High-Mile Ferraris: Buy A 348 For $39,000 Or A 328 For $72,900?

Someday I’d like to own a Ferrari. It’s been at the top of my automotive bucket list since the 1980s thanks to TV shows like Magnum P.I. with the Ferrari 308, then Miami Vice with the Daytona Spyder (even though it was actually a Corvette) and the Testarossa. I had Lambo posters in my room just like every kid, but I never really wanted one. I decided long ago that when my ship came in, I’d get a Ferrari.

Apparently my ship is still en route, because my Ferrari ownership in 2016 consists of an awesome 1:18 scale die-cast collection. But then last week I was doing some legwork on Ferraris and came across this 1994 Ferrari 348 Spyder selling on eBay for the tantalising price of $39,000. The catch? It has 70,000 miles, which would be spectacular for any other 22-year old car but not so much on something as high-strung as a Ferrari. I suppose there’s some irony in the fact that it’s being sold in the world’s most notorious gambling destination, Las Vegas.

Per the auction, the car is listed as being in good condition with “normal wear and tear” for a 70,000-mile car, though I’m not sure how normal translates to a Ferrari. Listed upgrades include a Fabspeed exhaust, stereo system, custom ground effects, and a red/white/green stripe representing the Italian flag running the length of the car. Nothing against Italy, but a full-length stripe like that on a silver car looks fairly revolting. Still, for $39,000 I could live with it.

The big question is, how long will a 70,000-mile Ferrari last? The seller says it’s had all the proper Ferrari service, but in all my years of automotive antics, I’ve never encountered a Ferrari with such rounds on the odometer. It actually makes me smile - finally an enthusiast car that was actually driven. But that brings us to the odd question of longevity on a car that nobody buys for longevity. I’m sure there must be Ferraris somewhere with over 100,000 miles on them, but they’re few and far between. Is it weird that I find the mileage on this 348 so fascinating?

I have a confession to make, however. I suppose I’m hooked on the mileage aspect because honestly, the 348 isn’t exactly my favorite Ferrari. I talked about this in a recent article on newer cars being worse than their predecessors, and in this case, I just don’t feel the 348 was a proper step up from the 328. That led me to research 328s to see if I could find one as temptingly inexpensive as this 348, and though the answer was a resounding no, I did find a 1988 model selling in Miami for almost double the aforementioned 348.

I mention this because I think these specific cars are relatively comparable, and it also suggests I’m not alone in my relative dislike of the 348 versus its predecessor. With 52,000 miles on the odometer, this 328 does have lower mileage but it hasn’t exactly been parked for decades either. It’s also reported to be in excellent shape with “minor wear and tear,” and it’s had all the proper Ferrari service visits just like the 348. Unlike the 348, this prancing horse is finished in Rosso Corsa; worlds better than silver with a gaudy stripe.

All things being equal, I’d take the 328 in an instant over the 348. It has nearly the same performance with considerably more curb appeal, and it seems the 328 also has considerably stronger collector ties versus its replacement. But alas, things aren’t equal because $72,900 still requires at least a portion of that ship to come in before making such a purchase. Meanwhile, the 348 is selling for the same price as a fully-loaded Toyota Camry.

That’s still not chump change, and there’s certainly maintenance costs to consider, but the 348 could be the new affordable Ferrari that enthusiasts have been waiting for. It certainly brings the Ferrari dream extremely close to home, and hey, you don’t even need to wait for that overdue ship to get here.