First Ferrari: The Impossible Dream? - Ferrari Life
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post #1 of 25 Old 06-07-2012, 10:14 AM Thread Starter
 
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First Ferrari: The Impossible Dream?

Hello to the Ferrari community of true believers! First-time poster here ... a genuine newbie who has never owned or even driven a Ferrari. OK, I touched one once (the owner said it was OK). Yet I'm a car guy (00 base Boxster and 73 TR6 owner) who has the Ferrari bug. Big time. Whether I have the means is another question altogether. A) I'm retired B) I've got a limited budget--in the $35,000 to $40,000 range tops for purchase and C) a modest amount of money would be available for future maintenance. So at best I've got to be very, very picky. Here is the crazy dream: Find a pristine 348 Spyder (or TS), 1992 or newer. Sell or trade the TR6 to help fund the purchase. Insist on recent engine-out service and proof of all past service from Day 1. Worry more about condition than miles. Hope to drive the car for minimum three years with nothing but routine maintenance before contemplating next step--either fund an engine-out service or sell the car. Is this realistic given my budget limitations? Where should I look? What should I be especially wary about? How much should I realistically expect to spend on a 348 over a five-year period of ownership? Anxiously awaiting your expert advice. Thank you!
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post #2 of 25 Old 06-07-2012, 11:15 AM
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Welcome to Ferrari Life Charlemagne.

I'm no 348 expert so I'll not comment on potential running costs over a 5 yr ownership period, though I am sure there are plenty here who can comment from experience.

I would imagine that a $35-40K purchase budget will get you into a Ferrari but it might limit your potential options. Is your budget, plus the TR6 value or including it?

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post #3 of 25 Old 06-07-2012, 11:16 AM
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Welcome. We know the bug well and possible remedies.

First. I would try to get with someone and drive an example. 328 and the 348.
Clubs are a good starting point. Having driven many Boxters you'll find a Ferrari a much different experience except for the secret starting/first-gear scenario

Couple of questions: Do you plan to trade the TR6 as part of that initial $40k budget, or is it on top of that budget?

Second: If you haven't already, download the buyer's guides for all models you want to consider...regardless of price. That means the one that strikes you as 'the one' will help frame the equation.

Quote:
Originally Posted by Charlemagne View Post
Whether I have the means is another question altogether. A) I'm retired B) I've got a limited budget--in the $35,000 to $40,000 range tops for purchase
This doesn't seem too far off for a 348 IF > 100k miles which is not something to shy away from. They are great engines, but I'd expect a different conversation regarding what may happen in such a higher mileage 348 engine. I know form experience. They are rock, but may need 'work' depending on maintenance and how the driver handled their rocket....BIG discussion.

I'd expect lower mileage 348 [< 50k] to be closer to the top end if not more on that budget. So, once again, what is the total budget purse.

Quote:
C) a modest amount of money would be available for future maintenance.
On the 348: Expensive extras. Make no doubt about it. $5-8K major engine out services and I'd truly expect the higher end from a rep mech. Lower numbers depend on area/economy and a mech that may lead you down a rosy path...just saying. Once again, I know from experience.
TS' tend to have some leakage problems or not...depends
Shocks may need consideration later. way to many variables to gloss over....


Quote:
So at best I've got to be very, very picky. Here is the crazy dream: Find a pristine 348 Spyder (or TS), 1992 or newer. Sell or trade the TR6 to help fund the purchase. Insist on recent engine-out service and proof of all past service from Day 1. Worry more about condition than miles. Hope to drive the car for minimum three years with nothing but routine maintenance before contemplating next step--either fund an engine-out service or sell the car. Is this realistic given my budget limitations? Where should I look? What should I be especially wary about? How much should I realistically expect to spend on a 348 over a five-year period of ownership? Anxiously awaiting your expert advice. Thank you!
bold item: Insist? well, negotiate. I might be willing to split a major, pass it onto you, or do it. It's truly negotiable. It might be a factored in process to the toal price. What ever the situation get a PPI from someone whom knows the 348 with leakdown and press test. He'll know what to look for and give you an 'idea' of what you up against. It is nothing more than a negotiation point IMO for you and the seller. It is NOT a guarantee, nor a frustration point to rally against the seller or mech conducting the PPI. Just an FYI.
Picking the TS/Spider once again puts you into the highest of the 348 model range: Things to consider.


underline item: YES! Condition vs miles is always the consideration. Get the BEST EXAMPLE you can find in your budget and that means the entire plan you propose and go from there.

