Almost bought a 1990 348 TS for 22 grand

Bought a theft recovery for $22k with 28k original miles. Had the major service done in 2007 at 24k miles, and now in 2011 it has 28k miles. The car is yellow with ferrari 360 wheels and tires on it. I havent picked it up yet ( i will thursday), but It has all the records along with it. It also had a recent clutch done. I hope that this forum can help me with my new addition in the future. Im a bit worried about the service being done in late 2007 even though hardly any miles have been put on it since, but I feel like for $22k its worth snatching up.

 

Congrats! Send pics! I think a major is in order. It's been almost 4yrs. I would do it.

 

I would absolutely NOT do it. You obviously know the car has no resale market. Unless you do the work yourself don't invest any money. Drive it like you stole it and be happy. And besides the belt has plenty of life left. It has never been exposed to UV light or salt road conditions, which is the major cause of rubber deterioration, so in my opinion the time means nothing. But we all know what opinions are like......so you decide.

 

Well, you make an interesting point, but it can be broken down to more detail:

This is a simple math decision. (1) What is more expensive: A major or an engine rebuild? (2) Is this a short term investment or does the owner want to keep the car?

The OP has $22K invested now. So, the expense of the Major is like an insurance policy to protect his $22K investment. The cost of engine rebuild, or the estimated selling price of a that car with broken belts/head/piston damage represents the risk exposure.

So, let's say for example that a major costs $7K, an engine rebuild costs $20K, and the value of his car is only $15K if belts break and the motor needs a rebuild. Is the OP willing to spend $7K to protect his $22K investment from dropping by $7K?

The answer: Only if he wants to keep the car.

 

So therefore, he obviously bought it with long-term ownership in mind.

I would do the major, but I would try to do it myself if I had any mechanical talents to put to work. As I'm a bit of a Muppet when it comes to servicing cars (hence the screen name), I think I would find a good independent shop to send the car to. I'm sure folks on here can recommend one.

All the best,
Andrew.

 

Leave it alone, drive the car and enjoy it. People are to conservative with the religion of having the major done every 5 years. My friend had a dino, and he never changed the belts for 25 years, untill he was told to. The 348 does run on one belt, and if it does snap, your in trouble. But I have only heard of one snapping, and it snapped after 2 years of having a major service done. So who the hell knows. And honestly, you can pick up a low mile used 348 motor, running and ready to put in for about 5-8g.

 

No mention of title issues.

Not every "theft recovery" is a "salvage".

Looks like a good price was paid for the car, it makes sense to get a "fresh" major on it.

I would never trust someone else's paperwork on my own car.

 

Personally, I would use the money you saved to make the car absolutely smokin' then enjoy the hell out of it! As cheap as you picked it up, there is no reason not to!

 

Hey guys, thanks for your responses. Idk where to get the service done for a reasonable price. Some guy in Louisiana quoted me 15 grand! LOL... I have read about 6-8 grand services for these,and thats what ill search for. I feel like it should be fine for a while being that it has few miles put on the recent service. When I pick the car up tomorrow ill be able to make a better decision as to if ill be doin a service right away. Ill be searching for leaks, and checking everything I can under the car, in the engine bay, etc... When I arrive home with the car im bringing it to my mechanic and well put it up on his lift and check anything that we can. So we will see.

It does have a rebuilt title, but I dont care because I have always wanted one of these and plan to drive the **** out of it

 

Congrats, you stole it! It's good for at least another year before belt changes. Drive the heck out of it, fall in love with it, then decide what to do with it. Don't let the guys scare you. Change your screenname and take out the obscenity (the P-word). Also, spend the $15 to subscribe, you'll be glad you did. Welcome to the Brotherhood!

 

Is this your second 348.....

First or second, doesn't matter. At least they're both yellow! Looking forward to seeing some pics.

 

Wow, you just told the OP he made a $22k mistake and bought a worthless car. Pretty bold for post #35

Just because it does not have a perfect title does not make it worthless. And just because it was a theft recovery does not mean it says "salvage".

These cars may (or may not) appreciate some day. But the truth is these are not investment grade Ferrari's. These are Ferrari's that need to be enjoyed & driven.

A base line engine out service in my neck of the woods is around $5k without surprises.

A $27,000 348 with a fresh engine service you directed is a steal.... salvage title or not. That's some seriously cheap Ferrari head turning and for probably less than a 430 owner will experience in depreciation the first year of ownership. I say well done!

Waiting and hoping a $20k engine rebuilt doesn't happen would seem inappropriate to me....my 2 cents anyway.

 

Two salvaged cars???

Interesting.

Kai

 

I believe the first one was a clean title. I smashed two different posts into one quote. Sorry for the confusion.

I just thought it was interesting how he said, "I've always wanted one of these" when it looks like he's already had one.

 

So as to *not* attract otherwise unwarranted attention while driving a stolen car [which, bein' Eye-talyun, would raise an eyebrow or two on it's own], I would make sure my driving habits were inconspicuous as possible. But that's just me.
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Interesting catch.

Looks like he never went through with it (see post #6) http://www.ferrarichat.com/forum/showthread.php?t=335420

 

http://www.ferrarichat.com/forum/showthread.php?t=272342

Glad to see your going to give the forum a second chance. First Ferrari or third, it doesn't really matter. Enjoy it in good health. And post lots of pics....

 

My dear Watson I did no such thing. I told him in a very succinct way not "invest" an unreasonable amount of money in a car no one will ever buy for fair market value. Lets look at the market for buying a Ferrari, very few. Add a 21 year old Ferrari, even less. Now throw on top a salvage title, his resale market is approximately no one unless he gives it away. People don't want a salvage title on their Ford Taurus let alone their Ferrari. It's just reality.

What I told him to do is enjoy his car as is.

Now the next point. Stop stalking me and my 35 posts

 

Yep, I didnt end up following through with that first ferrari because when I got there, the top was not that great, I found over spray everywhere I looked, and I just hated what they did with the interior. So I backed down. Glad I did because I got this for 11k less than that, and Id rather have the Targa!

 

Enjoy the car! You got it for a great price. I am sure you will be happy with it in the long run. Personally I would not let what other people say about this car bother you in any way. 22K US$ is fairly inexpensive for just about any purchase with the way the dollar has been going for the last few years..

Then again my wife has hand bags she has paid more then that for!!!


So gotta say great deal!!!!!! Hell it is a car and you get to drive it. Not just carry my iPhone sunglasses and stuff in it! I would be grinning ear to ear.

 

I dunno....He just paid $22k for it didn't he? Your quote above (and the original quote) suggest it is worthless. But maybe I am misunderstanding your comment.

I think we both mean the same thing. These are not investment grade Ferrari's. Just drive em...

No maliciousness intended...I see you are at 37 now! Carry on......

 

ill be grinning ear to ear tomorrow lol... How about a teaser pic of it

Did I mention it comes with tubi exhaust? How does that sound? Is that usually expensive?
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I'm not sure what the hub bub is all about but it seems like you got one heck of a bargain.

Enjoy it!

 

I think you'll like the Tubi. It's pretty loud.

 

I feel like I got a deal too... I also forgot to mention it has ferrari 360 wheels on it