Ferrari 348's

[jyl]

Don't forget cost of insurance, tools/equipment if DIY'ing, and, if applicable, financing. And the daily driver car, since you are not gong to want to sit in gridlock on the 405 in 100F in the 348.

[Schumi]

I've done some ridiculous DIY'ing on cars in my past. I'm to the point now where I'm a bit limited on garage space at home and I have the money to have things done proper, so I found 'the guy' here in the south bay to drop my car with- He's honest and fair on labor and so I've dropped my Porsche off with him and said 'do whatever it needs'.

I could actually afford the yearly service costs...

The insurance may be another story :/

[porsche4life]

So, I know I am the totally wrong person to point this out... But this is one car you really shouldn't buy if you can't lay down the ben franks for it....

[Schumi]

OK, I'll put it this way;

I could more than easily cover the yearly service costs of the car, Sidney.

My main worry is that I would somehow be disappointed in the car. That, or I'd regret buying it over a 996 TT (I've never not owned a Porsche. I'd be a traitor!).

I am interested in how high mileage cars hold up, if they are well maintained. I have seen some of these cars have their 15 and 30K service performed at under 20K miles- there seem to be a good amount of owners putting money into them. Sure, things like bushings on a high mileage car would begin to be suspect, and parts cost for specialty items be much more than normal vehicles... but as some of you say, the car values deplete ever 10,000 mile marker, and for a DIY looking for a DRIVER, not a show car, would a higher mileage car (with all records, of course) be a bad idea?

In the Porsche world, sometimes slightly higher mileage with well kept records can be considered a good thing...

[porsche4life]

Why not go drive both? I think the 348 will be more visceral, but the 996tt will be a better tradeoff car...

[asterix031]

Just had a chat with a F-car friend on this.. To paraphrase: "Go for the best 328 available instead of a 348. Much better gamble of it being reliable. Keep hearing about onging 348 ECU problems in particular."

But my favourite comment: "I don't think even a 328 will be as good as an average 911, but its doable"

[Schumi]

That's interesting; my main draw to the 348 over the 328 is the dramatic difference in drivetrain layout- without offending any 328 owners, I must say, the 348 is the "proper" one.

[asterix031]

Originally Posted by Schumi

That's interesting; my main draw to the 348 over the 328 is the dramatic difference in drivetrain layout- without offending any 328 owners, I must say, the 348 is the "proper" one.

If you're implying that a 348 has a "proper" drivetrain layout, I think 911 owners are more likely to be offended on this board!

[Noah930]

Sounds like you've considered the options, weighed the cost of ownership details, and your mind's made up. Best of luck with the car. Let us know how it goes. It'll be great living through you vicariously.

Kevinp73 has a 348 in his shop right now. Looks fantastic, and makes the 930 sitting next to it look downright frumpy.

[sc_rufctr]

Originally Posted by McLovin

Maybe. But one thing to consider is that most used Ferrari V8 buyers are weirdos about things like miles. Every time the car turns a decade in miles, it drops in value.

If you hit 50,000 miles, you are going to lose at least 75% of potential Ferrari buyers. The car will be considered "high miles" by the Ferrari crowd, and will be viewed as being largely worn out. If you hit 75K miles, the car will be all but unsellable.

I'm not saying that makes sense, but it's just the way it is.

75K Miles is considered "high miles"? Those Ferrari dudes must live on a different planet.

My neighbors Testarossa has done just over110,000kms. (68,350 miles)
I should do him a favor and take it off his hands...

[slow&rusty]

Too much jibber jabber....go buy the Ferrari

[cairns]

Why pucker around? Just up it two digits and go for the 548. One of those and you'll be on fire.

[javadog]

Originally Posted by Schumi

That's interesting; my main draw to the 348 over the 328 is the dramatic difference in drivetrain layout- without offending any 328 owners, I must say, the 348 is the "proper" one.

A 328 is a better car, from the maintenance and reliabilty standpoint. It's also slower and, since it's an evolution of a car that was designed in the early 70's, it feels much older than a 348. It will also cost you more to buy. A nice 328 can easily cost $55k, or more. $35k will buy you an average "driver" with a bunch of miles. There are plenty of cars with 50-75k miles on them; not so many over 100K. So, high mileage on these cars does kill the value. They will go that mileage if driven regularly and if they are kept serviced, but very few people drive them that much. What would be considered low mileage on a late 80's 911 is quite high in the Ferrari world.

