Why Buying my 1st Ferrari Is Harder than I thought! - $400 Ferrari Flip

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I found a Ferrari 348 that would be a perfect 1st car for my Flipping $400 to a Ferrari series but we have come across some difficulties
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Ferrari 348 355 360 specs for sale common problems timing belts prices values service intervals purchase checklist bring a trailer ACV Auctions Cars and Bids ebay 0-60 top speed

[@sconartist]

If you’re going for that look, hold out for the 355. IMO the 360/430 is the perfect V8 Ferrari, and you can get all of them with a gated six

[@renrut1613]

Your a smart man passing on that car. People get themselves to wrapped up in the bidding and don’t stay logical. Nice to see you did

[@patrickwhite6201]

Especially when you start doing your research 60 seconds before the auction ends.

[@patrickwatson5276]

Great discipline Craig, that was the summer time retail red price. 7 owners and the paint overspray were red flags to me. Good luck in Florida.

[@daanenstrachanphd6096]

The auction price was too high and should have been around 58k to 60k.

[@nickhoffman5524]

Craig i think you did the right thing. The car needed recon work as well. jmo

[@jakejonesy9275]

Worth 58k to who😂😂😂😂 Not even close to worth that It’s a old piece of slow metal

[@jdm2779]

@@jakejonesy9275 it’s the last generation gated 6 speed Ferrari in the 358 variant so the car is probably special to a lot of people.

[@nickwall2497]

@@jakejonesy9275 Bit of a silly thing to say "Worth 58k to who" When it went for more than that!

[@caelenow2829]

@@jakejonesy9275 if you aren’t a car enthusiast why are you here then?

[@supericeman1]

Hey Craig, I'm so happy for your success and your passion for buying and selling cars and teaching others about your craft and all the fun shenanigans along the way!

[@brianhayes7618]

You did the right thing stopping where you did. It's so easy to get caught up in the bidding fever war that people go crazy and end up paying way too much money for what they want. Good luck in the hunt for the flip car you truly want

[@garyquartley1084]

Congratulations on NOT overbidding on this car!! I buy and sell watches and it's hard to back down, but you have to be realistic. Can't wait to see what you buy!!

[@BonnersMonsters]

I saw the original video when it released and it made me subscribe. I haven't kept up with every single video, just popping in on your journey along the way and i can't believe it's finally time! ❤ 🏎🐎

[@HeathStallcup]

The 308/328 will always be my favorite Ferraris. Maybe I watched too much Magnum PI when I was younger.

[@clifbradley]

I subscribed tomyour channel the first episode of this series. I stayed with it until a few months ago because I felt like it was never going to happen amd we were being strung along. I'm glad we are getting some progress on this now and we are going to get to the conclusion...maybe. probability is very low....have to start watching again.

[@devontemitchell8045]

Been watching your videos since I first started selling cars at a franchise dealer about 4 years ago, fast forward to today and I’m about a week out from opening my own dealership! Your videos have been a huge inspiration for me couldn’t thank you enough! P.s. I’m in the Richmond Virginia area maybe I’ll run in to you at the auction one day!

[@highendtrends3508]

The prices have gone through the roof for those cars! Cars of that nature are just getting more appreciated over time. It’s like Porsche, those are going through the roof as well.

[@mattgould4366]

With the kind of money you have now, I would hold out for at least a 430 if not a 460. The early 348's had chain tensioner and cam bearing issues that could be pretty costly. Buying it online is pretty risky. Better to look at that one in West Palm.

[@eelcoengelaar798]

And how should those chain tensioner and cam bearing issues still be a problem? Overall 348's are pretty solid cars, more solid than 355's, 360's or 430's.

[@mattgould4366]

@Eelco Engelaar it's the earlier 348s that we're a problem. They updated the design in later years. The problem with an auction car is you don't know if those issues were addressed or not.

[@dancudalocklin]

I Love that you have got to this point. I have a few projects, maybe i'll try something similar.

