The best replacement for fz38 is fz45.

The best alternatives to fz38 are rated as following:
★★★★★  fz45
★★★  fz100
★★  fz28
★★  fz35
★★  fz48
★  hs10
★  sx20
★  sony hx1
★  fz50
  tz10

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fz38
fz45
fz100