Buying a Ferrari? Prepare To Wait...

Motoring Channel Staff - 11/May/2007

Sydney, Australia — If you're in the market for a brand-new Ferrari, you're going to need a lot of patience. The average waiting period for a brand new sports car from Maranello is now more than two years says Edward Rowe, the public relations manager for European Automotive Imports, the official Ferrari importer in Australia and New Zealand. 

And it's the same situation in the United States and many other wealthy countries.

Edward Rowe said the national average waiting time for Ferrari's in Australia was "Between two and three years depending on which model you want."

"There are two reasons for this, the first is the simple fact that every Ferrari is built to order. Every single car is different," said Mr Rowe. 

"Point two is that demand is outstripping supply. In an ideal world, Ferrari would like to see a waiting time of 12-18 months." 

The reason this is not happening is that global demand is skyrocketing for what are considered by some to be the epitome of automotive endeavor. Not only are Middle Eastern customers demanding more cars, but Asia - and in particular China - is driving the surge in sales which is increasing the waiting time for new Ferraris.

"Worldwide demand," is driving up the wait time, said Mr Rowe. "China has gone from half Australia's national sales volume a few years ago, then the same volume, then double the volume as Australia today. The factory [in Italy] is running at full capacity.

"Ferrari last year opened an office in Shanghai. For the first time ever, they're doing Ferrari driving courses in China, at the Shanghai racetrack."

Asked about a possible increase in manufacturing capacity, Edward Rowe stated that, "Ferrari doesn't chase volume."

"If someone is eager to buy a Ferrari - and let's face it, when you can afford one you are eager to own own one - nearly new Ferrari's are currently the best option. We get customers into a nearly new model while they've ordered their new model from Italy, and when it arrives down the track they get their brand-new model."

Joe Pinto from Zagames in Melbourne, the official Ferrari dealership in Victoria, said the waiting list in Victoria wasn't quite so high as the national average: "Depending on the model, it varies."

Mr Pinto said, "For the F430 Spider (reviewed here) the wait is approximately 12 months, and 18 months for the coupe. For the 599 GTB it's 12 months." 

We asked Mr. Pinto what course of action is taken if a customer demands a Ferrari right away, and he repeated Edward Rowe's words: "We actively source second hand models - 360s and F430s - and these are very sellable models ranging from $250,000 to $300,000 for the Modena 360."

The same situation in happening globally, including in the United States where the average wait is now three years for a Ferrari. The problem with this waiting list is that by the time you've ordered your Ferrari F430 coupe in 2007, you may not get it until 2009 or 2010. And in that time, a new model may have been launched, effectively superseding the model you originally ordered.

Ferrari sold almost 6,000 cars globally in 2006, which was a record for the company, and it has highlighted that demand for new Ferrari's is far outweighing supply.

One American Ferrari dealer who talked to the Wall Street Journal in the United States, Michael Mastrangelo, said that by the time a customer got his or her car, a new or updated model has already been introduced. He also said that when they did arrive demand was so strong for the Prancing Horses that they often sold for much higher than the manufacturers suggested retail price.

"It's very hard to come into a dealership right now and put in a new order if you are not already a customer," Mastrangelo told the Journal.

"When I get a young person, what I say is, let's start with a used car," Mastrangelo added.

Asian and Middle Eastern markets are the two major contributors to the increase in demand for the high performance Italian cars, highlighted by Ferrari opening its first ever theme park in Abu Dhabi in the oil-rich United Arab Emirates (UAE). The new theme park which will include simulators, multiple race tracks, and luxury hotels (plus lots of Ferraris), is scheduled to be opened in 2008 and is likely to lead to even more sales in the Middle East.

The best advice for exotic car buyers? If you want a Ferrari, plan ahead.