348 GOOD 1st Ferrari

Kevin,

We are lucky here in Utah to have a very reputable dealer. Talk to Sean at Steve Harris Imports and he will treat you right. As far as that specific car, I wouldn't really be one to say for sure as I don't know anthing about that specific example or its owner. Steve Harris does have a couple 348's in stock, but they aren't yellow.

Best of luck in your search for the right car for you and we hope to see you out at Ferrari Owners Club functions.

 

Most of the Ferrari dealerships stand behind their used car sales, so if you have a problem in that first month or so of ownership they'll take care of you on their dime. That extra "protection" for you as a buyer is well worth paying $75k for a 348 Spider from them...

...but paying $75k to an individual for a similar vehicle might be a bit above current market values.

So the price (being "reasonable") depends upon your seller.

There's a pre-purchase inspection guide here:
http://webpages.charter.net/aircover/348/1994Ferrari348Spider.html

 

75k sounds alittle high to me, but I guess it depends on the year and condition. The 348 is a nice car, but if your looking for something reliable and less costly for maintance I would go with the 328. Before I sold my 328 I would budget 2k per year which would cover repairs and summer insurance. I will never buy another Ferrari again just because of the repair cost, but everyone should own one at least once. Good luck.

 

$75k is a little on the high side even for a mint condition 348 spider. Someone here was trying to sell a red 348 spider in great condition a few months ago for around $68k if I remember right and was getting bashed at every turn for asking too much. My best guess is that about $70k is the top end for a 348 spider, but I have not been in the market for about a year so the prices could be higher than when I was looking. The car you mention looks to be a great example of the model with super low miles and recent service completed. It would be about the most expensive 348 you could probably get.
Good luck, I'm sure others will chime in with some info on the car you are looking at.
BT

 

I am in the market for a 348 Spyder myself. Don't worry, I am not competition because I do not want a yellow one. My first color choice is Blue. Anyway. I have been keeping track of the market for awhile and my "un"expert guess is: Using a 348 Spyder with 30,000 miles as an example.
Original paint with very few, small marks/stonechips.
Minimal wear/fading on interior
Nice convert top.
Everything working.
Engine out 30 K in the last 2 years or so - documented
Complete service records.
Clean title
Popular color (Red, Yellow or Black)
Low $60,000 range at the most. Asking prices are mid to high 60s, but the ones that sell are lower right now
Feel free to dissagree. I am not an expert, but I am a serious, right now, cash buyer waiting for a TDF Blue/tan car to come up for sale.

 

Given that only 1090 348 Spiders were built, I think $75K for a 1995 with 4K miles is a good buy. Compared to the 94's that have on average 20K miles selling in the 60's, that's a great buy in my opinion, and yellow is even more rare. That car is more bulletproof than an early 355, unless you get a 98 or so, but even then, you will pay well over $90K for a late 355 Spider, I say go for it, 95's are rare.

Stephane
Scaledetails

 

You can get a 355 all day long for 75K!!!!!!!!!! Or buy the 348 and keep 15k!!!

 

I'll sell you my 348 for $74,000 --- seeing how it's a private party sale and not quite in mint condition, that would be fair, right?


Actually, if I can be so blunt, stop screwing around and call Sport Auto in Summerfield NC.

http://www.sportauto.cc/inventory_ferrari/feb06fer91red348/index.htm

I'm pretty sure you'll find they're the most straightforward people on earth and have extremely carefully selected inventory. Lowest prices on earth? No. But if you want somebody to guide you safely into the world of Ferrari, there is no finer organization than Sport Auto. Tons of happy Fchatters have bought there.

(I have no affiliation with them whatsoever)

 

75K is expensive for a 348, but if this one really has only 4K miles, was properly serviced last year and is factory perfect, you're not going to find many like it. I was offered a 308 last year for $58K, solely because it was a perfect low miles car. I balked, and the car sold (I don't know the sale price or who bought it, but it was no longer available). Just know that you're paying top dollar and make sure the car is That Good.

The one thing to consider is that if you actually drive this car and put some miles on it you'll never see $70K out of it. That's the Catch-22 of low mileage cars - a big chunk of the value is tied up in the odometer.

 

Guys, pay attention, he said it was a 348 SPIDER, not a 348 TS or TB!!!!
$75K is right on for a 4K miles car, look at the current market, that is not unreasonable. Of course nobody would spend that on a non-Spider version. The Spider still has a $12K-15K premium over the coupes and Targas.
$75K will buy you a mediocre 355, not a good one in my opinion.