I will not go into realistically expense of five years. But I would budget, yup, about $3-5K. Now having said that, you may only have fluid changes and nothing more, but to be on the 'safe' side go that higher limit. Your costs, and you'll hear a lot of support to such, is that the 348 will only be about $500-1,200/year max. I don't doubt it, I also don't doubt the higher amount I state.

let the specifics begin.

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post #4 of 25 Old 06-07-2012, 02:23 PM Thread Starter
 
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These are great and helpful responses. Thank you. About the TR6: I'm factoring it into the budget already, as if were already sold for $10 grand. It's worth more than that and I won't take that amount but I'm being conservative in my budget estimates.
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post #5 of 25 Old 06-08-2012, 05:18 PM
 
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i think with a $10k advantage from the sale of your current car and the fact that you're pretty much already there to spend about $30-40k, a 348 is definitely a fly-by zone...but there are cheaper/older Ferraris for sure, like the Mondials and GT4s...and you know what to look for ie. condition, etc so i suppose you're all systems go...but just remember, things can pop up unexpectedly from time to time...just drop by over the forums like here and there are loads of good ppl to guide you around.......


Last edited by bikz; 06-08-2012 at 10:08 PM.
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post #6 of 25 Old 06-08-2012, 06:10 PM
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Quote:
Originally Posted by Charlemagne View Post
Insist on recent engine-out service and proof of all past service from Day 1.
In addition to the Buyer's Guides, I recommend you look up Mike Sheehan's site. He's got some good advice and insight into buyer-seller negotiations, particularly relavent to your comment above.

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post #7 of 25 Old 06-09-2012, 07:57 PM Thread Starter
 
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Thanks again! I'm certainly planning to hang around and keep learning and looking. Really appreciate the sense of camaraderie among the Ferrari faithful!
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post #8 of 25 Old 06-22-2012, 10:14 PM
 
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hi

Charlemagne,

i was looking at a $40K 328 on Ebay with approx 25K miles and new clutch and belts. Pretty tempting to me. Where have you been looking for your future car? I buy the Robb Report every now and then and look but those prices are much higher than the ebay ones. I'll check this forum...nice to see someone in similar shoes... sorry i can't help you much now but maybe we can share "how to buy" scenarios. I may need to sell of some toys to help funding issues too!

Cheng
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post #9 of 25 Old 06-25-2012, 12:05 PM Thread Starter
 
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Hello Cheng,
Good luck on your quest. To my way of thinking, if the car's service history is solid and well-documented, that's the biggest thing. From all I've read, every 348 will need expensive routine maintenance. However, it's the unpredictable repairs that could really hurt. At least with a well documented service/ownership history, you have a good picture of how the car was cared for and how reliable it should be. And of course that service history should be a valuable asset for you as well, should you ever decide to sell the car. Again, good luck and keep me posted!
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post #10 of 25 Old 06-25-2012, 12:10 PM Thread Starter
 
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Cheng,
Oops, just noticed you said 328 and I was talking 348. They're similar, of course, and I my comments would be the same.
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post #11 of 25 Old 06-29-2012, 08:03 AM
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I was pretty much in the same boat the last few years. I wanted a 355GTS and settled for a 328GTS just because maintenance is theoretically less (no engine out for belts). I would have to budget for the engine out and ask my wife to sacrifice somethings. She ended up suggesting I sell my Dino and get a 360 instead, again based on the theoretical maintenance costs. I don't regret it one bit, I will be sorry to see the Dino go but when it sells I will pay off the 360 fully.

