Ferraris don’t come cheap.  In fact a Testrosa just sold for $16 million at this year’s Pebble Beach classic car auction.  So while we save up for next 50 years to afford some italian engineering goodness, we’ll have to settle for this Thrustmaster steering wheel.

Believe it or not, the Ferrari 458 Italia Racing Wheel is the first ever of its kind that is officially licensed by both Ferrari & Microsoft XBOX 360.  In addition to built-in controls for the Xbox 360, and a set of pedals, they’ve also included a Ferrari Manettino dial to modify in game options and features while mid race.  The wheel itself measures 11-inches in diameter, is coated in a non-slip rubber, has dual metal flappy paddle gear shifters and includes a “Bungee Cord” automatic centering system that provides resistance over a 270-degree angle.  And to complete the feature set, there are 8 action buttons, an Engine Start D-pad, an Xbox 360 Guide button and a connector for the Xbox 360 headset and microphone.

The Thrustmaster 458 Racing Wheel for Xbox 360 will be available this October for $89.99.

Holiday Gift Guide 2011: Xbox 360Thrustmaster F1 Replica Racing WheelSteelseries SRW-S1 Racing Wheel (video)Thrustmaster Ferrari Wireless GT Cockpit 430 Scuderia Edition Review