Ferrari’s Chief Marketing and Commercial Officer, Enrico Gallierasays that the Italian brand continues to monitor the resale activities of its customers and remains wary of the speculative investment behavior that has increased in limited production models.
“The industry has attracted a large portion of speculators over the last year,” Galliera said. “Speculators or people who buy because there might be an upside… (are those who) have never thought about buying, (but) buy because they can make money.”
Mr. Galliera acknowledged that Ferrari tracks customer behavior to ensure fairness when allocating new vehicles. However, the era of making money by selling cars may be a thing of the past.
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“So the market has been filled by speculators buying to make money. I buy a nice watch. I buy for $10,000, I sell it for $50,000. This is not normal. It happened (during CCOVID). So now we are going back to the new normal that we had before, but no one is ready to accept it,” he said.
“If you buy a car and drive it for three years, it’s normal for it to lose the right amount of value… In general, that’s exactly what happens and everyone complains (now) because they’ve gotten used to making money (through resale).”
During the same discussion, Mr Galliera also commented on the Australian market, particularly in relation to the possible reduction or phasing out of the controversial Luxury Car Tax (LCT).
“Looks like it could happen,” he said. “So new Ferraris will be extremely cheaper than they are today,” he said, adding that while a tax cut may seem positive at first, it could hurt the resale value of existing vehicles.
“Because we’re all thinking about potential benefits. Maybe we’re wrong, we’re crazy, but I’m afraid because the car I’m selling today could cost 10, 15, 20 (a thousand dollars less) – I don’t know what will be – which will destroy the residual value of the used car, which will destroy the purchase of someone who bought the car today.”
Mr Galliera said a gradual reduction in LCT would create uncertainty.
“(It) would be a disaster because if you had to buy a car, you would wait until the car cost less,” he said. “So I would prefer to have a big bang and then make it, (but) whatever the decision is, we will adapt.”
Ferrari Australia continues to see strong demand relative to its small scale. Mr Galliera describes this country as “an interesting market” with knowledgeable collectors and “great love for the brand”.
Ferrari Australia sold 246 cars in 2024, up from 215 in 2023.
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