The share of new Ferrari buyers who are under the age of 40 has soared in the last two years as newly minted millennials, undeterred by two-year-long wait lists, give a window into the luxury carmaker’s future customer base.
Ferrari CEO Benedetto Vigna says under-forties now account for 40% of Ferrari’s new clients, according to an interview with CNBC. That’s a marked jump on the 30% of new buyers who were estimated to be under the age of 40 when Vigna last gave a figure in 2023.
“I don’t know for other brands, but for us, it is an achievement that is thanks to our team,” Vigna told CNBC.
Buying a Ferrari is, arguably, intentionally difficult. The luxury carmaker sells a fraction of the cars mass-market carmakers ship each year.
Vigna says waiting lists for a new Ferrari currently sits at two years. This can create problems for older customers keen to get the most out of their car in their twilight years, as well as for its new, younger customers. Vigna told CNBC one 37-year-old customer was anxious to receive his Ferrari before his 40th birthday.
“Don’t worry, you will get it when you are 39,” Vigna recounted.
The difficulty of buying a Ferrari is reflected in its underlying numbers. Ferrari shipped just 13,663 cars in 2024 while raking in profits of €1.25 billion ($1.36 billion).
With a market cap of $80 billion, Ferrari is the 35th-most valuable company in Europe. By contrast, it was only the 492nd-largest company in Europe by revenue in 2023.
Most of Ferrai’s customer base has been forged over decades. In 2024, Ferrari sold approximately 81% of its new cars to existing Ferrari owners and 48% to buyers who currently own more than one Ferrari.
Meanwhile, more than 90% of Ferraris ever made are still on the road, with an established resale operation ensuring high-quality Ferraris stay in circulation years after their first sale.
However, the carmaker is no different than other luxury competitors in needing to find a new crop of younger customers to maintain dominance through the rest of the century.
In some instances, this play for millennial drivers has focused on flexibility. Jaguar Land Rover (JLR), through its venture arm InMotion Studios, set up rental and subscription services that give drivers temporary access to Range Rovers and off-road Land Rover vehicles without the commitment of ownership.
JLR also announced plans to invest £65 million ($81 million) in two plants to expand its paint combinations, allowing super-rich drivers to match the color of their car with their private jet.
Improving customization options has become carmakers’ main priority to lure new customers.
Ferrari is no different. The carmaker made a fifth of its revenues in 2024 from personalization. While customization represents a lucrative revenue stream, it does create a dilemma for Ferrari and its exclusivity proposition.
Vigna said the carmaker was considering predefining its color combinations to preserve a Ferrari car’s resale value, wary of buyers in Ferrari’s popular resale market being deterred by the design choices of early buyers.
“Our new clients are 10% younger than all the clients we have in the world. So the prancing horse is kicking strong,” Vigna said in 2023 when the new-clients-under-40 figure stood at 30%.
