A quick lesson on scales.

The scale of a "scale replica" is quite simply a proportional reduction in the size from the real deal.
Often referred to as 1:1, or full scale.

In this case, the scale is 1/24th of the size of the original.
I have also heard it described as 1 inch is equal to 24 inches. So for each inch on the scale model, that same measurement would be 24 inches on the full scale item.

But 1/24 of the original size gives you good idea.

Here are two different Ferrari models, one is 1/24 scale, and one is 1/43 scale.

Kits and diecast come in a wide variety of scales.
There are 1/12, 1/20, 1/24/, 1/25, 1/43 all being fairly common to model cars.

Airplanes due to their larger size are common in 1/48, 1/72, and 1/144.

Smaller full scale pieces such as motorcycles are often done in 1/12 scale.

And if you are doing battleships, 1/350 and smaller are common.

Here is a 1/12 Ferrari (in red) with the 1/24 scale, and 1/43 scale versions again.

There is also a 1/64 scale Hotwheels Ferrari in Blue.
Lastly is just an American quarter I had in my pocket at a refernce point that most people are familar with.