A brand-new Ferrari will typically set you back a few hundred thousand dollars. But if you're on a tight budget, we've found a significantly cheaper alternative. According to The Sun, a used Ferrari 599 GTB Fiorano is being sold off at an auction in China for a starting price of just £200 ($251.26). Yes, you read that right - that price isn't missing an extra digit. To say this is a fraction of the original price is an understatement – this must surely be the cheapest Ferrari in the world. Unsurprisingly, however, there are a few caveats.

The heavily discounted supercar was previously involved in an accident and is currently in possession by police in Dongguan, China. It was reportedly uninsured and unregistered when it was recovered by police, so it can't be legally registered or driven in China. Whoever becomes the new owner will also need to pay an additional £1,140 to cover some unpaid parking fines the car has accumulated, but it's still a small price to pay for a used Ferrari that's still in good working order.

Due to the lack of paperwork, Chinese authorities deemed the front-engined Ferrari "scrap metal," even though The Sun describes the 599 as "being in working order" and decided to sell it with a huge discount. Looking at the photos, the 599 looks like it has seen better days and is coated in thick layers of dust.

"There is no information about this vehicle at the Vehicle Management Office, so it's non-transferable and can't be driven," said a Dongguan Third People's Court spokeswoman. "That's why it's so cheap-we viewed it as scrap metal, and its scrap evaluation came to $347 (2,430 RMB). We then offered a 30 percent discount on that for our auction."

It isn't clear if a foreign buyer would be able to export the car and register it in another country, but it sounds like it would be well worth the hassle if the heavily discounted Ferrari ends up selling for a fraction of its original price. Photos courtesy of The Sun/AsiaWire