Engine Out Service Done: 1994 Ferrari 348 Spider

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It seems if you want to correctly predict what’s going to happen on the upper end of the sports- and collector-car marketplace, just take a look at what is generally the unloved vehicle in an exotic manufacturer’s lineup. The “ugly duckling” doesn’t stay that way for long as the prices for the sought-after models spiral further and further out of reach. While the Ferrari 348 has not ever necessarily been “unloved”, it hasn’t been the Ferrari of choice for collectors, so its price of entry has remained much more accessible to mere mortals. Tim is not on you side, however, so spring for this clean 1994 Ferrari 348 Spider here on craigslist for $92,500.

The 348 was never as unloved as the Mondial became just a few years after its introduction, but it still had the reputation of being the “entry-level” Ferrari if you wanted to own one. I don’t consider it a detriment – hell, it’s the reason I want one – but for the seasoned Ferrari collector, a 348 may not be high on their list of cars to own. The build quality was always a little bit iffy, too, but it’s not unlike the E36-chassis BMW in that regard. It was more than any rough edges or cheap plastic were reflective of the era it was mad in rather than some concerted attempt to build the 348 cheaply. And certainly, when you see the engine-out service bills, you realize there’s nothing cheap about even a budget-friendly Ferrari.

Fortunately for the next owner, this big-time belt service has already been performed. Even better, it was completed fairly recently – September of 2022 – so the next owner should get a few years out of it before the motor has to be pulled again. I’ve seen the costs for a standard belt service on a Ferrari run in the range of $8,000-$10,000, so in addition to it offering some peace of mind for the next owner that they’re not driving a ticking time bomb, there’s also a fair amount of financial relief as well. The seller hopefully retained the physical records that confirm the date of the service along with which Ferrari specialist performed the work.

Mileage is low on this 348 Spider, clocking in at just 25,900. This is why the 348 is such a bargain: this is a time-capsule Ferrari with extremely low miles and a recent engine-out service completed for under $100,000. It’s hard to find any Ferrari under that price ceiling but even more so one that has some strong preservation credentials and a verified maintenance history. Throw in the fact that the cosmetic condition looks very respectable and you have a car that will likely never be cheaper than it is right now, and will also only be going up in value from here.

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Comments

  1. Grant

    Exotic means I’m expensive and you can’t have one, Ha ha loser! That is why they get away with idiocy like 10K for a belt change, even if it requires an engine out. Just say, what if my Honda needed an engine out belt change, would they charge 10 grand? Snobbery has its price. Besides, why do they design them to require an engine out to service them, is it on purpose? I think so. Makes the dealers happy and the snooty owners can brag about how expensive they are to service.

    Like 11
    • TomP

      I agree. You would think that after all of these years of building Ferraris, they’d figure out a way to replace the belts without having to drop the engine.

      Like 5
      • Tompdx

        They did. Only the 348 and 355 required the engine to be dropped to do the belt service. The 360 and it’s successors have an access panel behind the seats.

        Like 0
      • Howie

        Tompdx, the Mondial was also a engine out service.

        Like 3
      • Tompdx

        Really? I know at least in later Mondials there was an access panel behind the back seat.

        Like 0
      • Howie

        Tompdx, 93 was the last year for Mondial’s, my 92 did not have that, it was a engine out service.

        Like 3
      • TomP

        My ’84 Mondial has an access panel behind the back seat but it’s only to service the one bank of cylinders. The engine\transaxle still has to be dropped to perform the regularly scheduled maintenance (cost: $17k).

        Like 0
  2. Howie

    Yes these days all is getting pricey, for this price i would rather have a 355.

    Like 9
  3. Howie

    I see now this seller is yesterdays Lotus Esprit seller, where they want cash only!! But for the Ferrari no?

    Like 9
  4. Nenson

    Fast & Furious

    Like 1
  5. angliagt angliagtMember

    “Tim is not on your side”?
    Who’s side is he on?

    (Sorry – couldn’t resist.)

    Like 3
    • TimS

      I stayed neutral.

      Like 2
  6. Big C

    Yep. A car so well engineered that you have to pull the engine to change belts. And the well heeled will fall over each other to buy this “cheap” Ferrari. More money than brains.

    Like 2
    • Grant

      The Italians should have the Japaneses design their cars.

      Like 1
      • Big C

        Or the Americans.

        Like 0
  7. PRA4SNW

    I knew that was Hampton Beach when I saw the first picture here.
    You would need Ferrari money to afford one of those houses pictured in the background.

    Like 1
  8. JimmyJ

    if i had a ferrari it wouldnt go in a shop. ive always fixed my own vehicles and i wont change now.
    its just a car how tough can it be?

    Like 2

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