Buying a 355 or 348, need some advice!

** Appearance modifications and high mileage gravely hurts the resale value of a Ferrari. High miles is anything over a few thousand, sad but true in the United States, where lots of Ferraris spend their lives as garage queens. If modified, be sure the original equipment is available to change it back. Most Ferrari buyers want their cars to be factory stock. Dealers will ask for the original equipment upon trade in or sale of the car. In the event these items are not available, they begin reducing the value of the car. OE parts are not cheap.
The Mondial 8, 3.2 coupes, Mondial T coupe and 308 GT/4 cars are the only models available with an electric sliding sunroof. The 348ts & 355 GTS is a 'targa roof' which means the roof section is removable. To my knowledge the only late model Ferraris which are available with an electric roof is the 355 sp, 360 sp, F430 sp, 550 Barchetta and 575 Super America.
The Ferrari 348 ('89-95), Mondial T's ('89-93)and the 355 ('95-99) all are expensive cars to own. On the 355 series there was an F1 and 6 spd manual transmission available. The 6 spd manual transmission cars were appox $10,000.00 less expensive. So it makes sense that the F1 equipped cars service will cost more if anything goes wrong with the unit. Maintenance is a BIG deal concerning a Ferrari.
I have owned (2) 348's, a '92 ts and a '94 spider and (1) '98 355b. All three were red/tan. Rosso Chiaro Red is Ferrari #1 color along with tan leather is most popular. This combo brings a higher resale price than any other combination available. My cars were red/tan. They were factory stock except for (aftermarket) rims. I chose Kinesis on both 348's. The 355b remained stock throughout the ownership period.
Reliablilty of each car owned: On a scale of 10. The 1992 348 model would have scored a 4-5 and the 1994 348 a 7-8. The 355 was a better car in all categories. I would score it an 8.5+. I have heard the 360 series cars were even better than that. At this time I have no plans to ever buy another 348, however the thrill of ownership is all Ferrari. Ride and handling was good but after owning a 355b, the 348's appeared slow. I would consider buying another 355 ... a GTS perhaps, with a 6 spd manual transmission.
The ECU's and slow down light sensors are the worst gremlins. If both fail, the car will not run over a crawl speed. Everything is expensive to have repaired especially if you have to transport the car to your (local) Ferrari dealership.
My 355b had two electrical problems and the 3 way shocks failed to work everytime I turned the switch to SPORT mode. Directly out of the showroom with less than 200 miles, these things began to fail. Even though the 2 year warranty covered the problems, one would think for the money a Ferrari costs, everything would work for a long time. The passenger & right side mirror along with the window moving upward, were the problems. Where I lived at the time there was no Ferrari dealership within 200 miles. If I had to transport, it cost $300.00 each way.
Another issue you need to check into is racetrack use. Some folks who own Ferraris can drive well and then there are some who do not. They run off the track and damage the underbody as well as the o/s panels on the car. Ask to have the car lifted off the ground and check underneath for damaged panels. Lots of 355's have spent a portion of their life on a racetrack during club events. Furthermore some of these cars have been converted to Challenge specs and raced in the Ferrari Challenge series. Peel the carpet back and look for extra holes in the floor and behind the seats. Rollcage installation is manditory on the 348 ts/tb and the 355b & GTS cars for safety. The 348 & 355 spiders were not allowed to be converted to Challenge specs and raced in events in the US. Other parts of the world may be different. In 1998 I saw a yellow 355 spider at a Ferrari dealership in Florida that was converted to Challenge specs. Afterwards it was shipped back to it's owner in South America.
REQUIRED FERRARI SERVICE: Every 15,000 miles. Make sure that the cars you are interested in have been properly serviced. That the services have been performed by an authorized Ferrari mechanic. These service intervals are printed inside your owner's manual. Cambelts and valve adjustment is manditory @ 15,000 miles on the 348s. The 355 gets a 15,000 mile cambelt change, but it's valves are self adjusting. A dealer can explain to you exactly what the service requires and upon completion, the service booklet will be dated and signed by the service tech. Make sure the one(s) you see are completed. Absolutely No excuses!
In buying a used Ferrari, remember to ask for the vehicle's service records. If the (pre-owned) dealer or private owner can't supply service records or they do not match the mileage on the odometer ... RUN! You can't afford a 'sick' Ferrari. An authorized Ferrari dealership (usually) has all the service records available on the car, including a CARFAX. Also in the front of the service booklet which is available with the car, the original owner's name appears for your convenience. They are sometimes cooperative and ( one owner cars ) will answer your questions. Then again some aren't available for comment.
Ferrari Giallo Fly is the name of the yellow used on the 348-355 models. Ask the car's seller if the car has been repainted. Look for sloppy cleanup in tight areas. Overspray in the fenderwells and underneath the car, etc.
Good luck
FM

 

Woah! Thanks for such valuable and insightful information. A goldmine of information actually. I'm definitely gonna look for everything you pointed out. I'm making a list that I'm gonna bring around when I'm out to inspect a new potential ferrari. The first thing I'm gonna do once I get the ferrari is to sign up for a race driving course. I can't afford to not know how to drive such an expensive toy. Everything you've said seem to speak in favor of the 355, which is understandable since it IS a newer car. Still I really love the looks of the 348. The $10k difference between the cars isn't really that much of an issue to me. I could always save some more to make a buffer of $10k for repairs.

Thanks again! You've been most helpful.

Thanks to you too, BT348. Great to hear it's not that expensive for the insurance. Obviously a 355 would be a lot more (maybe twice?) but it's still doable.

 

If you look in this section, about a week ago, there's a thread about a Ferrari with a 100bhp shot of nitrous oxide. There's also discussion of other mods. Take a look there. Shout if you can't find it, and I'll find it and bump it up.

There's no reason you can't mod these cars if you really want to.

Jas

 

Both are great cars. It is best to buy what you like & tune out eveyone else's noise.
If its still hard to decide, it is always best to buy the latest model.
Good luck