These young go-getters will nevertheless still have to wait the customary 2+ years until they get their hands on their very own new Ferrari.
While the youth of today often lament their financial struggles, juggling multiple jobs just to afford rent for instance, there is nevertheless clear evidence that at least some millennials out there are doing exceptionally well in their lives. And the latest indication of this comes from Ferrari, which recently revealed that 40% of its new buyers are currently under the age of 40.
Ferrari CEO Benedetto Vigna recently shared this statistic with CNBC during CONVERGE LIVE in Singapore, highlighting a striking shift in the brand’s customer base. Just 18 months ago, only 30% of Ferrari’s new buyers fell into this (relatively) younger age bracket, meaning the number of young owners has surged significantly in a short period.
The head of the prancing horse marque currently attributes this success in capturing a younger demographic to the entire team working behind the brand, rather than any single strategy. Vigna remarked, “I don’t know, for other brands, but for us, it is an achievement thanks to our team.”
Even with a growing pool of younger buyers, Ferrari remains committed to being an ultra-exclusive marque. As of last year, nearly three-quarters of all Ferraris were sold to existing customers, reinforcing the brand’s tradition of prioritising loyalty over sheer volume.
What more is that while the young go-getters may have been vocal about wanting their new prancing horse yesterday, prospective buyers who want their own new Ferrari just the way they like it will nevertheless still need to exercise some patience. The brand is after all still keeping its production tight, in spite of the many urges from their clients to cut down on the more-than-two-year delivery window.
Vigna insists that the current two-year wait time is part of what makes Ferrari ownership so special. “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 shared recently.
He then recounted a younger client’s concerns about receiving his Ferrari before turning 40. “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.’”
On the topic of Ferrari’s future, Vigna reiterated that the automaker remains on track to unveil its first EV on October 9th. This first-ever tailpipe-less prancing horse will be manufactured in Italy and will be among six new models set to debut this year.
While some loyalists to the brand have vowed never to embrace an electric prancing horse, Vigna is nevertheless confident that there will be strong demand for an all-electric Ferrari. “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 internal combustion, the hybrid one, and we will also make electric,” he stated.
