An affordable GT from Ferrari?

Ferrari will reveal an 'affordable' front-engined grand tourer in the first half of 2008, reports UK's respected Autocar magazine.

The car in question will have a 4.3-litre V8 in its snout, a rear-mounted transaxle gearbox and a 2+2 cabin layout, according to a source quoted by the publication.

A price of under $400K is being speculated for the coupe -- reportedly codenamed F149 -- putting it in the same bracket as the F430, but well under the almost-$600K 599GTB and 612.

Crucially, such a price would also enable the car to compete against the likes of the Aston Martin DB9 and Mercedes-Benz SL600 -- not to mention the Bentley Continental GT.

The F149 may wear the evocative 'California' moniker (made famous by the 1960s 250 GT California Spyder), while its motive power will come from a direct-injection 4.3-litre V8 -- a derivative of the F430's engine, according to Autocar's sources.

A peak output of 335kW is being speculated, which means it would be down on power compared with the frenetic F430 (which pumps out 360kW), but this is said to be in keeping with its slightly more genteel job description as a grand tourer.

Autocar suggests the part-time rear seats may provide enough room for children and smaller adults, although it's unlikely to be in the same league as the surprisingly spacious new Maserati GranTurismo.

Boot space should also eclipse the meagre luggage capacity offered by the uncompromising F430, adding to its credentials as a more useable exotic.

Unlike the Maserati GranTurismo (which comes with a six-speed auto), the F149 is likely to use the latest version of Ferrari's F1 robotised sequential manual gearbox.

Why would Ferrari choose to go down this route? Autocar argues that it's a measure that would enable the iconic sports car specialist to preserve (or even grow) its sales volumes against a climate of global economic downturn.

The magazine also suggests a product restructuring is underway at Ferrari, with the 612 set to bite the dust, and the F430 scheduled to be replaced by a more expensive V10-powered successor that would ostensibly compete directly against the Lamborghini Gallardo.