Unless you have very deep pockets, run away. Run far away.

Picking up a Ferrari cheap is actually the expensive way to buy an old Ferrari. Restoration costs are crazy on these things, even one as (relatively) inexpensive and common as the the 308/328 cars were. You are much, much better off buying a well maintained Ferrari than one in dire need of help.

I've had the opportunity to speak with many, many exotic car owners and regularly read horror stories in Keith Martin's Sports Car Market magazine - sort of the expert guide to exotic and rare car collecting and investing. They cover all the auctions, track pricing history, etc. These guys have a very good handle on what's good and what isn't, on what you should and shouldn't do when buying this type of car.

If you've ever watched a Barrett-Jackson, RM, Russo & Steele or Gooding & Co. auction you will commonly hear, right after the hammer drops on a recently redone vehicle, "you couldn't restore that car for double the money".