Officers impounded the silver convertible the 23-year-old man was driving when they stopped him on Lenore Road about 9.30pm on Thursday.
Senior Constable Kevin Horn said traffic officers were on routine patrol at the time.
The Ferrari was seized for 28 days under hoon legislation. The driver was charged with reckless driving for allegedly travelling at 45km or more over the speed limit.
If found guilty and it is his first offence, he faces a $6000 fine and six-month licence suspension.