Pipe dreams and a F348

My situation mirrors yours very similarly with the exception of the masters in civil engineering and making 60k a year. I'll be 34 in January and am a full time student as an aviation maintenance engineer + avionics. I also have a fancy for the 348 and while I don't really have an answer to your not really question; and my rant as well... I guess I'm just wishing you the same best of luck I'm wishing for my self and hope that our dreams will be fulfilled sooner rather then later. keep working hard and stay diligent and you'll get it :Thumbup:

 

Probably depends on how much work you can do yourself to keep the costs down. $150 annual DYI oil change vs $400 - $600 in the shop as an example. Even if everything goes well, you still need to budget for the engine out service every 5+/- years.

If you can do a fair amount of the general work yourself and have the money to purchase a well sorted car up front that has a recent engine out service, have another $5K+/- for things that pop up in the first year for the unknown (there is always something unknown even when buying the best sorted out cars), can budget another $2,000 per year for general maintenance, can set aside an additional $150 per month as a reserve for the next engine out (about $9,000) and have the ability to tap another reserve fund for the unexpected, you may be able to afford to take the plunge.

348 owners will tell you their costs to own are lower than the 355. 328 owners will tell you their costs are lower than the 348. Whatever the case, I would think that the above numbers would be a minimum that you should expect. If you get away for less, that's great. Those numbers seem to be tracking for my 355.

 

Here are my thoughts....DO IT. There's never really a right time to do something like this. If you get a good car for a good price, you can always sell it later and come out OK. Life is too short. I bought my 348 at a time when I really couldn't afford it. That was almost 5 years ago. It's been so much fun. I wouldn't trade the experience for anything.

 

Just budget $150/mo for maintenance on a 348 and everything will be covered.

 

If you can turn your own wrenches you can afford it. Just don't make it your primary car.

 

I agree with these guys, really never a perfect time to take the plunge. I bought my 348 speciale last December and had to wait until spring to drive it! Anyway, it's been a dream of mine to own a Ferrari since I was 11. I live in a northern climate so I bought a beater 4x4 as a daily driver knowing I have an exotic sports car waiting in the garage for when I get home. The auto insurance was not too bad and we'll see about maintenance costs. From what I've read here, the price for these 348's are about as low as they will get (I believe they went for $115,000 when new 20 years ago). If you are mechanically inclined, there are some great guys here that offer a world of advice and knowledge about these cars. I say go for it......

 

Sorry to be the bummer here, but do not buy a Ferrari on a $60k annual salary. Wait until you make more money for discretionary spending. What if something really goes wrong with it? Are you going to be happy making payments on a broken Ferrari you can afford to fix?

Also drive a 348, while there is still that same Ferrari feel, it's still very different than a F430. As the models progress from the 348 (355, 360, 430) the build quality builds and builds. The cars have less rattles and feel like they are built better. None of that was huge factor for me, as I imagine it's the same for many Ferrari owners, it all about driving, feeling the road, and learning how to get the most out of the car. Not to mention the way the car looks. The 348 is very satisfying in that way (driving and looks).

I don't fix my cars, so if my 348 ever decided to misbehave - I had to coordinate a flatbed that could handle the low car. It was never fun. You don't want to leave your Ferrari on the side of the road.

I don't mean to scare you, but the reality is the 348 is getting to age where parts can be hard to find, and they are expensive to maintain (355 as well). Do a search and see what a 348 foglight goes for.

You don't want to spoil the experience of having a Ferrari by resenting it if it needs attention. Better to assume it will then hoping it won't.

 

Obtaining a Ferrari is not to hard. It is maintaing a Ferrari that is the hard part.

If you have to take your 348 to the dealer to get fixed.................... Forget it!!!! You'll get nailed with high prices for parts, on top of high hourly labor charges because of what we call the "Ferrari tax". Inflated prices just because of the name. That is unless you have DEEEEEEEEEEP pockets and can "spare no expense" to have it maintain without it affecting your lively hood.

But,

If you are mechanically incline, can do your own work, and can save up $150-$200/month for future repairs, you'll be okay. Just about everything you can think of that needs to get fixed on a 348, the DIY can be found right here on FerrariChat. We also have a pretty good list for parts interchange so you can find replacements at some what normal prices.

Buy the best example you can find at a price that you can afford to pay CASH for. If you can't pay CASH then forget it! Because of what it cost to keep up a Ferrari it is MY opinion that one should NOT finance a Ferrari. Either you can afford it, buy it out right and maintain it, or you cannot. There is no in between.

If it wasn't for my personal ability to do all my own mechanical work, I wouldn't own a Ferrari. It just would not make financial sense to me. But good thing for me I CAN do all my own mechanical work, and thus have a Ferrari in my garage.

