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40k Original Miles: 1994 Ferrari 348 Spider

Hiding in this garage is one of the most significant cars in Ferrari’s manufacturing history. It is a 1994 Ferrari 348 Spider, the last V8 model approved by the great Enzo Ferrari before he passed away. This classic is in excellent condition, with only 40,000 miles on the clock and a recent major service that cost the seller over $20,000. It is ready to find a new home and is listed here on Craigslist in Indianapolis, Indiana. It could be yours for $94,000, and I must say a big thank you to Barn Finder Rocco B. for spotting this Italian thoroughbred.

Ferrari introduced the 348 in 1989 as a replacement for the 328. It remained in production until 1995, with the Spider variant joining the range in 1993. Of the 8,720 cars that rolled out of the factory during the 348’s production run, only 1,090 buyers selected a Spider. That doesn’t make it the rarest of the breed, but owners are unlikely to park beside an identical vehicle at a Cars & Coffee. The styling divided opinion, especially the side strakes that resemble those on the Testarossa. It seems only fitting that this Ferrari be finished in red, with its stunning Rosso Corsa paint presenting beautifully. It retains an excellent shine, and any imperfections in it or the body are too minor to show in the supplied photos. The Ferrari features a traditional Black soft-top, but its condition is unclear, with no provided images or information. However, with the rest of the 348 presenting so well, it is fair to assume the news is positive. The glass is spotless, and the beautiful 17″ aluminum alloy wheels look perfect.

Ferrari’s bespoke vehicle construction approach means buyers can order their new toy with an almost limitless range of paint and interior trim combinations. However, 348 buyers who ordered cars finished in Rosso Corsa typically selected Tan leather trim. That is the case with our feature car, whose presentation is as spotless as the rest of the vehicle. There are no signs of wear, even on the prone outer seat bolsters. The poor photo quality means making a definite call on the carpet is impossible, but the remaining upholstered surfaces, dash, and leather-wrapped wheel look perfect. I can’t spot any aftermarket additions or changes, and the interior features the typically gorgeous gated shifter. The buyer receives a few luxury touches, including air conditioning, power windows, a tilt wheel, and an AM/FM radio/CD player concealed beneath a leather cover on the dash.

The seller supplies no engine photos, which is a shame since most Ferrari engines are automotive works of art. The attention to detail is phenomenal, with a technician typically taking over a week to assemble each 348 powerplant. The 3,405cc V8 sends 310hp and 229 ft/lbs of torque to the road via a five-speed manual transaxle. It probably isn’t considered fast by modern standards, taking 14.2 seconds to cover the ¼-mile. Ferrari experienced slight embarrassment in 1991 when a road test proved conclusively that a GMC Syclone could show it a clean set of heels on the drag strip! However, since the Pickup couldn’t achieve the Ferrari’s top speed of 174mph, some pride was restored. This Spider has a genuine 40,000 miles on the clock. The seller recently spent over $20,000 on a complete service, which would have entailed dropping the engine to replace the timing belt, tensioners, and water pump. The car received new silicone coolant hoses, plugs, and brake pads, and the injectors were cleaned and flow-tested. This gem is a turnkey proposition that runs and drives perfectly.

The seller’s price for this 1994 Ferrari 348 Spider is hardly pocket change, but it isn’t unprecedented. However, I must qualify this by stating that values followed the 2023 fate suffered by many classics, dropping significantly. It appears that the trend has plateaued, suggesting a reversal might be coming. Buying any classic is a roll of the dice when the subject turns to investment potential, becoming more critical as the purchase price climbs. Get it right, and you can look like a king. Get it wrong, and you can suffer a world of pain. However, when the candidate is an Italian exotic, sometimes it is worth taking a chance.


  1. Dan

    Hard for me to choose what I would rather have, this or the Pantera listed a few days ago. The fact that this was recently serviced is a big plus. But I’m seeing the Pantera appreciating at a little faster pace than the 348 probably because the 348 keeps getting a bad rap about how “slow” it is.

    Like 1
  2. Howie

    Sweet!! Only 5 poor photos, i would rather have a 355.

    Like 1
    • tompdx

      I’ve owned both – a ’91 348ts, and a ’97 355 Spider. The 355 was a little faster and sounded slightly better, due to the 5 valve heads, but the 348 was a wonderful car. You can’t go wrong either way.

      Like 3
  3. Eddie Kolpek

    Barn find? At $95K?

    Like 4
    • Steveo

      Some barns are nicer than others.

      Like 15
  4. Billy

    My thinking. I would be somewhat concerned about all those other gaskets and seals that had not stabilized…yet.
    Pretty car.

    Like 0
  5. lschuc

    Who sells a car like this on Craigslist?

    Like 5
    • Steve R

      Serious buyers will find it and share it among forums and individuals along various enthusiast websites, like this one, or by doing a national search of Craigslist. Interesting cars get shared well beyond CL.

      Steve R

      Like 3
  6. yachtsmanbill

    TALL numbers for a 3405 CI engine… Is that right? Thats 208 Cubic inches. Did I do the math right??

    Like 0
  7. Big C

    A high mile Ferrari. At least with the service done, you’ll get maybe another 10k miles out of it before it has to be disassembled again.

    Like 4
  8. Greg

    I’ve never been a fan of the aluminum gauge plates that Ferrari use on some of their models. For some reason it looks like it belongs on a vehicle of much less value but that’s just my opinion. It might look sporting to some but it looks dare I say this cheap to me and we know there’s nothing cheap about a Ferrari.

    Like 0

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