Is there such a thing as a cheap Ferrari?

Prancing Horse performance for less than you’d think

There's probably no such thing as a budget Ferrari – unless, of course, you’re a filthy rich banker and your daily budget is £5k. In which case, take your pick.

For the rest of us, it’s difficult to call any Prancing Horse affordable. It is possible, though, to find a gleaming red Italian sports car for less than you might think – as these gems prove.

Among some of the less-old 2+2 models and more recent V8 machines built in larger numbers, there are several classic Ferraris that you can scoop for between £25k and £50k.

Sure, that’s hardly pocket change – but, if you’re lucky enough to have a nest egg going spare, one of these might just be the best way to spend it. Here are seven budget Ferraris you should look at.

Ferrari 400, 400i and 412

Price range: £20k – 70k

The 400, 400i and 412 were good, steady sellers for Ferrari in the ‘70s and ‘80s, with 2376 built in total. For a while they looked like they might be the swansong of the V12, until the arrival of the 456M in 1998.

Ferrari 400, 400i and 412 (cont.)

They’ve always been expensive cars to run, not least because their fuel efficiency is woeful (mpg is often in the single figures) and all suffer from rust and poor electrics.

Not so long ago, many were being broken up – particularly if the costly exhaust manifolds were cracked.

Ferrari 400, 400i and 412 (cont.)

Their complexity doesn’t help, with seemingly two of everything fitted – from air-con front and rear to dual alternators. Find one with a solid service history, though, and you’ve still got a great Ferrari.

Ferrari 400, 400i and 412 (cont.)

412s are usually the most sorted and the quad-cam V12 – related to the fabled Daytona engine – is the most rugged part of the car. Which is good, because it also offers the most fun.

Prices are hardening but it’s still possible to unearth good runners for good prices.

Fiat Dino Coupé

Price range: £20k – 60k

This doesn't wear the Prancing Horse badge, but bear with us...

Spider variants of the late-’60s/early-’70s Ferrari-engined sports car have long since skyrocketed – but it’s still possible to find good examples of the stylish Coupé variant within reach of the moderately well-off.

Fiat Dino Coupé (cont.)

The 2-litre Dino is sportier while the 2.4-litre model is more civilised. The bad news is that the V6 in either model has a punishing upkeep regime, so owning one can be a rich man’s game.

Fiat Dino Coupé (cont.)

They also rust, though rising values mean there are probably more decent ones around than there used to be.

Buy one at £20k and there’s a good chance you’ll need to invest half again on bringing it up to its best; go higher and you'll get a sorted example.

Ferrari 360 Modena

Price range: £50k – 90k

This replacement for the F355 continued the mid-engined V8 theme, but wrapped it in a curvier, lighter, stiffer and arguably better-looking aluminium body. 

Ferrari 360 Modena (cont.)

More than 17,000 were built across four years, so there are still plenty around – and they’re more user-friendly than ever, with less punishing servicing costs than many Modena alternatives.

Ferrari 360 Modena (cont.)

Unless, that is, you get caught out having to replace the carbon ceramic brake discs or expensive hydraulic parts in the paddle-shift gearbox that most came with.

Pick a well-serviced example and there’s a good chance you won’t, though.

Ferrari 348

Price range: £40k – 70k

The 348 never received much love from the Ferrari faithful – perhaps because it looks a bit like a Toyota MR2 – and nobody seemed to take to the Testarossa-inspired side strakes.

Ferrari 348 (cont.)

The 348 also suffered from unflattering comparison with the better-built, easier-to-drive Honda NSX.

It was also dogged by short-lived clutches and ECU issues.

Ferrari 348 (cont.)

Any of the 348’s supposed handling vices will rarely be discovered on the road, though, and with a top speed of 165mph from a 300bhp V8 motor, you can largely forgive its problems. 

Ferrari 348 (cont.)

The arrival of a Spider variant in '93 widened its appeal and, with plenty out there, it seems likely that values may still have a little way to fall as later examples become more affordable.

Ferrari 456GT/456M

Price range: £40k – 90k

This long-awaited 190mph replacement for the 412 was the world’s fastest four-seater when it launched and represented a quantum leap in technology, dynamics and complication.

Ferrari 456GT/456M (cont.)

Once again, service history is vital – though many of the car’s problems centre around peripheral but expensive-to-sort irritations, such as when the glass in the doors becomes misaligned and you end up with a bill of almost £1000 per side to sort it. 

Ferrari 456GT/456M (cont.)

Brake discs are short-lived, the self-levelling rear dampers leak for a pastime, and items such as ECUs and exhaust systems cost a small fortune. That said, corrosion is far less of an issue than it was on earlier cars.

Ferrari 456GT/456M (cont.)

Some 3289 were built in four varieties and, given that all were good looking, front-engined V12 machines, prices can only rise now, having bottomed out at £30,000 a few years ago.

Lancia Thema 8.32

Price range: £10k – 30k

A Ferrari-engined Lancia is about as niche as an executive saloon gets – which is probably why just nine were officially sold in the UK.

Being left-hand drive only and priced at £40k hardly helped, while the four-cylinder Thema Turbo was quicker and far cheaper. 

Lancia Thema 8.32 (cont.)

Set logic aside, though, and it’s a wonderful bit of Italian insanity, with a 32-valve quad-cam V8 driving the front wheels and a truly unique character thanks to its lavish interior. 

Lancia Thema 8.32 (cont.)

Torque steer and rust aren’t the problems you might expect, but the engine costs Ferrari money if it needs a rebuild, and parts specific to the model can be difficult to source.

Lancia Thema 8.32 (cont.)

Just 3971 were built and they don’t come up for sale as often as they used to: an ex-Rowan Atkinson example made £30,000 at auction earlier this year.

Ferrari 308GT4

Price range: £25k – 60k

Although popular enough in its heyday, the 308GT4, with its steel bodywork styled and built by Bertone, has always been a car apart in Ferrari terms.

It certainly didn’t help that it was seen, even in period, as an unworthy replacement for the 246 Dino.

Ferrari 308GT4 (cont.)

Besides the usual rust (we’re talking the sills, floors, front valance, scuttle and pretty much everywhere else) and oil leaks from the V8, the 308GT4 needs regular and fastidious servicing.

Ferrari 308GT4 (cont.)

What’s more, this one-off model shared few parts with other contemporary Ferraris. This means that certain items of trim are either unobtainable or hideously expensive – tail-lights, for example, are £700 a side.

Ferrari 308GT4 (cont.)

All the same, bag a good runner for £35k and you’ve got a 3-litre Dino V8 under the hood, good for 255bhp.

There are a surprising number of GT4s for sale at any one time; be careful, though, as we suspect that not many are really good ones.