Introduced in 1987 to celebrate Ferrari’s 40th anniversary, the Ferrari F40 became one of the defining supercars of the 1980s and arguably the most important road-going Ferrari of its generation. Developed from the limited-production 288 GTO and experimental 288 GTO Evoluzione, the F40 combined a lightweight composite body, twin-turbocharged V8, minimal interior and extreme aerodynamic bodywork into a car capable of exceeding 200 mph.
The F40 also holds a special place in Ferrari history as the last new road car introduced while Enzo Ferrari was alive. Although Ferrari initially discussed relatively limited production, enormous demand resulted in more than 1,300 examples being constructed between 1987 and 1992.
Unlike the Lamborghini Countach or Jaguar E-Type, the F40 was not divided into formally named Series or generations. A 1987 F40 and a 1992 F40 are fundamentally the same model. Nevertheless, numerous running changes occurred during production, and those differences have become increasingly important to collectors.
Among the most significant distinctions are early versus late cars, sliding versus wind-up windows, catalytic versus non-catalytic engines, fixed versus adjustable suspension, European versus U.S. specification, and the extremely rare competition versions developed from the F40.
1987: The Ferrari F40 Arrives
The F40 was officially unveiled to the press by Enzo Ferrari at Maranello on July 21, 1987 (celebrating Ferrari’s 40th anniversary as a car manufacturer, dating back to the 125 S in 1947)
Its roots lay in the Ferrari 288 GTO, introduced in 1984 as a homologation model intended for the FIA’s planned Group B racing category. Ferrari subsequently developed a far more extreme competition prototype known as the 288 GTO Evoluzione.
When Group B was abandoned, Ferrari was left with a highly developed platform but no racing series in which to use it. That work provided the foundation for the F40.
The F40 used a tubular steel chassis reinforced with advanced composite materials. Its Pininfarina-designed body incorporated Kevlar, carbon fiber and fiberglass, while extensive aerodynamic development produced the car’s enormous fixed rear wing, deep nose and NACA ducts.
The engine was Ferrari’s F120A 2,936-cc twin-turbocharged, twin-intercooled V8, using four valves per cylinder and Weber-Marelli electronic engine management.
European specification output was officially approximately 478 horsepower at 7,000 rpm, with 425 lb-ft of torque. Power went exclusively through a five-speed manual gearbox to the rear wheels.
Ferrari claimed a top speed of approximately 201 mph, making the F40 the first production road car widely credited with breaking the 200-mph barrier.
1987: The Earliest Lightweight Cars
The earliest F40s are particularly interesting to collectors because they most closely reflect Ferrari’s original lightweight concept.
Early European cars could be fitted with sliding Lexan side windows rather than conventional roll-up glass. The doors were extremely simple, with lightweight inner panels and pull cords rather than normal interior door handles.
The cabin had little sound insulation or carpeting. The carbon-composite structure was visibly exposed in numerous areas, and lightweight racing-style seats reinforced the impression that the F40 was a competition car with license plates.
Air conditioning was provided, but there was no attempt to make the F40 a luxury GT.
Some of these early cars also lacked catalytic converters and used the original engine-management specification, making them among the lightest and most mechanically straightforward production F40s.
The combination of sliding windows, non-catalytic exhaust and early specification has made these cars particularly desirable to collectors seeking the purest interpretation of the F40. Sliding windows were standard on the earliest 1987–1988 European production cars (often estimated at the first 50–100 units), but they quickly became a factory option rather than being completely phased out. Later buyers could still special-order sliding Lexan windows for weight savings.
1988: Production Expands
The F40 entered broader production during 1988, and demand substantially exceeded Ferrari’s initial expectations.
Mechanically, the basic formula remained unchanged: 2.9-liter twin-turbo V8, five-speed manual gearbox, rear-wheel drive and composite bodywork.
The F40’s driving experience was dramatically different from that of later electronically controlled supercars. There was no power steering, no anti-lock braking system, no traction control and no electronic stability control.
Turbo lag was significant. At lower engine speeds the V8 could feel comparatively docile, but as boost increased the engine delivered power very rapidly. Combined with the F40’s low weight and lack of electronic driver aids, this gave the car a demanding reputation.
Ferrari’s decision to keep the F40 mechanically simple is now one of the principal reasons for its appeal.
1989: U.S.-Specification F40
An important new variant appeared when Ferrari officially introduced the F40 to the United States for the 1990 model year, with U.S.-specification cars beginning production around 1989. Ferrari officially designated all U.S.-market F40s as 1990–1992 model year cars (213 factory U.S. units total).
