Younger And Younger People Are Purchasing Ferrari Vehicles

Ferraris are becoming increasingly popular with younger buyers, with the CEO of a luxury car manufacturer revealing that 40% of new buyers are now under 40. That reflects a significant increase from just over 18 months ago when Ferrari’s boss said the figure was 30%.

“40% of new customers are under 40,” Ferrari CEO Benedetto Vigna told CNBC on the sidelines of CONVERGE LIVE in Singapore. “I don’t know about other brands, but for us, it’s an achievement thanks to our team,” he added.

The Maranello, Italy-based manufacturer is well known for its tight control over the production of its cars, striving to uphold the brand’s promise of exclusivity. Indeed, as of last year, nearly three-quarters of all Ferraris sold were to existing customers.

Founder Enzo Ferrari once said that the company would “always deliver one car less than the market demands.” Vinja insisted that the wait time of more than two years was part and parcel of what he described as a “very pleasant” experience.

Youthful Takeover

“A 78-year-old client had to buy a Ferrari and said, ‘Look, I can’t wait two years.’ I said, ‘This is motivation,'” said Viña. “There’s another guy, younger, 37, and he said, ‘When I’m older, I’d like to get a car before I’m 40.’ I said, ‘Don’t worry, you’ll get one at 39,’” he added.

Looking ahead, Vigna said Ferrari remains on track to launch its first all-electric vehicle on October 9th. The future EV model, which will be produced in Italy, is one of six new models that Ferrari plans to introduce this year.

Asked about the potential demand for an all-electric Ferrari, Vigna said: “I think this is one of the decisions we are more proud of because, during the last day of the capital markets, we as a company said that we will produce three types of cars. Traditional combustion engine, hybrid, and we will also make an electric one.”

Vinja added that while some customers will never buy an electric Ferrari, other potential buyers have pointed out that they will only buy an EV.

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