A Ferrari 348 Spider sold for just €45,000 - good deal or future nightmare?

On paper, it's a golden bargain. Imagine: a 1994 Ferrari 348 Spider, in Rosso Corsa with beige leather interior, manual gearbox and 312hp naturally-aspirated V8, sold for... $53,000, or around €45,000 on the Cars&Bids ad site. In other words, the price of a new Abarth 600e, Alfa Romeo Junior Veloce or Lancia Ypsilon HF. But behind this bid, which has many car enthusiasts dreaming of a Ferrari hides a much more eventful story.

The 348 Spider, a key model in Ferrari history

Introduced in 1993 and produced until 1995, the Ferrari 348 Spider is a pivotal model. Maranello's first production convertible, it marked the transition from the 328 to the future F355. With its retractable headlamps, 3.4-liter longitudinal V8 and metal-grille manual gearbox, it embodies the ultimate "analog" Ferrari V8 before the arrival of modern power assistants.

Produced in just over 1,000 examples, it is now highly sought-after by collectors. Examples in perfect condition regularly fetch over €100,000 at auction. So why did this one go for less than half that price?

A far from blameless past

The sale announcement was clear: "NOT a perfect Ferrari". And indeed, this 348 has a past that would make many collectors cringe.

• 2001: a fire in the engine/wheel area caused by an electrical fault, necessitating major repairs.
• 2010: a serious accident with repairs estimated at 72,000 CAD (over 50,000 USD). Several exterior panels were repainted.
• 2025: during an inspection, several defects are detected:
  • Sometimes difficult to get started,
  • Air conditioning and fuel gauge out of order,
  • Hood with cloudy rear window,
  • Fuse box cover missing,
  • Interior marked by wear.

Suffice to say, this Ferrari is anything but a pristine museum piece. On the outside, the front bumper comes from... a Ferrari F355, the replacement for the 348. A detail that jumps out at purists. Inside, the original car radio has been replaced by a modern Pioneer system. Even the windscreen bears a mark suggesting that it is not original.

What's left of it: a real Ferrari to drive

And yet, despite its busy history, this 348 Spider retains the essentials:

• Its 312hp 3.4-litre V8 is always lively and singing,
• Its manual gearbox, a symbol of pure mechanical pleasure,
• A line designed by Pininfarina that remains timeless.

The seller insisted: the engine runs smoothly, with no error codes, and the exhaust note remains normal. The car is delivered with keys, manuals and a maintenance follow-up, including the invaluable timing belt overhaul carried out in 2020.

A risky bet, but an affordable Ferrari

This sale illustrates a growing trend: some enthusiasts prefer an "imperfect" but drivable Ferrari, rather than a perfect example impossible to use without fear of losing value. For €45,000, the buyer gets an authentic Ferrari experience: soft top down, metal lever slamming into the grille, and that screaming V8 behind the seats.

But he also knows that each outing could come with new costs. As the salesman reminded us: even a "perfect" 30-year-old Ferrari will always require regular, costly maintenance.

So, a good deal or a trap?

So, what's behind it? Quite simply the scars of an eventful past. Accident, multiple repairs and minor breakdowns... This 348 Spider is not a show queen, but a Ferrari "to live with". At a time when prices for youngtimers are skyrocketing, this auction is a reminder that owning a Ferrari is still possible without being a millionaire... as long as you're willing to drive an icon with a dented past. And for the buyer, regardless of those scratches, he now owns a real mid-engined Ferrari, for the price of an electric car.

Would you have bought it?