It was purchased only a week ago. And this is what this Ferrari 348 looks like now. The owner, from Adelaide, South Australia, was out driving his new ride last night and, well, this happened. He lost control and smashed into a tree, seriously injuring his passenger, who suffered head and leg injuries. The driver was unharmed. Police blame speeding, but alcohol likely wasn't a factor. And to make matters worse, the driver didn't insure the car yet. The guy has now lost the car's estimated value of $90k to $110k (Australian dollars). Hat tip to Timothy.