1993 348ts - First Year's Report

Discussion in '348/355' started by modena2904, Sep 11, 2008.

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  1. modena2904

    modena2904 Formula Junior
    Silver Subscribed Owner

    Jul 6, 2007
    Ellicott City, MD
    Full Name:
    #1 modena2904, Sep 11, 2008
    Last edited by a moderator: Sep 7, 2017
    As of Sept 7, I’ve owned my 1993 348ts Serie Speciale (#55/100) for one year. I’ve kept fairly detailed records on the car, and I thought that others might be interested in some of the figures.

    Current mileage is 45,990. I’ve driven 3612 miles over the course of the year, roughly split about 1/3 cruising, and 2/3 fairly spirited driving. Overall average mpg is 16.0, with trip mpg ranging from a high of 20.6 to a low of 14.3.

    Operating Costs:

    Registration in MD was $128, plus a smog check fee of $15. I also had to spend $85 on a Maryland safety inspection in order to register the car (this is a one time fee). Insurance for the year was $711. Total $939.

    Total fuel consumed over the year was 225.4 gallons. At ~$3.50/gallon over the course of the year, that’s about $790.

    Maintenance and Repairs

    I bought the car with a fresh major, so maintenance costs have been relatively low. I replaced the tires for $929, including mounting and balancing. At the same time, I had a full alignment done for $295. Lastly, I had the engine oil, gearbox oil, brake and clutch fluids replaced towards the end of my first year, for $743. Total maintenance costs $1967.

    I had several repairs needed: CEL (which turned out to be due to a leaking vacuum hose) – diagnosis and repair $325. Diagnosis and repair of coolant leak (which turned out to be a leaking thermostat), $687. Replacement of air conditioning compressor, $972 (parts and labor). Misc minor items, $150 (parts only, labor was mine). Total $2134.


    Yoshi Shields, $290. Set of OEM 348 wheels, $1100 (still deciding whether I should put these on the car). Misc other items, $107. Total, $1497.

    So it adds up as follows:

    Operating Costs: $1729 ($0.48 per mile)
    Maintenance and Repair: $4101 ($1.14 per mile)
    Extras: $1497 ($0.41 per mile)

    Grand Total: $7327 ($2.03 per mile)

    These numbers, I think, are fairly typical, based on what I’ve gathered over a year plus of reading Ferrarichat. The operating costs would be similar for any car, while the extras are obviously discretionary.

    I think the subtotal for maintenance and repair is very reasonable, since this is the area where Ferrari’s usually “excel”. I could have saved some money by doing more of the maintenance and repair work myself, but I don’t have that many hours I can spend with the Ferrari each week, and I’d rather spend them driving the car than working on it.

    On the other hand, I think the leaking vacuum hose and the leaking thermostat were items that probably should have been found during the major service (which was completed just before I bought the car). I think for future Ferrari purchases, I will look for a car that needs major service, and then factor that into the negotiated purchase price. That way, I can get the service done by someone I trust, and I will know that it has been done right.

    Overall, I’ve been very happy with my first year’s ownership experience. I love driving the car – the handling is great, but to me, what really makes it special is the sound. Nothing sounds like a Ferrari. I finally had the opportunity recently to take it through a long tunnel, and the sound of winding it out through second and third gear was unbelievable. I will definitely not wait another year before doing that again.

    It’s also been a blast meeting up with other Ferrari enthusiasts in my area, and taking our cars out on the back roads. I’ve found Ferrari owners to be some of the most friendly, approachable and generous people I’ve met.

    No matter where I take the car, the reactions are almost always positive. I can still remember how excited I used to get just seeing a Ferrari, so I try to let others experience the car as much as possible – take pictures, sit in the driver’s seat, or sometimes I take them for a ride. My car (with me in it) can even be found on “exoticsonroad”!!


    Finally, I’ll close this post with a few pictures, taken during the recent Mason-Dixon rally (mid-Atlantic region). Still looking good after 15+ years. :)

    - Eric
  2. jjmalez

    jjmalez F1 Rookie
    Silver Subscribed

    Apr 8, 2005
    Full Name:
    thanks for sharing this. enjoy in good health.

  3. kimoSabe

    kimoSabe Karting

    Dec 7, 2003
    No CA
    Full Name:
    Ray C.
    nice...very nice. Love the front spoiler and wheels. Great write-up too.
  4. James-NZ

    James-NZ F1 Veteran

    Jun 26, 2007
    Hamilton, NewZealand
    Full Name:
    Congrats on owing a dream for a year, it really is a great feeling isn't it.

    Here's to another year of ownership!
  5. SHEMM

    SHEMM Formula Junior

    Jul 8, 2007
    Full Name:
    Very nice car - thanks for the info - I have # 17, Red/Black. It's time for tire soon and I want to put the widest I can. I have the 360 wheels as well - what size do you have on fronts and back - yours look great!
  6. mdurbahn

    mdurbahn Rookie

    Mar 18, 2007
    Great post for future owner to reference!
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  8. modena2904

    modena2904 Formula Junior
    Silver Subscribed Owner

    Jul 6, 2007
    Ellicott City, MD
    Full Name:
    I went with the stock sizes for the 360, which are 215/45ZR-18 in front, and P275/40ZR-18 on the rears. I'm running 35psi all around. In hindsight, I think I would go to a 225 on the front. There's certainly space for it, and it would fill out the wheel well a little better.

