The Ferrari 550 was arguably the finest handling front-engine Ferrari. So when in March 2002 Ferrari unveiled its successor, the 575, it had to be something special — and it was. Under its long nose sat a 5.75 litre V12 engine producing a tad over 500bhp, an increase of 25bhp on its predecessor. The 575M completed the 0-60mph sprint in 4.2sec and 0-100mph in 9.6sec, almost 0.5sec quicker than the Ferrari 550, and would go on to top the 200mph mark.

But mere numbers fail to convey the sense of occasion that pervades everything about a 575M. From any angle it’s a dramatic sight. The wings and spoilers of its competitors may be absent but its low, wide form exudes purposeful power even when static.

The cabin is pure Ferrari — virtually everything is finished in leather or metal. Electrically adjustable seats are standard and generous head and legroom ensures that driving a 575M is a comfortable experience. Despite the low-slung seats and steeply raked screen, visibility is good, not something that can be said for a couple of its rear-engine rivals.

The Ferrari 575M expresses the less flamboyant side of its personality at low speeds. The engine note is relatively subdued at lower revs and the ride is firm but compliant. Only at speed is the car’s true nature revealed. At 4000rpm the V12 engine becomes more vocal and the sharp steering and computer-controlled suspension come into their own.

With a price tag in excess of £150,000 when new, you might have expected the 575M to come with everything included. But buyers could bump the price higher with the £7,000 F1 electro-hydraulic “auto” gearbox. With three modes — normal, sport and automatic — drivers had the choice of flicking through the gears via paddles or letting the onboard electronics manage the gear changes. In sport mode, those manually prompted changes became lightning quick and were accompanied by a blip of the throttle to ensure smooth transitions. Most new cars in the UK had the option.

Like all supercars the Ferrari 575 is never going to be cheap to buy or run. Residual values may in percentage terms be quite strong but the fact that a three-year-old car has halved in value means that new car buyers are staring down the barrel of an £80,000 depreciation. Add to that fuel consumption that will rarely better 10mpg, servicing that is due every 6,500 miles and the kind of annual insurance premium that enables brokers to book a mini-break on the commission and you have to be both wealthy and committed to justify buying one new.

But the ownership costs on a used example are a little less scary. At about £75,000 a 2002 02 costs about the same as a new Porsche 911 (the Carrera S with a couple of options) and is nearly £5,000 less than a new Aston Martin V8 Vantage (if you can get one).

With only 213 right-hand-drive examples of the Ferrari 575M officially imported into the UK and half the original list price shed, future residual values look a little brighter. If annual mileage is low and you have a sophisticated security system, insurance premiums and service costs can be cut.

So if you have the thick end of £80,000 kicking around, a decent sized garage to store it and you want a car capable of more than 200mph, then a used Ferrari 575M is just the ticket.

Active suspension Endows the car with flat cornering characteristics but a relatively compliant ride on smooth roads

Servicing Complete Ferrari service history with original receipts and invoices is essential

Boot Optional luggage set maximises use of boot space

Sports seats An optional extra, they lack the electric adjustment of the standard seats and can be uncomfortable on long journeys

Handling pack Fiorano handling pack is a desirable option. Includes lower, stiffer springs, red brake callipers and remapped electronic control unit that controls the dampers and steering

Fuel tank Huge 114-litre tank is essential when the car gives only about 10mpg

Immobiliser Standard on UK cars but insurers may insist on extra security measures

Tyres At the front they are 255/40 ZR 18, at the rear 295/35 ZR 18

VITAL STATISTICS

Model Ferrari 575M Maranello F1
Engine 5748cc, 12 cylinders
Power 507bhp
Transmission Six-speed semi-automatic
Fuel 12.97mpg (combined cycle)
Acceleration 0-62mph: 4.2sec
Top speed 202mph

THE ONE TO BUY

Ferrari 575M Maranello F1 2003 03 with 10,000 miles and full Ferrari service history. Pay £82,500 at a dealer or £75,000 privately

OR, FOR SIMILAR MONEY...

2002 51 Aston Martin V12 Vanquish
2003 53 Lamborghini Gallardo
2004 04 Bentley Continental GT
2004 04 Ferrari 360M
2006 06 BMW M6

VALUES

Manual gearbox cars worth about £3,000 less. 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