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Old 09-07-2013, 12:03 PM
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Smile 1993 Ferrari 348ts - Six-Year Ownership Report

As of today (Sept 7, 2013), Iíve owned my 1993 348ts Serie Speciale (#55/100) for six years. Back in 2008, I published my one-year ownership report (http://www.ferrarichat.com/forum/348...rs-report.html), which was well-received. Over the years, Iíve continued to keep fairly detailed records on the car, and I recently had a major service done (the first under my watch), so I thought it would be a good time for an updateÖ

Current mileage is 56,765. Iíve driven 14,387 miles over the course of the six years Iíve owned the car, for an average of just over 2,400 miles per year, or 200 miles per month. As shown in the graph, Iíve been pretty consistent with that, with just some seasonal variation, and the occasional up-tick due to a road trip. By far, the majority of the miles were accumulated during spirited drives on my local back roads, i.e., ďtripsĒ that both began and ended in my driveway. Overall, Iíve averaged 17.4 mpg Ė not bad for the type of driving I do.

Over the course of 6 years, I have spent a total of $37,026 (excluding purchase). That figure breaks down as follows:

Scheduled maintenance - $18,872. This includes yearly fluid changes, 2 sets of tires, 2 alignments, a clutch replacement, a battery replacement, and of course, the aforementioned major service. The major service alone was $9,465, but in addition to all the ďusualĒ items, I also replaced all the bearings/tensioners/chains for the oil pump and timing drive (a significant additional expense).

Unscheduled maintenance - $5,687. This most significant items in this category were replacement of the aircon compressor, replacement of the throwout bearing, replacement of CV boots (one side only), and replacement of the heater control valve. There were also other less significant items that were typically performed during one of the yearly services.

Operating costs - $8,893. This comprises an estimated $2,983 for gas, plus an estimated $1000/yr for insurance and registration.

Miscellaneous costs -- $3,484. These are discretionary appearance/accessory items, with the bigger hitters being a set of OEM wheels, Yoshi shields, a replacement tool bag, a canvas folding targa top, plus a set of aluminum cam covers that I had installed during the major (I consider the cam covers discretionary because the original plastic set was still in fine shape).

I have had most of my maintenance work done at the two reputable independent shops that are local to me. Looking back over the receipts, it looks to be approximately 50/50 parts vs labor. So if you were a dedicated do-it-yourself-er, you could cut the maintenance costs I cited above in half.

On a per-mile basis:

Maintenance costs - $1.71 per mile
Operating costs - $0.62 per mile
Miscellaneous - $0.24 per mile

Ö for a total cost of $2.57 per mile.

One thing I didnít touch on in my one-year report was depreciation. But as we know, the market dropped out from under these cars in 2009, and itís only now just starting to climb back. If Iím honest, I have to believe Iíd be facing at least ~$20k in depreciation if I were to sell the car today. That would jack up my total ownership cost to $57,026, or $3.96 per mile.

But fortunately, Iím not considering selling this car today, or anytime soon for that matter. Even after six years, I still am not bored with it. The raw, visceral feel you get with a 348 means that every drive is an event, and itís never boring. My BMW daily driver outperforms the 348 in every objective measure, but I certainly donít get a thrill from driving it like I do from driving the Ferrari.

So my plan is to hang on the Ferrari indefinitely, fix it when it breaks, and (as they say) keep driving it like I stole it.

The photo below is the most recent one I have of the car. I took the 348 to the Baltimore Grand Prix last weekend and parked it in the exotics corral. Itís amazing how much attention the 348 gets, even when parked next to much newer exotics. I think itís because of the strakes Ė they are just a signature Ferrari design element that make the car stand out to the average person. Embrace the grates!

- Eric
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File Type: jpg mileage vs time.jpg (36.5 KB, 747 views)
File Type: jpg BaltGP.jpg (63.0 KB, 747 views)
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  #2  
Old 09-07-2013, 02:02 PM
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That is a great, detailed report! I have to say that from now on, every time I put another mile on mine, I will say to myself, there goes another $2.50! Ha!
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Old 09-07-2013, 02:14 PM
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Nice report... I keep similar records on my 355. Three years is up in October. Perhaps I'll follow your lead and compile the data.

