Neither one nor the other! Red was the national color of Italy in competition. The Scuderia Ferraris were therefore red but a Ferrari entered by a Belgian team was yellow and an American one was white with a blue band. This tradition stopped with the arrival of sponsors and their advertising decorations in 1968, except for factory Ferraris! Let's bet that this exception influenced the fashion for mostly red Ferraris on the road in the 80s and 90s, despite the many colors offered in the catalog.

Let's add that Modena, Land of Ferrari is colored yellow, which is found on the Scuderia logo and coat of arms.