World's oldest Ferrari restored for $500,000: Price today $8 million

This vehicle was unveiled for the first time since its restoration and is reportedly valued at $8 million today. This antique Ferrari 166 Spyder Corsa is still capable of speeds upto 100 mph. It is fitted with 2.0 liter Colombo V12 engine and is one of just 39 ever built. Its present owner, 62 year old Glickenhaus purchased the car at an auction in 2004 for $700,000. Whenever he drives down the streets he can feel the attention his car is receiving. 

Bloomberg reports that the worlds oldest Ferrari, a 1947 166 Spyder Corsa, currently owned by Jim Glickenhaus has now been successfully restored to its original glory. This Ferrari may be low bodied, possess very thin tyres and be a far cry from the luxurious and more powerful Ferrari's today but this is the oldest Ferrari, built post Second World War by Enzo Ferrari himself and has recently been restored for $500,000.

Glickenhaus is a partner of investment management firm, Glickenhaus & Co. He uses this prized Ferrari to raise money for his various charities which he supports. Last year, Glickenhaus raised over $50,000 for troubled New York teenagers through the use of this Ferrari. Later in November this year, a special one hour show will be telecasted, showcasing Glickenhaus and his car collection.