A used 328 can be affordable because the depreciation over a year or two may be small to non-existent for a moderate amount of driving





Every man should have one before he dies." When I sold used Ferraris, this is what I used to say to close the deal. "You owe it to yourself to buy it, drive it and decide if it fits your lifestyle." Some people loved the experience so much they ended up with a Ferrari collection, while others decided it wasn't their cup of tea. No matter the ending, few regretted the journey.
A REAL FERRARI AND A BETTER 308
Today, the 328 is one of the finest Ferraris you can buy for under $50,000. An evolution of the mid-'70s 308, most experts consider it to be the best driving, best built and most reliable of the line. Offered in both berlinetta coupe (GTB) and targa-top spyder (GTS) models, it's a great testimony to what can be achieved with 10 years of development.
Ferrari's 3-liter V8 grew a bit for the 328, to 3185 cc thanks to an increase in bore and stroke. Fitted with different cams, an enhanced ignition system and better fuel injection, horsepower increased by about 10 percent, to 260 at 7,000 rpm. This gives the 328, at about 3,150 pounds, a power-to-weight ratio roughly equal to that of the Honda S2000.
The 328 employs Ferrari's typical flat-plane crank design, its inherent exhaust scavenging abilities making the torque curve flat and broad, with a maximum of 214 lb-ft achieved at 5,500 rpm. Adding to the everyday driving enjoyment is the unique exhaust sound created by the racing crank, a delight to all enthusiasts.
The transversely mounted mid-engine design offers great weight distribution and contributes to outstanding handling. Ferrari ditched the metric wheels from the 308, fitting larger 16-inch rubber at each corner, which also helped. Performance is up to the supercar standards of its day, with 0-60 mph times under six seconds.
AFFORDABLE, REALLY
Owning a 328 should not be an exercise in financial self-immolation. In fact, the round trip can easily cost less than you'll lose by driving a nice, new mid-priced car off a dealer's lot.
As an SCMer you have probably already given much thought to the monster of depreciation. There's a good reason why every dealer in the world has banned that word from their premises, as it makes up the bulk of the total ownership cost of most cars. Purchase price, maintenance and operating expenses make up the rest of what the military would call the "life-cycle cost."
A used Ferrari can be affordable because the depreciation over a year or two is likely to be small to non-existent for a moderate amount of driving.
To wit, the asking prices for both the GTB and GTS 328s have been steady for the past year, as measured by the Ferrari Market Letter. Some will grouse that the 328's production numbers don't bode well for long-term appreciation. True, Maranello did build over 7,400 328s-huge by Ferrari standards-but these numbers are still a drop in the bucket compared with many other collectible cars. And regardless, what we're looking to do here is break even on our driving pleasure, a not inconceivable goal in a 328. Just don't bet your first-born's college tuition on it.
MANAGING MAINTENANCE
Everyone knows that Italian exotics can break the bank, but the 328 offers an upside on maintenance costs. To paraphrase Ferrari expert Dick Fritz: They have 100 improvements, half for the driver and half for the mechanic.
A reliable, modern single-box electronic ignition system, combined with a real closed-loop Bosch electronic fuel-injection system without troublesome air pumps goes a long way towards improving reliability and tuning. Among other mechanic-friendly changes are cam seals carried in separate holders, and belt covers with clearance to pull the "big nose" water pump without breaking down the A/C system to get the belt cover off. The pump also was redesigned with more robust bearings than earlier versions.
Within the engine, the valves are no longer hollow-stemmed, which had led to some exhaust valve breakage on high-mileage 308s. The gearboxes have larger bearings, lubricated by an internal oil pump, leading to less notchy shifting and decreased susceptibility to wear compared to the earlier splash-lubricated transmission.
Many other small details were engineered into the 328, like stainless exhaust manifold nuts with a 12-mm hex instead of 13 mm, which improved accessibility and prevented nuts from rusting onto the studs.
TURN YOUR OWN WRENCH
As always, the key to a trouble-free car is to buy one with all the required service done. The rule is simple: "It's cheaper to purchase shop time from the previous owner than the shop." Even with all the upgrades to the 328, it is still an approximately 20-hour procedure to get to the rubber timing belts, water pump seal and belt tensioners. So pay a grand or two more for a car that has had major service done recently, by a competent shop and documented by a detailed repair order.
Problems may still develop despite this precaution, but you can tackle much of the maintenance if you have some skill and experience. Yes, contrary to popular belief, it is possible to work on some Ferraris yourself. If you're less adept with a wrench, a good import shop should be able to handle many of your needs for less than a dealer might charge. Indeed, 328s are equipped with far less high-tech and costly electronics than 348s or TRs, so you can leave the laptop in the den where it belongs.
The final consideration in the 328's affordability equation is operating cost. "If you have to ask, you can't afford it," is a common adage in discussing the fuel economy of exotics, a consideration that is rarely as important as the quality of the fitted luggage or adaptability of front/rear radar detectors. But being pragmatic in this column, and with gasoline still over $2 per gallon, we will ask anyway.
The answer is not as bad as you might imagine, as you can actually get 20-25 mpg on the open road in a 328, and around town you're still going to do a lot better than most SUVs.
Of course, you're not going to buy that first Ferrari because it's a gas-sipper. You're going to buy it because every enthusiast should own one, at least once.

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