While Ferrari is well known for producing some of the fastest cars in the world, its core models have been the brand's strength for decades. The mid-engined V8 models have always been the pick of their class, despite increased competition from other marques.

The 348 is a particularly significant step in that history, marking both a first and a last. In terms of lasts, the 348 is often cited as the last car that Enzo Ferrari was directly involved in developing (he died in 1988, before the car was commissioned for production), but it was also the last fully analogue of the V8s.

Notably, the 348 featured a radical change under the hood. While the 308 and 328 before it had a transverse-mounted V8, the 348 was the first of the breed to shift to longitudinal – and every successor right up to the current models has followed suit. The Spider version you see here was also the first production full convertible Ferrari had made in 20 years, with most of the soft-tops being targa models.

Ferrari produced fewer than 9,000 cars over the five-year run, with more open top cars than coupes leaving Maranello. However only 1,000 were Spiders, and fewer than 70 in right-hand drive.

Unusually, this car started its life as a dealership demonstrator. Ferrari supplied the car to Maranello Sales in Surrey in March 1994, very close to the start of the production run for the car's successor, the 355.

On average, the 348 Spider has spent around two years with each owner over the first 20 years of its life, and it's been around the UK – despite less than 44,000 miles on the clock. MOT records show it's spent as much time in the north-east as it has in its original Surrey home, passing through the hands of performance car specialist HHC near Newcastle.

During its time in the north, the Spider underwent a full, bare metal restoration in the hands of a classic car restoration specialist, which also involved a colour change. The original supply invoice listed the vehicle as Chiaro Blu with Grigio (grey) interior, and this changed to Blu Tour de France with Beige interior.

The current owner bought the car in 2015, and has had it in storage since, with only 7,000 miles added to the odometer after that restoration.

The binder for the 348 Spider is pretty weighty and extensive. It starts with the original invoice and supply agreement from Ferrari to the Surrey dealership as a demonstrator. There's also an original handbook and service record – stamped up to 25,000 miles in 2007 – in a tan leather folder. Another invoice from HHC in 2007 shows that an owner part-exchanged a Lotus Esprit for the 348.

Along with MOT certificates and copies of previous V5Cs, you'll find invoices for the Spider across its life easily reaching into the five-figure range. That covers mechanical work as well as repainting and re-trimming associated with that 2010 restoration.

The 348 is a two-seater, but the compact cabin is a treat; with the re-trim to beige leather it looks suitably chic and Italian. Both of the seats are in excellent condition as you'd expect with under 7,000 miles of seat time, and feature classic manual controls.

That leather extends through the centre console and dash lower, and again is unmarked. There's new dark blue carpeting throughout the cabin too – including behind the seats – with additional protected from contrasting floor mats.

A centrepiece of any manual Ferrari is the metal H-pattern shifter. The breadth of all of the car's electronics – which amounts to electric window master controls and HVAC – are also in the centre console. There's also a fire extinguisher, though the 348 isn't likely to require it.

The Ferrari's boot is in the nose and is pretty spacious considering – 200 litres is more than you'd get in the back of a Mazda MX-5. It's also in good condition, and you'll find the tonneau cover for the roof within.

Blue is a less common colour choice (particularly in this era) for Ferraris, and it really makes this car stand out. With a restoration and prolonged period in storage, you'd expect the Ferrari's paint to be in great condition and you won't be disappointed. For the most part, the Tour de France paintwork looks excellent.

The classic five-spoke 17-inch wheels are all in great condition too, and all four wear the traditional Pirelli P-Zero tyres – 215 at the front and 255 at the back – with plenty of tread too.

Of course as a convertible Ferrari, the fabric top is all important, and this also looks like new – even the plastic rear window, which can be troublesome on cars left exposed to the elements. There's not a mark on either the fabric or the window.

Underneath the Ferrari looks solid too, with no marks to or leaks from any of the major components. It's clearly not been treated with kid gloves, but nor does it look like a 27-year old car under there.

Though the aesthetics of the 348 Spider are certainly up to scratch, you don't buy a Ferrari just to look at it. It's a V8 performance car, and one of the highest-rated vehicles of its era.

That shouldn't be an issue here. The 3.4-litre F119 engine starts without hesitation and settles into a classic flat-plane Italian V8 idle. It revs up towards that 7,500rpm redline without issue, which you'll no doubt want to do a lot.

As far as we can tell from more ordinary road speeds, there's no issues with the brakes or suspension, and the five-speed manual works as it ought in forward and reverse gears.

Hopefully we should have you at “convertible Ferrari”, but just in case we don't, it's in a highly unusual colour combination, has under 7,000 miles since a bare metal restoration, and is one of fewer than 70 right-hand drive examples in the world. With the 355 hogging all the attention, the 348 is a good value classic too.



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