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10 Cheapest Ferrari Cars And Why You Shouldn’t Buy Them

You might be able to afford one of these Ferraris, but should you purchase it?

If you can’t pay for an expensive Ferrari, then you probably have no business trying to purchase a cheap one either. New Ferraris are going to run you six figures. Even if you find a nicely restored classic, you can expect to pay this much. The cheapest Ferrari cars are going to run you a fortune in upkeep. Eventually, it will feel like you’ve invested in an expensive Ferraris unless you sell it first.

Estimates claim that to replace an older Ferrari clutch, you’ll spend more than you would to purchase a used Civic. Yes, all the Ferraris we list in this article are among the worst, but that’s why they’re the cheapest Ferraris around. You aren’t going to find a high-quality Ferrari for a Camry price. Because nobody wants these models, you’ll find them for dirt cheap, but it doesn’t mean you should.

If you want to go newer, you could consider the Ferrari Portofino which is their entry-level model. Even though they’ve skimped on some of the quality, this still costs well over $200,000. If you currently have less than $40,000 and you feel that you must own a Ferrari, you’ll definitely want to avoid this list of the cheapest Ferrari cars.

1. Ferrari 400i

You won’t find a more affordable Ferrari with 12 cylinders than the Ferrari 400i. In fact, we found a couple of used models priced under $25,000. While it does provide room to hold four people, and it has intense power, they are expensive to repair. If you must buy one of these, you would do better to purchase the three-speed automatic versus the five-speed if given the choice because they are less costly to fix.

If you do have the money to keep it running, they are neat tourers. The classic, iconic design stands out and they might continue to go up in value if cared for properly. To keep the engine running, you’ll have to have a mechanic that loves working on Ferraris – a lot!

2. Dino 308 GT4

You might find a Ferrari 308 GT4 for less than $30,000, but should you purchase one of these cheapest Ferrari vehicles? To many enthusiasts, it’s not really a Ferrari. Yes, it was named after Enzo’s late son and offers a V6 or V8, but you’ll find that most Ferrari lovers refuse to acknowledge this vehicle as a member of the family.

This is also a four-passenger vehicle and it has its engine mounted behind the seats. One of the reasons it’s so affordable is because of the angular styling. If you still think this is a good buy, just ask Richard Hammond which did an entire episode of Top Gear on how unreliable these cars are.

Of course, you could just ignore everyone who knows anything about cars and buy one anyway. Just expect to get a plenty of nasty comments and looks from anyone that adores the Ferrari brand.

3. Ferrari 308 GTS

If your price point is $40,000 or less, you could find a used Ferrari 308 GTS, but should you purchase one? Probably not! First of all the Ferrari 308 GTS comes in some strange colors. You will find many more hues than the typical red that everyone loves.

You may even be able to find yourself one featuring fewer than 100,000 miles, but again, you need to keep in mind what the cost of owning this car might be. If that doesn’t matter to you, then go ahead and enjoy the Targa top. Then you can head down the road while feeling the wind in your hair and allowing your face to feel the sun.

4. Ferrari Mondial

We spotted quite a few of these for under $30,000 which makes them some of the cheapest Ferrari cars available. It’s quite the famous Ferrari model, but maybe not for good reasons. The convertible is the world’s only open-air four-passenger vehicle that featured a mid-engine setup. You won’t find one of those for less than 30k, but you should have the option to get your hands on a coupe.

Why is the Mondial priced so low, you might ask? The answer is clear; no one wanted it. The only person that might be happy about you purchasing a Mondial would be your mechanic. You would certainly keep him busy with all the work you brought his way with this car. The plus side is that this car does feature a 3.0-liter quad cam V8 engine that produces 214 horsepower. It’s not worth the headaches though.

5. Fiat Dino Coupe

This technically isn’t a Ferrari, but yet it is. The Dino Coupe was made by Fiat but contained a Ferrari engine. It’s the cheapest way to own a Ferrari that isn’t one. It does include the V6 that’s also in the Dino 246 GT. It’s also one of the best sounding Fiats ever created but isn’t that reliable.

They also aren’t nearly as graceful as some of the four-passenger Ferraris were. With that said, we know it’s hard to resist a classic Ferrari bargain. Just remember the eventual cost you’ll probably pay for indulging in your temptation.

6. Ferrari 348

You’ll find a Ferrari 348 for only around $40,000 used, so it still made our list of the cheapest Ferrari vehicles around. Most people don’t know what a 348 is. That’s most likely due to the Acura NSX which took all the attention when it was newer.

Then, automotive journalists trashed the 348 with is excessive understeer. Still, it did produce 300 horsepower and is slightly stylish. This convertible is not one of Ferrari’s best achievements, which is why you can buy one at rock-bottom prices. If you just want to tell people you own a Ferrari convertible, then go for it.  But we think you would do better investing in something that won’t leave you on the side of the road.

7. Ferrari 355 F1 Spider

There’s no question that this is probably one of the most stylish models the company has created. The reason many people didn’t want it, however, was because its soft-top distracted people slightly from the overall design. On top of that, there were some major issues with the valve guides and headers. If possible get the service records for this model because if it’s been well maintained you might be able to avoid these issues as some owners have reported no issues.

