Yes, a Volvo wagon can be (but not usually) faster than a Ferrari 458 Italia.
What are the chances that an old Volvo Amazon wagon could beat a Ferrari 458 Italia in one-on-one match-up? Not very good, but in this case, there are always exceptions. In this video (try to ignore the wind noise), we can see what one owner did to modify their old Volvo wagon under the hood. The interior also looks really good with the red leather racing seats, aluminum trim, cross bars, and lots of other customized work. Towards the end of the video, it's even revealed the car is for sale.
Overall, it's a strange site to see a Volvo station wagon outperforming the 458, but we guess there's a first time for everything.