[@ericl452]

I was on Ferrari Chat for several years when I was looking for a Ferrari. This was around 2015 through 2017. The 348, especially the first year 1989, was the least desirable of the 3xx series cars. You could find them back then for less than 30k with mint examples around 45k. 355s were about 5 to 10k more. 360s were about 60k to 90k. Testarossas were about 30k to 90k for a mint 512TR. The Testarossas were the real bargain at the time. I would hold out for a 355 if you want an old school toy. Prices are definitely in a bubble now, like housing. I ended up buying a 911. But the way, both the 348 and 355 require periodic engine out service for the timing belt. Figure on about $7k for the belt service.

[@marceldel4323]

Nice video, 348 is a 5-speed and not the last gated. The spider is the rarest of the regular 348s TB, TS and spider. (not speaking about the special series like GTB,GTS, Challenge, Series Speciale,and the Competizione. In the last couple of years these care have gained popularity.

[@WayApp]

Wow, what an amazing journey you're taking us on!

[@garyohara8927]

I really like these vids. Like lots of other people I’m a big car guy so I love the concept of the $400 Ferrari and hearing about your dealership

[@tonyfranks9551]

When you get your 348 Spider I hope you enjoy it like I did mine (Ferrari Yellow).... I bought it in '94 and got the dealer to ship it back to Modena (at no cost).....drove it around Italy, France and England ....on the QE2 to NYC and drove it back to Vancouver ..and yes is does red line in top......no problems in 4yrs of ownership and trips with the Pacific NW Ferrari Club out of Seattle....great times....it must be driven!!!!!

[@robertclubs9908]

Awesome show Thanks. 😊

[@robertvance1873]

I'm glad you backed out because like you said you didn't know anything about service records and those are Extremely important because things like Oil changes are Expensive and Crucial if they weren't done correctly, Definitely better to know as much as you can with a car like that so it doesn't come back and bite you in the wallet.

[@jfresh1969]

Craig you have to remember to look at the miles. As I was looking at the prices as you went through it the mileage was consistent with the prices. It had 20k miles and some of the ones under a hundred had 50 to 80k miles. I am not saying it was worth it but you know as I do when the miles are lower the perceived value is going to be more. I hope that you find the Ferrari in Florida for a good price. I want to see you continue to trade up. Good Luck!

[@entropyfan5714]

IMO the percentage of these cars with wildly inaccurate mileage showing is about half; this was a lease at one point which is a big red flag. Without being there, best to be cautious if you don't have FU money.

[@eymanbaird5847]

Lease is okay, if it was a rental car that would be a red flag. Why not get a 512 TR Koenig Special, Ferrari 488, Mansory edition 812? That transverse v8 is a pita (pain in the assets) to work on.

[@natedostalik3538]

2 years in the making, im excited to see what you end up getting

[@davegorman9822]

I thought this day would never come. I'm excited for the next video !!!

[@jgm9927]

Wise to pass at that price. I can't believe that was a wholesale site! Goes to show you don't have to be smart to get a dealers license!

[@newtoyouproperties683]

I kick myself every day for passing on 3 ferrari's. First was a 308GTB could of bought in low 20's in early 2000's. Then 355 for low 50's before covid and last was a 348TB for 35k back in 2018. Feel like world has just gotten stupid with car purchases like did with houses in early to mid 2000"s. If they do come closer to real world prices I be snapping one up for sure but more than likely never will realize my Ferrari dreams now. Love watching series. Keep it up.

[@jjl499]

All the cars are outrageous today! Trucks with 100k mileage are $28k, shorty cars with 120 mileage are over 10k it’s loooney time times.

[@AutoAuctionRebuilds]

ACV has been my go-to for a long time now.

[@waynewallace2061]

Spending that amount of scratch necessitates an eyes on inspection.

[@ASoberBear]

So I checked your website and…yeah stuff id buy too 😎

[@CharlesCorp]

The last gated Ferrari is the 430. The 348 and 355 were all manual gated, I am not sure if the F1 was available with the 348 or even the 355. I think the first introduction of the F1-paddles came with the 360 which also was common to be found with a gated shifter, the last was the 430 but they are rare -- many more f1' paddle 430's.