Good read.....
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Old 09-07-2013, 03:43 PM
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Great report and glad you are still having fun with your car. That is what it's all about. You mentioned the "back roads" you enjoy driving and you are so right about that. I spent most of my life until seven years ago just north of you in southern York County PA and ventured south into your area on many similar drives. That is something I sure do miss about that area, roads you can "lose" yourself on. Keep having fun.
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Old 09-07-2013, 05:52 PM
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Nice write up
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Old 09-07-2013, 06:06 PM
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What are you doing adding up all those numbers ???? Bad karma. I don't keep track of numbers like that for fear of self incrimination when my wife finds the paper.
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Old 09-09-2013, 09:34 AM
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Hey Eric! Good to see the ol' machine is doing well. I still blame your sweet sounding exhaust system for forcing me to chuck my boring original muffler. By the time you sell your car in 20 yrs, it will be a true classic and you'll do fine on the depreciation (if there's gas around by then).
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Old 09-09-2013, 10:59 AM
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Very cool report and a very nice car. I think I'm starting to prefer the 348 to the 355 in terms of aesthetics...maybe it was simply the way the car was supposed to look?

If you drive it more your cost per mile will drop (probably;-) and everyone will feel a bit better about your record keeping ;-)
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Old 09-09-2013, 11:18 AM
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Here's an interesting questions...your car is 55/100 and is a 1993.

This 1992 that is for sale is 99/100. Is that possible?

1992 Ferrari 348 SPECIALE 99/100 3.4V8 300HP ? MISSISSAUGA ? For Sale
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Old 09-09-2013, 03:47 PM
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Without the serial number of VIN it's difficult to make a statement other than it should be a 1993 if it's 99/100. The first 12 are supposed to be 1992's. Someone was offering number 15 as a 1992 which is possible if the factory jumped around on the production line. Figure a car is made in Modena but not sent to FNA yet and they specify a SS package. The factory grabs a completed car from inventory and there you go. So it is possible that the first 12 SS's are 1992's but that they do not follow sequential production numbers. Seems odd that SS 14 would be a 1993 but SS 15 is a 1992, eh? Of course, the model year is relative since a lot of the 1993's were actually built in 1992 (I need to check on mine).
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Old 09-09-2013, 04:07 PM
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Smile

Another positive ownership thread! Sure you've kinda given us some sticker shock when it comes to cost of operation, but Eric, you hit the nail on the head when you said that your car gives you a felling like no other car can. That my friend, is priceless.

Cheers, Henry
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Old 09-09-2013, 04:58 PM
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Fantastic post, thank you. I ballparked a similar "budget" before making sure I was ready to dive into a 355 (similar "issue" as the 348 in the $10k per N years for major service).

A great resource for future / potential owners; around $3/mi ($2/km) is right on the money in my experience the past 2 years as well.

Cheers!
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Old 09-10-2013, 07:23 PM
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Quote:
Originally Posted by yelcab View Post
I don't keep track of numbers like that for fear of self incrimination when my wife finds the paper.
LOL. I probably should have labeled this thread has NSFS (not safe for spouse)!
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  #14  
Old 09-10-2013, 07:25 PM
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Quote:
Originally Posted by Gated View Post
Here's an interesting questions...your car is 55/100 and is a 1993.

This 1992 that is for sale is 99/100. Is that possible?

1992 Ferrari 348 SPECIALE 99/100 3.4V8 300HP ? MISSISSAUGA ? For Sale
Mine is definitely a 1993, based on the VIN (a "P" in digit 10).
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Old 09-10-2013, 07:31 PM
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Quote:
Originally Posted by YVR_Schumi View Post
Fantastic post, thank you. I ballparked a similar "budget" before making sure I was ready to dive into a 355 (similar "issue" as the 348 in the $10k per N years for major service).

A great resource for future / potential owners; around $3/mi ($2/km) is right on the money in my experience the past 2 years as well.

Cheers!
It seems the conventional wisdom is that ownership cost is about ~$5k/yr, with an extra $5k when you do the major. My experience fits with that.

Of course, you can always save money by doing it yourself. My problem is that I'm slow. If I did more of the work myself, my car would be off the road a lot longer, therefore my mileage would be lower, and my cost per mile might not change that much...
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Old 09-10-2013, 07:31 PM
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Originally Posted by RSO1091 View Post
... you hit the nail on the head when you said that your car gives you a felling like no other car can. That my friend, is priceless.

Cheers, Henry
Agreed! That's why we're here!
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Old 09-11-2013, 10:05 AM
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You guys are nuts. I try NOT to keep tabs on how much money I have dumped into my 348. It would be interesting to know, but then again why torture myself. Instead I just drive it and fix it, drive it and fix it, drive it and fix it. Receipts be damned.
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Old 10-06-2013, 10:45 PM
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Awesome thread. How bad were belts and hoses at 30K, 20 years?
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Old 10-07-2013, 05:25 AM
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Awesome thread. How bad were belts and hoses at 30K, 20 years?
There were no real surprises at the major service. Belts and hoses all appeared to be in good shape, which was as expected as they had been replaced at the prior major 6 years earlier. Now everything is new again...
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Old 10-07-2013, 07:04 AM
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That "price-per-mile" calculation is equally impressive as it is depressing....
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