Hey All, So I'm in a bit of an interesting position... lets start from the beginning... In March, my father passed away relatively quickly (This guy was a symbol of health, no smoking, no drinking, played baseball 3 days a week, active, etc...). He was undergoing treatment for a prostate cancer that had returned - which then somehow QUICKLY turned into lymphoma that had spread to his stomach and lungs. Okay, that's it for the sad stuff.. My dad LOVED Ferrari's, back in the late 80's he fell in love with 348, he knew that his goal from then on was to own one. Well, lucky for him, about 20 years ago he was in a position to buy one. 20 years of enjoying Ferrari ownership. Car shows, Cruises, you name it. (also probably hating too due to maintenance intervals / costs, hah etc..) Now that brings us to my current position - My mom has given me the opportunity to inherit his car. My mom and my little brother have been 'okay' with selling it (they have reservations about it because Ferrari and Baseball were two things that were intrinsically linked with my dad) But I on the other hand kind of want to keep the car around, almost like keeping a piece of him around. We have a buyer lined up through a dealership who will pay $59.9k for the car. This car is immaculate, every detail gone over with a fine tooth comb. Has about 20k miles on it. Always been serviced by a Ferrari dealership (another reason mom is okay with selling the car. $30k over the last 20 years in maintenance) The car has great service history, as everything has been performed by the same dealership. That's not to say its pristine, next major overhaul is needed in a year and it has a minor leaking steering rack. Belts and clutch were done 05/2016. annual fluids service due. needs a new rear brake lamp assembly etc.. Who am I? - Well I've inherited my love for cars from my dad. I will also say I'm definitely more mechanically inclined than dad was. I've torn engines apart and rebuilt them, (mainly small block chevy's and what not) tuned imports, done all my own vehicle maintenance etc.. SO the couple questions now are: -Should I let mom sell the car, or should I keep with the Ferrari tradition? -I may get some mixed thoughts with this but, How much of the maintenance on this car is something that I could perform myself with a shop manual? I'm not afraid to get my hands dirty and I love taking stuff apart and fixing it -What kind of specialty tooling (Ferrari specific) is needed during maintenance of this car, if any? -Is this car something worth keeping around (in terms of a collectible type investment) Any light you guys can shed here would be useful. As I figure many of you would have much more insight into this model than I would. Again, I'd love to keep the car around, but I also don't want it to be a strain on me, If its something that I can service myself it makes it less of a money pit in my eyes etc. Thanks All, -J
They are very expensive to maintain (even at Ferrari dealership discounted prices). If you can't afford to have it professionally repaired then let it go to a new owner who can. Your time will eventually come and $59.9 is a lot of money for this car.
RIP to your Dad, and my sympathies to you and your family. About the 348, sounds like you are able to do most anything needed to maintain this car, provided you have the space for it. Fyi, this Forum is DYI-Central for the 348. Peruse the sticky threads for more... Also, your Dad's average annual costs at a dealer was a bargain at $1500. I say keep the car if your heart is really into it. Otherwise let it go as Dan said. $59.9 is great money with all things considered.
I am sorry to hear about your fathers passing. My condolences to you and your family. I would absolutely keep the Ferrari. I would love to have my dads old Ferrari but I can't find it. Once this car sells good luck finding it again- you will kick yourself. Can you do the maintenance? I'd say so. But I have an F355. If you have a lift that will make your life much easier as you'll need to do an engine out. There are also plenty of guides here on FChat and also Youtube. Someone here has a workshop manual for it as well. Don't expect the WSM to be like a modern one with step-by-step procedures all laid out. Manuals back then were written for experienced mechanics and its more specs and "how things work" type of thing. Still, its useful to have around. For the 355 I like to use the 360 WSM in tandem with the 355 WSM. The 360 manual is written like a modern shop manual and its helpful as a lot of the procedures are similar in steps. What types of special tooling are needed? Not much unless its a very specific job. Hill Engineering makes tools. I quite like their oil filter wrench. Not sure about on the 348 but I would consider getting a spark plug boot removal tool if its applicable. Is the car worth keeping around? Absolutely. It was your fathers Ferrari! Value wise, I firmly believe that every Ferrari will have its day valuation-wise. But that day could be a long way away. The value I place on my Ferrari is far greater than its market value. In short, welcome! Keep the car and enjoy!
