The iconic car is believed to have been left for 30 years in a warehouse in an undisclosed location after carrying Fangio to the second of his five world titles. Having been discovered, the car is expected to fetch over Â£5million when it goes under auction at this year's Goodwood Festival of Speed.
"The first time I saw this car I needed oxygen; it's landmark technology and it was driven by a landmark driver," racing historian Doug Nye told Eurosport. "Some people think it looks grotty – that's not the point – the really rare cars today are the unrestored ones.
"Every car that's restored has lost a part of its history because it's been obliterated by repainting or by rebuilding. Nothing's been obliterated on this; it's just a beautiful survivor."