[@gj4093]

This car dropped off around 54G for me. I have purchased many exotics vehicles at auction and the numbers on this one I feel is between 48 and 54G. I factor in what I have had to invest in these vehicles after purchase to actually make them right in my eyes.

[@christopherstofira4724]

I think waiting was a good idea. Don't want to be a kid in a candy store. You have done pretty well staying with your gutt and knowledge. Good luck on your adventure and stay safe.

[@jackpalczynski7884]

Manuals are still climbing. You've got the Austin company doing manual conversions of later F1 transmission cars and kits available for a lot of money but when you look at what manual cars are worth (sometimes double), it's worth the sweat equity to buy. But for the 348, there are a LOT of gotchas with this car and the chance that something very expensive is wrong is very high. This isn't a Camry with a couple bumps and worn interior. Some little engine or tranny problem can easily cost you $30k.

[@NoCoastPride]

OUTRUN was the game !!!

[@InTheTubeNotOfTheTube]

Hey Craig just wondering if you could give some more detailed information on your dealer license course and the pricing? I looked at your sign-up page and saw the list of prices which I'm thinking are what you are saying is the value for this information? I'm not in the north east, so I can't say that all of your information would ever pratain to me, however if it's a good value to me, I could be interested in perusing it. Thanks in advance for any information you can provide..

[@garneauweld1100]

Should have kept that red Saleen. It doesn't have the prestige or the handling of the Ferrari, but it's definitely more fun to drive. I almost called you on that car, but I think it was a repaint. I was wondering what happened to the Ferrari challenge. Glad to hear you're getting close. - I've been to that auction. Has to be one of the largest in all of New England.

[@gtmaster3031]

FYI 360 and 430 were also gated. I would highly recommend getting a paddle shift 430 and doing a gated conversion. Should increase the value tremendously, and you'll get good content too. Understand exotic prices have gone up considerably since COVID. For many these are assets, not liabilities. A lot of people went through trauma during covid and it made them realize life is short. Hence you see more people ready and able to purchase these cars. Plus with the electric push, these cars are a dying breed. Therefore they are in demand. I've seen plenty of cars trade for way more than even a year or two ago.

[@jetpackjbd]

Just saw one of your red Ferraris in Sandown on my way to school! It looks like it might need a head gasket..

[@bobmanzi7712]

great stuff thanks

[@anthonyromayo9255]

Love your videos, what’s the Hummers price

[@minimeee04]

Looked a bit rough for the miles Craig.I would really suspect that mileage ex lease!

[@entropyfan5714]

A bit steep for an unknown quantity; mid fifties all in would leave some room for the inevitable high dollar sorting out process. Personally I'd like to see you save up to 458 money. Don't care how long it takes, the journey is the fun IMO.

[@Vacationtime247]

When the bidding started in the $40's, it was a bargain. At $50k, that wasn't bad. Once it started going over $60k that started to seem like all the money for that car. Nice car, but you start questioning if there's still meat on the bone for the next flip. VT247

[@davidgonzalezsrt4]

Id say good call only time will tell but I excited for the next episode already !

[@blaakrose]

Has 2 years passed since you started this $400 Ferrari flip? I remember the first video when you began the flip.

[@muskokamike127]

Yeah, he's mucked around and bought expensive toys that he didn't make any money on. If he had stuck to $5000 cars he would have done it in a year. He and german went to an auction, I think he gave German a budget of $12K and he bought 3. Craig bought 1. One of germans was a dud, the other two they made something like $7000 profit on, craig sold his for $1000 over what he paid for it at another dealer auction.

[@josephnasiri]

Hey Dude, you actually did well for passing on that red garbage Ferrari, that thing seemed to be a trouble car, you will get a better one if you haven’t gotten it by the time you see this message

[@nicklong3052]

I think you made the right call passing on this one. Hopefully you get the right one tomorrow

[@muskokamike127]

9:33 at ACV can the owner bid on their own vehicle? That's the thing about online auctions, even Ebay. You can have a buddy or another ID bid on your car to boost the sale price. If they "win" you'll be out the auction fees. It's a risk but if you can get $20,000 more on a $1500 bet, that's a risk many would be willing to take.

