Ferrari CEO says 40% of new car buyers are now under 40 years old

Ferraris are becoming increasingly popular among younger buyers, with the CEO of the luxury automaker revealing that 40% of new buyers are now under the age of 40.

That reflects a significant upswing from just over 18 months ago, when Ferrari’s chief said the figure stood at 30%.

“40% of the new clients are below 40 years,” Ferrari CEO Benedetto Vigna told CNBC on the sidelines of CONVERGE LIVE in Singapore.

“I don’t know for other brands, but for us, it is an achievement that is thanks to our team,” he added.

The Maranello, Italy-based manufacturer is well known for keeping a tight rein on the production of its cars, seeking to maintain the brand’s promise of exclusivity. Indeed, as of last year, nearly three-quarters of all Ferraris were sold to existing customers.

Famously, founder Enzo Ferrari once said that the company would “always deliver one less car than the market demands.”

Vigna shared a couple of examples during a fireside chat at CONVERGE LIVE of prospective buyers urging the company to speed up production. He insisted, however, that the more-than-two-year wait time was an integral part of what he described as a “very pleasant” experience.

“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 told CNBC’s Robert Frank on Thursday.

“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,'” he added.

Looking ahead, Vigna said Ferrari remains on track to roll-out first fully electric vehicle on Oct. 9.

The upcoming EV model, which will be manufactured in Italy, is one of six new models the company plans to unveil this year.

Asked at CONVERGE LIVE about potential demand for an all-electric Ferrari, Vigna said: “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 combustion, the hybrid one, and we will also make electric.”

Vigna added that while it is true some customers will never purchase an electric Ferrari, other prospective buyers have indicated they will only take an EV.