The Monaro is one of the great names of Australian motoring. For nine years between 1968 and 1977 it proved itself as a genuine muscle car contender – a powerful coupe that was a winner on the road and, when tweaked for racing, a monster on the track.

While its lifespan was relatively short, throughout its seven variants – from the HK to the HZ – it left an indelible mark on the psyche of Australian motoring enthusiasts and, not surprisingly, there came a time when Holden revisited its most iconic creation, bringing to life a new and improved monster for those still clamouring for a piece of potent Aussie grunt.

In 2002, the company released the all-new Monaro – a two-door coupe that was sleek and sexy and based on a concept car revealed at the 1998 Sydney Motor Show that had garnered an ecstatic response from car enthusiasts or all persuasions.

While a cracking car without modification, the new Monaro found its way into the hands of the engineering wizards at Holden Special Vehicles (HSV) who tinkered with, and upgraded, the base model and conjured muscular treats for Holden petrolheads everywhere in the form of two exceptional variants – the HSV GTO and the HSV GTS.

The GTO came with an upgraded Chevy LS1 V8 engine pumping out 255kW (342bhp) – up from 235kW in the standard Monaro – and a bunch of tweaks that improved handling, performance and drive characteristics.

As both the GTO and GTS were HSV models, they were built in relatively small numbers (maybe as few as 3000 altogether were made, with the GTS being the rarer of the two), and given that Holden has now ceased to manufacture cars at all – meaning the Australian-made foundation that HSV built on is no more – they look like very attractive investment opportunities for the savvy enthusiast.

A decade ago, Marcello Riotto, Operations Manager for the MTA Institute, went searching for just such an opportunity and found this excellent example of the GTO in Bundaberg.

“I was looking around for what I thought would be a good investment as well as something with a bit of history and potential – a future collectible,” says Marcello. “At the time, it was an option between the current model HSV or something older and I ended up picking up something older because the coupe, the two-door, was fairly rare.

“I think only 2000 or so were made, and that

rarity certainly did influence my decision a fair bit.

“And it’s definitely an appreciating asset,” he adds. “When I bought it, I never envisaged that Holden would not be building vehicles, and while the fact they aren’t is a shame, it does mean that this GTO is looking like a very good investment.”

Even without its rarity and increasing value, this GTO was a solid purchase. It had been well looked after and driven sparingly, meaning little work had, or has, to be done beyond some low-level maintenance. Of course, many a muscle car fan puts their own mark on their pride and joy, but even then, Marcello has an eye on future value.

“I was after something with low miles, that was nice and clean and original, and this car really was immaculate when I bought it from its first owner with only 43,000kms on the clock,” he says.

“I have done some minor mechanical upgrades. It’s had a tune to give it a sharper shift and more ponies, and a change to the exhaust to give it a bit more of a note – a bit more of that old-school V8 sound. I’ve also put on some tail lights from the 2006 GTO, which I think look a bit cooler, but those are the only modifications.

“And I have kept the original parts and components, and the original ECU, to bolt back on should I need to do so.”

While his purchase of the GTO was in part driven by the value the car will reach in years to come, buying it was not a decision driven solely by the likelihood of a financial windfall.

“My dad had Monaros and Toranas when I was a kid and I like that I grew up with that,” says Marcello. “I am a Holden man, and while I like cars such as the Mustang, I wasn’t going to get into one – going from red to blue was too much of a transition for me!

“So there was an emotive reason to buy the GTO, but it was a rational decision to buy one in this condition – the brain said ‘no’ to purchasing something that I could drop a lot of money on!”

Ensuring the GTO is in tip-top condition is one of the easier tasks for Marcello. A mechanic by trade, he has spent his entire career immersed in the auto industry, either through working in independent or dealership workshops, in research & development at automotive data and information firm ElectraJet, or in developing and training the next generation of technicians through the
MTA Institute. In other words, he knows a thing or two about keeping a car in good nick.

“Maintenance is fairly easy,” he says of the GTO. “It’s pretty old-school technically, so it has really only needed a few oil changes and a few other minor things here and there. It is in good condition and it’s a very good drive too. It may be a few years old now, but it goes well, stops well, steers well. It is heavy compared to modern cars and you feel that in the steering and suspension, but it is still very comfortable.”

And still pretty powerful too. While the highly-tuned, turbo-wearing missiles of today might be swift, the LS1 still packs a punch, and the look and sound of the car attracts plenty of admirers, as well as the odd Fast and Furious-style challenge from the young and reckless.

“The enthusiasts know what it is and appreciate it, and I do get a few people – the boy racers – who will challenge me at the lights and so on,” says Marcello with a laugh. “And I must confess it is tempting! I do give it a bit of a stab sometimes, but within limits!”

That is a relatively rare occurrence, however, with Marcello treating the GTO with a good deal of care – only 17,000kms driven in 10 years is testament to that. In fact, the car can normally be found in partnership with two other collectibles Marcello has picked up over the years.

“I do have a couple of VH Commodore SLEs from 1981,” he says. “Back in the day, when I was between 17 and 21, that was the car I really wanted. They were well out of my price range at the time, but I have managed to get my hands on a couple of them – a blue-over-silver model and a brown one that I am restoring.

“Those will, I hope, be cars that I can hand down to my kids, and hopefully the GTO will be handed down too.”

There are, of course, one or two other cars that any Holden fan worth their salt would want to add to that rather nice trio of heirlooms, and Marcello is no different.

“If money were no object, I’d probably go with an LH Torana coupe, or perhaps an A9X,” says Marcello. “I’d be very happy with one of those!”

Source: Motor Trader E-Magazine (Feb 2019)