The crash caused a three-car pile up involving the red Ferrari, a Nissan Navara and a Subaru Impreza on Punt Road in South Yarra about 4.30pm yesterday.
In the footage the Ferrari can be seen losing control, smashing into the Nissan Navara and causing it to briefly be airborne.
Eric Moller was in his car with his one-year-old when he witnessed the collision.
“The Ferrari was hooning on the other side of the road and I looked in my rear view mirror just as it happened,” he said.
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“It was good everyone walked away considering the damage.”
Police said the drivers were spoken to at the scene and there were no serious injuries.
Anyone who witnessed the collision, or if you have dashcam, please contact Crime Stoppers on 1800 333 000.