For most of us, the idea of owning a Ferrari seems like a far-fetched dream. For example, the cheapest brand-new Ferrari you can buy, the Roma, has a base price of over $220,000. Even if you look at the used market, you might struggle to find a well-kept example well below the $100,000 mark. In an attempt to help this pursuit, we’ll be looking at the type of car you can expect to buy for less than $50,000.

It’s called the Mondial, and it was first introduced in the 1980 model year. Regardless of whether you opt for the coupe or the convertible, you’re still getting a naturally-aspirated V8 out of the famous Dino of the 1970s. According to Hagerty, it’s the cheapest prancing horse that should be on your radar.

Can you buy a good used Ferrari for under $50,000?

While the Mondial certainly isn’t the only Ferrari you can buy for less than $50,000, it might be the only one you might actually want to own. That’s because, at this price point, you’re likely looking at more valuable models with higher mileage or shady maintenance histories. However, in the case of the Mondial, $50,000 is more than enough for a good example.

As Hagerty reports, the Mondial was designed to be a global model accessible to slightly less affluent buyers. While famous design house Pininfarina designed its bodywork, this car’s somewhat unusual appearance comes from being a mid-engined car with four seats. As a result, it was 11 in longer, 3.1 in wider, and 1.6 in taller than the GT4 of the 1970s.

Today this presents a massive upside to this aging Ferrari. That’s because it isn’t cramped and tiny as other 1980s sports cars. Additionally, Hagerty reports that you get excellent visibility and rear seats you can actually use. As a result, this might not only be affordable but approachable and manageable as well.

Here’s how the Mondial stacks up

As mentioned in the intro, the Ferrari Mondial still features a thoroughbred V8 in the middle and drive going exclusively to its rear wheels. However, you’ll want to skip the 3.0-liter engine for the 3.2-liter version if you want any semblance of power. According to Hagerty, when the Mondial was new, it could reach 60 mph in around nine seconds and top out at 130 mph.

If you want an oddball version of this Ferrari, then you’ll want the Mondial T. The “T” in its name refers to its transversally mounted transmission. While previous models had both the engine and transmission mounted transversely, the T’s engine was mounted longitudinally, effectively forming the shape of a T. Additionally, the engine’s displacement grew to 3.4-liters totaling around 300 hp.

This Ferrari was good enough for the Pope

If the Ferrari Mondial’s subtle good looks and ample spacious interior aren’t enough to convince, this Italian sports car was good enough for Pope John Paul II. In fact, this was the car of choice to drive the Pope around as he toured the Italian carmaker’s factory back in the late 1980s. So aside from saying you own a Ferrari, you can say you own the only one ever ridden in by a Pope.