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348 Talk me out of rushing into a 348?

Discussion in '348/355' started by galagahedgehog, Feb 18, 2021.

  1. galagahedgehog

    Feb 17, 2021
    8
    Full Name:
    Scott Ackerman
    Short version, if I wait 12-18 months before buying one, do I risk paying a lot more?

    I’ve always loved these cars, and while I am no expert have done plenty of research and driven them. I can buy one now (and yes I’m factoring in expensive maintenance even on a nice example) but it would be a little bit of a stretch. And just to define stretch, I’m not going to starve myself, but will need to scale back on the cleaning service, do my own yardwork for a while etc etc. I feel like we are on the cusp of sports cars becoming so electronic and remove so much of the raw driving experience that these will start going up in value. I’d love to get some advice from the community on if I’m just rushing things and should wait until I can comfortably buy my dream car. Not a car I plan on selling to make a profit/etc I’m worried about being priced out in the future. Love to hear thoughts from the community


    Sent from my iPhone using FerrariChat.com mobile app
     
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  3. Skipper555

    Skipper555 Rookie

    Feb 18, 2021
    4
    Ireland
    Good luck and I'll follow this thread closely. I'm in a similar situation including the timeframe to buy something special, but I must learn a lot more about 348 ownership/running costs before pulling the trigger. Based on research, up to the F355 years it was somewhat common to have to drop the engine for a lot of maintenance procedures and that concerns me...
     
  4. Ferrarium

    Ferrarium F1 Rookie
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    Jul 28, 2018
    2,978
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    Eric
    A large majority of issues and problems age related and what not can be DIY very easily. The 348 and 355 have similar drop engine challenges but its pretty easy all in all. The 348 is less complex and less finicky. Boat load of threads of fixing and resolving issues out here including may engine drop and maintenance threads. The 348 out paces the 355 in that regard. The 348 tends to be more of a DIY car for some reason, maybe its just the 348 guys post about it more.

    Have a look here for starters, a good bit of that applies in some way to the 355 too.
    http://www.my348.com/

    BTW there is plenty of examples of guys buying the car and selling it or wanting to sell it after a few months for this reason or that reason, wife does not like it or some such reason. You either really want the car or you want the idea of the car. Be carful with that distinction.
     
  5. galagahedgehog

    Feb 17, 2021
    8
    Full Name:
    Scott Ackerman
    I hear you. I personally am not concerned about the maintenance and welcome an excuse to push myself to learn new skills and do the engine out service. And I hope the maintenance continues to keep people away from these cars. I’m just worried the initial purchase price is going up as more 30 somethings like myself who dreamed of owning these in their childhood will start to go after them more aggressively but I have a biased view since I’m one of those who has always loved it


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  6. A348W

    A348W Formula 3

    Jun 28, 2017
    1,455
    North Wiltshire, UK
    Who knows what prices will do! Buy what you want when you (not anybody else) but you are comfortable financially to do so.

    I view any car as lost money. If I get something back happy days but I’m certainly not reliant upon doing so!

    As to scaling back doing your own cleaning and grass cutting...man up, get that apron on and learn where the vacuum cleaner is...you will need it as you will get anal about cleaning your 348!
     
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  8. Tony Moore

    Tony Moore Rookie

    Oct 16, 2019
    8
    Surrey UK
    Full Name:
    Tony Moore
    Values don't seem to move about that much from what I can see. Ones that have been driven command just as much if they have been looked after properly. They seem to collect more owners en-route too as a 'first Ferrari', not something that bothers me personally. As for the engine-out servicing, most shops can do it in their sleep, even at fixed pricing, and the bonus is all the other jobs that can be done at the same time. One drawback with the 348/355 is the cost of bespoke parts. Avoid breaking anything in that respect as things like mirrors and the rear window can be wallet-ruining..!
     
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  9. 348TN

    348TN Rookie

    Oct 14, 2020
    26
    Full Name:
    Full Name
    well said @Ferrarium

    a 348 is not a 911, or an R8, or a Vantage, or most any other second daily you might be considering. So be sure you know what you're getting into with one, they're mechanical, sometimes finicky, rather expensive to work on even if you turn your own wrenches, above average reliability for the most part, not terribly quick but quick enough, incredibly stable on the road, and the best direct driving feel I've ever experienced.
    But to your original question about the market, no one here or anyone else really knows more than you. Generally speaking, the 348 market has been pretty stable over the past few years. Sure, there's some spikes and exemplar sales that have happened for special cars, but in general, I couldn't imagine an on average double-digit percentage price rise over the next 12-18 months. If the one you've found is a good example, that's what you need to be thinking more about. And yes, it's certainly worth the sacrifice of cleaning / cutting your own stuff if it's a good one.
     
  10. AceMaster

    AceMaster Three Time F1 World Champ

    Feb 6, 2009
    31,030
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    Mike
    If we knew the answer to this question, we wouldn't be on this forum, we'd be in Vegas breaking the house.
     
  11. steved033

    steved033 F1 Rookie
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    Apr 12, 2017
    3,340
    Atlanta, GA
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    Steve D.
    Can you share which maintenance procedures? (besides timing belt/bearings/waterpump/cam seals...the stuff in a major service)

    sjd
     
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  13. Skipper555

    Skipper555 Rookie

    Feb 18, 2021
    4
    Ireland
    I think you summarized what I know so far. As I said before I need to learn a lot more about the 348 before making a decision.
     