 

Research all of the issues, what you can take care of yourself, etc. A 348 will be somewhat less scary than an F355 maintenance-wise, but it's smart to be able to afford to fix a major disaster should it happen. A poorly maintained car is nearly impossible to sell to an educated buyer.

If you're confident of an imminent increase in your income, I say start budgeting and grab your 348 before values go up.

If not, then seriously evaluate whether you can handle the car should something big go wrong. Remember, a Ferrari is not worth compromising your everyday lifestyle for. The urban myth of the poor guy with a Ferrari living in the ghetto is an unlikely scenario, and honestly it would be a pretty crappy life.

I don't make that much by F-Chat standards, but I was able to save enough to maintain my car for a few years, plus a major disaster's worth or so.

 

The advice given by the two authors above, Matthew and "The Bad Guy" is very good, take it.

I already own one Ferrari and would like to buy a 348. Have driven a couple and almost purchased one. Both of the mechanics I use have given me the same advice, stay away from 348s there expensive to maintain, double the same advice for a 355. If I want to upgrade go to a 360.

Remember 348s came out in 1989 and were in production until 1995, so any 348 you buy is going to be 25 to 19 years old. Any car that old is going to have problems. Ask your self if you are going to have the time and money to fix the car?

As stated above never finance the purchase of a Ferrari. Pay cash, and if you can not do that you probably can not afford any maintenance issues you run into.

I think a good rule of thumb is to have between $5K and $10K in your pockect after you buy a Ferrari just to cover expenses you might encounter after purchase. Good PPIs do not catch everything.

Anyone contemplating the purchase of a Ferrari should ask himself or herself the following question. If some craps out or starts to go bad on the car, can you write a check for $5K to fix it? The answer to that question will give you the answer as to whether you should buy a Ferari.

Your young and there will be plenty of time to buy a Ferrari. At that time when someone hands you a bill to replace all the suspension bushings in your Ferrari, you'll write a check for $5K and drive away happy, and not be worried about the money just spent.

 

I don't find the 348 that bad to maintain at all...but airplanes have completely destroyed my frame of reference I've had it for over four years and have done the major service, fixed a brake light, replaced all of the clutch seals (DIY), replaced the column switches, converted the AC, and changed the oil. I've probably spent $6500-7000. Finding a reasonable but top quality mechanic and researching parts costs and alternatives will most likely help you out quite a bit.

I paid a bit more upfront and bought a well-maintained car. I did have a $10k reserve stashed for the worst case scenarios. I think I used about $120 of it in the first year and a half

Personally, depending upon what area you live in and what it's cost of living looks like, I think $60,000/year is more than adequate for a single 34 year old to maintain the car, especially if you get a good one. Don't mean to ruffle feathers, but I hate to see people scared off a dream, and unless you have children or other expenses that require a lot of that income, I think you'll be just fine. I would always advise, as others have, buying the car flat out. Consider what your goals are for the short and long term -- is the girlfriend going to become a wife? New house, renovations, other investments?

ANY older car is going to get costly in some way at some time. Unless you blow the 'box (most have been fixed by now, I think) or end up with some similar stroke of nightmare luck, you won't have too much shock if you're properly prepared and bought a good car to start with. Honestly, though -- is a transmission rebuild ever cheap??

The 348 has one of the most robust engines I think Ferrari ever produced, the car is pretty simple overall and really lends itself to DIY projects...I almost got scared off because of the horror stories, but I'm SO glad I didn't listen. Yes, if you blow a belt it's bad, the major is not cheap and must be done...any financial pain is dwarfed by the pleasure of driving the thing!

The other thing -- it's a car, not a person. If it needs health care and it's a tight month, while not ideal, it can sit for a minute. There are a million ways to look at it. I say find the right car and do it.

 

Not knowing much about your life,... soon to be married?, kids? house? what part of the country you live in? Planning any of the above? At 34 and $60k a year you should be thinking more about these things and stashing money away for retirement before getting a Ferrari. When you have your retirement/life plan in place and working then think about a Ferrari. You will enjoy a Ferrari much more when you don't have to think about what happens if something goes wrong with the car, or any of the above. I know they say life is short, but it is also to long to make the wrong decisions when young.

Some quick guide lines for how much you can afford on a car from financial sites. And these are for your daily driver, not a toy.

1) monthly payment no more that 20% of you monthly take home pay.

2) 50% of your annual salary.

