A driver-quality Ferrari may seem like an incredibly risky proposition (it is), but if you’re not already sitting amongst a stable of Italian thoroughbreads, getting into prancing horse ownership may require buying one that isn’t a highly-preserved specimen. You may also have to buy a model that isn’t the most sought-after. If you’re OK with both of these conditions, the 1990 Ferrari 348 TS shown here on craigslist with 38,000 miles may be worth a look. There’s no mention of a recent belt service, so it undoubtedly will need some money spent on preventative maintenance beyond its $75,000 asking price.
The Ferrari landscape is one that has changed dramatically in recent years. It has moved away from what I’d call more conventional designs with traditional manual gearboxes to extreme exotics and the removal of three pedals. It’s interesting – Porsche indicated recently that the U.S. market is driving the demand for traditional three-pedal shifters, and I wonder if Ferrari and Lamborghini will follow suit. Regardless, if you love Ferraris of a certain age like I do, the 348 is one of the last opportunities to own such a a car for under $100,000 that isn’t a 308. The 348 is also a quintessential 90s car, with the strakes over the taillights and in the sides of the doors.
Going back to the 308: perhaps the most recognizable Ferrari model is still available for purchase in driver condition for $60,000 or so. The Mondial is even cheaper (for the moment) with $50,000 buying a nice one. The 348 may be more expensive than both of those models, but it’s also closer to what I’d describe as peak Ferrari. The 308 and Mondial were left-overs from the malaise era that were significantly improved by the late 80s and early 90s but the 348 was born without that hangover. The interior was simple and utilitarian but also classic Ferrari. This cockpit was everything you needed and nothing you didn’t, with the iconic gated shifter front and center.
The 348 is powered by a 3.4-liter, DOHC, 32-valve V8 mounted behind your head, and it sounds absolutely righteous with a proper sports exhaust. In fact, even while you’re contemplating a $12,000 engine-out belt service, you should spend $5,000 on an exhaust upgrade at the same time. While I like this car very much, the seller should know by now you can’t sell a Ferrari without mentioning if the belt service has been done, and it should be disclosed if it hasn’t (we’re all going to figure it out anyway.) And if it has been done, any seller not mentioning that in the listing is killing off a large percentage of potential buyers. Hopefully, serious buyers are picking up the phone and calling the seller for more info, as it could net you a few thousand bucks off the asking price if it still needs an engine-out job.
$75k and no mention of a timing belt service? Hefty no thank you
I always wondered where the phrase, “Belt one out” came from- who knew it was Italian?
I’ve always thought the 348 and 355 were great looking Ferraris. The engine out service issue definitely needs to be answered but this looks like a clean example. Same price as a used C8 Z51 corvette which will outrun this car anywhere on a track but this is all about that Ferrari badge.
If it needs the belt done then the price is a bit too high. The dealer has 10 cars listed for sale.
The selling dealer is a phone call away. He indicates this is only the second Ferrari they have had, and they are unfamiliar with required service. There are service records amounting to $8k over the last couple years via prior owners. Seller was told, but has no paperwork, that the belts were done while the car was in TX, he thinks about 4, 5 years ago. So it is due. If a guy were to walk in with an estimate for that service, and present it to the seller, negotiations could begin.
On top of the belt issue the 348 was unloved because it was an evil handling piece whose back end would check out without any warning. If you want a horse go for a 355, it will hold it’s value better and is a lot better car.
Some like the raw feeling and manual steering of the 348. But the market is agreeing with you – the 355 is a desirable car that’s appreciating rapidly.
I was lucky enough to own both for a while (drove them around Portland, Michelle – black 348 ts, just like this one, and a Rosso 355 spider). Both were great cars. Both needed belt service upon purchase, but after that, I never spent a dime. The 355 was a superior car – faster, prettier, sounded better – but only by degrees. The 348 was still a really sweet Ferrari. By the way, I bought 360 wheels for the 348, which solved the handling problem. Ferrari determined the rear track was too narrow, so later 348s had spacers and longer lug nuts.
With cars like this the full maintenance history is essential. And not just a bundle of papers, but a serious hisorical report where you can find fhe solid forms which looked after the car. Personally I would not tend to believe a piece of paper saying the belts were done. There is a lot of scamming in this respect. Ask an email confirmation of the garage involved.