For a long period of my former life as a car dealer, the Ferrari 456 was the most expensive new car I had sold. I vividly remember collecting a banker’s draft for the balance of £131,000 from a customer who had already given me a £25,000 deposit six months earlier. At the time I had just bought my first house for £80,000.

Today the house would sell for around £250,000 and the Ferrari 456 could be bought for less than £40,000. On that basis the Ferrari was not a good investment, but to the used buyer the £120,000 depreciation is the key thing to recommend it today. After all, it’s still as fast, as beautiful and as exclusive as the day it first sold, and at £40,000 the price freefall is going to level off.

Introduced to Britain in October 1993, the 456 was hailed as the most beautiful Ferrari for a generation, its Pininfarina lines hinting at the earlier Daytona model.

Ferrari marketed it as a 2+2, but only the very small would be prepared to travel any distance in the back. However, the driver and front passenger enjoy real space and comfort, making the 456 a great trans-European express.

The Ferrari’s cabin feels special, with leather adorning the dashboard, doors, seat and knee-roll. Original owners could specify these areas in a range of colours but the best examples are kept simple, with black or cream dash and contrasting seats.

Under the bonnet sits a glorious 5.5 litre 48-valve V12 producing a hefty 442bhp. Top speed is 186mph and acceleration to 60mph takes just a whisker over 5sec, all accompanied by a unique V12 bark. More recent supercars may be able to eclipse both the power and performance of the 456, but the margins are small, and to most owners quite irrelevant.

The standard six-speed manual gearbox has a precise change providing a degree of mechanical feedback that reminds you you’re driving something pretty special. The introduction of the 456GTA (A for automatic) in August 1996 proved popular with drivers who loved the car’s shape but wanted the easy life, and with a top speed of 185mph it became the world’s fastest production automatic. Despite a £6,000 premium over the manual car when new, used examples today change hands for about £1,000 less than the manuals.

When Ferrari created the 456 it wanted it to be robustly engineered, believing that the best advertisement for its cars was for them to be seen being used on an everyday basis. In this aim Ferrari succeeded, and while replacement parts and servicing are never going to be cheap, the 456 is less likely to require major work to its engine or gearbox than are other models.

Although sales of the 456 were always small, its 11-year sales history in Britain means there is a huge variety of used cars available in terms of price, condition, history and mileage. While 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 whom can claim long connections with the marque).

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 not allow yourself to be pressured into a rushed decision.

VITAL STATISTICS

Model: Ferrari 456GT
Engine: V12, 5474cc
Power: 442bhp
Transmission: Six-speed manual
Fuel: 12.8mpg (combined)
Acceleration: 0-60mph: 5.1sec
Top speed: 186mph

Headlamps: Pop-up headlamps are electrically operated. Check they both operate at the same pace and are smooth and quiet

Gearbox: An automatic version, the GTA, was introduced in August 1996. Despite costing more new, automatics are now worth about £1,000 less

Engine: Despite producing 442bhp the engine is relatively under-stressed and very strong, but check the cam covers for oil leaks

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, resculptured front seats and revised steering wheel and dashboard

Insurance: Group 20, with many insurers insisting on an annual mileage limit as well

Servicing: Service book must be authentic and accompanied by original invoices

Air-conditioning: Powerful and easy to use, it was something of a revelation for a supercar when launched in 1993

Leather: Standard on all cars in a variety of colours

Boot: Five-piece fitted luggage set should be present, replacements are very expensive

Exhaust: At £5,000 to replace, it's important to check condition

Accident damage: Cars this valuable are usually repaired, not written off, so always check with HPI for insurance records of any accident

THE ONE TO BUY

Ferrari 456GT coupé with six-speed manual gearbox, 1995 M-reg with 30,000 miles. Pay £40,500 at a dealer, or £36,500 privately.

OR FOR SIMILAR MONEY...

1992 K-reg Bentley R Coupé
1994 L-reg Aston Martin Virage
2001 X-reg Porsche 911 (996) Carrera Coupé
2003 52-reg Maserati 4200 GT Coupé
2003 03-reg Jaguar XKR 4.2 Coupé

VALUES

Source: estimates based on confidential CAP black book prices. ‘Trade’ is what a dealer would pay to buy your car; ‘Retail’ is what you would pay a dealer