In many ways a Testarossa in miniature, the 348 borrowed a number of styling cues from its more muscular predecessor, including its striking side strake air vents and rectangular rear lights—a notable departure from the softer, more organic 328 that it replaced. Credit for the design belonged to Leonardo Fioravanti; indeed, the 348 would be the final Ferrari to be styled under his supervision, as well as being one of the last Prancing Horse-badged cars to be developed while Enzo Ferrari was still alive. Two variants were available: the 348 tb (Trasversale Berlinetta) and ts (Trasversale Spider).

The neatly styled coachwork housed a 3.4-litre V-8 engine mounted longitudinally and allied to a transversely mounted gearbox—lessons learned from the Mondial t with which the model shared many components. The quad-cam 32-valve engine produced a healthy 296 horsepower, with power directed to the rear wheels via a five-speed gated manual transmission. Performance was more than adequate, with a 0-60 mph sprint time of just six seconds and a top speed of 166 mph. In total, 2,894 examples of the Ferrari 348 were built by the time production drew to a close in 1995.

Chassis 93669 left the Maranello works in 1992, mid-way through 348 production. The car was specified as an open-top Trasversale Spider and was configured in right-hand drive, making it something of a rarity. It was destined for the Far East and after being delivered to its first owner in Singapore, Hong Seh Motors, it was never registered for the road and remained completely unused. At the time of cataloguing its odometer read just 179 kilometres—likely all accumulated during factory shakedown and testing in Italy.

Today, this remarkable one-owner Ferrari presents in with red paintwork over a Nero interior. Opportunities to acquire such low mileage examples of the 348 TS are few and far between, and to find an example that has never been registered for the road while retaining its matching-numbers engine is almost certainly unrepeatable.