Stephane
Scaledetails

 

It's probably me but I would go for the 360 Challenge for 75K... You'll never drive it anyway with only 4K mi on it... Get one you can flog like Ferrari intended...

 

His question was also...."Is this a good first Ferrari"? For the money........if the car is outstanding........buy it.

As a first Ferrari, he may be in for some shocks when it comes service time......unless you are doing your own work.........a major service can run $5-7K.........and that will occur every 5 years or so. If you can do your own work and take the engine out yourself........cut that to $1200 in parts and some nights and weekends. This is not going to be a Chevy to work on.

The 348 is a great car. I have had mine for almost 17 years. Good and bad times..........mostly good............nah.......great.

 

I second, third, and forth that notion!
I will buy again from Steve Jones and Sport Auto.

I too have NO affiliation to them, except being a happy customer!

 

I'm not an expert on the 348 market but that seems on the high side. Then again if that's the car that interests you, you should try contacting him and negotiating.

Regards,
Kevin

 

I think it is within reason for such a well kept vehicle. I looked at a '94 Red/Tan 348 Spyder in CA. Had 8K miles on it. Owner said it was immaculate condition. However, needed belt service. Owner wanted $69K and would not budge. I thought about it and said, fine, if it is in that great condition as you claimed, I'll take it. Went to see vehicle, yeah right, pristine condition you say? Give me a break. Now had it been all that was claimed, I would have taken it, as long as a PPI didn't mention anything else.

Moral of the story. It is a reasonable price. However, go see for youself if it is worth $75K to you and make sure it is all as claimed. Then have a PPI done and from there you will be in a better position to determine its value.

Best of luck to you and let us know how things worked out.

 

True - at that price, it should be a flawless, no excuses car.

And as a first Ferrari, I think most people would recommend a 308 or 328 for the less expensive and less frequent maintenance. Kevin, as long as you know what to expect in terms of servicing (forget the Corvette...) a 348 is probably fine, and certainly closer to a 355 in terms of looks and performance than the earlier 8 cylinder cars are.

 

As a owner of a yellow 348 spider with 15k . I would NOT take any less than 70k (IF) I wanted to sell it. I could get a 355 spider right now if I wanted BUT, there was only 1090 spiders made & 550 or so in the US, AND I think 355 will continue to drop in price.
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Right on Mark, that's exactly correct.

Stephane
Scaledetails

 

348 Is an amazing car. I have owned mine for almost 4 years and has been worry free the entire time. If you are buying a prisitne example and maintain it properly, the vehicle will be trouble free.
I purchased the vehicle with 5000 miles on it and it now has 22-23K. I would agree with 2 ducks that no matter what someone says have the car inspected. I saw at least 5 vehicles that were adverised to be pristine that were from from being pristine.

 

A well known price index indicates that the average 348 spider asking price is $66735. That would be an average of all years and mileages. As always your mileage may vary.

 

If you like the cheese grater look get a TR instead for about the same price, they are more reliable with less quirks that will cause major failures and will cost about the same in maintenance, no comparison concerning the 12 vs a 8 either or looks.

 

The TR is a great car but very different from the 348. It seems to have suffered more depreciation than the 348 over the same time frame. You can read this as either being a better bargain now or that the market supports 348s more.
BT

 

If you read his post, he wants a spider . TR's don't come as spiders, and ALL Ferrari's have quirks not just the 348.

Major failure ?????????? what major failure.

I looked and drove a TR after I sold my 328GTS. I went for the spider (hands down)

12's have a higher maintence cost than 8's

I agree on the looks, 348 spider (WINNER) but I will say, I prefer different wheels rather than the stock ones.

 

348s have always had a bad rap concerning reliability, major failure can be the single timing belt for both banks which only the 348 has along with running a water pump on the timing belt, quite a load for one critical belt, water pumps fail often on Ferraris but as on the TR and most other Ferraris they have a separate belt so it doesn't destroy the motor as in the case of a the 348 that stopped on the highway here in case of a bearing failure.

348s have expensive engine out bills right up there with a TR.

If you think a 348 looks better than a TR thats fine but IMO their is no comparison the TR is much better looking but looks are subjective however I am not biased as I don't own either.