[@Upracefan]

I always type the vin in to google to see if is listed at a lot somewhere or was at a salvage auction.

[@albertnewman6398]

Way yo go Craig...Buying one in Florida you can See and drive... much better.... Btw... Maintenance will be a beast.... Good Luck 👍

[@nodsib]

Yeah, good you didn’t bid that much, if it was a 355 sure, but high 60s is a lot for the 348, especially in not-perfect condition when from an auction.

[@RaHerakhty]

Cruis’n USA was a great arcade game.

[@DmDetails]

Good job waiting for the right one

[@mariodesmo]

Run away from 348. Engine out service required. Go for a 360, you can service the cam belts with the engine in the car. They're also available in 6 speed manual...

[@nikalayeu]

Ten years they were selling for 35k. Market has changed. The dealer said red Ferraris are most expensive and valuable. Black ones are the cheapest. I believe that price was more less fair.

[@kenny9088]

Love the glasses Craig where can i buy them ?

[@Dorightby]

You forgot in the mix of comparing comps to take in mind that it is a Gated manual which if I’m not mistaken makes a world of a difference in Ferrari and Lambo world

[@williampotter2098]

Yeah, Hoovie just paid a lot to have a Ferrari converted (I don't remember what model). It must be a valuable thing. I know I would get the gated 6 speed over a dual-clutch transmission. If it were a daily or even if I were seriously racing it I might like the dual-clutch but this would be just fun for me so it would have to be the fully manual.

[@Tony-yn5un]

Good point Johnathan

[@Stuntfish]

High-end cars are all about if they have total car history. If you buy a high-end car with all its mechanical and service history. That car can be worth up to 50% more.

[@richieeemosley1178]

Jeezzzzzzzzzz it feels like foreverrrr since this 400$ flip series been going on 😅😅😅 I’m glad you didn’t buy that one though definitely wasn’t worth it especially not seeing it before hand but I think you knew that already 💪🏾💪🏾💪🏾😅😅 let’s go bro down to Florida and let’s see what they got 😈

[@darnellpowell1857]

That game is called OutRun

[@whollymindless]

If the deal doesn't make you smile, walk away. Emotions are the enemy at auctions.

[@johndoe9826]

What editing software you use to do this on youtube?

[@cbk1286]

This series always gets me hyped holyyyyy shii

[@kevinkatzke2083]

I definitely respect your decision not to get it at face value and the 360 spider looks cool i gru up driving stick its over rated ato trance is better if you know where the power is it doesn't matter except being faster in the corners hypothetically speaking of course

[@MarathonGsar]

Your car is out there, and I'm sure it will find you. I totally agree with everyone else, you definitely did the right thing, and let it go.

[@ianhornby8005]

Sometimes the best deals are the ones you don't do. Right to walk away IMHO

[@danielthomas8507]

The 348 was not the last of the gated cars ,far from it, ferrari were still making them well into this century...355/360/430/599/612 and some California's could be spec'd with manual ........good you passed on the auction not worth that much hold out for the right car bro.

[@124angelm]

The game you attempted to reference was Cruisin usa

[@drewscruis]

I believe the 348 has an issue with the fuel lines where they can crack and start on fire. I think this is the model that hoovie had that burned to the ground.

[@eelcoengelaar798]

No, that was a F355... And with the right maintenance, the fuel lines shouldn't be a problem. Especially with the 348's and F355's with their engine out services.

[@williamcochell9889]

Watch your channel never miss an episode! Did you really wait until you started bidding to do that research or was that just for content?

[@FlyingWheels]

I did.

[@thomas9079]

Awesome!

[@Rudevette]

How is the price and availability on Ferrari parts?? I’ve heard it’s a complicated issue.

[@damienmcnamara]

the arcade car game you are referring to is called "OUTRUN"

[@FlyingWheels]

Out run!

