348 purchase questions

Hi all,

Here's to hoping that someone can answer a couple quick 348 related questions. I am looking at a 1991 TS, fairly low miles, decent price (I think).

Here are the question:

1. What is a reasonable ballpark figure for annual insurance, and I would assume most would recommend an agreed value policy from one of the well regarded exotic/classic car insurers such as Hagerty? I don't really want to overpay.

2. Ball park figure for annual maintenance reserves.

3. Car appears no be clean (pending ppi) but does have one small bodywork flaw. The right rear corner of the "trunk" near the pillar appears to be slightly bent up as if it had been pulled too hard to open it. The left side is very flush with the other panels, the right side not so much. Is this common, and is it something easily fixed.

Thanks in advance,

Tom

 

You have excellent taste in cars. Quick and dirty response below, but I'm sure you'll get more. Of course, this is all my stupid opinion so take it as you will:

1. I personally don't pay an unusually high insurance rate for my Ferrari. These cars aren't as expensive as they once were, so I imagine you can get coverage for the same as any other $50,000-ish car if you shop it. Mileage amounts and deductibles will affect this as well. Search the forum and you'll find ample discussion about insurance options.

2. Depends. There are no hard numbers here since maintenance can vary on so many things, such as use, how well the car was cared for, whether common issues are sorted out already, and how religious you are with maintenance. Values can also vary based on part substitutions and doing some of your own work. For the sake of a ballpark, assuming you do your own basic maintenance and leave the major work to a pro, I think $1,500 / year and an additional $7,000 every 3-5 years is in my opinion a reasonable war-chest for routine maintenance. Maybe a bit less, but possibly a lot more.

If those numbers don't scare you, and you can reasonably cope with a surprise $2,000+ repair bill at any time, then you should be ok.

3. What is the VIN of the car and where is it? Someone on here may know its history, so give us some details on where it is, pics, and you may get some insight!

My opinion: A car from a generic dealer should be scrutinized with a bit more diligence. While some are fine, many end up there from auctions, or were sold prior to needing major work. Shouldn't scare you off, but I would definitely attune my BS detector.

I'm not aware of a common issue with bending at the spot you described.

Are there are service records you can verify?

Check the car fax?

How is oil pressure cold?

Does it have working Slow Down and Check Engine Lights on start up (verify that they are not unplugged)?

Any leaks or any non working items?

Any local 348 guys that could swing by and look at it with you?

If you still feel good after all that, spend the cash for a PPI.

A PPI is no guarantee. They are best effort, and even the best mechanic can't be expected to catch everything or go through every detail. They will catch some issues, and hopefully help you avoid a basket case, but can't tell you about all neglect, verify recent service, or promise the car will make it to your house.

Be prepared to perform any service that can't be verified, and ask them to adjust the price if they can't prove it is serviced, and that means FULL service through a verified shop that has a good reputation in the community. If they won't, consider other options.

If you get any bad vibes, walk away. There are plenty of well documented, sorted out 348s available with solid records. A maintained car will likely cost less in money, and certainly in time, then a neglected one.

Good luck and let us know how it works out!

 

Thanks for the extensive response. The vin is ZFFRG36A3M0089607, the car is at I-5 motors in Tacoma, Wa. It is supposedly a 2 owner car they acquired from another local dealer (not ferrari) who got it on trade. The car appears well taken care of, in fact it is probably nicer than I would like. I think would prefer one that is more of a well sorted and well loved driver. This one looks like it should be on display somewhere.

Can anyone give me the three penny opera on posting a pic of the "damage"?

 

Welcome to the forum Boat Captain.

A note about insurance;

My 1995 348 Spider is covered under the same insurance compny that covers my home and two other, newer, cars. Working with my agent she was able to cover the 348 on the same policy as my Audi and Land Rover with all the same coverage.

My shock and suprize was when the monthly policy came in at just $28 per month. My agent had to work hard at putting this together for my as the origional quote was on a separate policy at $127 per month and limited mileage. She was able to convince the underwriters of my value as a 20 year customer.

Moral of the story is that if you have a solid, long standing relationship with your agent and you have multiple assets under contract with them, then let them work hard at keeping your business.

On the question of annual maintenance cost; $4-5K every 3 to 5 years for a major and $1-2K annually for a fluids service and little things that might or quite possibly will come up.

Best of luck....

 

For some reason, I had an impression that you were looking at that vehicle. I saw they were asking for $49,999 about a month ago, and now it came down to $39,999. I was wondering how low it would go down.

Not a huge fan of low mileage car, as they tend to ask too much $$$ while the same issues still need to addressed whether it was a garage queen or street racer (high mileage).

Good luck and let us know how much you were able to negotiate it down to.

 

Saw that as well...
Image Unavailable, Please Login

 

Here's everything you ever wanted to know about ownership costs...

http://www.ferrarichat.com/forum/348-355/421224-1993-ferrari-348ts-six-year-ownership-report.html

- Eric

 

Email a pic of the damage [email protected]

 

I have to agree with all of the above.. I was actually shocked at the relatively low cost for insurance. I swapped out a supercharged Nissan Z for the 348 Speciale and it was the same cost. ...as a Nissan.

 

$150/month usually does it.
If you buy a low mileage car, be sure to give it PLENTY of revs after the belt service, as the cylinders are likely full of carbon. They prefer to be driven like Ferrari intended...not parade cars.
Congrats on your choice of a 348...the most bulletproof of all Ferraris!

 

The price dropped once again, now asking $3,6000.
Did you have a chance to go check it out?

 

Yes, is appears quite nice other than the "usual" sticky parts and the slight bend or misalignment of the hood. Also, no record of a recent major. It is a bit of an intimidating car. I really want a car I can drive fairly regularly and not feel guilty about. I think I would prefer a less perfect example, maybe non-red, although red is my wifes favourite. I also would like to find a mondi-t for comparative purposes.

 

Maybe I should drop by to check it out.
Probably needs the engine out service along with little TLC in/exteriors. Wonder how much it will cost to bring it up to standard.

 

Well, someone already bought it, was going to check it out as I'm free today.

The salesman informed me that it was sold for little under $35k, sounds pretty good to me. Hope the new owner is already the member here or join fchat sometime to share more about this car.