Whatever you do, you need to drive an example of each car, to see if you even like it. You may not like the driving position, especially in a 328. The seats aren't great either. A 348 is better in these respects. And, parts availability is getting to be a problem, so think about that, as well. That's one of the reasons I sold my 328.

Make sure you try a coupe. The open cars suck a big one on a bumpy road, especially the 328.

I think a 996 turbo would be a much better car but a good one will be well north of $35K.

JR

[Carrerax]

Look at it this way, either way, if you buy a Ferrari or a 996tt you still wont have a proper porsche Joke...Had to say it.

[kaisen]

Originally Posted by javadog

I think a 996 turbo would be a much better car but a good one will be well north of $35K.

JR, I agreed with everything in your post, except this quote, and then only the values.

What is a 'good one'? Is it one with low miles, or one in nice shape?

Here is a 2001 996TT with 59K miles. I have a client from this board that would never consider this car because it has way too many miles. For me, as a ten year old car, 59K miles is acceptable for a SoCal Porsche.....they get driven year round due to the mild climate.

Anyway, it's an example of a $35K 996TT. One owner, no accidents, new Michelin PS2s, just serviced (and up to date), nice options. A few rock chips, but otherwise a very solid car.

[VincentVega]

Anyway, it's an example of a $35K 996TT

That is really tempting.

It seems the 348 and the 996tt have just about fully depreciated. In 3-4 years, whats the market for each car with another X miles? For me that would be ~18k miles/year.

I was looking at spending ~10k for my next DD, I wonder if the math works on the 996?

[kaisen]

This is likely a very good deal on a 1989 Ferrari 348TS. Bad pictures, but probably a nice car for $29,900.

Ferrari : 348 - eBay (item 200563247038 end time Jan-18-11 11:05:31 PST)

[kaisen]

Here's a very nice 2001 996TT with 28K miles for $36900, but it's someone's modified track toy. Still, not a bad deal for the miles.

Cars for Sale: 2001 Porsche 911 Turbo 996 Model in ATLANTA, GA 30350: Coupe Details - 287883661 - AutoTrader.com

[javadog]

Originally Posted by kaisen

JR, What is a 'good one'? Is it one with low miles, or one in nice shape?

Can I have both?

I would probably spend a little more to get one with half the miles. 996 Turbo values are all over the map. I tend to look for cars that are in the top 10% of what's available. I think the market tends to undervalue miles and condition on cars that are produced in relatively large numbers. I wouldn't go so far as to buy a 5k mile "Richard Sloan" car but I'd look for the nicest one I could find with the options that I want. I can fix a few little nit-picky things more cheaply than trying to undo the wear and tear of 30,000 additional miles.

The example you showed is a nice car, in a color I wouldn't ever consider. The driver's seat looks a little tired (I know it's a supple leather seat) and the handbrake looks like it hasn't been adjusted in a while. Niether is a big deal but it might indicate that it needs a few things.

JR

[kaisen]

Originally Posted by Schumi

I would argue that, over a 5 year period, a $35,000 G37 and a $35,000 Ferrari, driven for 5,000 miles per year for those 5 years, and then sold at the end- would wind up being nearly even in the amount spent. The G37 will lose half it's value, being worth no more than 17.5K when sold (or less) - so you lose 17.5K. The Ferrari, if taken car of, will cost about that same amount in service - 17.5K for 5 years- or $3500 a year (DIY some, but not all the time). And you can turn around and sell it for nearly what you paid for it, maybe a bit less due to the increased mileage.

That's my logic.

Wow, that's flawed. Not wrong, just flawed.
You'd invest $52500 in the Ferrari over 5 years
You'd invest $35000 in the G37 over 5 years

How is that equal? I understand that you'd recuperate all of your initial investment with the 348, and only half with the G37. But you do see that you'd shell out MORE of your cash with the 348. Most people don't think this way. Cash flow and opportunity cost here are NOT equal. And that's an important point to overlook.

However, it sounds like you have considered your options and you claim you can pay the service costs of a daily driven Ferrari 348. Become a member at FerrariChat (348/355 - FerrariChat.com) and Ferrarilife (348 - Ferrari Life) and get to know people. Tell them your goals. They're a pretty tightly knit group and it's likely that they know what cars members have available and know the story on what cars dealers have available. I prefer FerrariChat as the group of guys there are closer to Pelicans. You have a few teenage wannabes but mostly just cordial owner enthusiasts.

Best of luck