Federal safety and emissions regulations required significant changes from European specification.
U.S. cars received different front and rear bumper structures, including additional impact protection. Side-marker lamps and other lighting details were revised, while the chassis incorporated additional strengthening.
American-market cars also received emissions-control equipment, including catalytic converters, and various changes were made to the fuel and engine-management systems.
The U.S. version was consequently heavier than the European F40.
Visually, however, Ferrari integrated the federal requirements relatively successfully, and the American F40 retained the essential appearance of the European model.
Only a relatively small portion of total F40 production was officially delivered in U.S. specification, making genuine factory U.S. cars an important category in the American collector market.
1989–90: Catalytic and Non-Catalytic Cars
One of the most important mechanical distinctions among European F40s is whether the car was produced with catalytic converters.
Early cars were generally non-catalytic, while later production increasingly incorporated catalytic exhaust systems as emissions requirements changed.
This distinction can also involve differences in engine-management specification.
Collectors often refer to early cars as non-cat and later cars as cat versions. The non-cat cars are generally preferred by enthusiasts seeking the specification closest to the original 1987 configuration.
However, the precise equipment of an individual F40 should be confirmed through chassis number, market specification and factory documentation rather than assumed solely from model year.
Ferrari implemented running changes during production, so there is not always a clean January-to-December boundary between specifications.
1990: Fixed and Adjustable Suspension
Another important distinction involves the F40’s suspension.
The standard F40 used a sophisticated independent suspension with unequal-length control arms, coil springs and telescopic dampers.
Some cars were equipped with a hydraulically adjustable suspension system that allowed the driver to alter ride height. This was particularly useful because the F40’s extremely low front bodywork could be difficult to negotiate over ramps, curbs and uneven roads.
Other cars retained the simpler fixed suspension.
Today collectors frequently identify cars as either fixed-suspension or adjustable-suspension examples, and the distinction forms part of the specification of an individual F40.
As with catalytic converters and windows, suspension specification is one of the details that should be verified when evaluating a car.
1990: The F40 in Mature Production
By 1990 the F40 was firmly established as Ferrari’s flagship supercar.
Its performance remained extraordinary. The twin-turbo V8 provided acceleration that few contemporary automobiles could match, while the car’s aerodynamic body generated significant stability at very high speeds.
The F40 used large ventilated disc brakes but still lacked ABS. Steering was unassisted, and the car used exceptionally wide rear tires mounted on lightweight multi-piece Speedline wheels.
The lack of electronic intervention meant the driver’s inputs directly controlled the car in a way that became increasingly uncommon as supercars moved into the 1990s.
The F40’s minimalist approach also separated it from Ferrari’s later flagship models. It had no V12, no electronically controlled gearbox and relatively little luxury equipment. Its identity came instead from low weight, boost and aerodynamics.
1991: Late-Production F40s
Production continued through 1991 as Ferrari worked through the substantial demand generated since the car’s introduction.
Late F40s generally incorporate the running changes introduced during earlier production, making them somewhat different in specification from the earliest lightweight European cars.
Roll-up windows became much more common than the early sliding-window arrangement, while catalytic converters and other emissions-related equipment appeared on applicable-market cars.
Despite these changes, Ferrari never fundamentally softened the F40.
Even a late-production example remained an extremely elemental automobile by supercar standards, retaining manual steering, a manual gearbox and an interior dominated by exposed composite materials.
1992: End of Road-Car Production
Regular F40 road-car production ended in 1992.
Approximately 1,311 production F40s were built, although exact totals can vary slightly depending on whether particular prototypes or competition cars are included.
That figure was dramatically greater than Ferrari’s earliest expectations and far higher than production of the 288 GTO that preceded it.
The large production total has done little to diminish the F40’s collector significance. Instead, the car has become one of the essential Ferrari supercars, sitting in a lineage that includes the 288 GTO before it and the F50, Enzo and LaFerrari after it.
No direct replacement appeared immediately. Ferrari did not introduce the F50 until 1995.
The F40 LM
Although the standard F40 was conceived as a road car, its competition potential was obvious.
Ferrari worked with Michelotto to develop an extensively modified racing version generally known as the F40 LM.
The LM was dramatically lighter and more powerful than the production F40. Competition preparation included revised bodywork, more aggressive aerodynamics, upgraded suspension and brakes, racing wheels and tires and a stripped competition interior.
