Prospect of 348 Purchase?

Hi gents,

What is your opinion on getting a 348 right now? Seems like the market has bottomed out, can we expect prices to rise over the next few years? I am coming into a position soon where I might be able to either buy one outright or get a short-term loan (speaking of which, who would be willing to finance a 348 with say a $15k down payment)?

 

A 348 at $15,000 outright is waaay too high still .... ........ they are going down in price by the minute, just ask any current owner !!! ........ a 355 on the other hand, is a great buy at any price and during any economic climate .....

 

If you're looking at a 348 as an investment, stop looking now. That being said, the 348 is one of my favorite Ferraris. Buy the 348 because you want to own and drive it as you will certainly lose money on maintenance and repairs alone. Any Credit Union will finance with $15K down as long as you have verifiable income and a 720+ FICO score.

IMHO

Joe

 

*Cough* BS! *Cough*

I think the market is probably near the bottom, but I wouldn't be tempted by the cars swimming AT the bottom of the pond unless you want a) a project or b) a nightmare. I'm sure plenty would say I paid too much for my example, but I vehemently disagree. I researched and considered these suckers for 5 years before pulling the trigger, and I formulated some pretty strong opinions in that time. Find a good car with ALL the necessary upgrades and complete maintenance records and expect to pay a little more than your typical ratted-out ebay/craigslist examples. Don't be fooled by cars that look pretty and shiny and have 12 miles on them. I really start to wonder about any 348 below $40K, any 355 below $50K. IMO, most folks who love these cars and have properly maintained them aren't going to firesale them.

I would also HIGHLY recommend paying cash and having about $10K in savings for "what ifs" because, as with so many older cars, you really never know. Those were my personal rules before purchasing, and so far they have served me well.

Anyway, just my 2 cents!

 

With my 348, I took it to the Service Center here to sell and the price THEY put on is 500euro more then what I paid 6 years ago..... (forgetting about value of money dropping) I think the reason why is purely because the one I have is in perfect condition and still is and got it at a good price. When I was looking for one I saw 5 in total and some were so badly owned it was terrible.

So if you can pick one up in close to perfect condition cheap you can almost get the same or maybe more back in the future, relying on the fact that as the years go by its harder to find one in great condition.

But also remember, the cost of keeping the thing is super high. I will lose about 4000euro for maintaining it in the 6 years of owning it.

 

lol .... ..... ............. I saw this thread moving down the page without any posts ........... I couldn't resist ...........

 

interesting... what makes you say a 355 is worth a look over the 348? do they always appreciate? call me crazy but I prefer the 348's styling

 

the post was 'in jest' ........ I prefer the mid engine models and the 348 is in there ......... though when I was looking .... the 360 was too rounded and the 355 always had a part of me since the first time I laid eyes on one .......... it has the perfect balance of modern and classic ........... to this day, it just looks soooo 'right' to me

 

ok, got ya. does anyone know this F355's story? -- by all estimates it seems like they've marked it down some 30% off market value?

http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=295461839&dealer_id=65962359&car_year=1995&systime=&doors=&position=top&model=F355&search_lang=en&start_year=1981&keywordsfyc=&keywordsrep=&highlightFirstMakeModel=&search_type=both&distance=0&min_price=&rdm=1312998482807&drive=&marketZipError=false&advanced=&fuel=&keywords_display=&lastBeginningStartYear=1981&end_year=2012&showZipError=y&make2=&certified=&engine=&dma=COLUMBUS_OH_WE&page_location=findacar%3A%3Aispsearchform&body_code=0&transmission=&default_sort=priceDESC&max_mileage=&color=&address=43210&sort_type=priceASC&max_price=&make=FER&seller_type=b&num_records=25&cardist=506&standard=false

 

Interesting color, haven't seen that before. Judging by the attire of the man in one of the photos, the car has been there for a while. May be a bad sign (along with the price). If you consider this one, go in armed with a barrage of questions, tear through the service records, and get one heck of a PPI. I'm always super skeptical of most dealers that have these cars because not many of them know much at all about F-cars. Just think about what happens when lot employees go out for some fun, don't bother to let the car warm up, and proceed to powershift it and do burnouts. It happens.

Goth -- I agree about the looks of the 355, very clean and attractive...even if it did have it's cheese graters removed!

 

You're not crazy or alone. I too prefer the looks of the 348. Nothing against the 355 as it's a beautiful car. I bought my 348 based on looks. I personally like the exotic look of the strakes. As far a value and depreciation, I wish I could tell you. I will say I bought a 94 348 spider with recent service a little over 2 years ago for 49.5k. It was/is in perfect condition. Not sure what it's worth today. Have absolutely no plans to sell it. I hope this helps. Buy the model that is right for you. If you're in SoCal and want a ride in a 348, let me know...

The search is half the fun (not really half, but it is fun!)

Lou

 

Lou, thanks for the insight. that's a sweet offer but unfortunately i'm in Columbus, OH.

the green one is intriguing -- chupa, solid advice there as well. it will be wiser for me to sell my proposed trade-ins first... dealers are rip-offs.

I will say that the F355's sound is just...

 

*Holsters .357*

 

When I was shopping for my Fcar last year I was stuck between a black on black 348ts for 34-36k ish. I passed on it and bought my 360 that I couldn't resist.

I still love the 360 and would like to pick one up for my collection.. if I can ever get my wife to let me have another that is..

The low price examples don't scare me. I would pay 30 to 40k for a 348.. I do most of the work on my cars and don't mind the restoration challenge. The ONLY and I repeat ONLy concern is the tranny. To have one detonate makes me a tad nervous.. for this i'd have a PPI done.

I personally think the 348 has bottomed on the depreciation scale. Buy one for 30 to 50k-ish.. and it will be sold for that amount in the future. What else are you going to get for that money.. a Honda? The cost of upkeep and majors.. that's another issue..

 

Absolutely, especially with any early car that has not been upgraded or had enough miles to show problems...eeck! I did drive a one-owner 95 Spider that had to have it's box rebuilt with only 24K on the clock, though. The extra bad news...I think it was getting ready to go again!! :-(

 

There's your answer right there - it is what YOU desire most, and if it is the 348 then go for it...I think last year would have been better for the buyer's market, but now is still as good a time as any.

 

heh, i'll take a F355 if everything lines up. they say it needs the 15k service, how much can I expect to drop on that?

 

Depending upon who does it, I'd budget about $1200. You can save a bit by doing your own fluids, though.

More important -- are they basing that on mileage or time? The car very well could need a major. Ask for the dates of the last 15 and 30Ks.

 

Have you seen this one:

http://cgi.ebay.com/ebaymotors/Ferrari-348TS-red-targa-top-sports-car-/290597001077?pt=US_Cars_Trucks&hash=item43a8ee5775

 

the guy two posts up said to budget $1200 for the major. He missed it by one zero.
$12,000 plus $2-4K for discoveries during the major.

 

Given I'm a traditionlist and like cars as stock as possible.. With the shifter ball, painted engine compartment and Phat rims.. I would wonder what else was done to it, and WHO has been working on it. Good mechanic versus monkeys..

 

I think that is a tad excessive - $12,000 should include any discoveries/suprises....from what I have read on this forum the last few years, it is about $8,000 for a 355 major if everything goes as planned without discoveries.

 

I could not do $1,200 for a major even if I did it myself. There is a thread now with a 348 major (with a capital M) where the transmission is apart, the engine is apart, and even the drive shafts are apart. That Major is likely a $5,000 affair for parts alone with no labor.

 

The OP was talking about a 15K, not a major.

 

Even a full fluid change at the dealer is $2,000.