For you to find one of these in your budget, it will have to come with a good amount of miles on it. Maintaining this option for the cheapest Ferrari car also requires that drivers remove the engine every three to four years. You aren’t going to want to do this tedious job yourself, so prepare to pay a mechanic a hefty payment.

In addition to these concerns, the paddle-shifting transmission is simply mediocre and not what you would expect from this premium automaker. The mechanism is also slow, which is just a further reason the prices are low.

8. Ferrari 456 GT

Even though this model comes from the 1990s, but still appears modern. That’s why people looking for the cheapest Ferrari car tend to gravitate toward this design. When the manufacturer released this model, it was their most powerful car in the lineup (other than the F40). The trouble was they didn’t hold their resale value and many people felt they weren’t given the same level of attention from Ferrari as other brands.

With that said, the people that owned them took good care of them, so it’s possible to find a model that’s been well loved. If you decide to purchase one of these anyway, make sure you take your mechanic along to inspect the car.

9. Ferrari 360 Spider

Spiders were popular with Ferrari cars, and most models came with a variant. This one isn’t as bad mechanically as some of the other options, so you would do better with this model if you needed to stick to a budget. Just make sure you check through all the service records to ensure that it was well loved by its previous owner.

10. Ferrari Portfofino

While this isn’t going to fit the low-cost budget you’re assuming, it is the cheapest Ferrari car currently in production. By cheap, we mean slightly over $200,000. However, you could purchase one of the used vehicles listed above for around $40,000 and then spend countless thousands more on repairs and maintenance just to keep it running. That’s not really wise.

This newer version does skimp on a few things to keep the price down compared to other cars in the 2019 Ferrari lineup. First, you won’t fit any adults comfortably in the back. Second, they’ve neglected to put in some safety features, which isn’t a good thing.

Instead of Buying the Cheapest Ferrari Car…

We’d much rather see someone purchase a reliable Ferrari. Maybe it requires saving up longer to get the car of your dreams, but it will be worth it.

Now that we’ve looked at the cheapest Ferrari vehicles you can purchase used, let’s take a look at the models that are the most expensive Ferraris.

1961 Ferrari 250 GTSWB California

A 1961 Ferrari 250 GTSWB California sold for $15 million. Considering Ferrari produced just 56, it’s understandable why they cost so much.

Ferrari 250 Testa Rossa

A Ferrari 250 Testa Rossa sold for $16.4 million at RM Sothebys. As a rare car like this ages, it tends to go up in price. There were only 22 of these produced and it’s not a street legal car but rather designed for racing. When one of these was auctioned in 2011, it was rated as the highest priced car throughout the world.

Ferrari 250 GTO

It’s estimated that the Ferrari 250 GTO is worth $52 million but most sales take place privately, so it’s hard to confirm that number. There were only 39 of these built-in 1962 plus it was their top model. Collectors regularly refer to this as the company’s ultimate model.

Ferrari 365 P Berlinetta Tre Posti Speciale

While you might not be able to pronounce the Ferrari 365 P Berlinetta Tre Posti Speciale, it still should grab your attention. Only two copies were ever produced and this unique three-seater is now valued at over $23 million. What’s even more awkward is the driver is placed between the passengers, making this car extremely rare.

Ferrari 290 MM Scaglietti Spyder

It doesn’t matter how ugly you feel the Ferrari 290 MM Scaglietti Spyder is; it’s still worth $28 million. That’s because Ferrari only made four. In fact, the company seems to know that’s how you make a car valuable because they regularly did that. Since this car was designed for racing, you won’t see one on the road, no matter how much they pay for it.

Before You Purchase the Cheapest Ferrari Car, Consider This

If you’re dead set on buying one of the cheapest Ferrari cars, there are other factors you’ll want to consider.

  1. Secure a mechanic. We’ve already talked about this throughout the article, but it’s imperative. Not only will you want a mechanic to join you on the hunt, but you’re going to need him for the tedious maintenance and repairs that are inevitable. You may not like the continuous flow of bills, but you’re going to make your local shop very happy.
  2. Prepare for higher insurance rates. Put money aside for this additional bill you’ll face. Because you’re purchasing from the Italian sports car brand, the insurers automatically assume you’ll be driving fast and reckless (and you probably will). Your premiums are about to go up! Not just because of your driving (although that’s a big factor), but also because the parts to repair your Ferrari will cost more.
  3. Account for depreciation. The cheapest Ferrari cars will only continue to depreciate, and quickly. Don’t expect to buy one and make it worth more; it just won’t happen.
  4. Considering you probably won’t find the cheapest Ferrari vehicle in your backyard, you’ll probably need to have it shipped to you or travel to get it. These are all added expenses you need to account for.
  5. If you don’t have anywhere to safely store your Ferrari, you’ll also want to invest in storage. This is just yet another added expense.

Final Thoughts

As you can see, it’s possible to find the cheapest Ferrari car, but what’s the expense you’ll end up paying to make this happen. Is it really worth all the mechanical hassle and costs added just to say you drive a Ferrari? There are far better used cars out there that will help you turn heads and keep some money in your pocket.

About Brian Jones

Brian Jones spent over 30-years at various dealerships as an ASE Certified Master Tech. These days he works with those dealerships to create quality automotive content while spending more time with his family near Dallas, TX. In his spare time, you'll still find him playing with tools, cars, and many other "manly" gadgets. Brian's passions include traveling, pickup trucks, and anything related to motorsports.

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