Ferrari on a budget? The Cheapest Ferraris in 2018

It is the stuff of childhood dreams – the innocent fantasy that one day, you will be able to own your own Ferrari. While this remains a dream for most people, some car enthusiasts have made it a reality without breaking the bank. So what is the cheapest Ferrari money can buy in 2018?

Ferrari Portofino

If you are determined to buy a new Ferrari, it will probably come as no surprise that they don’t come cheap. The least expensive model in 2018 is the Ferrari Portofino, which costs approximately $190,000 with base level trim and no optional extras. This equates to a monthly payment of around $3,567.

The real bargains are on the second-hand market

The Portofino is a 2-door, convertible, grand touring sports car with a top speed of 320 kmph. However, some pretty basic features you would find in an average hatchback carry a hefty price tag in a Ferrari. If you want to use your phone for navigation and music, for example, Apple Carplay costs an additional $4,219. One of the cup holder options costs an eye-watering $2,531. So clearly, if you are looking for a real bargain, you would need to look at the second-hand market.

Ferrari 350 GTS
Ferrari 350 GTS

On the used market, many of the cheapest Ferraris tend to be models from the 1980s and 90s. These vehicles are old enough to have depreciated in value, but not old or rare enough to be considered genuine classics.

For example, a 1993 Ferrari 348 GTS can be purchased for around $49,000 on the second-hand market in the US. Assuming a down payment of about $6,000, this would lead to a monthly payment of only about $520. While certainly not as quick as a modern Ferrari, the 3.4-litre V12 engine could deliver 320 bhp when it first came out of the factory, producing acceleration from 0-100 in 5.6 seconds and a top speed of 275 kmph.

In a similar bracket, a mid-90s Ferrari F355 Spider can be found for around $50,000. The 2-door convertible was one of the most popular F355 models, which explains why it is well represented on the used market. It is a little bit quicker and more powerful than the Ferrari 358,  although it originates from the same Dino family of engines. The V8 engine originally produced 380 hp leading to a 0-100km time of 4.7 seconds and a top speed of 295 kmph.

A 1975 Ferrari Dino 308
A 1975 Ferrari Dino 308

While good examples of the earlier Ferrari Dino from the 1960s now cost hundreds of thousands of dollars, if you want a cheaper option and don’t mind the boxy late-70s aesthetic, you can pick up a later version for about $60,000. Being an older car, it cannot quite match the newer Ferraris for speed or acceleration, but it still has a top speed of 248 kmph, which is certainly nothing to be sniffed at.

However, always remember the cautionary maxim among owners that “the cheapest Ferrari you can buy is actually the most expensive Ferrari you can buy”. This is because maintenance costs can be extremely expensive, particularly if the vehicle was neglected by the previous owner. If a deal seems too good to be true, it probably is too good to be true. Nonetheless, if you do your research and make sure to inspect the service book, you can own a Ferrari for less than you might think.