Ferrari's 1998 456M Grand Tourer boasted substantial improvements over the original 456, which had been in production for almost six years. The updated 456M (the M stands for Modificata) was the last Ferrari to use pop-up headlamps, and was eventually itself replaced in 2004 by the 612 Scaglietti.
Available in six-speed manual GT and four-speed GTA guises, it is a true four-seater coupe with plenty of space for passengers and luggage and a smooth, old-school 65-degree V12 pumping out 442hp at 6,250rpm and 405lb ft of torque at a heady 4,500rpm. Good for 186mph, the manual hits 62mph in 5.2 seconds and the auto takes 5.5 - world class figures for a GT car in 1998.
With the 456M Ferrari made a variety of change to improve the aerodynamics and cooling, whilst the interior was refreshed including new seats, fewer gauges on the dash, and a revised stereo system. The engine, however, was carried over from the 456.
In 2002 buyers got the opportunity to spec their car to their own individual needs, using Michael Schumacher's own 456M GT as an example. The car's suspension, brakes, interior and body colour could all be customised, although Ferrari sold less than 20 examples.
Being a long-distance GT most examples sold were automatics, so manuals command a premium. And although the 456M feels big on the road, it still possesses responsive steering and feels surprising nimble on B-roads. Claiming plenty of grip and smooth styling it's still a pleasure to drive today, and the cabin is classic Ferrari. Like all V12s the ongoing ownership costs are high of course, but for its age a cared-for and properly serviced 456M is a mechanically reliable beast. RHD UK cars are rare now but most examples are still good value for money. "It's one of the cheapest front-engined V12s and the car's performance-per-pound is second to none" enthuses Dylan Morris at Ferrari dealers Joe Macari Performance Cars. "The 456 probably offers the best value of all the V12 Ferraris," says Silverstone Auctions Sale Manager Will Smith.
Manual worth getting, if you can find one!
It's unlikely that the 456M will see a huge appreciation in value in the next few years - so if you want a Ferrari to drive without worrying how much the mileage will affect the car's value then this could be the car for you. "The 2+2 models historically can't compete with their two-seater siblings in the appreciation department, but this is only relative," explains Antony Glynn at Ferrari specialists Foskers. "As the 456 has enjoyed a resurgence in the last 18 months, values have risen by as much as 20 per cent for low-mileage and manual examples." A view backed up by Classic Ferrari expert John Collins at Talacrest. "I had a 456M from a collection a while ago which I thought was worth around £35K, but it sold at auction for nearly £90,000."
Buyers should beware of cheap 456Ms though. ""Because their values dipped initially, there are some cars that have been run on a relative shoestring, purchased used by someone who could just about afford the purchase price but not the running costs," warns Robert Redman at trade gurus Glass's. "These can be re-commissioned, but it's not a cheap process and should be reflected in the asking price." That's not to say fortune doesn't favour the brave...
Buy if: You fancy an appreciating classic Ferrari with space
Don't buy if: You're seeking the latest in contemporary tech or handling
We found: 1999 456M, Blue, manual, service history, 34K miles, £61,995
Price Guide
Poor: Under £50,000
Good: £50,000 to £75,000
A1: £75,000+
Special Editions: Rare Bicolore Scaglietti commands a premium of at least £7,000