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  14. steved033

    steved033 F1 Rookie
    Silver Subscribed Owner

    Apr 12, 2017
    3,340
    Atlanta, GA
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    Steve D.
    I bought my car near the end of 2017 (1989 348). I did my own major in my garage with no lift in Jan of 2019. Parts cost was $2500 or so. I made a new "zero point" for the entire front of the engine, as my car had no second owner service records. That's the only time the engine has come out. Everything else has been accessible with standard tools and standard methods. Lately, I've had more trouble with getting good parts than I have with the car.

    sjd
     
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  15. Skipper555

    Skipper555 Rookie

    Feb 18, 2021
    4
    Ireland
    Good to hear some positive feedback. I've noticed a lot of "drama" and "exaggeration" when it comes to maintenance on older mid engine sports cars. I haven't owned an exotic yet, but owned Toyota MR2s a while back (2nd gen) and they weren't as complicated to work on as people made it seem.
     
  16. steved033

    steved033 F1 Rookie
    Silver Subscribed Owner

    Apr 12, 2017
    3,340
    Atlanta, GA
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    Steve D.
    I've had more trouble with the half-assed work of audio shops and other mechanics.

    I've uninstalled a stereo, a car alarm with no controls, I've fixed wiring that was probed while looking for hot leads for the stereo, removed a dozen of those little crimp on/cut the insulation connectors (scotckloks?)... infuriating.

    Just remember, the newest ones are 25 years old now...

    sjd
     
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  17. Ferrarium

    Ferrarium F1 Rookie
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    Jul 28, 2018
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    Eric
    My recommendation is think of the cars as a passion project not in investment. Of course one needs the passion.
     
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  18. GTO Joe

    GTO Joe Formula Junior
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    Feb 15, 2013
    796
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    Joseph Troutwine
    Bottom line is both you guys are in the right place because there is a ton of info here. Be a sponge and read, read, read. They are great cars and when you get one you will enjoy it a lot.
     
  19. SoCal1

    SoCal1 F1 Veteran
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    Jun 14, 2011
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    Tim Dee
  20. Chupacabra

    Chupacabra F1 Rookie
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    Sep 30, 2005
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    Mr. Chupacabra
    I think we are seeing a little bit of artificial inflation right now. People with money to burn have been bored and depressed like everyone else, so the market is up on people attempting to buy their way out of the doldrums. Proof of that to me is the fact that musical performances have been absolutely destroyed by the pandemic, yet 2020 was a banner year for musical instrument sales. I'm talking about high-dollar stuff as well as things that appeal more to people just looking for something to do. Musicians are a mercurial, emotional bunch.

    Will that last? Not indefinitely, I think. I do believe it may be extended through the spring buying season by another round of stimulus measures, whenever that materializes.

    Caveat - this is all coming from the guy who apparently should have asked $20,000 more for his 348! :)
     
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  21. galagahedgehog

    Feb 17, 2021
    8
    Full Name:
    Scott Ackerman
    Ugh yeah I was really surprised how much that one went for. But hey I guess at the end of the day if there is a short term bump (I mean the Fed is not shy about saying that are trying to create inflation) and I overpay for one, I dont see myself ever parting with it anyway... also stocks might go up but "engine make noise"
     
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  22. Chupacabra

    Chupacabra F1 Rookie
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    Sep 30, 2005
    2,607
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    Mr. Chupacabra
    True! If you do overpay and then get years of fun out of it, who cares? You're the only one who stands to lose and if your feelings aren't hurt, hey...!

    Hell, I "overpaid" back in 2010, but I wanted THAT car and enjoyed owning it. Never regretted it one bit.
     
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  23. Incaico

    Incaico Karting

    Jun 13, 2020
    64
    SoCal
    Full Name:
    JR Sandoval
    Take the time to visit www.my348.com. It will answer 95% of your questions.
     
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  24. KevZep

    KevZep Formula Junior

    Feb 17, 2020
    251
    New Zealand
    Full Name:
    Kevin Bennett
    If you want one, just do it. There will always be someone trying to talk you out of it, the price could always be better, is it the right thing to do, is this a mistake.......Meh, screw all that, just do it, I did, I paid at the top end of what they were going for at the time, but my car was EXACTLY the 348 I wanted, I have no regrets at all.....
    If you are reasonably skilled at working on cars, then you can do the engine out on a 348....it is not that hard, do not let people frighten you with this.
    I feel they are quite reliable cars if maintained properly.
    They are so rewarding to drive, every time I drive mine I have a huge smile on my dial!!
    Why wait, just do it!!
     
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  25. dahveedem

    dahveedem Formula 3

    Mar 12, 2012
    1,552
    Maryland
    Full Name:
    David
    Just FYI (no affiliation) #55 of 100 is on BAT right now. Serie Speciale

    And I'm #71 of 100 who might consider selling... but the 20k more poster.. yah better bring that for mine... lololololol

    Don't let anyone scare you away from these cars. I turn my own wrenches on mine save for the major service as i want someone more skilled than me looking at her.

    Brakes, caliper rebuilds, wiring stuff, OLF changes, detailing (including ceramics), gear oil changes etc ... no worse (even easier) than some of your dailies.

    The major isn't that bad either TBH - lots of guys do them on here and there's always someone a phone call away to help.

    DO IT. (No peer pressure)

    Sent from my SM-G965U using Tapatalk
     
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  26. Ferrarium

    Ferrarium F1 Rookie
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    Jul 28, 2018
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    That was Rahils car. He bought it a year ago, drive it 12 k, sold it to a contact in MD, bought a 430, now it's for sale again.

    Sent using FerrariChat.com mobile app
     
  27. Ferrarium

    Ferrarium F1 Rookie
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    #24 Ferrarium, Feb 20, 2021
    Last edited: Feb 20, 2021
  28. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,975
    Don't make a bad financial decision now, just because you think something "might" go up soon.....this applies not only to cars, but things like art and real estate also.

    And only you can determine if this is a bad financial decision for your financial position.....
     

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