A Ferrari driver was left counting the cost in Adelaide after crashing his newly-purchased, uninsured sports car into a tree on Wednesday night, seriously injuring a male passenger. The passenger was badly injured after the driver of the Ferrari, reportedly purchased only a week ago, smashed into a tree in the Adelaide suburb of North Brighton. The crash involving the 1991 Ferrari 348, worth between $90k and $110k and sporting 'Plesur' number plates, took place at around 8.25pm on King George Avenue. Scroll down for video . A passenger was badly injured after the driver of the Ferrari, bought only a week ago, smashed into a tree in the Adelaide suburb of North Brighton . Despite the driver coming out of the accident unscathed, his male passenger suffered head and leg injuries. A South Australia Ambulance spokeswoman said the passenger was conscious when paramedics attended the scene and was taken to Flinders Medical Centre. Traffic Superintendent Garry Stewart said that speed was likely a factor and there was no evidence of drink-driving. The passenger was conscious when paramedics attended the scene and was taken to Flinders Medical Centre . The Adelaide Reporter reports that Superintendent Stewart said the driver took a corner just before he lost control of the supercar. ‘Yes, I would say speed was a factor,’ he said. ‘There’s no evidence of drink-driving on the driver’s behalf.’ The crashed 1991 Ferrari 348 is thought to be worth between $90k and $110k . The Advertiser also reported that the owner had only purchased the 1991 Ferrari 348 a week ago and it was uninsured. King George Avenue was closed to traffic near the crash scene for about two hours.
Driver crashed his uninsured sports car into a tree on Wednesday night .
The Ferrari was reportedly purchased by the owner only a week ago .
A male passenger was also seriously injured in the crash .
The 1991 Ferrari 348 is worth between $90k and $110k .
The passenger was conscious and was taken to Flinders Medical Centre .