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North Texas 348 questions

Discussion in 'Texas' started by milby, Apr 12, 2004.

  1. milby

    milby Rookie

    Jan 20, 2004
    6
    Stonebridge Ranch,TX
    Full Name:
    Drew
    I was wondering if I could get some general first time buyer questions answered by you. I am looking for a 348ts or GTS (love the spyder, but don't want to ante up the extra cash for the first Ferrari). I have several friends who have newer model Ferrari (360 Stradale and 360 F1), but no one I know has bought a "cheap" Ferrari in a long while. I am seeing prices anywhere from $40k (high miles) up to $75k(seems over priced - Silicon Valley Auto Group in Los Gatos, CA). Is a high mileage car (1992 ts w/ 70k miles) going to have problems that I don't want to deal with, or does the fact that it has been serviced by Ferrari dealerships make it still appealing? Or should I spend the extra $10k and buy a lower mileage car? I don't have gads of cash laying around, so I am fairly conscious of the payment - is $200/month really worth the lower mileage? I figure I am looking at about 700/month for the payment, is that savvy?
    Additionally, where is the best place to get insurance for such a car. Should I go through the same company as I do for our GMC Yukon/home owners, or is there a better place to get it? I understand it can also been classified as a "classic car," so is that cheaper? I am young, so I now they are going to kill me for having a Ferrari (I'll be 23 in May) - anyone around here know how much they rape a twenty-two-year-old guy for auto insurance (no accidents or tickets)?
    And the age old question, I am sure - anyone know of a good deal going on a 348? I am looking at Ferrariads.com, cars.com (which has a lot more than I ever thought it would), and a few others. Any other places you can think of? Only cars I have ever bought were brand new GMs (Cadillac, Monte Carlo, Z28, Yukon); with a private seller of a Ferrari, is it OK to have it checked by the dealership to make sure they have not jacked it up, or is that uncouth?
    Thanks for your help. Hope to see you around town.
    Drew
    McKinney, TX
     
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  3. Nick R

    Nick R Formula Junior

    Jan 15, 2004
    785
    Plano, TX
    Full Name:
    Nick R
    Drew,

    To me it depends on how you view or are going to use the car. If you are going to drive instead of it being a garage queen then mileage doesn’t matter.

    I have a 355 with what is considered high mileage but it runs perfect.

    On the insurance use the same agent. They will give you a discount on multiple cars plus they know you aren’t driving this every day!

    On checking the care out, by all means. If the current owner wont let you check it out by someone like Norwood’s then I would pass. It is not considered uncouth.

    Fell free to PM or email me with any questions.

    Nick


     
  4. Husker

    Husker F1 Veteran
    Silver Subscribed

    Dec 31, 2003
    8,981
    western hemisphere
    Milby: I live up in Amarillo and I just went through this entire exercise with the 348ts, and I bought two months ago in L.A. and had it shipped back to Amarillo.

    Some observations:

    - Martin at Cavalino Motors says that any 348 with under 20K miles is "junk" and I believe him. These cars need to be driven - one of the worst things you can do to one is not drive it. If you look for one that's been driven 200 or so miles a month (that's the minimum I would accept), you'll be looking at a 35,000 to 40,000 car.

    - Ferrari engines will virtually run forever if the proper maintenance is performed. That means 200,000 or more miles conceivably if you took care of it.

    - The 348 is the absolute best buy of any Ferrari right now. To people besides Ferrari junkies, it looks like a new car. People ask me if my car is new all the time, yet it is a 1990.

    - Don't worry about that "pre-1992" hullabaloo about the 348's. Any issues that once were have long since been worked out (unless you happen on to one of those 10,000 beauties discussed earlier).

    - For resale, always buy red. You can't go wrong.

    - Find one that needs the 30K service and buy it at a significant discount, then take it to Robert at Shade Tree Enginetrics near Rockwall and let him do the 30K for less than $4K.

    - If you can find one naked of records, ALL THE BETTER. Buy it for a song and, again, take it to Robert at Shade Tree and let him go through the sucker for a few $$ and you've got yourself a car.

    If you want specific price information, please email me and I will share with you what I paid and what I know some others have paid recently.

    take care!

    Amarillo, TX
     
  5. rkrenek

    rkrenek Formula Junior

    Aug 26, 2003
    344
    Plano, TX
    Full Name:
    Rob
    "- Martin at Cavalino Motors says that any 348 with under 20K miles is "junk" and I believe him. These cars need to be driven - one of the worst things you can do to one is not drive it. If you look for one that's been driven 200 or so miles a month (that's the minimum I would accept), you'll be looking at a 35,000 to 40,000 car. "


    I respectfully beg to differ regarding low mileage cars. They need to be checked out like any other Ferrari. Discounting one just for that reason is a load of cr#$!

    Mine had approximately 2000 miles on it when I bought it and i've never had any trouble....and it is pre-92.

    Regards,
    Rob.
     
  6. Husker

    Husker F1 Veteran
    Silver Subscribed

    Dec 31, 2003
    8,981
    western hemisphere
    You might be right...I'm just going off of what Martin said, and Martin knows his Ferrari's!
     
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  8. Nick R

    Nick R Formula Junior

    Jan 15, 2004
    785
    Plano, TX
    Full Name:
    Nick R
    Rob,

    I have to agree with Collin. Everyone buying a used Ferrari seems to want low miles, but it would appear that there are a lot of issues buying a garage queen that has not been driven. That was my point in my earlier response. It depends on what you want the car for. I personally believe that it’s meant to be driven not just admired in a garage.

    As Farris Bueller says in the movie "A man with priorities that messed up doesn’t deserve this car".

    Nick
     
  9. milby

    milby Rookie

    Jan 20, 2004
    6
    Stonebridge Ranch,TX
    Full Name:
    Drew
    One last question. This car will be driven - I am not the type to spend my hard-earned on something to look at.
    How much is the average cost of repairs per year on a 348? I have heard of horror stories where guys have spent thousands on problems. Then others say they change the oil when needed and the only big cost is the major overhauls. Which is more accurate?
     
  10. rkrenek

    rkrenek Formula Junior

    Aug 26, 2003
    344
    Plano, TX
    Full Name:
    Rob
    The nice folks at FOD mentioned around $1000.00-$1500.00/year average over the long term should be expected. I'm not far enough into ownership yet to guage it.

    I can tell you the engine out service when I had it done was around $4000.00. However, I was told the car was in extremely good health & did not require some of the extras that add up such as water pump replacement or tensioner bearing replacement (not the mention the knuder valve or the muffler bearings ;-)

    Regards,
    Rob.
     
  11. Ricambi America

    Ricambi America F1 World Champ
    Sponsor Owner

    Collin -- that sounds exactly like the conversation I had with Martin before I bought my 348 too !! That dude can sell, huh?

    1990 348, just rolled 30,300 miles.


    Lovin' my 348,
    Daniel
     
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  13. Husker

    Husker F1 Veteran
    Silver Subscribed

    Dec 31, 2003
    8,981
    western hemisphere
    Yes, I liked Martin so much I really wanted to buy a car from Cavalino. But...the right deal came my way and the rest is h-i-s-t-o-r-y. My 348 is at Shade Tree Enginetrics in Nevada, TX right now with a "thrown out" throw out bearing (sounds painful). Hopefully I will be driving it again soon.
     

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