    As a side note, the tires I selected were the Pirelli Pzero Nero all-seasons. I drive the car all year round, and I thought it was worth it to give up a little summer performance in order to have good cold (freezing) weather performance. As a side benefit, they have much longer life. Even after 3600+ miles, I'm showing very little wear on the rears. And if I'm honest with myself, the performance capabilities of this car are so far above my own that I seriously doubt that I would notice the extra performance of summer-only tires.

    - Eric
  9. BT

    BT F1 World Champ

    Mar 21, 2005
    FL / GA
    Full Name:
    Bill Tracy
    Looking good! Enjoy the next year.
  10. potxoli

    potxoli Formula 3

    Mar 22, 2007
    Washington DC
    Full Name:
    Eric B.
    hi Eric,

    great post. You are a braver man than me computing cost per mile :)

    We should still get together one of these days... I think I'm going to a driving range near where you work every once in a while....

  11. dlynes

    dlynes Formula 3

    Oct 16, 2004
    Augusta, Ga
    Full Name:
    thanks so much for the information! although every car and experience is different, this gives a great idea of the cost of ownership annually.


    car looks awwesome! continue it in the best of health!

    now...at least double last years milage and keep us posted!

    great thread!!
  12. 348guy

    348guy Karting

    Nov 28, 2007
    Ashburn, VA
    Full Name:
    Very nice report. Thanks

    Your car sure is beautiful!!! I don't care for the wheels, but that's just me. When the time comes I have to have a Rosso Corsa 348. AWESOME
  13. modena2904

    modena2904 Formula Junior
    Silver Subscribed Owner

    Jul 6, 2007
    Ellicott City, MD
    Full Name:
    Not a fair comparison, since you've already had to pay for a major, and I haven't yet. However, while your cost per mile may be up there, I bet your cost per smile is pretty low. :)

    Sounds good -- I think you have my contact info, if not, PM.
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  15. BT

    BT F1 World Champ

    Mar 21, 2005
    FL / GA
    Full Name:
    Bill Tracy
  16. JCW Driver

    JCW Driver Formula Junior

    Oct 24, 2006
    Portland, Oregon
    Full Name:
    Bronson G.
    Great write up.

    For someone who has been considering entering the brotherhood for awhile, and recently drove a 348 for the first time, This is salient info! :D

    Being a middle class dude, I just want to be properly prepared for the financial responsibility of caring for a 348 or my preferred car, the 355 (yes, I know they are quite different).
  17. Kravchak

    Kravchak Formula Junior
    Rossa Subscribed

    Oct 17, 2005
    Full Name:
    I have been thinking about a 348 FOREVER and this write up sure helps with my insecurities when it comes to just buying one, You must have had help on the purchase end because it seems that you got yourself a really nice example, and are probably lucky that all of the "issues" that everybody talks about on a 348 had been taken care of by the prior owner. I would like to see (if you have the records) what it cost to maintain that car, in that shape, since new... Now that would be great! Thanks again for the post it helps us poorer members here to justify a purchase that I have been mulling over for 5 years...
  18. vvassallo

    vvassallo F1 Veteran
    Rossa Subscribed

    Aug 4, 2006
    Palos Verdes
    Full Name:
    Vince V
    #16 vvassallo, Sep 12, 2008
    Last edited: Sep 12, 2008
    Nice write up and neater pictures. I do not keep track of the ownership records although I have them, for fear of getting a heart attack. Luckily my buy-in was pretty low. Also, there is so much that we've done to SS 78/100 to improve her performance and drivabilty that cannot be quantified.
  19. modena2904

    modena2904 Formula Junior
    Silver Subscribed Owner

    Jul 6, 2007
    Ellicott City, MD
    Full Name:
    I had forgotten about that post -- those were some fairly scary numbers. Fortunately, my car came with almost all of the extras already on it -- tubi, hyperflows, carbon fiber sills, 360 challenge wheel, complete hill eng interior set (pedals, shift knob, slick shift gate), probably others I'm forgetting. You will definitely pay less for these types of items if they are included in the purchase price than if you have to buy them yourself.

    - Eric
  20. modena2904

    modena2904 Formula Junior
    Silver Subscribed Owner

    Jul 6, 2007
    Ellicott City, MD
    Full Name:
    Ken, you are right... The previous owner was an FChat member, and the car was well-cared for before I got it. You can search FChat for my posts to learn about my buying experience. I have complete records for the car dating back to 1998, from the second owner on. I do know that the car was originally bought and registered in CA, but as yet I have been unsuccessful in identifying the original owner or any of the associated service records. Someday, I'll go through the records I have and tally it all up...

    You will never be able to "justify" a Ferrari on financial reasons. It's just a passion, and you have to go for it -- buy the best car you can find, and then enjoy it and take care of it. I do recommend you have an "emergency fund" set aside before you buy -- it really takes the worry out of it. Fortunately, to date, I haven't had to touch mine. :)

    Side note -- I grew up in Bethlehem. Maybe once you get your Ferrari, we can meet up near the Mason-Dixon line and swap stories.

    - Eric
  21. PAP 348

    PAP 348 Moderator
    Moderator Owner

    Dec 10, 2005
    Mount Isa, Australia
    Full Name:
    Great write up! Thanks for sharing!! :):)

    Here's to another year of ownership! :D:D
  22. mythaeus

    mythaeus Rookie

    Sep 17, 2008
    Philadelphia, PA
    EXACTLY what I was looking for. Thanks!


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