Ferrari pre-loved market hotter than ever

Membership of the Ferrari owner’s club is as exclusive as ever, but if you’re planning on snagging a pre-loved bargain to get yourself through the club doors, then you will need deep pockets, as prices for used models are continuing to climb.

In Ferrari’s 70th anniversary year, even the values of some later model vehicles are already exceeding original sale prices.

Last weekend’s Auto Italia car show in Canberra saw around 100 classic and modern Ferrari models join cars from fellow Italian marques in a celebration of Italy’s motoring at its finest.

Speaking at the event, President of the National Ferrari Club of Australia, Mr Michael Rensch, who lists four Ferraris (and one Brock Commodore) among his vehicle collection, said collectors were clamouring for the last of the naturally aspirated V8s.

“Vehicles like the 458 Speciale, with less than 50 in Australia, are really sought after because everyone’s decided they want a normally aspirated engine because they sound better,” Mr Rensch revealed. “These were about $600,000 new, plus options, and they’re trading now for probably $100-200,000 more. “

Simon, a Ferrari enthusiast and club member, travelled from Sydney to Western Australia to buy his red 458 Speciale, which he found listed at www.carsales.com last year. Already a California T owner, he refers to his 458 Speciale as a legalised go-kart on the road.

“If you want to drive from Sydney to Melbourne for the Grand Prix, then the California T is great because it’s a quieter car,” Simon explained. “But if you want to go for a blast for a couple of hours then the Speciale is fantastic. You can feel the car, and you feel the road and you feel the tyres – you have total feeling and control of the car.”

While there are none currently listed for sale, if you’re lucky enough to spot a Ferrari 458 Speciale listed on Carsales and have the money to buy one, then it’s looking like a pretty sound purchase. Simon’s car has already increased in value since he bought it seven months ago in October 2016.

While older vehicles are more affordable, they too are appreciating in value. A convertible Ferrari 355 – powered by a 3.5-litre V8 and now 20 years old - was just shy of $300,000 when new but can now be found for around $150-170,000. Michael Rensch says that five years ago you could have bought one for $100,000.

“If you bought one today and ran it for five 5 years, you’d probably still get back what you paid for it,” Michael said.

Even the flat-12 Ferrari Testarossa is making a comeback. Only ten years ago dealerships were struggling to shift these 1980s icons but now they’re moving up in value and range from the high $200,000s up to almost $400,000 for a good example.

Money won’t buy you everything, however. Unless you’re part of the Ferrari family and meet the requirements of its complex buyer algorithm, you can’t just put your money down and buy the next hot Ferrari collectible.

Buyers need to show brand loyalty before they can be considered for selection just to join a waiting list. The allocation for this year’s 70th anniversary celebration 812 Superfast model was effectively sold out before the car was even announced. To get on the list you needed to have put your hand up months ago and met Ferrari’s exacting demands for buyers.

With such tight restrictions on volume and sales, it’s no surprise Ferrari models continue to be sought after in the brand’s 70th anniversary year. For investors looking for a purchase which is far more engaging than the property market, it is looking very much like the best day to buy a Ferrari was yesterday.