For many years the Ferrari 456 remained the most expensive new car I had ever sold. I remember vividly collecting a bankers draft for the balance of £131,000 from the customer who had already given me a £25,000 deposit some 6 months earlier.

At a time I had just bought my first house for £80,000. Today the same house would sell for around £250,000 whilst the Ferrari 456 could be bought for under £40,000. On that basis the Ferrari 456 was not a good investment. But as a Ferrari owner once said (when trying to justify why he spent so much money on his cars) 'you can sleep in your car, but you can't drive your house'. But to me the very fact that the car has depreciated by around £120,000 makes it all the more appealing as a used buy. After all it's still as fast, as beautiful and as exclusive as the day that it first went on sale, and at £40,000 I can't really see it dropping in value very much further.

Introduced to the UK in October 1993 the Ferrari 456 was hailed by the press as the most beautiful Ferrari for a generation, its Pininfarina lines having more than a hint of the earlier Daytona model about them. Ferrari positioned the 456 as a 2+2 but it's better to treat the rear seats as extra luggage space than passenger space, only the very small or the very dedicated would be prepared to travel any real distance in the back. But on the plus side the driver and front passenger do much better and enjoy real space and comfort, just what's needed if you intend to use the 456 as a trans-European express. Sitting inside the Ferrari's cabin feels special, with leather adorning the dashboard, doors, seat and knee roll.

Original owners could specify each of these areas in a range of colours but the best examples are kept simple with black or cream dashboards and contrasting seats. The choice of colours for the 5 piece fitted luggage set is less important as once in the foyer of the hotel is unlikely to clash with the car. Eagle eyed buyers may spot some minor switchgear which the 456 borrows from humbler Fiat models but it's easily forgotten when the engine fires up. Under the bonnet sits a glorious 5.5 litre 48 valve V12 producing a hefty 442bhp. Top speed is a genuine 300kmph (196mph) and acceleration to 60mph takes just a whisker over 5 seconds and it is all accompanied by the unique sound of a V12 engine under full throttle. More recent super car models may be able to eclipse both the power and performance of the 456 but the margins are small and to most owners irrelevant and unusable. The standard fit 6 speed manual gear box offers a precise and satisfy feel with a degree of mechanical feedback that reminds you that you're piloting something pretty special. The introduction of the 456GTA (A for Auto) in August 1996 proved popular with those drivers who'd fallen in love with the cars shape but didn't want to put the effort to drive one. With a top speed of 185.2 mph it became the world's fastest production automatic.

Despite a £6,000 premium over the manual car when new; today used examples change hands for around a £1,000 less than manuals reflecting most drivers desire to stick with the stick shift. When Ferrari created the 456 they wanted it to be very robustly engineered, feeling that the best advertisement for a Ferrari was for potential buyers to see them being used. In this aim they succeeded and whilst replacement parts and servicing are never going to be cheap the 456 is less likely to require major work to either engine or gear box than other models I could mention. Although sales of the 456 were always small its 11 year sales history in the UK does mean that there is a huge variance in the used cars available in terms of price, condition, history and mileage.

Whilst the newer cars tend to remain with the handful of Ferrari franchised dealers older cars are more often found with non franchised Ferrari specialists, many of which can boast a history with Ferrari just as long as the franchised dealers. Where ever you choose to look its worth remembering that any advice or help that a seller may provide still comes from someone in the business of selling cars. At this end of the used market cars don't tend to sell quickly so you should give yourself weeks rather than days to hunt down the right car and don't be pressured into a rushed decision.

Oh and make sure you buy one in a colour that you like; owning one of the most beautiful cars in the world just won't be the same if the paint work jars with your sense of good taste every time you look at it.

• Boot – 5 piece luggage should be present, replacements are expensive
• Insurance – group 20 with many insurers insisting on an annual mileage limit as well
• Exhaust – At £5,000 to replace it’s potentially one of the cars most expensive replacement items
• Facelift – Post April 1996 cars are referred to as 456M, the M stands for Modificato which refers to revisions to the front grille, fog lamps, rear under bumper spoiler, re-sculptured front seats and revised steering wheel and dashboard
• Leather – standard on all cars owners could specify a range of colours on seats, dash board, knee roll and doors
• Air conditioning – Powerful and easy to use it was something of a revelation for a super car when originally launched in 1993
• Servicing – Service book must be authentic and accompanied by original servicing invoices
• Engine – despite producing 442bhp the engine is relatively under stressed and very strong, but check the cam covers for any signs of weeping oil
• Head lamps – pop up headlamps are electrically operated check they both operate at the same pace and are smoothly and quiet
• Accident damage – cars originally this valuable are usually repaired not written off, always check with HPI for insurance records of any accident
  

• Ferrari 456 GT coupe
  6 speed manual gearbox
  1995 ‘M’ with 30,000 miles
  Pay £40,500 at a dealer £36,500 privately
  
  
  

Figures based on CAP October 2004 edition

 © Jason Dawe Productions Limited October 2004