Most significantly, the twin-turbo V8 was developed to produce far more power than the road engine. Depending on boost and racing specification, output could exceed 700 horsepower.
The F40 LM was built in extremely small numbers and competed in events including IMSA competition.
Genuine Michelotto-built LM cars occupy an entirely different level of rarity and value from standard road-going F40s.
F40 Competizione
The term F40 Competizione is often associated with the most extreme racing developments of the F40.
These cars evolved from the LM concept and could feature still greater engine output, modified aerodynamic bodywork and competition equipment tailored to particular events or customers.
Naming can become complicated because “LM” and “Competizione” have sometimes been applied loosely to modified F40s.
A genuine period Michelotto competition car should therefore be distinguished carefully from a standard F40 later converted to LM-style specification.
Provenance, chassis identity and period competition documentation are critical when establishing the authenticity and value of one of these cars.
F40 GT and Other Competition Versions
Michelotto also developed F40s for various forms of GT racing.
These cars can differ considerably depending on competition regulations and the period in which they were prepared. Modifications included upgraded brakes and suspension, racing fuel systems, revised aerodynamics, stripped interiors and progressively developed versions of the twin-turbo V8.
Some competed in national and international GT championships after regular road-car production had ended.
As with the LM and Competizione, genuine factory-sanctioned or period Michelotto-built racing F40s are very different collector propositions from road cars modified later to resemble competition versions.
European Versus U.S. F40s
Market specification is one of the most important considerations when comparing F40s.
European F40s generally represent the lightest and simplest configuration. Early examples may combine non-catalytic engines, fixed suspension and sliding Lexan windows, making them especially close to the original F40 concept.
U.S.-specification F40s incorporate additional impact protection, emissions equipment, different lighting and other federally required changes. These additions increased weight but allowed Ferrari to sell the F40 officially through its American dealer network.
This distinction matters because some European F40s were subsequently imported into the United States and modified for federal compliance.
A European-market car that was later federalized is not the same thing as an original factory-built U.S.-specification F40.
For collectors, documentation of original market specification and subsequent modifications can therefore be extremely important.
Understanding the Major F40 Variants
Although Ferrari did not formally divide the F40 into different series, collectors generally distinguish several important configurations:
Early European F40: Closest to the specification introduced in 1987. These cars are valued for their lightweight construction and original details.
Sliding-Window F40: Early cars equipped with lightweight sliding Lexan side windows rather than conventional roll-up glass. Particularly associated with the F40’s minimalist original specification.
Non-Catalytic F40: Early European specification without catalytic converters. Often called a “non-cat” F40 and particularly desirable to enthusiasts seeking the purest mechanical configuration.
Catalytic F40: Later or market-specific cars fitted with catalytic converters and associated emissions equipment.
Fixed-Suspension F40: Uses the conventional fixed ride-height suspension arrangement and represents the simpler configuration.
Adjustable-Suspension F40: Equipped with a hydraulic system allowing changes in ride height, providing greater practicality on uneven roads.
U.S.-Specification F40: Factory-built for the American market with federalized bumpers, emissions equipment, lighting and structural changes. Heavier than European cars but particularly significant to U.S. collectors because of their relatively limited official importation.
F40 LM: Michelotto-developed competition version with dramatically reduced weight, racing aerodynamics and substantially increased engine output.
F40 Competizione: Extreme competition development of the F40 concept. Genuine period examples are exceptionally rare and require careful documentation because the terminology has also been applied to later modified cars.
F40 GT and racing derivatives: Competition-prepared F40s built for various GT racing categories, generally with substantial chassis, brake, suspension, aerodynamic and engine modifications.
What Matters to Collectors
Unlike a Ferrari 250 GT or Lamborghini Countach, where the model name encompasses clearly different bodies and engine sizes, the differences among road-going F40s can initially appear minor. To a collector, however, those details can be extremely important.
An early European non-cat, sliding-window car with fixed suspension represents perhaps the purest expression of Ferrari’s original concept. It is light, mechanically straightforward and visually uncluttered by regulatory equipment.
Later European cars provide essentially the same fundamental performance while incorporating changes such as roll-up windows, catalytic converters or adjustable suspension.
Factory U.S.-specification cars are heavier and more complicated but have their own collector appeal, particularly because they were officially manufactured for the American market rather than privately imported and converted.
