1993 Ferrari 348ts - Six-Year Ownership Report

Discussion in '348/355' started by modena2904, Sep 7, 2013.

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  1. modena2904

    modena2904 Formula Junior
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    #1 modena2904, Sep 7, 2013
    Last edited by a moderator: Sep 7, 2017
    As of today (Sept 7, 2013), I’ve owned my 1993 348ts Serie Speciale (#55/100) for six years. Back in 2008, I published my one-year ownership report ( http://www.ferrarichat.com/forum/348-355/213638-1993-348ts-first-years-report.html), which was well-received. Over the years, I’ve continued to keep fairly detailed records on the car, and I recently had a major service done (the first under my watch), so I thought it would be a good time for an update…

    Current mileage is 56,765. I’ve driven 14,387 miles over the course of the six years I’ve owned the car, for an average of just over 2,400 miles per year, or 200 miles per month. As shown in the graph, I’ve been pretty consistent with that, with just some seasonal variation, and the occasional up-tick due to a road trip. By far, the majority of the miles were accumulated during spirited drives on my local back roads, i.e., “trips” that both began and ended in my driveway. Overall, I’ve averaged 17.4 mpg – not bad for the type of driving I do.

    Over the course of 6 years, I have spent a total of $37,026 (excluding purchase). That figure breaks down as follows:

    Scheduled maintenance - $18,872. This includes yearly fluid changes, 2 sets of tires, 2 alignments, a clutch replacement, a battery replacement, and of course, the aforementioned major service. The major service alone was $9,465, but in addition to all the “usual” items, I also replaced all the bearings/tensioners/chains for the oil pump and timing drive (a significant additional expense).

    Unscheduled maintenance - $5,687. This most significant items in this category were replacement of the aircon compressor, replacement of the throwout bearing, replacement of CV boots (one side only), and replacement of the heater control valve. There were also other less significant items that were typically performed during one of the yearly services.

    Operating costs - $8,893. This comprises an estimated $2,983 for gas, plus an estimated $1000/yr for insurance and registration.

    Miscellaneous costs -- $3,484. These are discretionary appearance/accessory items, with the bigger hitters being a set of OEM wheels, Yoshi shields, a replacement tool bag, a canvas folding targa top, plus a set of aluminum cam covers that I had installed during the major (I consider the cam covers discretionary because the original plastic set was still in fine shape).

    I have had most of my maintenance work done at the two reputable independent shops that are local to me. Looking back over the receipts, it looks to be approximately 50/50 parts vs labor. So if you were a dedicated do-it-yourself-er, you could cut the maintenance costs I cited above in half.

    On a per-mile basis:

    Maintenance costs - $1.71 per mile
    Operating costs - $0.62 per mile
    Miscellaneous - $0.24 per mile

    … for a total cost of $2.57 per mile.

    One thing I didn’t touch on in my one-year report was depreciation. But as we know, the market dropped out from under these cars in 2009, and it’s only now just starting to climb back. If I’m honest, I have to believe I’d be facing at least ~$20k in depreciation if I were to sell the car today. That would jack up my total ownership cost to $57,026, or $3.96 per mile.

    But fortunately, I’m not considering selling this car today, or anytime soon for that matter. :D Even after six years, I still am not bored with it. The raw, visceral feel you get with a 348 means that every drive is an event, and it’s never boring. My BMW daily driver outperforms the 348 in every objective measure, but I certainly don’t get a thrill from driving it like I do from driving the Ferrari.

    So my plan is to hang on the Ferrari indefinitely, fix it when it breaks, and (as they say) keep driving it like I stole it.

    The photo below is the most recent one I have of the car. I took the 348 to the Baltimore Grand Prix last weekend and parked it in the exotics corral. It’s amazing how much attention the 348 gets, even when parked next to much newer exotics. I think it’s because of the strakes – they are just a signature Ferrari design element that make the car stand out to the average person. Embrace the grates!

    - Eric
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  2. ForsytheFotographyHouston

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    That is a great, detailed report! I have to say that from now on, every time I put another mile on mine, I will say to myself, there goes another $2.50! Ha!
     
  3. WATSON

    WATSON F1 Rookie
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    Nice report... I keep similar records on my 355. Three years is up in October. Perhaps I'll follow your lead and compile the data.

    Good read.....
     
  4. GTO Joe

    GTO Joe Formula Junior
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    Great report and glad you are still having fun with your car. That is what it's all about. You mentioned the "back roads" you enjoy driving and you are so right about that. I spent most of my life until seven years ago just north of you in southern York County PA and ventured south into your area on many similar drives. That is something I sure do miss about that area, roads you can "lose" yourself on. Keep having fun.
     
  5. AceMaster

    AceMaster Two Time F1 World Champ

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    Nice write up
     
  6. yelcab

    yelcab F1 Veteran
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    What are you doing adding up all those numbers ???? Bad karma. I don't keep track of numbers like that for fear of self incrimination when my wife finds the paper.
     
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  8. pnicholasen

    pnicholasen Formula 3

    Jan 14, 2011
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    Hey Eric! Good to see the ol' machine is doing well. I still blame your sweet sounding exhaust system for forcing me to chuck my boring original muffler. By the time you sell your car in 20 yrs, it will be a true classic and you'll do fine on the depreciation (if there's gas around by then).
     
  9. Gated

    Gated Formula 3

    Dec 21, 2009
    1,068
    Very cool report and a very nice car. I think I'm starting to prefer the 348 to the 355 in terms of aesthetics...maybe it was simply the way the car was supposed to look?

