The last and best of the road-going 348s, the Serie Speciale cars were limited to just 100 units and benefitted from a host of improvements that made it both the best looking and best performing street-oriented 348 built. Courtesy of a new free-flowing exhaust and ECU changes, the Speciale gained 12 horsepower over its standard counterparts. Modified gear ratios with a shorter final drive ratio also aided in its reduced 0-60 time, which was now a quoted at 5.3 seconds. Outside, it received a widened rear track, custom Pirelli tires, body-colored front and rear splitters, body-colored enlarged side skirts, a single front air intake on the left-hand side, a chrome-finished prancing horse on the front grille, and removal of the standard 348's black grille covering the tail lights. Inside, carbon-kevlar, leather-wrapped seats inspired by those found on the F40 (as seen on this example) were standard, but many owners choose instead to option standard 348 seats. Additional interior differences include extended leather on the door panels and dashboard, a "speciale" badge on the dash, and an individually numbered metal plate inside the passenger door.

The convertible version of the 348 TB, with a removable hard top, was powered by the same drive-train as the berlinetta version, giving it equivalent performance.