SALVAGE Ferrari 348: YES :: NO ??

Well, if you want my opinion.....it's not worth it and it's only gonna take time away from enjoying that nice Porsche.

In my experience I got a 355 that was 3 times in better condition than that 348 and had 3 times less than that mileage but needed some work.

Restoring it is going to cost me about 27,000$ at this point and I did not re-upholster, did not get a fancy exhaust, did not upgrade my connectors nor my hoses, nor my sound system.

So I'm guessing you're gonna need over 50,000$ to get that car in shape plus your time........I say no way!!!!

 

agreed, I wouldn't...

Ferrari is a total different specie, consider Porsche parts and maintenance is pretty affordable.

 

Good Luck in your search. Here's what I can tell you.

Hood 2K
Bumper 1K
Wheel? 300
Front filler panel above the bumper? impossible to find? 1K
Misc stuff? 1K
Suspension? 300?
The inner structure in the front is also pushed in. 700

Just on the surface you got 6K in parts. This car if I am correct can be picked up from a private owner for about 25-30K. Salvage title is worth 20K. Remember, this is a 1991 and not a late 94 year model.
You need to buy the car at around 10K +6K in parts if you are lucky and figure 4K in labor since you are doing your own labor. All you will get at the end is the savings on labor. You will still spend 600 on paint material to make it look good. I think this car will sell for more than 10K given what I see with the Ferrari bidders now a days. Just to let you know, I am not against salvage Ferraries. Had couple 355s before and only one I had a problem selling was the one that had a clean title.

Hope this helps
Steve

 

Add another $2000+ for those broken front lights.

RUN AWAY!!

 

Cheaper to buy a good one.

Buy a good one.

 

If you paid $10K for it you'd still have a big crap shoot on your hands. The salvage title alone is a problem.

It really would make most sense as a track or parts car.

 

Refarding the major service - there is no way to tell if it was done by looking at the engine (as you described), you will need documentation as proof that it was done....otherwise, do not assume it was done, assume the opposite and have it done.

 

Buy mine,then I will get a Porsche!

 

If you buy it very cheap,go for it..Im a salvage guy too..I do some works in a 348 & 355..both from salvage...That's a good proyect if you do bodywork & mechanics by yourself..

 

I think there is an issue resetting the computer when power was out (dead battery). Which will happen more often than you think.

Good luck. I like the Kaiser Silver NSX.

 

I agree.

 

Anything is possible if your time is free and you are qualified. There will be a serious learning curve.

 

Check with your isurance carrier, they might not isue a salvage exotic car. Also, if you ever think there might be a need to finance the car in the future, most banks will not finance a "salvage" branded title.

If you hit the internet you will find some 348's rather inexpensive, I suggest you try and locate one at a good price without all the hassel of salvage car. If they are thinking 20-30k for salvage that's way too much,there are better deals on the net, also try Craigs list. There is a link here that connects you will all Craig's list worldwide, try it. I use it all the time, but the link is in my favs and I have no idea how to find it. I have been looking for the last several months for a 348 Spider and have seen a number of 348ts's in the 30-40 range without the body damage.

Howard Musolf
1981 308gtsi
1982 400I Cabriolet
1988 Lotus Esprit Turbo
20's-30's indy cars
2 many brass era cars.

 

I have thought a lot about starting a huge collection of salvage vehicles. If you really started buying without any intention of ever selling then, "Who cares?!". You could probably build a collection for $.50 on the dollar. So a $200k collection costs $100k and no one knows the difference. My gut tells me that owning "twice" the amount of cars for the same dollar amount would feel pretty good.

I mean I would much rather have 4 salvage title Ferraris than 2 clean titles for sure.

The most ironic thing about the whole salvage title debate is that almost EVERY Ferrari owner would turn their nose up at a wrecked titled Ferrari as if if was poison. Yet those same owners would probably pitch a tent at the first sight of a real 250GTO. And I tend to believe that there isn't a single one that is original. Most have been mashed or had dents pounded out of them. And they are considered the Holy Grail of Ferraris.

 

If you pick this one up for almost free & do a cheap repair to it, then drive it forever, then yes.

If you plan on reselling it EVER, then no. You'll never get your money back.

 

That' s the difference between a mass produced ferrari and a collectible one. Nobody cares abput mileage or accident damage on a collectible, just current condition. On a mass produced car, there are so many available, this strange obsession with low mileage and 'no stories' has developed regardless of car condition. Personally, I could care less as I don't buy cars with the intention to sell, so I'd rather save the money. What the odometer reads or what paperwork I have sitting in a folder doesn't influence the driving experience ome bit

 

Regarding insurance. I am pretty sure that those that provide coverage for an exotic will have issues with salvage title. Don't tell them and you risk either a cancellation when it becomes known, or denial of coverage for a claim when it is too late.

There are plenty of decent priced maintenance neglected 348's with title in tact if you want a project.