Sorry to hear about your Dad. But try not to let emotions govern your decision. Kind of depends what kind of disposable funds you have to allocate to this car. If you can afford a couple thousand for maintenance and perhaps another grand plus for insurance and registration per year. Additionally you have garage space for the car. Assuming all those items are no problem then keeping the car is feasible. If say $3k per year is going to cause you stress then sell the car and get your Ferrari when your financial position is able to support this kind of toy. IMO
Some electrical diagnostic skills come in hand, too, but I'm sure we can guide you through any problems if you know how to use a multimeter. Thanks to high maintenance and insurance costs, it's unlikely that it will be an investment. Even if you spanner yourself, parts can be expensive. One large unexpected bill will ruin investment prospects. Perhaps if you keep the car one more year and do or have the major done to see how you feel about the car then. How many miles does it have on the clock? How many miles do you intend driving? Ferraris need a balance of not too much, not too little. I don't think many folks are using these cars as daily drivers, so apart from the memories of your father, the car will be pure indulgence. Is your partner (if you have one) willing to put up with your indulgence? I have to ask... Does your mother need the money and are you willing to pay close to the dealer valuation? Can she wait until you have gone through, say, a one year trial ownership period?
Wow, Thanks for the replies guys - definitely have given me more confidence in the DIY area of this dilemma. Just to address some of your questions in no particular order: @axarunner - Yeah, that is very valid and probably more in-line with what my mom is thinking. @Wade - Yeah the cost spread out over that time seems nbd, but there have been a couple service trips that were like 12k.. if it was spread out I'm sure my mom wouldn't want the car gone hah. @PaulK - Hah, you sound a lot more like my mentality with all this, I'm no stranger to taking on projects over my head.. but there are definitely more variables to this equation going on.. one of which my wife and I are about to have our first child this June... So I wouldn't really have a whole lot of time for the car until a couple (probably more) years down the line. But it has a nice garage spot to stay in, it just won't get a whole lot of love for a little bit (huge reason I've been on the fence about all this) @randkin - In terms of disposable, I have some.. however, I also have multiple expensive-ish hobbies.. so this wouldn't be my one and only... that and with the baby on the way, things can change. But the only reason I've considered taking the car is because TECHNICALLY it is completely feasible with all the other logistics. It really comes down to time. It has garage space, and classic car insurance etc.. but me being able to take it out for a spin anytime soon (not only with the pandemic going on, but the baby too) is probably not happening. @Qavion - I'm pretty hand with a multi-meter and I also have a scope etc... I'm in the 'Maker' category of hobbyist - so electronics I am no stranger to. As far as the 'indulgence' goes, my wife definitely leans in the 'sell it' category but knowing what it meant to my dad and in turn, me; shes whiling to let it ride out. However it still comes down to time. I'd love to maintain the car over time, so having it sit and be started and driven a couple miles here or there would be fine, But I won't truly be able to enjoy the car for a while as I've heard babies / children tend to take up a lot of free time . Also, to wrap up your last question - No my mother will be fine whether the car is sold or not, so its not a matter of money (I'd never put my mom in a position like that). The dealer are the folks that have a buyer lined up, so, if that weren't the case, the car could sit damn near indefinitely. I think the idea of selling it was strictly because she didn't want to have this car that needs to be maintained sitting in a garage with no-one to maintain it. (I'm out of state, and with a pandemic going on, its difficult to get home to do so) Thank you guys for your responses... I have a feeling I know what I should be doing here.. but I'm going to sleep on it and let my mother know tomorrow (p.s. I should note, my father loved the car but he also was in the process of wanting to sell it (strictly because the cost to maintain was getting ridiculous every time he'd go to the dealer, if it weren't for maintenance costs, there would be no question he'd keep it.. and that's where the DIY side of me was thinking, I should keep it alive)) -J
So sorry to hear about your dad. What color combo is it? edit add: what year is it? TS TB? spider? pics? If you've worked on the things you say you have, you're primed to DIY it. The 348 is very DIY condusive. sjd
$15 for Silver gives you ad space here on FerrariChat, which is probably the best/first place to list it.
I would ... 1. Keep it because it is my Dad's car 2. Keep it because it is a Ferrari, and nothing else is anything like a Ferrari. 3. Keep it because I can work on it. 4. Keep it because my maintenance is cheap. My 348 just got its engine out for under a $1,000 all in. 5. Keep it in the garage even if I don't drive it. Then give it to my kid 30 years from now. It will be cool. Did I say keep it?
@steved033 - its a 91' 348 TS it was originally the two tone Red and Black, but he had the skirts all painted by the dealerships paint dept with OEM red, he also had the dealership purchase the chin spoiler and had that painted and installed as well. Image Unavailable, Please Login There are probably 1000 more pics, but they are all in a photo album somewhere (like a physical picture album, my dad was old school, lol p.s. that is him in the back... his nickname was "Legend" thus his license plate on the 348 was 1LEGEND, he was definitely a character) Hah also, before anyone jumps in here... yes, he pin-striped the Ferrari.. I know, I know, haha but what can I say, that was him, he's had every car hes owned pinstriped by the same family that does it. Also, a lift from the article in the paper this photo is from: "[LEGEND] said the fastest he's driven his Ferrari was 170 m.p.h. "I was doing that between I-75 and Dequindre Road on M-59, eastbound," he said, "and I was doing that very early on a Sunday. Probably the troopers were still sleeping then."" It's funny because I can hear that quote in his voice, and exactly how he'd be saying, haha smh @yelcab - haha, yeah thanks, you are making me even more indecisive, I do feel the way you do. I'm sure if he was a tech savvy person, he'd of loved this forum... I'm sure he'd have stories for days..
