Ferrari 348ts | The Brave Pill

Ever wanted to look like Sonny Crockett's younger brother? Step this way...

Ferrari values have long encapsulated a fascinating battle as the desirability and values of different models wax and wane: that of being the second-cheapest model in the clan. That's because the Mondial has long had a lock on the brand's residual wooden spoon and, although the gawky mid-engined two-plus-two does have a body of fans, there clearly aren't enough to push its values any higher than last place.

The last two decades have brought a rotating cast of other Ferraris to the penultimate spot in the value charts. In the late 1990s the space was consistently filled by 308s, with occasional appearances from some of the less fashionable and boxier front-engined V12s. More recently the race to the almost-bottom has been one between the 456 and the 348, two contemporaries that were sold for very different prices when new - the 456 being nearly twice as much - but which are now the models most likely to find themselves on the second lowest rung of the ladder and beneath the £40k mark. Back in March we called out the enticing charms of a 456M GTA, and now we've flipped the coin with a very attractive looking 348 Spider.

The 348 has long been regarded as one of Ferrari's nearly cars, frequently cited as a not-especially memorable bridge between two eras. Before it came the 328, the macho 80s development of the 308 that Tom Selleck made seem almost impossibly cool in Magnum P.I. (ask your dad). And then it was replaced by the F355 in 1995, the brand's renaissance car, and one with looks that can still sets hearts quivering and wallets trembling at well over a hundred yards.

It's certainly fair to say that the 348's design dated quickly. It was a product of Ferrari's strake era, the late career obsession of chief stylist Leonardo Fioravanti, whose love of louvres went beyond the 'egg slicer' door intakes to the slats that covered the rear lights. While certainly striking, many regarded the 348's looks as being a bit close to those of the larger and more expensive Testarossa/512TR, a Ferrari that was also to spend a fair amount of time in the critical wilderness. For the haters the eight-cylinder car was a poor man's wannabe version of the not very cool flat-12.

Such criticism was never especially fair, but the secondhand Ferrari market has always been driven by emotion more than rational assessment. Buyers want a 'right' one, which sinks values of those held to be non-optimal in the same way it boosts the sanctified ones into low earth orbit. It's why the 348's not-quite rep has followed it about for the best part of three decades.

Yet when first shown at the 1989 Frankfurt show initial reaction was overwhelmingly positive. The 348 was the last junior Ferrari developed under Enzo Ferrari's personal supervision, but also something of a technical pioneer. It got standard ABS brakes and its 'F119' 32-valve 3.4-litre made what was, by the standards of the time, an impressively bristly 296hp. It also got twin Bosch engine management systems to keep an eye on both the engine and each other. One thing it didn't have - and which looks like a strange omission to modern eyes - was power steering. This was the tail end of the era when assistance was still regarded as being a bit wussy; 348 drivers were expected to have both the muscles for low-speed maneuvering and an appreciation of unfiltered feel.

Contemporary reviewers loved the zingy V8 and the noises it made as it closed in on its 7,500rpm, but were less complimentary about the early 348's handling balance. Even by the hairy-chested standards of the age the on-limit handling was criticised for being snappy, especially on a suddenly lifted throttle. There was also little love for the Ferrari's low-rent cabin, with grainy grey plastics and Fiat-sourced switchgear getting a fair drubbing.

Ferrari improved the chassis with a series of running revisions including tweaked suspension geometry, and later versions also got the quality of their cabin trim turned up by several notches. Our Pill is an early Spider and therefore hasn't benefited from the freshening, but nothing in the cabin looks too egregious by the standards of early 90s supercars, and the combination of a biscuit tan lower and black upper trim works particularly well with the traditional Rossa Corsa paintwork.

As with most middle-aged Ferraris, British interest has long exceeded right-hand drive supply. That has brought a significant influx of left-hookers here, both from Europe and further afield. Just 600 RHD 348s were built for all markets during the car's six-year lifespan, and these days they carry a chunky supplement over the imports. This being Brave Pill, we've gone for one of the sinistra southpaws, 'cos they are the compellingly cheap ones. Our chosen car is a 1991 Spider that started life in the 'States, having originally been bought in California according to the advert. That means it is considerably less likely to have suffered from the rust that often got its teeth into European versions, but does mean that drive-throughs and car park ticket gates will be a perpetual hassle.

The selling dealer says that our Pill comes with its original documentation and a service book with 11 stamps. Mental maths suggests that doesn't quite correspond to the car's age and 51,000 miles given the intensity with which this generation of Ferraris demanded maintenance, especially as early 348s were meant to have their cambelts swapped every two years. The vendor reports our Pill had both a service and the belt swap just 150 miles ago, although a glance at the MOT history suggests that was several years ago.

Because even by the standards of lightly-used Ferraris, this one has had a quiet time lately. The advert doesn't say when it was imported, but it had its first recorded MOT in November 2016. That was passed without any drama or cause for concern, but the odometer had moved on by just 49 miles by the time it had its second test in June this year. If all those mileage figures are right the cambelt is at least three and a half years old; something for potential buyers to consider bringing up during negotiations.

If you don't fancy a Spider, the same Dorset specialist has got a 1992 tb Berlinetta coupe in the same colour for the exact same price. That one has done 56,000 miles, but started life in Andorra so has a European rectangular number plate aperture in the rear bumper, and also got a £14,000 engine rebuild in 2019. That's an indication of how brave you need to be to consider the stabling costs of any prancing horse of this vintage - bills can be savage and arrive suddenly. But as the Italians say, "chi non risica, non rosica": nothing ventured, nothing gained.

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