valuable car ever sold at an auction at the time (a record that's currently held by the $142 million-worth Mercedes-Benz 300 SLR “Uhlenhaut”).

Hence, any collector that desires the 1962 Ferrari 250 GTO should be prepared to shell out nothing less than such humongous millions of dollars while also praying to find a willing seller, since only 33 units of the 1962 model were made.