1992 348TS - Anyone know this car?

I'm considering this car for purchase and was wondering if anyone here had any knowledge of its past? It's listed for sale here:

Sioux Falls, SD 1992 Ferrari 348 USA TS (Targa) Used Frankman Motor Company | 090810 | ZFFRG36A3N0090810

I found it sold at Mecum in Anaheim in November for 36k (wow) and now being offered for 69k. Seller says it just had a clutch put in it at their shop, but didn't know if belts were done, so I'll assume no. I called the last dealer that serviced the car, but have not received a call back. The car looks clean in the photos, but hard to really know without personal inspection - and I live 1500 miles away. Here's the Carfax:

CARFAX Vehicle History Report for this 1992 FERRARI 348 TS: ZFFRG36A3N0090810

Any help would be greatly appreciated. I'm new to Ferrari's and just want to start off on the right foot. Thanks!

 

I talked to one of the guys at the dealership about it. They wanted to be very veg about answering any questions and seriously smug about it. Like you don't have the right to ask a question about the car. They turned me off from the idea of buying anything from them pretty fast.

 

There is an extensive thread about the car on here, from Mecum to its listing at Frankman. I spoke to Chris at Frankman as well and had a difficult time obtaining any useful information or response for items that would help determine a fair offer. See below:

http://www.ferrarichat.com/forum/348-355-sponsored-bradan/506044-mecum-auction-1992-348ts-sold-%2436-000-a.html

 

Robb mentioned in the other thread that previous dealers that had done work on the car had mentioned some electrical gremlins as well as "other" items. Best bet is to do as much sleuthing and research as you possibly can... and insist on a PPI contingency up front. Start calling the shops listed on the Carfax and get redacted copies of their service invoices. Google the VIN or last 5 digits to see if it pops up on fchat or other forums.

 

This is great information, thank you. I will see what I can dig up on previous service work. I really love Giallo Fly on the 348, not easy to find. I will insist on PPI contingency. If not, I'll keep looking. Thanks again guys.

 

what did the current seller/dealer do to the car to increase it's value from the $40k they paid at the auction and the $70k they are asking. Seems like it gives you a fair amount of negotiating room since you (kind of) know what they have into it.

 

I asked them that exact question when I first contacted them, asking if there had been some money invested in getting the ad sorted and maintenance up to date. They answered with a one word email. "extensive" ...that's it, the entire description of what was done to double the value of the car. "extensive".... I had mentioned that I liked the GTC rims so when I pressed it as to what may have been done he told me they had put those wheels on it and the clutch had been done recently.

I spoke with him later and after all the veg no answers it was clear he was completely full of it. He told me he will get what he's asking for the car and what they paid for it doesn't matter, it's a free market. Which, more power to him, that capitalism. The auction on eBay was ending at it was in the mid to high 30s and I said-well I think the market is speaking right now- he said he doesn't sell cars on eBay, he will get what he wants for it and he doesn't care. Etc etc.

 

I wish I had bought it at $36k, then sold those silly looking GTC wheels for whatever someone would give me for them and then I would drive the piss out of it. I'm not a huge fan of yellow Ferraris, but I would have taken this one for $36k..easy.

 

I would have took those silly looking wheels off your hands, I like the look of them. About a thousand times better then the regular 348 rims. and a yellow 348? That's about the only way to have one.

 

The fact that this is a later car makes it desirable. Too bad the dealer sounds like such a tool.

 

I'd give 4 grand for those silly wheels providing they're mint, or nearly so.

 

I'd install 360 wheels on a 348.....really updates the car/more modern theme.

 

Many would agree. But the GTC wheels are specific to the 348 (and the 512TR). So more period correct for me.
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I hear you ....all good

 

What a slimeball of a guy. For the OP's benefit and info, the "extensive" work done on the car was a clutch replacement. Additionally, the GTC wheels were on the car long before this dealer got his hands on it, proven by the mecum listing photos (and video footage of the car rolling across the auction block). Of course, the dealer is entitled to get whatever he can for the car, and the acquisition price shouldn't have any bearing on selling. He seems to be quite defensive in that regard, as when I asked about the cars history, he quoted the earliest 2012 BJ sale at $63.8k as "having just sold at". A bit of truth stretching to be sure, but the addition of the GTC wheels is an out and out fabrication.

https://www.mecum.com/lot-detail/CA0814-190605/0/1992-Ferrari-348-TS/
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Appreciate the input guys. The dealer is being quite persistent with me, trying to get me to deposit the car, which I am not willing to do yet. Waiting now for the "repair order" that was done to the car.

As an aside, I really like the GTC wheels. Also, check out this 348 that sold at BJ last night for $66k, seems like a great deal to me! GTC wheels too ;-)

1990 FERRARI 348 TS SPIDER

 

Actually, they're probably Speedline 3-piece wheels instead of GTC.

Very different markets/values too for a Spider when compared to the TS. So it's best to decide on which car you want i.e. "Stay focused, Man!"
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Rookie mistake on the wheels. I'll learn. Staying focused... Not easy when looking for your first Ferrari... I keep coming back to the 348TS though.

 

No biggie, we've all had our turn as the kid in the candy store.

And of course, another way to look at it, "I have x amount of money available, what can I get with it?"

 

Wow, that's a 1990 with an AFTERMARKET spider conversion. I'd like to get a close look at that. Still selling at 66k it must be a very good conversion.

 

Wow. Hadn't even noticed. And with only 3k miles showing too. I agree-- I'd like to see that one.

 

The second picture shows they made the rear quarter panels very flat and didn't put any buttress hump in it. I'd like to see a picture of it with the top up to see what they designed before Ferrari did, but there might be a reason they don't show it with the top up... Just adds more to the surprise that it sold strong.

 

A Straman, so it must be good. But it would be interesting to compare the structural details with the factory versions.

 

My advice- try to buy from an enthusiast who loved and cared for their car. Not that dealers are all bad people, they just don't typically care as much as an enthusiast/owner does. I flew around the country looking at cars that I would call dogs or slight dogs but they were advertised as collector quality.

Finally found my 348s SS from a car enthusiast and the previous owner was as well and it really shows. No excessive wear anywhere and very clean. Simple things like all the stickers look like they were just put on by the factory, carpets very clean, and engine bay impecible. Keep in mind I was specifically looking for the best I could find. I don't drive it like most here at the chat do (I know, I know, thats my loss :-( But trust me when I do drive it (I did today), I'm on cloud 9. Kinda like seeing your love after a few weeks apart.

Had it out today. The crazy building in the background is my new showroom in Naples, FL. Total remodel is underway.
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Agreed. Bide your time and buy the best car you can find/afford. Later is better due to the factory updates.

Very nice SS, Chris. I'm jealous. Like you, I don't drive mine much but real life, the weather, and bad roads conspire to make it difficult to enjoy the car regularly. But on the plus side, every time I drive it is special, and I like it that way. Driving any true driver's car, especially a Ferrari, should be a special occasion.

Congrats on the new showroom.