It's a tough call. But from my own standpoint, I'd have been pretty happy to know that one of my kids inherited my passion for cars. For me, that'd be enough. But after I passed, I'd never want my wife or kids to be burdened with the feeling that they need to keep my car as some sort of rolling memorial, particularly not if it'd cause them undue stress - financial or otherwise. Perhaps down the road when timing is right, you can pick up a Ferrari or another car that tickles your fancy. Then keep a pic of your dad somewhere in the car so that he's always on a drive with you - along with your future son or daughter. As you contemplate the decision, I'd add a less emotional point . . . while a 348 is still just a car and can be diy'd with enough skill and patience, parts costs are extremely high. And with a baby on the way, how would you find the time for basic maintenance, let alone if something goes wrong with the car and requires service? Like I said, something to contemplate. As others have said, just under $60k is all the money for a 348 - particularly for a car needing the engine out service fairly soon and having a leaky steering rack. Unless it's a Serie Speciale or a factory Challenge car, it's unlikely to become collectible - at least IMHO. Sorry about you dad.
Best wishes getting through this time. If your mechanically inclined and you love the car then it makes sense to keep it. If not it then it will just be a chore. I have one because I wanted one for over 25 years. Would I spend the time and effort on a vintage Mustang or MG something if I got it for free... not a chance my heats would not be in it. If your not actually into it let it go. If it was someone else's dream and not yours let it go. Best of luck!
Sorry for your loss. You can always buy another Ferrari, but it's a small chance you can buy your father's Ferrari down the road. My advice - it's easier to keep the car now and sell it later if that's what you decide, rather than sell it now and then try to buy it back later should you change your mind. Since you're on the fence with your decision don't make the decision now, wait until you sort out your feelings. It's a better approach than having regret later on. It's not like you're sitting on a boat anchor, your dad's 348 isn't going to lose any value.
Mitchel is right. Keep it and work on it. I was one of the original DIY guys on this site working on all the early days things that fixed the 348 . It just isn't that hard. Over the years guys like mitchel kept the torch lit and have raise the level of what DIY on these cars. Today the 348 is a super reliable car. There is knowledge on this board that is superior to what the pros know about these cars because the Pros fix all car and for owners their 348 is a labor of love and they know everything there is to know about the model. No stone has been unturned on the 348.
I completely agree with Mitch and Carl and completely disagree with axarunner and his "They are very expensive to maintain" statement. I have owned my 348 spider since May 2007, you can mitigate a great deal of costs on these cars.
Here is the summary: He said he rebuilds Chevy engines He has the nice garage space He has some means He likes cars It's his Dad's car And his mom is OK if he keeps it Plus his wife is OK if he keeps it His kid will grow up with that mysterious car in the garage that never goes anywhere ….. Keep it.
I would keep it and cherish it. This car meant so much to your father and i think down the road you may regret selling it.
Now let me ask you guys this. I know I've put a lot of emphasis on DIY'ness of this Ferrari. Just out of curiosity, what does working on my own (even following Ferrari service manuals and specs / service intervals to a tee) 348 do to the cars re-sale value... I'm not really contemplating me selling it. But it has been a factor in which I've based some decisions on. Is this car going to end up worthless because I did the engine out maintenance myself even if the car performs like a champ? etc.
There are DIY owners on this board that I would buy from, sight unseen. There are indies in the bay area from whom I would not buy a car (unless I do the service right after). You do the work, keep detailed records and pictures, keep posting on here and by the time you get to 10,000 posts, no one is going to question your doing your own engine out.
If I died and my kid could get a guaranteed $59k (in this market) for my 348 that was due for a major and needed a steering rack rebuild - I would want them to sell it and invest it wisely. But I change cars every 3-4 years, and always have. I may feel differently if I had one for 20+....
Yes, huge difference. On one hand (yours), it's buying experiences. On the other, it's true, passionate ownership.
Sorry for the passing of your father. Keep the Ferrari. Your dad did NOT bust his ass working to buy a Ferrari, to then just have it sold off soon as he passes. You know good and well he would rather one of his heirs, namely YOU, keep it. Especially since you are a car guy. You have a car that most never ever get a chance to even sit in. It is in fantastic shape, and you are able to do your own work, which will GREATLY help keep cost of ownership WAY down. You can find just about EVERYTHING you need in the DIY sticky. What is important about any work on the car, regardless of who does it is, that you keep ALL receipts and document ALL work done to it.