    If you drive it more your cost per mile will drop (probably;-) and everyone will feel a bit better about your record keeping ;-)
     
  10. Gated

    Gated Formula 3

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  11. vvassallo

    vvassallo F1 Veteran
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    Without the serial number of VIN it's difficult to make a statement other than it should be a 1993 if it's 99/100. The first 12 are supposed to be 1992's. Someone was offering number 15 as a 1992 which is possible if the factory jumped around on the production line. Figure a car is made in Modena but not sent to FNA yet and they specify a SS package. The factory grabs a completed car from inventory and there you go. So it is possible that the first 12 SS's are 1992's but that they do not follow sequential production numbers. Seems odd that SS 14 would be a 1993 but SS 15 is a 1992, eh? Of course, the model year is relative since a lot of the 1993's were actually built in 1992 (I need to check on mine).
     
  12. RSO1091

    RSO1091 Formula 3

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    Another positive ownership thread! Sure you've kinda given us some sticker shock when it comes to cost of operation, but Eric, you hit the nail on the head when you said that your car gives you a felling like no other car can. That my friend, is priceless.

    Cheers, Henry
     
  13. YVR_Schumi

    YVR_Schumi Karting

    May 20, 2012
    103
    British Columbia
    Fantastic post, thank you. I ballparked a similar "budget" before making sure I was ready to dive into a 355 (similar "issue" as the 348 in the $10k per N years for major service).

    A great resource for future / potential owners; around $3/mi ($2/km) is right on the money in my experience the past 2 years as well.

    Cheers!
     
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  15. modena2904

    modena2904 Formula Junior
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    LOL. I probably should have labeled this thread has NSFS (not safe for spouse)!
     
  16. modena2904

    modena2904 Formula Junior
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  17. modena2904

    modena2904 Formula Junior
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    It seems the conventional wisdom is that ownership cost is about ~$5k/yr, with an extra $5k when you do the major. My experience fits with that.

    Of course, you can always save money by doing it yourself. My problem is that I'm slow. If I did more of the work myself, my car would be off the road a lot longer, therefore my mileage would be lower, and my cost per mile might not change that much... ;)
     
  18. modena2904

    modena2904 Formula Junior
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    Agreed! That's why we're here!
     
  19. ernie

    ernie Two Time F1 World Champ
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    Nov 19, 2001
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    You guys are nuts. I try NOT to keep tabs on how much money I have dumped into my 348. It would be interesting to know, but then again why torture myself. Instead I just drive it and fix it, drive it and fix it, drive it and fix it. Receipts be damned.
     
  20. John_K_348

    John_K_348 Formula 3
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    Awesome thread. How bad were belts and hoses at 30K, 20 years?
     
  21. modena2904

    modena2904 Formula Junior
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    There were no real surprises at the major service. Belts and hoses all appeared to be in good shape, which was as expected as they had been replaced at the prior major 6 years earlier. Now everything is new again...
     
  22. treedee3d

    treedee3d F1 Rookie
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    That "price-per-mile" calculation is equally impressive as it is depressing....
     
  23. dherman76

    dherman76 Formula Junior
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    This is a fantastic writeup. Thanks for sharing.
     
  24. zakeen

    zakeen Formula Junior
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    I would have to guess also the amount I have spent on my 348. I have no clue. But when I think back I did not spend much at all. A basic service once a year at around 12,000kc($640 USD) and then a major every 4 years, 65,000kc($3,450 USD). Never had an issue with mine and almost 10years of fun.

    Ok, full insurance is the most expensive part. 31,000kc a year ($1650 USD)

    But it is very nice I live in a country where labor is cheap :D

    Having said all that I just had the motor taken out and about to do some serious modding. This will cost an arm and a leg.
     
  25. gaw111

    gaw111 Formula Junior
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    #23 gaw111, Oct 7, 2013
    Last edited by a moderator: Sep 7, 2017
    I'm a DIYer, and having driven my car 6k mile in the past year, my numbers don't even come close to these. I haven't done a major yet, still have a couple of years before that happens. I plan on doing it myself when I do, so, shouldn't be to bad, maybe 3000 for that. But I sat down with a excel spread sheet, tried to be very liberal with my cost. I used pretty much the same categories as the OP. So here's what I came up with.

    Operational cost (Gas, Ins, Registration): $2060
    Maintenance cost (Fluid changes, Misc part, A/C repair, window motor relays): $227
    Upgrades cost (360 wheels, car cover, 360 radio, targa cover, 348 key, floor mats, chrome rampantes and other small effects): $1849
    Minus parts sold on Ebay (Wheels, black rampante, POS Sony radio): -$730
    Total: $3406

    At 6k mile that adds up to $0.55 per mile! Since I purchased the car 1 year ago, depreciation is not an issue. What am I missing? Am I just lucky? That's about the same as my BMW 545i! Next year, plan on installing a new exhaust system and an alarm. Couldn't be happier with my purchase! And I still get excited every time I look at her and the drive is priceless!
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  26. John_K_348

    John_K_348 Formula 3
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    Modena thanks. I'm still kicking around insurance quotes and storage. I might have too many irons in the fire right now as I'm looking at a supercharger install on my daily driver ;) Anyway, there are a few east of the Rockies and it looks like a balance between mileage near the 30K or pure 20 year age. No carfax yet on one.
     
  27. modena2904

    modena2904 Formula Junior
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    The key point is that you are a DIYer, I'm not. As I said in my original post, you could cut the maintenance costs in half if you supplied your own labor. Also, your mileage in the first year is more than 2x my yearly average, which brings down your cost per mile.

    Now a couple of cautions... You haven't had to replace any significant parts yet. My parts total over 6 years is around $12k. It adds up fast. Also, you can't keep selling parts off your car on eBay forever... :)

    Having said all that, I'm sure you are in for many years of enjoyment. It's a simple formula: drive it like you stole it; when it breaks, fix it; repeat!

    - Eric
     

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