Join Date: Jun 2012
Location: Newport News, VA
Ferrari Life Posts: 76
Definately. I had a similar problem with my 328 and this is what I learned:
The light really has nothing to do with speed. When it comes on, that means one of the cats is overheating. When that happens, one bank of cylinders shuts down. Symptoms of that are low power (since half of the cylinders aren't operating) and a strong fuel smell (because the fuel that should be going to those cylinders and combusted is now going straight into the exhaust).
If you are having those symptoms, take it in ASAP. It could just be a faulty sensor, or it could be an actual failure. I did not have those symptoms, but I took it in anyway. My light seemed to come in completely randomly. The techs could not reproduce the light, but the lead tech said (based on experience) that the cause was likely a failed ECU. I had it replaced ($950, mostly parts) and haven't had a problem since. New ECU took three days to ship and 30 min to install.
Own: 1989 328 GTS