 

An imperfect Ferrari is better than no Ferrari
A broken Ferrari in the garage is better than no Ferrari
A Ferrari and less money is better than no Ferrari with more money
Running $5 worth of gas thru a Ferrari is better than running $50 worth of gas thru a Toyota
Hose washing a Ferrari is better than driving a Toyota to the auto spa
Any Ferrari is better than no Ferrari
Driving a Ferrari to McDonald's is better than driving a Toyota to a fine restaurant
Not buying one when you can is like not having sex because you're worried you can't afford to support her forever

 

Well said Bruce. Another quote is " Not driving your Ferrari is like not having sex with a beautiful woman so the next guy can enjoy her."

 

Haha! Brilliantly stated!

For me personally... I'm somewhere between the two mentalities. I mean... I make less that $100k a year, but I'm close to that. I can wrench on certain things, but some things are outside of my comfort zone. But all that said... I've had my 348 since 2008. In that time I've done a mini-restoration (it was in rough shape when i first took her over), one major engine out service (2012), and a clutch replacement (2013) with upgraded hill flange and misc components.

It's definitely doable... just a matter of priorities.

Yes... I'm regularly accused of having priorities WAY out of whack... but f*^* em! I'm happy!

 

Really Bruce? McDonalds? Really?

 

Without the amazing resource of FerrariChat, I would never have been able to justify the purchase of my 348. The good news for a prospective 348 buyer is it is a very simple car to work on. Most things come apart easily, not much in way of special tools or diagnostic computers are needed. The pesky part is that damn engine major. I'd wager that if someone could establish that with the Hill Engineering bearings, the major service interval could be routinely stretched to 8 or 10 years, the value of 348s would jump quite a bit.

 

Oh man Bruce, a guy in the City of Angels even mentioning Micky D's when you have In&Out what a travesty. Or did you mean "fine dinning in a Toyota at In&Out"? If so OK. Signed, a guy from the west now on the east coast missing my In&Out.

 

Owned my first Fcar when I was 22 years old then sold it at age 27. Built a house, built a family, drove four audi's and then at 47 jumped back in.
20 years of wealth accumulation can make the investment much easier and makes the decision a prudent one. Each to his/her own but $60k a yaar is $40 after tax.

 

Wow! - I'm so glad I bought My 348 before I ever read some of the responses to this thread!

Really! - $60K? - I'm running My 348 on half that salary!

I saved some money, got left some money in an inheritance and borrowed some money to make up the shortfall and to ensure there was some money in the bank "just in case", so I guess I must just be asking for trouble!

The thing is, I've dreamt of owning a Ferrari for 36 years, and the way prices are going up at the moment in the UK means that if I didn't buy one now then it might never happen!

If that were to happen then it would just have to wait until I had enough money to fix it. If that means waiting until the loan is paid off then so be it!

Yes the bills on a 348 can stack up pretty quickly if you're unlucky, but that could happen on pretty much any car (the biggest difference is the Ferrari Tax you have to pay for parts!).

Here's the thing about the 348 though: Despite what most people might think, the engineering on a 348 is pretty basic really and there's nothing on them that any decent mechanic can't handle (and I mean any decent mechanic, not just a Ferrari specialist!).

The reality is, even an engine or gearbox rebuild is not much different to any other car!

I'd go as far as to say that if a mechanic can fix a FIAT X1/9 then he'd be more than capable of fixing a Ferrari! (and a Ferrari 308/328 series even more so!).


To the OP: Do you want to go through life seeing some guy driving a Ferrari down the road and saying to yourself regretfully every time: "woulda, coulda, shoulda!" ? - Or do you want to be the guy driving the Ferrari?

Yes it's a gamble, and if you're unlucky then it could end up being the dumbest thing you'll ever do, but when it comes to owning a Ferrari it'll be an adventure you'll never forget, whatever happens!

At the end of the day, you only live once and you're a long time dead!

Remember the words of Ferris Bueller about the Ferrari: "It is so choice. If you have the means, I highly recommend picking one up!"

 

348 Ferrari's are great cars. No one should be surprised that maintenance costs are above average. If you don't have skills or money, you should buy a Toyota or Honda
I make good money and I still like to do my own work. Just put in a new cooling fan $100/ vs $350 at Ricambi, but did put in new parking brakes from Ricambi. Ferrarichat and the 348 brotherhood will help guide you.

 

There are a lot of us who maintain our 348s on small incomes. But we love what we're doing.

 

check out a Mondial to help your bottom line
for half the price of either car you are considering 348/ 328:
the T has the same engine as a 348
the 3.2 has the same engine as 328

trust me its one hell of a car !

 

I have to chime in on that about the Mondial. The 2 valve coupes are a steal but maintenance is an issue if the car's annuals have been deferred. Still a good option. The 348 is about the neatest V8 model in terms of keeping it on the road inexpensively. It helps to have access to the local brain trust on this though. See how many owners you have around you. This might help you decide which car would be the easiest to own and maintain.