My engine caught fire @ 80,000 miles.
I believe it was started by an oil leak in the engine and a broken spark plug (when I say broken I literally mean a piece of the gold tipped spark plug had broken off and is stuck in the piston) this lead to the two distributor caps catching fire and I dread to think what would have happened if I had been going any faster that 50 mph. Anyone that has seen an Alfa engine will know that there is a casing over the engine that you need tools to remove so even when I stopped the car I couldn't actually see what was wrong. On inspection from my mechanic he estimates that there is approx €2000 worth of parts needed for the engine alone, to be repaired and it will then need to be reconditioned etc. Aside from all this I wasn't happy with the wear of the shock absorbers they just weren't sufficient for a sports car, and meant that the handling was affected i.e. (i never trusted the car's handling) also because the car is so low to the ground I was always weary and of the oil sump, which meant that I found myself desperately avoiding roads with the slightest pot hole.
Overall I will never feel the same about Alfa Romeo's again. All this said the car still looks immaculate and all electrics and inside leather upholestry is well in tact it's just an awful pity it doesn't move!!
First up, I am a huge Alfa fan so this comment my not be completely independent. Overall you say that the car is not in line with expectations - anyone who has researched these cars before buying knows that major mechanical problems at 80,000 miles are entirely expected! Buyers need to bear in mind that the GTV is effectively a relatively low volume and fairly complex (especially from a suspension point of view) italian sports car. Bulletproof reliability to 80,000 miles and beyond was never part of the plan... if that is the primary concern - go for a mercedes. My message to anyone considering one of these (and I used to own one) is to do your research thoroughly (try www.gtvv6.com), don't expect to run one on a shoestring and do not expect to rely on an ageing/high mileage example as a sole form of transport. If you are realistic, satisfaction is guaranteed as they are GREAT cars with a lot of character...
I disagree with the comment above. These cars can be perferctly reliable everyday transport, providing you get one that has been looked after. I have owned several Alfa's and the only problems I have had are due to neglect from the previous owner.
Keep on top of maintenance, and it not only look far better than any volume car, but be just as reliable.
An independant specialist history is often better than a main dealer, and make sure the cambelt and variator are changed at 36,000 miles. The oil level also needs checking every week.