Just looking for opinions on values and resale. I am looking at a higher mileage 90 348ts. The car has 42K on it and is red on tan. Color coded paint and is said to be in great shape. The car is due for a major service ($6500 estimate) upon purchase. Now I don't expect to keep the car for more than two to three years. I really would like to move into a 355, but money does not allow for that now. Owner is asking $43,000. If I was to buy the car for around $37 - $38,000 I would be in for about $43,500 total. Is this better than a similar car listing for $45,000 showing 36K on the clock and 2 yrs/7500 miles from the last major? It seems as though the 348 will reach the bottom of its depreciation soon. I can't imagine a well kept 348 to ever be worth less than say $35 - $38,000. So in keeping this particular car for say 2 - 3 yrs and putting on 9 - 12K miles, at 55K miles, wouldn't it still fetch $35,000? And having just done the major upon purchasing the car, never needing to do it again while I own the car. I don't know, I guess I'm just looking for someone to tell me what I might think to lose in owning the car for a couple years. Thanks Steve
I'd choose the car that needs the major immediately so you can do it and feel confident it is done right. I'd budget 10K for it just in case if they find something screwy when they are doing the major. Who knows about resale, but when I did all my homework in april/may, I was convinced the 348s are near bottom. I can't imagine you'd have any trouble selling it for 35k in a few years time.
Considering that a moderately equipped Chevy Malibu is now $26,000... I'd be amazed if 348s dip below $35k! But then again, these ungodly swine have surprised me before. Go for it & do the major your way, like a Whopper!
An engine compression test means more than mileage. Which is to say, good compression on a high mileage 348 is better than bad compression on a low mileage 348 for purposes of driving, performance, endurance, maintenance, etc...except that the mileage matters more for resale to most potential buyers. I agree with the posts above who say to go with the 348 that needs the major so that you can know that the job was done right (too many ways to cut corners ala what Naples Motorsports "does" to 348's for their so-called "major" service), but with one caveat: you want to do the major service on the car with better compression numbers. Changing the timing belt, tensioners, and oil won't generally improve compression (though shimming the valves might). Even though the 30k service is labeled "Major," it's not changing cylinder liners or pistons or rings or valves or valve guides or bearings (save for tensioners)...so you want to start with an engine that is in good shape compression-wise. At least, if the money is close between your choices. Now, if you are worried about variable depreciation you can always lease so that you have your loss specified up-front in your contract. With the sub-prime mortgage fall-out you can expect that used exotics are going to drop more in price before they trend up again...that just goes with the territory. That being said, I own mine.
Thanks for the advice, I will most likely look close at the higher mileage car as I know that the service will be done right. Is it true that the manufacturer of the leather used in the Ferrari interiors is out of business? Is it possible to get this material if a person wanted to redo worn seat components? Steve
Ferrari only uses cows that are raised without barbed wire fences for their leather. It takes months or even years to get OEM replacement leather in some cases, though. ...but any competent upholstry shop can recover your seats at very minimal expense.
