Enzo Ferrari was a complex individual who believed that his company’s road car division existed primarily to fund his beloved racing team. He was hands-on in his approach, and even as his health declined in his final months, he remained involved in developing the car that would eventually become known as the 348. Our featured classic is a 1993 Ferrari 348 Spider, and to describe it as special would be an understatement. It is an amazing survivor with a genuine 598 miles showing on its odometer. Naturally, its condition is flawless, and it will be fascinating to discover whether most of our readers believe its new owner will preserve this classic or drive it as its creators intended. I must say a big thank you to Barn Finder Araknid78 for spotting the Ferrari listed here at Kruse Auctions in Auburn, Indiana. This amazing survivor is set to cross the auction block on September 5th, and even if you aren’t planning to bid, monitoring the bidding could be entertaining.
Designed by Leonardo Fioravanti at Pininfarina, the Ferrari 348 was unveiled in 1989. It carried styling cues reminiscent of the Testarossa, including the straked side vents and the rectangular taillights. The company performed a minor facelift in 1993, introducing the Spider as its first Convertible model since discontinuing the Daytona Spider in 1973. The seller provides no history, so it is unclear why this classic has accumulated such a low odometer reading. Many people prefer these classics in Rosso Corsa, but this car’s Blu Scuro helps it to stand out. The company produced only 1,090 examples of the Spider, and it is believed that fewer than 5% were in any of the five available Blue shades. That makes it an exceptionally rare vehicle, and its condition is consistent with the mileage claim, with no visible cosmetic shortcomings. The paint shines deeply, the trim looks exceptional, and the beautiful 17″ wheels are perfect.
I have watched several documentaries tracing the production of Ferrari engines, and the attention to detail is jaw-dropping. The company utilizes a unique, secret aluminum alloy to cast the engine block, cylinder heads, and other ancillary components. Each is cast in a sand mold and X-rayed before heading to the machine shop to detect casting anomalies that might compromise future reliability. If the component doesn’t pass muster, it is sent back to the furnace and melted. The 348 features a longitudinally mid-mounted 3.4-liter V8, which sends its power to the road via a five-speed transverse manual transaxle. The V8 is an impressive beast, producing 315hp and 239 ft/lbs of torque. The company quoted a ¼-mile ET of 13.5 seconds in that year’s Sales Brochure, and a top speed of 174mph. The lack of seller information extends to this car’s mechanical condition. It is unclear whether it has been maintained appropriately or is a turnkey proposition. Those would be crucial questions to ask the seller before bidding on this classic.
I appreciate modern exotics, and the technology that has brought features like semi-automatic transmissions with paddle shift to road cars. However, I’ve always felt that Italian classics of that type should feature a gated shifter, and this Ferrari ticks that box. The factory described the interior trim shade as “Crema,” and when combined with the Blue exterior, it looks stunning. As with the exterior, there is nothing inside this 348 deserving of criticism. The hand-stitched leather upholstery is wear-free, looking supple and inviting. The dash is spotless, the wheel and carpet are excellent, and there are no aftermarket additions.
It is easy to underestimate Enzo Ferrari and the power that he wielded. When the governing body announced new post-turbo Formula One engine regulations set to take effect in 1989, Ferrari opposed the requirement that all engines be V8s. That would have left his beloved V12 in the cold, and that was unacceptable. He threatened to walk away from F1, and commissioned an IndyCar prototype. The vehicle that was unveiled in 1986 was virtually race-ready. Formula One knew that losing Ferrari would be a body blow, and bent to Enzo’s will. The company’s last production car released before his passing was the F40, and such was his influence that the 348, released in 1989, remained true to the great man’s vision and design parameters. Our featured 348 Spider is genuinely special, and I suspect that the bidding could be intense. I would be surprised if it didn’t top $100,000, because there probably isn’t another example on the planet with such a low odometer reading. It will be fascinating to gauge your feedback and to discover whether any Barn Finds readers can successfully guess the sale price. So, it’s over to you.
Hooray for the return of Carriage House Finds!
What a beautiful car but it really needs background info from the auction site, which I cannot access on this computer.
Sorry, but modern Ferraris (along with most other “supercars”) are soooo over-the-top pretentious and boring.
This car was at the beginning of that trend.
I’ve never understood how a beautiful car like this does not get driven. It does a Ferrari no favors not to be regularly exercised and low mileage on an older Ferrari is not a good thing at all. All the seals, rubber bushings, belts etc. are probably dried out or cracked. This car may need tens of thousands of dollars in service to recommission it. Unless you just want it as a garage queen which is apparently how it spent it’s life
So, there is a fine line between keeping it pristine for the eventual re-sale, (once it starts boring you, like a wife) and the enjoyment of daily use, which will most certainly result in resale value-busting road rash and eye-watering maintenance bills.
The first option is free and put the hidden onus on the next buyer, as you pointed out. The second one costs money now that is not recoverable. Even rich guys want to avoid $10,000 spark plug service.
The 348’s & 355’s have really gone up in price, this should easily break $100k.
I’m guessing $180k minimum, probably over 200. Nice F335s are well into 6 figures lately, and 348s aren’t far behind.
Cars should not be investments. With a few very rare excptions, awful investments, and this one was not even enjoyed. A new Mustang in 1994 offered similar performance, then take the difference in price and put it in an S&P index fund. Then, enjoy your awesome Stang. Now, look at your index fund. Millions in there. Not the 150-200K this will bring. Makes me believe that most rich people are truly fools, probably inherited wealth.
Just for fun I ran the numbers. Average 1994 348 cost was 120-130K. So lets say you buy the wonderful Mystang LX, 5sp with a V8. Easily have 100K left over. Put into a simple S&P index fund today is worth roughly 2.9 million. Great investmernt that car, right? Investing properly requires an average brain and patience. When I got back to the world in 1971, I held my nose and slowly started buying into the stock market. I understood it was because of the stock market it was a big reason why I was yanked from the world and into the most awful place I ever saw. Despite that, I still understood it was how to become financially secure. Today because of that choice, I could afford this Ferarri, easily, but I know better. I do not need status symbols to tell the world all about me. Most people have no idea how much my wife and are worth, and we like it like that.
Same here.
I am a gearhead car guy and like interesting stuff and have owned fun cars. It’s a hobby and it has a cost.
Some people are willing to spend a lot. That’s their choice.
Guys who contract for over the top resto mods lose a couple hundred grand when they sell them. They have FY money and dont care. Bentleys are similar.
The most hilarious are sports stars who fill a warehouse full of modern bling. Then they go bankrupt.
It’s a funny, quirky hobby, where return on investment is not the object.
At the lower levels, you do have fools who think they are making money because they made a few grand. They never count the real cost, just the vehicle price.
Those days are coming to an end. The price run ups that we’ve seen for average cars, like a lot of muscle, is over. The interested buyers are aging out and the market has become very soft.
Anyone in this game for ROI had better be buying the Ralph Lauren level stuff, and you need to be a billionaire to do that.
Thanks for the acknowledgement, Adam
Sold for $225,000