Competition cars occupy another category altogether. Genuine Michelotto F40 LM, Competizione and GT cars combine extreme rarity with period racing history and much greater performance. Their identities need to be established through documentation rather than appearance alone, since numerous standard F40s have been modified over the decades with LM-style bodywork, wheels and performance upgrades.
Originality is particularly important when evaluating a road-going F40. During periods when these cars were worth substantially less than they are today, many were modified with different exhaust systems, turbochargers, engine-management systems, wheels, suspension components or competition-style bodywork. Some modifications are reversible; others are not.
The condition of the composite body and chassis is equally important. Accident repairs can be considerably more complicated to evaluate than on a conventional steel-bodied automobile, and the F40’s performance made accident damage far from uncommon. A thorough inspection should therefore include careful examination of the chassis, composite panels and their attachment points.
Fuel cells and other age-sensitive components also require attention on cars intended to be driven. A cosmetically exceptional low-mileage F40 may still require substantial mechanical recommissioning if it has spent many years sitting unused. European-spec cars utilized twin rubber fuel bladders inside composite containers, which require expensive replacement every 10 years by FIA standard. U.S.-spec cars featured aluminum fuel tanks, eliminating this recurring maintenance item.
Ultimately, however, the distinctions among individual F40s are secondary to what all of them share. The F40 was created at a pivotal moment when Ferrari combined its traditional approach to lightweight competition cars with the enormous performance potential of turbocharging and modern composite materials.
The result was a supercar with no power steering, no ABS, no traction control, no stability control and no automated gearbox — just a twin-turbocharged V8, five-speed manual transmission and lightweight rear-wheel-drive chassis.
That purity is central to the F40’s enduring appeal. The 288 GTO that preceded it was more restrained, while the F50 that followed introduced a naturally aspirated Formula One-derived V12 and a very different approach to supercar engineering. The F40 stands between them as perhaps the most uncompromising road-going expression of Ferrari’s turbocharged era.
From an early sliding-window, non-cat European car to a factory U.S.-specification example or a genuine Michelotto F40 LM, understanding specification, originality and provenance is essential. But every F40 belongs to a remarkably narrow period when a manufacturer could sell a 200-mph supercar that still demanded almost everything from its driver and provided remarkably little electronic assistance in return.
Important Sales Reviewed by SCM Experts
Each month for the past 38 years, SCM’s analysts have reviewed 5 to 7 significant cars sold at auction, and discuss what options, history, or details made that particular more or less valuable. They give their expert opinion on the market for these cars, and whether this car was well bought or well sold. If you’re thinking of purchasing a Ferrari F40, you’ll likely find these profiles critical in helping you make the right decision.
1989 Ferrari F40Throughout Ferrari’s illustrious history, few — if any — models have encapsulated the mystique of the Prancing Horse quite as succinctly as the F40. Outrageous in appearance, uncompromising in philosophy and otherworldly in performance, the F40 was everything a Ferrari should be. The tragic 1986 World Rally Championship season had led to the abandonment of […]Read more
1989 Ferrari F40 BerlinettaDesirable “non-cat” and “non-adjustable” model Three private owners and fewer than 20,000 kilometers (12,400 miles) from new Single private ownership for over 25 years Air conditioning, wind-up windows, Sabelt harnesses Ferrari Classiche certified The ultimate Ferrari of the 1980s, the F40 was one of the company’s original true supercars. Pioneering the use of carbon fiber […]Read more