In your financial situation which sounds like mine, I question the 348 and 355 because those are engine out maintenance costs, compared to 3x8 and 360 but I fully understand that these cars are bought with the heart and not the mind.
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post #12 of 25 Old 07-02-2012, 06:13 AM Thread Starter
 
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And therein lies the problem. I love my wife dearly, in part because she sometimes thinks with her heart rather than her head. Alas, a Ferrari has not found its way into her heart and we're at resolute impasse. Sigh.
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post #13 of 25 Old 07-02-2012, 08:36 AM
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i love my wife dearly too. that's why i never consult her about things i'm going to do. guarantees there will be no impasse after awhile, they give up!



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post #14 of 25 Old 07-09-2012, 06:49 AM
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you guys married badly

It was my wife who suggested the 360 instead of a 328, she said its been my lifelong dream and I should get the one I really want.
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post #15 of 25 Old 07-09-2012, 07:09 AM Thread Starter
 
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My wife's biggest concern is the flashy image it projects. We're not flashy people and I tell myself I don't want a Ferrari to impress my friends. I want to see the car as an exuberant expression of life lived to the fullest, an appreciation of art on wheels, a nod to the Italian notion of automotive passion. Yet I can understand how others may see it differently. Have any owners personally confronted the negative imagery some people have of Ferrari ownership? Is there an intelligent and respectful way to deal with it?
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post #16 of 25 Old 07-09-2012, 07:34 PM
 
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Quote:
Originally Posted by Charlemagne View Post
My wife's biggest concern is the flashy image it projects. We're not flashy people and I tell myself I don't want a Ferrari to impress my friends. I want to see the car as an exuberant expression of life lived to the fullest, an appreciation of art on wheels, a nod to the Italian notion of automotive passion. Yet I can understand how others may see it differently. Have any owners personally confronted the negative imagery some people have of Ferrari ownership? Is there an intelligent and respectful way to deal with it?
As I long-time Corvette owner, who's shopping for a 360, I have certainly seen the "haters" from time to time. There are always those who are jealous that you have something nicer than they have. I rarely see it face to face, but it can manifest itself by spitting on your car, keying the paint,or parking their sht-box so close to your driver-side door you have to climb in from the right side.

But I also get a lot of waves, thumbs-up, and "Nice car, man" comments.
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post #17 of 25 Old 07-09-2012, 07:42 PM
 
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Quote:
Originally Posted by mikeyr View Post
you guys married badly

It was my wife who suggested the 360 instead of a 328, she said its been my lifelong dream and I should get the one I really want.
I married one of those gems too. She even offered to let me trade her 2011 CTS Coupe on a 360. I told her we'd find another way.
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post #18 of 25 Old 11-03-2012, 09:43 PM
 
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Mike...I am jealous of your wifes mentality with regards to Ferrari purchase!

Charlegmagne, Did you buy yet? I am still looking but now i am considering the 360. My bookkeeper gave me the green light- not the wife but like someone above said, she can find out later since my wife ain't like Mike's.

My perfect 360 is similar to this one off ebay (at present, i am high bidder):
Ferrari : 360 Modena in Ferrari | eBay Motors
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post #19 of 25 Old 11-04-2012, 01:20 AM
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Quote:
Originally Posted by Charlemagne View Post
My wife's biggest concern is the flashy image it projects. We're not flashy people and I tell myself I don't want a Ferrari to impress my friends. I want to see the car as an exuberant expression of life lived to the fullest, an appreciation of art on wheels, a nod to the Italian notion of automotive passion. Yet I can understand how others may see it differently. Have any owners personally confronted the negative imagery some people have of Ferrari ownership? Is there an intelligent and respectful way to deal with it?
Personally I am not a flashy person at all. In terms of others perceptions, I really don't worry about it. It is there problem not yours. The thumbs up and smile far out number the middle fingers in the air.

The only thing we are careful about is where we park but this would apply to any nice car, not just a Ferrari.
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post #20 of 25 Old 11-10-2012, 05:28 PM
 
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getting close yet?

Charlegmagne,

I may be traveling to CT to look at a possible buy. 360 modena in red over tan with 6 sp manual. supposedly mint wth 17K miles. i will be going over my budget but am starting to think the extra $ might be worth avoiding headaches. hows your search?

Cheng
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