Fair Value for 1993 Ferrari 348 Speciale?
A 1993 Ferrari 348 Speciale that was auctioned recently in Toronto, Canada, and not sold at a high bid of $54,000 CAD ($45,000 USD). I'm guessing that the reserve bid was about $80,000 CAD (66,000 USD) since that was the asking price before it went to auction.
This 348 Speciale has 139,000 km (87,000 miles), has the factory owners and service manuals, and tool kit. There were no service records available at the auction and the car's history was not published.
There were only 110 produced , although there about 1,654 made during the 4 years of production.
Model Year(s) Production
348 Spider 1993-1995 1,090
348 Speciale 1992-1994 115
348 GTB 1993 252
348 GTS 1993 137
348 GTC 1994 50
Since I did not see the car, I cannot describe its condition, although there are several photos in the above web sites, but none showing the engine or specific details.
Since there is a large gap between the high bid and estimated reserve bid, I'm assuming the auction attendees correctly established the price, with one reservation. That is, a Ferrari model's rarity is typically highly valued and defined by the model's production numbers. At only 115 produced, the 348 Speciale is a rare model. So did the auction audience miss something here or is this 348 Speciale "not so special" and the high bid of $54,000 CAD ($45,000 USD) was appropriate based on the available information?
I would be a retail buyer at 55-60 for that car 45-50 wholesale
I don't think the car is "vintage" enough where its 87,000 miles don't have a major effect on price.
Yea. Too many miles to make it a collectible and too little service history, to make it collectible. If the car had a very recent and properly done major service and someone to vouch for it's condition, it'd be worth a bit more, in the current market. I don't see 348's ever being $80k cars though, even a Speciale.
Maybe the fact the tail lens look terrible on the Speciale isn't helping much here? Could someone remind me of what was special about this car, compared to the other 348, apart from the rear lamps?
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