When considering your first Ferrari purchase, there are a few models that immediately come to mind: if you have in the low six-figures to throw around, the Testarossa is the clear winner. For a truly budget-conscious decision, the Mondial is the obvious choice. In the middle of those two options is the 348, like this 1989 348 TS shown here on craigslist for $75,000. This is a model that frequently gets overlooked, in my opinion, when discussing “affordable” Ferrari options, but it also shows up surprisingly infrequently. It offers the looks of the Testarossa in miniature and for far less money.
Of course, I’m referring to the iconic side strakes and the tinted taillights with the grates going across them. The 348 was built at a time when the Testarossa was the dominant Ferrari model outside of the F40, and given that car was priced as a true supercar-level offering, the Testarossa was even more appealing. The F40 was unveiled with an MSRP of around $400,000 while the Testarossa was considerably less, eventually topping out just shy of $200,000. The 348 was instantly iconic not only for its looks but for offering enthusiasts a long-awaited replacement to the 308/328 models that had been around seemingly forever.
The 348 offered a classic Ferrari experience, with a gated manual shifter, deeply bolstered bucket seats, and a removable targa roof panel. The mid-engined design carried over with a four-cam V8 sitting behind the driver’s head. The 3.4L mill churned out 300 horsepower and could propel the 348 to a top speed of over 170 miles per hour. It’s amazing to think about how the car seems completely average by today’s performance standards but here was an entry-level Ferrari that could still close in on 200 miles per hour. The seller reports that the mandatory engine-out service was last performed in January 2024, presumably to address timing belt replacement.
The interior appears to be in good shape overall, albeit with some signs of wear and tear on the driver’s seat. This is to be expected for the mileage and I wouldn’t let it stop me from bringing this attainable Ferrari home. The seller reports there’s no evidence of major paint or panel repairs and that the 348 was with a long-term owner prior to his acquisition, which occurred last summer. The car will also come with its tool roll, historical documentation and service records, a targa top cover, books and manuals, and an extra key. Those small details all matter greatly to Ferrari enthusiasts, and with all those details and the recent major service in mind, the asking price seems quite fair to me. Thanks to Barn Finds reader Curvette for the find.
This is a great find, and the price doesn’t seem horrible for one with probably a $20,000 engine-out service. A good friend just sold his 1995 Ferrari F355 GTS for almost three times what he bought it for seven years ago, but $20,000 less than book value because it needed (not really) an engine-out service. The guy who bought it is going to have that done. My friend did the service himself in his garage, but there is no printed record of it, so that detracted from its value. Paperwork is king for exotic vehicles, or really any vehicle.
The 348 is the last Ferrari without standard power steering, a possible consideration for anyone who is thinking of driving one around town a lot.
Scotty, I put around a thousand miles on a 348 back in 1989, and had absolutely no complaint about the steering. It, like the chassis behavior in general, was as precise and predictable as you’d expect in a Ferrari.
In fact, it was almost TOO good, in that an average driver just wasn’t going to get anywhere near its limits. Unless one leaned hard on it, and wasn’t averse to challenging their own skill level, it was a little on the unexciting side.
But the biggest problem I had was that I simply couldn’t afford one. Loved the looks, loved the sound and, on those rare occasions when I had a place where I could get rowdy with it in (relative) safety, was absolutely bowled over by its performance.
I believe you, RayT. With that rear engine being behind the seats, that helps for sure, I didn’t think of that. I remember talking with a guy at the Wheels of Italy show in Minneapolis a few years ago, and he found a driver-quality (i.e., a little rugged) white 348 for $25,000. He put a ton of work into it to make it as reliable a driver as possible, and it looked ratty but worked great.
Hmmm, I was wrong I guess. I was under the impression the 348 was the last Ferrari that did not require a regular engine out service.
The 360 is the first Ferarri that does not require an engine out to replace the belts. Access is right behind the drivers seat thru a panel to reach the front of engine. Easier access if you take the seat out, but not required. 360 was introduced in ‘99.
Very few Ferraris require engine removal to change the timing belt. Only the 348, 355, and some Mondials required engine-out service. Earlier mid-engine F cars (Dinos, 308-328, etc.) were transverse mounted engines, so the timings belts were accessible in situ. As mentioned above, 360s on had access panels.
JM, I believe the F355 was the last one that required that service. My friend did the belts on his by dropping both gas tanks rather than yanking the engine out.
Steve3n and Scotty, thanks for the knowledge on the engine out services.
Of the three, I like the 355 best but the advantage of being able to service without removing the engine (or gas tanks) is a big plus on the 360.
Johnnymopar, I agree about the F355, but the 360 sounds better than the 328 or 355, I think, but that’s just me.
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