Ferrari: From Neutral to Drive; Upgrading to OW

研报英文原文证据摘录

Ferrari: From Neutral to Drive; Upgrading to OW

portant swing factor in our channel-check

feedback. Some dealers said clients have become more analytical about depreciation than

they were pre-Covid. Before Covid, a 20-25% depreciation profile on range models was

broadly acceptable, as collectors still compared favourably with most other luxury and

sports cars. The complication today is that many clients are benchmarking current

residuals against the exceptional Covid period, when even relatively mainstream range

models often held value unusually well. This has created a tougher reference point and

slowed some purchase decisions, particularly for cars that are hybrid, highly personalised,

or not obviously collectible. That said, several dealers also highlighted an interesting

offset: some clients increasingly view collectible Ferrari as physical assets at a time when

financial markets are perceived to have risen significantly. We would be careful not to

overstate this as a broad macro driver, but the feedback suggests that for certain high-net-

worth clients, capital is not leaving the Ferrari ecosystem: it is rather being re-allocated

more selectively toward cars with stronger scarcity, heritage and long-term collectability

credentials.

Several checks suggest the negative residual cycle has largely bottomed. The 296 GTB

was repeatedly described as at or near the floor, with transaction activity improving; the

SF90 Coupe and Spider were also viewed as close to stable after a large correction. The

296 GTS may still have slightly more adjustment to absorb where new inventory remains

available, but the broad message was that the market is no longer falling at the prior pace.

One dealer said the 296 market has “speeded up” as buyers have become more