40 percent of new Ferrari buyers are under 40 says brand CEO

As of last year, nearly three-quarters of all Ferraris were sold to existing customers.

Over the years, Ferrari buyers have traditionally been those who are in the later stages of their life. But that seems to have changed. According to information from Maranello, the iconic brand has started to attract a younger clientele, with 40 percent of new buyers being under the age of 40. Earlier the figure stood at 30 percent. For a company that prides itself on exclusivity, this 10 percent rise in just 18 months is a big shift.

“40% of the new clients are below 40 years,” Ferrari CEO Benedetto Vigna told CNBC at the CONVERGE LIVE in Singapore.

“I don’t know for other brands, but for us, it is an achievement that is thanks to our team,” he added.

Despite this trend, Ferrari will stick to its promise of exclusivity. As of last year, nearly three-quarters of all Ferraris were sold to existing customers. The legendary Enzo Ferrari once said that the company would “always deliver one less car than the market demands.”

Vigna also shared a few examples where prospective buyers were urging the carmaker to speed up production. However, he insisted that the more-than-two-year wait time was an integral part of what he described as a “very pleasant” experience.

“One client at 78-years-old had to buy a Ferrari and he said: ‘Look, I cannot wait two years.’ I said: ‘This is a motivation’,” Vigna told CNBC’s Robert Frank on Thursday.

“There is another guy, younger, 37, and he said: ‘When I am older, I would like to get the car before I am 40.’ I said: ‘Don’t worry, you will get it when you are 39,’” he added.

Ferrari is all set to launch its first all-electric model on 9th October. It is part of Ferrari’s six new models to be unveiled this year.

Vigna said: “I think this is one of the decisions that we are more proud of, because during the last capital market day, we as a company said we will make three types of cars. The traditional one — the combustion, the hybrid one, and we will also make electric.”

He went on to say that while some customers will never buy an electric Ferrari, other prospective buyers have indicated that they will only buy an EV.

Source: CNBC