1987 Ferrari F40 LMIn 1987, Ferrari celebrated their 40th anniversary, and to mark the occasion launched their most uncompromising road car ever — the twin-turbocharged, 471-bhp, 201-mph F40. Developed by Michelotto, the F40 LM benefited from enlarged twin IHI turbocharger/intercooler units and advanced Weber-Marelli fuel injection, which increased power to over 700 bhp. A corresponding reduction in weight […]Read more
1990 Ferrari F40“The take-up into the next gear is flawless and with the turbos cranking hard the blast of acceleration just goes on again; you seem to be in a blur of time, conquering distance, gearshifts and noise.” “It has the tonal quality of an F1 engine, if not the sheer ferocity.” “On a smooth road it […]Read more- F40 and F50 Showdown in Amelia1990 Ferrari F40 • The last Enzo-era Ferrari • One of only 213 U.S.-specification F40s • Displayed at Concorso Italiano in 1991 and 1993 • Approximately 7,050 miles from new • Very original, unmodified example • Recently serviced at Norbert Hofer’s Grand Touring Classics • Offered with owner handbooks and tool kit • Ferrari historian […]Read more
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Past Auction Sales – Ferrari F40
Average Ferrari F40 Sale Price by Year from SCM’s Platinum Auction Database:
Ferrari F40 Sales from SCM’s Platinum Auction Database:
RM Sotheby's
Condition: 2
Jul 8, 2026
$4,812,012
Broad Arrow Auctions
Condition: 2-
May 16, 2026
$3,408,458
RM Sotheby's
Condition: 2-
Apr 25, 2026
$3,728,076
RM Sotheby's
Condition: 1-
Apr 25, 2026
$5,078,616
Broad Arrow Auctions
Condition: 2
Mar 6, 2026
$3,800,000
RM Sotheby's
Condition: 1-
Feb 27, 2026
$5,230,000
Mecum Auctions
Condition:
Jan 17, 2026
$6,600,000
Bonhams Cars
Condition: 2
Oct 12, 2025
$3,059,736
RM Sotheby's
Condition: 2
Aug 15, 2025
$11,005,000
Gooding Christie's
Condition: 1-
Aug 15, 2025
$3,800,000
Broad Arrow Auctions
Condition: 2-
May 24, 2025
$2,613,356
RM Sotheby's
Condition: 2
May 22, 2025
$3,186,311
Broad Arrow Auctions
Condition: 1-
Mar 7, 2025
$3,665,000
RM Sotheby's
Condition: 1-
Feb 28, 2025
$3,580,000
RM Sotheby's
Condition: 2
Nov 2, 2024
$2,557,712
Broad Arrow Auctions
Condition: 1-
Aug 14, 2024
$2,425,000
RM Sotheby's
Condition: 1
May 31, 2024
$3,470,000
RM Sotheby's
Condition: 2+
Mar 1, 2024
$3,360,000
RM Sotheby's
Condition: 2
Nov 4, 2023
$2,414,660
Gooding & Co.
Condition: 2+
Aug 18, 2023
$3,085,000
RM Sotheby's
Condition: 2
May 20, 2023
$2,285,217
RM Sotheby's
Condition: 2-
Mar 3, 2023
$1,875,000
Gooding & Co.
Condition: 1-
Mar 2, 2023
$3,085,000
Artcurial
Condition: 2+
Feb 3, 2023
$2,435,820
Bonhams
Condition: 2+
Feb 1, 2023
$2,400,878
Mecum Auctions
Condition: 1-
Jan 4, 2023
$3,135,000
RM Sotheby's
Condition: 1-
Dec 10, 2022
$3,250,000
RM Sotheby's
Condition: 2
Nov 26, 2022
$2,397,922
RM Sotheby's
Condition: 2
Nov 5, 2022
$1,592,613
RM Sotheby's
Condition: 1-
Aug 19, 2022
$3,855,000
Mecum Auctions
Condition: 1-
Aug 18, 2022
$2,310,000
Broad Arrow Auctions
Condition: 2
Aug 18, 2022
$1,985,000
Bonhams
Condition: 2+
Jul 3, 2022
$2,032,600
Artcurial
Condition: 2+
Mar 18, 2022
$2,314,322
Gooding & Co.
Condition: 2-
Mar 4, 2022
$2,452,500
Mecum Auctions
Condition: 2+
Jan 16, 2022
$2,750,000
Bonhams
Condition: 2+
Oct 10, 2021
$2,128,696
Gooding & Co.
Condition: 2
Aug 13, 2021
$2,892,500
Bonhams
Condition: 2
Aug 13, 2021
$1,600,000
Bonhams
Condition: 2+
Jul 9, 2021
$1,220,949
RM Sotheby's
Condition: 1
Aug 13, 2020
$1,386,000
Gooding & Co.
Condition: 2-
Aug 3, 2020
$1,628,000
Artcurial
Condition: 2
Jul 21, 2020
$1,098,025
Bonhams
Condition: 2
Oct 11, 2019
$1,015,956
RM Sotheby's
Condition: 3+
Feb 6, 2019
$5,517,545
RM Sotheby's
Condition: 1-
Dec 8, 2018
$1,545,000
Gooding & Co.
Condition: 2-
Aug 24, 2018
$1,050,000
RM Sotheby's
Condition: 2
Feb 7, 2018
$1,151,290
Bonhams
Condition: 2+
Jan 18, 2018
$1,512,500
RM Sotheby's
Condition: 2+
Dec 6, 2017
$1,242,500
See all 112 sales of Ferrari F40 cars from SCM’s Platinum auction database.
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