Life could be worse. Dawn has the water sparkling among the yachts in Monaco, and dusk promises some of the world’s best pasta in a family-run restaurant near the Ferrari factory in Italy. And to get from one to the other we have a new plaything, the 199mph Superamerica.

The world’s most desirable convertible - and one of the fastest - is named after a series of limited-edition Ferraris built between 1956 and 1961 (“America” denotes a special body, “super” means more power under the bonnet). Then, limited meant 10. In today’s world it means 559, but otherwise this car does for us what its forebears did for society’s A-list of the 1950s.

So it has a special body, a clever roof and an explosive engine. Does this justify the highest price tag in Ferrari’s range? We shall see.

What a long way Ferrari has come since 1996, the last time it provided a 200mph convertible for my amusement. That was the F50, a 520bhp machine with a Formula One-derived engine that you can now buy used for £200,000 or so. Which is the cost of a Superamerica.

In 1996 you needed a mechanic to remove the roof. Today you can open the lid in seven seconds. There is more to the roof than that, but first we need to know if this is a true Ferrari. Let’s do the Monte Carlo test. There are 550 Ferraris in Monaco, where the sound of an Italian V8 is as normal as the wail of a Porsche in Chelsea. V12s are less common, but the test of any car is the tourists outside the casino.

A real Ferrari needs aural and visual drama and yet to be in good taste. Today a bright red Fiat 500 is enjoying attention. After I arrive, people break away to pose for photographs by the Superamerica.

They are right: the new model might be derived from the 575M, a car that is beautiful only in certain combinations of colour and light, but it is a handsome machine. It also has a breakthrough so simple you wonder why nobody thought of it before.

I’ll explain: when you see a convertible with the roof up on a perfect day, usually it is because the baby’s buggy is in the boot. There is nowhere for the roof to go. Well, the Superamerica roof does not fold into the boot, nor does it collapse like the fabric pram roofs of old. It rotates.

When opened, the roof flips backwards until it rests flat above the boot lid. The now inverted rear window become a wind deflector. Which makes this one practical supercar. Since the roof no longer needs to fold it can be made of glass; and this glass can be tinted at will. A control in the cabin selects one of five degrees of light or privacy. With the engine off the glass goes dark to protect the interior from the sun.

The roof-and-engine combo that sets the Superamerica apart from the “standard” 575M will set you back £35,600. That’s on top of the £163,200 for the 575M with the F1 box. Ensure you tick the Handling GTC option, too (better suspension and brakes, £14,455) and a pair of Ferrari shields on the front wings (£1,050). That makes £214,305.

The money buys a car within fractions of the performance of the F50, one of the most outrageous Ferraris of all time. The 532bhp Superamerica is not a replacement for the F50 — that was the Enzo — but the fact that they can be compared, even though this is a touring car, shows how quick it is. You can get it in right-hand drive, too. And with the classic open-gate manual gearbox.

The paddle-shift F1 gearbox is now so smooth that I set off in Sport mode and didn’t notice. Is it a proper Ferrari? It’s a modern automated traction-controlled machine. And yet it drives best from the scruff of the neck. On the twisting motorway into Italy it responds best to slow-in, fast-out, so that you accelerate through the turns. Slow is relative, of course — it’s in three figures — and traffic means you get little chance for fast-out. So you travel with the Audis and Boxsters but work harder, because cars that corner best under an assertive right foot are not so happy on a steady throttle.

That’s a good sign. Later, on a back road near the Ferrari factory, the promise is fulfilled, given its head this is a satisfying supercar. It feels more focused with the roof up and more dramatic with it down, because of the louder engine. Up or down, though, it still has aural magnificence. It is a genuine two-in-one car and a great Ferrari. The only possible criticism is that the door does not shut with an expensive-sounding thunk.

It has few rivals. If you were considering one of these with the GTC pack (and you’d be mad to accept the standard suspension), you wouldn’t contemplate an Aston Martin DB9 Volante. The Aston is a cruiser — too soft. The Mercedes SL 65 AMG — too ordinary. The real rivals are the Lamborghini Murciélago Roadster and the Ferrari F430 Spider. If you want fast and ostentatious, buy one of those; the Superamerica is the subtle choice.

Which makes what comes next the more regrettable. It’s sold out. Used F50, then.

VITAL STATISTICS

Model Ferrari Superamerica
Engine type 5.75 litres, V12
Power/Torque 532bhp @ 7250rpm / 434 lb ft @ 5250rpm
Transmission Six-speed manual or automatic F1 paddle shift
Fuel/CO2 13mpg (combined) / 499g/km
Performance 0-62mph: 4.2sec / Top speed: 199mph
Price £198,800
Verdict Stylishly understated and very fast
Rating 5/5

THE OPPOSITION

Model Lamborghini Murciélago Roadster £189,950
For Outrageous performance, near-Audi build quality
Against Not subtle. You’ll look like Peter Stringfellow

Model Ferrari F50, about £200,000 (used)
For Genuine race performance. Rare
Against You’ll need an umbrella (the roof will be at home)