In 1985 at the Frankfurt Motor Show, Ferrari added the fourth model in the Mondial line-up: the 3.2 Mondial (after Mondial 8, Mondial Cabriolet and Mondial Quattrovalvole). Available in both coupe and convertible versions, the 3.2 Mondial stood into production until 1989 with 810 units, in both right and left hand drive configurations, together with various world market specifications.

The 3.2 in the model title referred purely to the cubic capacity of the engine in liters. This model saw the first change in the body styling, with revised front and rear ends incorporating smooth body color bumper assemblies, and a radiator grille with front lights.

The hood on the cabriolet continued with the same design theme of its predecessor, echoing the shape of the coupe’s buttresses at the rear.

The main European market Mondial 3.2 Cabriolet models had a tubular chassis which featured a bolted rear sub-frame section, so that the complete engine, transmission and rear suspension assembly could be removed as a single unit, for ease of maintenance.

Under the hood there was the same engine as in the coupe version: a V8 engine that delivered 270bhp at 7000rpm for main European market models, and 260bhp for US market models. It was of a 90 degree configuration, with belt driven twin overhead camshafts per bank, having a total capacity of 3185cc, with a bore and stroke of 83mm x 73mm. The sprint from 0 to 60 mph was made in 7,4 seconds, while top speed was of 155 mph.