[@hamishcruden7623]

Nice car, Im sure some of it is the fact that it is manual... those are in short supply. You will get one soon im sure...

[@8196jlb]

Interesting auction, you missed out paying retail. It seems that the CV craziness hasn’t quite left us…

[@9doggie12]

I bad boys 2 the used the capristo exhaust from that Ferrari. It’s worth every penny

[@SunnynPhilly]

I’d go for the Ferrari FF ( I prefer hatchbacks and wagons).

[@FlyingWheels]

I'd like an FF for a winter car

[@richardmorris6365]

The gated shifter brought the price up but everything inflated in this economy..

[@benjamin_luscombe]

finally caught up after watching all 63 videos in like a week. lol i got too much free time

[@richieeemosley1178]

Oh yea as always Albany is definitely in here 💯

[@stevebilenky4059]

I owned a gated shifter 348ts, a timing Belt car. A Ferrari dealer quoted me $8,500+ for that engine/transaxle/rear subframe out timing belt/tensioner etc service. Count yourself lucky you didn't buy that car for that money and especially not knowing if and when timing belts had been done.

[@williampotter2098]

Exactly. The questions he didn't ask scared the hell out of me. Maybe he thought it made a better video to not confuse viewers with details but I was just screaming while watching this dying to know the mileage and maintenance/inspection status. Making newby car buyers think that the only things than matters is the model and year made is going to make some viewers lose a ton of money.

[@eelcoengelaar798]

All true experts here on the 348, I see. A dealer quoting you USD8.500 for a timing belt service is just ripping you off. And a pretty handy mecanic can pretty easily do it himself.

[@jonathanparker123]

In my opinion theyre worth 50-60, when i saw it go to 70 i was simply shocked

[@avalleyroofingify]

The game was called Outrun here in England

[@supportdesk7703]

Wait whaaat, I know I haven’t paid attention to these but for me it seems that just a minute ago (like 5-7 years) these sold for like in the thirties? I mean they drive well but I always hated the Fiat Uno switches..

[@charliecoco2115]

You dodged a bullet there Craig, sight unseen no way.

[@ExplorerBen7]

If you go for an older one get the 355, if you can still find a 360 in the budget that would be less maintenance/repair cost.

[@eelcoengelaar798]

Haha, I don't think so.

[@ExplorerBen7]

@@eelcoengelaar798 I know lol, right before the crazy price surge you could still get one for around $100K probably not now

[@ostab]

Boss pls tell me How long it takes to resale a car after you finish working on it?

[@FlyingWheels]

Depends on the car

[@ostab]

​​​@@FlyingWheels like on avrage?

[@johnbaldock6353]

The game your thinking about is OUTRUN. 🇬🇧👍

[@mattwaterfield357]

It was a Live Appraisal auction. The seller is not even obligated to sell. One of the seller’s buddy’s could have put the high proxy bid in. Live Appraisals are difficult/expensive to try to actually buy the car

[@copartflips9416]

you made the right choice due your home work first then buy dont buy on unknow.

[@williampotter2098]

What's the mileage? Are any $20K inspections due? (or overdue?) A worn seat or a scratch on the side are the least of what you need to know. I can't really enjoy this bidding process since I have no idea what we have here.

[@JamesCurtis-sf7pf]

Hahaha You Keyboard Car Dealer You 😊😂

[@johnhamilton9229]

I pumped so many quarters into that video game.

[@tylerramsay1034]

Has it been 2 years since this started? felt like a few months ago

[@nickmarcucci5421]

Great channel

[@stevenmock3001]

How much money is in the budget right now?

[@dalemayhew7523]

You should check with fellow KZbinr Eurasian Bob , he finds the rare rest of the rare in mint shape

[@ronaldwarren5220]

You had us at red Ferrari!

[@williampotter2098]

Annndddd. There's a sucker born every minute.

[@flaviochocala3006]

I think the arcade game was called Out Run!!

[@simonbeer8528]

The 348 is the last of the best ‘cheep’ Ferrari. Prices are catching up with the 355.