The name Ferrari is recognized worldwide as a symbol of luxury, style and incredible power and speed. But its sports cars also aren’t cheap — in 2018, a Ferrari became the most expensive car in history when a 1963 Ferrari 250 GTO sold for a reported $70 million.
Classic Ferrari cars may be out of reach for most of us, but that doesn’t necessarily mean you can’t have the Ferrari model of your dreams. Ferrari Financial Services (FFS) offers ways to buy or lease one of its vehicles as do banks and online lenders. We’ll describe the options available through FFS, as well as the alternatives.
With a 2019 Ferrari starting around $200,000, Ferrari owners often have different financial needs and considerations than the average car buyers, including tax-planning needs and strategies for freeing up cash for other investments.
Ferrari Financial Services, with its direct connection with Ferrari, can help manage your financing to meet your needs. Ferrari declined to provide financing terms and credit score requirements but it’s safe to say your APR and other terms will vary, based on your credit score, income and other factors.
Ferrari Financial Services also offers two programs for collectors:
You most likely won’t find nationwide discounts for members of the military or cash incentives on certain models as you would with other manufacturers, but it’s worth checking for local incentives with the Ferrari dealership near you — we found examples of leasing specials in San Antonio and Las Vegas.
Certified pre-owned. Though Ferrari does not offer incentives on its certified pre-owned cars, it may be one way to get a Ferrari at a lower price. Yes, it’s a used car. But unlike a car you buy from a private party, a certified pre-owned car has been inspected, approved and guaranteed with a 12-month warranty by Ferrari.
According to Ferrari, before any car can be declared approved, it must pass rigorous factory technical checks and controls, involving at least 101 checks on the car — inside and out. A factory-trained technician then takes the car on a test drive and makes a written evaluation, before the pre-owned car is made available to a new owner.
The warranty excludes parts that are replaced due to normal wear, such as tires, brake pads and discs. Coverage does include 12 months of roadside assistance, including 24/7 breakdown assistance in any location, travel and accommodation costs, and a replacement rental car when possible, for the duration of the repairs.
Ferrari Financial Services also provides financial services for certified pre-owned cars.
Even if you plan to get financing through Ferrari Financial Services, it’s still a good idea to check out other lending sources first, just to be sure you are getting your best deal.
Before you apply through Ferrari Financial Services, compare APRs and terms at a few lenders. Better yet, get a no-obligation loan pre-approval that you can compare with the deal Ferrari offers you.
To apply for Ferrari financing or for help with FerrariSelect or FerrariDirect, contact your authorized Ferrari dealer representative at 201-816-2670.
Leasing may make Ferraris and other luxury cars more affordable to many people. It helps that Ferraris hold their value better than the average car, which helps them have a higher residual value at the end of the lease. Also, Ferrari drivers typically drive fewer miles, so mileage restrictions are less likely to be an issue.
It’s difficult to say what those mileage restrictions might be — Ferrari declined to share specifics. But manufacturers generally charge for excessive mileage and wear.
Lease terms range from 13 to 60 months. The lease may be open-ended or closed-ended:
Even if you think you want to finance through Ferrari Financial Services, it’s a good idea to shop around to make sure you’re getting your best rate possible.
LendingTree provides a fast and easy way to look for auto loan offers. You can get up to five no-obligation offers from lenders based on your creditworthiness so that you can choose the best deal for you.
Keep in mind that some lenders may cap auto loans at $100,000, which might not be enough to cover the cost of a new or used Ferrari.
It would be hard to describe the Ferrari mystique to someone unfamiliar with the brand, which is synonymous with status, style and muscle power. The prancing horse on a yellow badge — the symbol of Ferrari — inspires devotees worldwide. Ferrari enthusiasts even have their own theme parks in Abu Dhabi or on the Spanish coast.
The company was founded by Italian Enzo Ferrari, who made his mark as a race car driver from 1919 to the mid-1920s, when he retired to build racing cars. He took over the Alfa Romeo racing department in 1929.
In 1939, Ferrari started his own manufacturing firm, but the WWII years found him building machine tools, not his own cars. It could be said that the real Ferrari story began after the war in 1947, when a 125 S drove through the factory gates on Via Abetone Inferiore in Maranello, Italy.
Today, the company is a major force in the racing world, with the most successful racing team in Formula One history, Scuderia Ferrari. Over the years, Ferrari began to also focus on powerful, luxurious cars designed to be driven outside the race course.
Since 2010, the company continues to expand into emerging markets, and has added models with superior comfort and drivability, while retaining the superb performance for which Ferrari owners are more than willing to pay.