Low Miles? 1994 Ferrari 348 Spider
This 1994 Ferrari 348 Spider here on eBay has come to market at the right time. These cars are rising in price, and this imperfect example can waft along on the uptrend. Bidding has reached $69,100. Ferrari introduced the 348 in 1989 as a follow-on to the very popular 308/328 series. Imbued with styling cues from the Testarossa, including side strakes and very wide doors, the 348 shared the stage with the newly introduced Acura NSX. Comparisons between the two often favored the NSX, with its unfussy approach to getting down the highway. However, some claimed that competence meant the NSX lacked soul. No matter the opinions generated back then, both cars are finding space in collectors’ garages today. This car is located in Fresno, California, where it failed two smog tests in 2021. In its April 24th auction listing here (where it failed to sell at $60k), the seller indicates that the car needs a “sensor” to fix the issue, but we’ll see that question marks keep arising as we delve into this car’s presentation.
The mid-mounted, dry sump, 3.4 liter DOHC V8 uses Bosch Motronic ECUs while fuel is handled via multi-point injection. The gated five-speed transmission is balky when cold – a trait inherited from the 328. The wide stance, long doors, and side strakes are byproducts of situating the oil and engine cooling radiators in the outside walls of the car, like the Testarossa. Performance is solid, if not scorching. Sixty arrives in 5.1 seconds, and top speed is at least 160 mph. Handling is superb – really, the car’s strong suit. Service must be meticulous to keep most Ferraris happy; the 348 is no exception. Timing belts should be changed every five years – an engine-out pageant – and it’s unclear when the seller last performed this service. The April auction driving video shows that the ABS warning light remains on.
The interior somewhat belies the 26,700-mile odometer reading. The driver’s seat bolster has collapsed and the leather is scuffed. The steering wheel rim shows wear. Perusing the comments and description from the prior auction, we learn that the oil pressure gauge drops to zero occasionally, as does the speedometer. I don’t care about the speedo, but the oil gauge would give me a heart attack. A quirky niggle in later Ferraris was their soft-touch buttons, made of gummy plastic, aka “stickies”. Countless forums and videos are available informing owners how to fix these dastardly components, which eventually wear to the point of uselessness. The seller has fixed the “stickies” issue, but we’re still stuck with various mechanical foibles.
The 348 was one of the last models designed while Enzo Ferrari was alive, a factor appreciated by enthusiasts. Values have risen some 50% across the range of 348 body styles in the last five years. This tidy example sold for $76,500 just a couple of days ago (love the Giallo Modena paint). Some asking prices are breaching $100k. What do you think – would this car be welcome in your garage?
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Comments
Nothing can be more pricey than a cheap Ferrari. I recently sold my first and last Ferrari.
I own a couple of F355’s which the 348 will never be. The 348 is and should be in the same family but is the lesser of the two. The two do share rising demand and therefore pricing. The 348 has a number of issues which this car exemplifies. The fact remains that this family of Ferraris will always be in high demand. The size, shape, handling are superb; not bulbous as the newer models and are much easier to work on. The engine sound with a flat crank engine is the best of all Ferraris as well as the high redline. Having the in demand and fun manual is a plus! This car seemingly was not well serviced or taken care of. All of the issues stated are repairable and sound have been addressed. At this point i am saying that the car is overpriced as is and would not be in my garage at this current pricing.
I think the 355 did away with the engine-out-to-change-the-belts issue, right? I noted this seller alluded to an engine-out service with a “friend who knows Ferraris” but didn’t detail exactly what work was performed. Without paperwork on that, or a conversation with the “friend”, I’d probably feel like I needed to change the belts on this car, too, given the other service issues.
No, the 355 still required the engine out for timing belt service. That ended with the 360, which has an access panel behind the seats … genius!
$70k for this problem child? And a smog test on a 30 year old car? Only in California! A fool and his money are soon parted.
I’ve owned both an F355 and a 348 and while both are great – probably the two best performing and sounding cars I’ve owned – I agree with @Sonny that the 355 is the superior car. Regarding this specific 348, I would never buy any Ferrari that had “deferred maintenance” issues. If the owner isn’t taking the car in for the oil gauge dropping to zero occasionally, I’m out.
By the way, the balky cold transmission issues were greatly improved in my car with a fluid change to Redline oil.
Like the color. At least it’s not red
Ehh, it’s a Ferrari, so what? Replacement for male deficit?
Aussie or American muscle is the only way to go.
@Michelle, the 355 can be serviced in the car through a behind the seats approach. The 355 is best serviced as a drop engine sub-frame as then all areas can be addressed for cleanliness as well as other repairs if needed. BTW, many shops have been doing these services for so many years, it has become somewhat routine and can be accomplished at speed and relatively low cost. For example, my Ferraris are much less expensive to maintain than my 2015 Porsche Carrera ………… A recent clutch on the Porsche was $6700 , independent shop as well!
Sonny, you must be thinking of the 360. It has the access panel behind the seats. The 355 still required the same engine out as the 348.
@aussie Dave, you may need to revisit the history of Ferrari, the many firsts in technological benefits as well as the pedigree! The American muscle you speak of is certainly great bang for the buck…..but nowhere comes close to the status, feel and tech know how of the Ferrari. Another great example is very recent…..Chevy spent two years of consultancy with Ferrari to develop the new C8 Corvette. Do you think they paid Ferrari so that they could teach Ferrari???
SOLD for $69,100.
Sold US $69,100.00
38 bids
Ended
@Tompdx…..Yes I am aware of the 360 but the 355 can be serviced same way; my 95 has a panel for removal as well as rear access. Very tight but doable for belts. My 99 does not have panel but has the access for belt removal.