1932
The track for the fourth Monaco Grand Prix had been resurfaced, gone were the tram lines and the tunnel now had lighting. So on April 17th 1932, four works Bugatti's for Bouriat, Divo, Varsi and Chiron, and three Maserati 8C-2800 from Officine Alfieri Maserati for Fagioli, Dreyfus and Ruggeri lined up for the race. The Italian favorite Nuvolari, along with Campari and Boracchi drove the Alfa Corse entered Monza's. While Rudi Caracciola drove his white Alfa Romeo Monza, making for a red, white and blue grid with two green Bugatti type 51 cars for Earl Howe and inaugural Monaco winner "Williams".
The ballot grid had the two best drivers, Caracciola and Nuvolari towards the back of the field. At the start the Bugatti driven by last year's winner Chiron jumped into the lead, followed by "Williams". Caracciola and Nuvolari raced through the pack and it was Nuvolari, now in second place, who pressured Chiron into a mistake on lap twenty-nine.
The "flying Mantuan" Nuvolari and the German Caracciola fought a fierce battle for the lead that would last the whole race, with Nuvolari beating the German to the flag by three seconds giving Alfa Romeo their first Monaco Grand Prix win. The Maserati of Fagioli and Bugatti of Earl Howe finished third and fourth respectively.
Tazio Nuvolari and Rudi Caracciola were considered the finest drivers of all during the 1930's. "Nivola" as Nuvolari was known to friends, was a legend and won many incredible races against faster opposition. Rudi Caracciola was team leader for Mercedes, his team manager the great Alfred Neubauer, who had Moss and Fangio drive in his 1950's team, always considered Rudi to be the best driver to have raced for Mercedes.
| Pos | No | Driver | Team | Laps | Time/Retired |
| 2 | 28 | Tazio Nuvolari | Alfa Romeo 8C Monza | 100 | 3h32m25.3 |
| 2 | 2 | Rudolf Caracciola | Alfa Romeo 8C Monza | 100 | 3h32m28.0 |
| 3 | 36 | Luigi Fagioli | Maserati 26M | 100 | 3h34m43.0 |
| 4 | 4 | Earl Howe | Bugatti T51 | 98 | - 2 laps |
| 5 | 32 | Goffredo Zehender | Alfa Romeo 8C Monza | 96 | - 4 laps |
| 6 | 20 | Marcel Lehoux | Bugatti T51 | 95 | - 5 laps |
| 7 | 22 | W.Williams | Bugatti T51 | 95 | - 5 laps |
| 8 | 10 | Guy Bouriat | Bugatti T51 | 93 | - 7 laps |
| 9 | 14 | Albert Divo | Bugatti T51 | 91 | - 9 laps |
| 10 | 26 | Giuseppe Campari | Alfa Romeo 8C Monza | 86 | - 14 laps |