Launched two years ago, this is the stuff of fantasies – a lightened, Formula One-breathed-on Ferrari F430 for big money. Soon to be replaced by the 458 Italia unveiled at the Frankfurt motorshow in September, the Scuderia's stock is high and rising due to a production run of hundreds rather than thousands and now could be the time to acquire a fast-appreciating treasure. But, apart from any investment angle, is this a great car?

Our test vehicle came with an eye-wateringly expensive list of options, showing just how far a large wallet can get you. But on the road the initial impression is simply what a great job Ferrari has done marrying a technical masterpiece with a car fit for the humdrum business of public roads. In auto mode you're practically chauffeur-driven.

Another discovery lost in the laundry list of technical wizardry is that some of the best sounds are coaxed from the engine with the ‘F1 SuperFast' gearbox in auto mode, such as the baritone V8 warble picked up low in the rev range, developing to the feral shriek that distinguishes a Ferrari from all other cars.

Finally, the sense of occasion is authentic. You sit very, very low in a car that is 15mm lower than the standard Ferrari F430; the instrument binnacle majors on the rev counter, which becomes a wonderfully luminous yellow orb at night; and befitting a stripped-out prize fighter, carpets are replaced by aluminum footwells.

The rest is performance, performance, performance – Scuderia refers not to Scud missiles but to Ferrari's Formula One outfit. The car is a trackstar's dream and a techie's delight. Gear changes take 60 milliseconds, says Ferrari, and the car comes with ceramic brake discs as standard, which squeak and snatch when cold and come into their own when thrashed. The electronic differential allows astounding exit speeds from corners and the car matches every gram of its pared-down, 1,250kg weight with intelligent, almost telepathic, stability systems, suspension settings and computer software.

Not all is perfect. The catch for the bonnet is a flimsy piece of plastic belonging to a low-rent Fiat, while the expensive iPod connector drained its battery. Conversely, the 1950s' classic paint colour, Avio metallic blue, is a lovely alternative to the uniform red of yore.

There's no point trying to be rational about this defiantly irrational work of engineering high art, especially given the amount of road-envy a Ferrari provokes. It has no relationship to transport as such but is hyper-desirable for the same reason. Buy one if you dare.

How it adds up… 

(*pricing for a UK car in £ sterling)

430 Scuderia: £171,494.41

Special paint: £5,570.90

Alcantara interior: £2,381.24

Grey stripes: £4,517.79

Carbon front spoiler: £3,272.85

Carbon fibre steering wheel: £1,634.47

Door sill cover in carbon fibre: £1,550.30

Bose radio, CD, sat nav: £2,630.81

iPod connectivity: £494.26

Passenger Airbag Off kit: £305.36

Carbon fibre side sills: £9,014.35

Carbon fibre fuel flap: £401.81

Titanium fuel filler cap: £603.86

Titanium oil filler cap: £446.46

Titanium wheel centres: £178.86

Grand Total: £204,497.73 (approx €234,175)

Technical: Ferrari F430 Scuderia

Price: from c.€205,000 (before options)

Engine: 4.3-litre V8

Power: 510 PS

Top Speed: 320km/h

0–100km/h: 3.6 sec

CO2 360g/km

Economy: 16l/100km

We like: Technological tour de force that can still be driven and enjoyed

We don't like: How many of these will be driven and enjoyed?

Verdict: Redefines thoroughbred for a large sum of money