There’s no such thing as a cheap Ferrari (well, there is, but it won’t be cheap for long), but there is a model that remains somewhat “affordable” if you’re a fan of the prancing horse. The Ferrari 348 is a ideal candidate for a car that’s worth spending on now before the price climbs far higher as it seemingly does for any Ferrari model that was previously unloved. This 1991 348TS is listed here on craigslist with some cosmetic needs and a significant mechanical need for a reasonable $61,000.
The seller notes that this 348 has not had its must-do belts service job yet, which is a major undertaking on almost any Ferrari model. It’s also one of those services you need to do before driving the car, as the 348 has an interference engine, and a rebuild on a car like this will easily clear $20,000. Truthfully, I can’t recall the last time I saw a Ferrari come up for sale without the belt services done, and I wouldn’t reasonably expect to be able to test drive this car knowing full well the belts could give way at any time.
But, that is why it’s so cheap – so if you’re a gambling man, perhaps you can rationalize it in your head that the car must still run, so you can buy it without hearing it fire up and take it straight to the workshop. The interior is in very nice condition, especially for a car with some miles on it (110,700, to be exact.) The prior owner clearly wasn’t worried about a belt service, as they drove it well past the mileage interval where it’s recommended that the belt be swapped.
The seller adds an interesting detail that may not add any real value, but it’s curious none the less: he contends that the 348 was to become a Challenge-spec car, which is Ferrari-speak for a factory race car. Apparently, some combination of badges and a “Challenge”-spec ECU indicate to the seller that this one was headed to Maranello to be converted to full Challenge configuration before being moved into the rotation as a consumer-ready production car. Whatever the story is, this is as cheap as it gets for a 348, even with the outstanding maintenance costs baked in.
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