For many people, owning a Ferrari will only ever be a dream, but for those who have perhaps seen success in life, it’s often a nice way to reward themselves for their hard work – or perhaps it’s the luck of being born into wealth.
Either way, there used to be just be two ways to purchase a Ferrari: walking into a dealership, dropping down a sizeable deposit and then waiting until your bespoke is built and delivered, or by buying a pre-owned Ferrari.
The first option is a safe bet but comes with the limitation of what you can buy (more on this later), while the second option, although it’s a much quicker alternative, can be fraught with as much danger as buying any other car in the used car market.
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That’s where the Ferrari Approved program comes in.
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Now expanded to include a wider variety of models, the Ferrari Approved program effectively restores a Ferrari that’s up to 16 years old back to its original, factory condition.
The Ferrari Approved program allows the owner of any Ferrari that’s under 16 years of age and has travelled less than 120,000km to agree on a sale price with their dealer or offer the vehicle on consignment to their dealer.
The dealer will then conduct the Ferrari Approved inspection, a 201-step process which goes over the entire car from front to back to restore it to factory condition.
This includes addressing things like marks on panels, battery capacity in hybrid models, and even aftermarket engine modifications. The car will present just like it did when it left the factory.
What are the benefits to a buyer? Well, the immediately obvious one is that you’re buying a vehicle that has been effectively restored to factory condition. You’re also getting two years of additional warranty and roadside assistance for extra peace of mind.
We recently had the chance to see one of these detailed inspections taking place on a 296 GTB at a Ferrari dealer near the Italian brand’s Maranello headquarters.
The level of detail was remarkable – picking up things like minor marks on sections of the leather seat trim, scuffing on parts of the rear bar and even verification of accessories fitted to the car to ensure they were purchased through Ferrari instead of being aftermarket add-ons.
While the process can be brief on vehicles that have been well cared for, it can be quite a complex process for modified vehicles or those with damage due to regular use. Indeed, Ferrari claims that over 90 per cent of the cars it has manufactured are actually still on the road.
But… there are two other benefits that aren’t immediately as obvious.
First is the wait time – the car is here and it’s ready to go, so there’s no waiting like there is for a brand-new vehicle order.
Secondly, you’re starting a relationship with your Ferrari dealer.
Ferrari Approved vehicles can only achieve their status through an authorised dealer and can only be sold through an authorised dealer. As a result of spending money at your dealer, you go further up the list for access to the coveted models that are typically reserved for returning customers.
Buying sought-after Ferraris like the Icona and Supercar series of vehicles actually requires a strong purchase history, but the Ferrari Approved program lets you own the Ferrari you want now, and allows you to start building up that repeat-buyer portfolio.
Typically, the process requires you to own several of Ferrari’s ‘entry-level’ models before you are offered the chance to buy something a bit rarer.
So, you can get away with buying something like a used SF90, then perhaps switch into something else as exciting while also putting your hand(s) up for something new off the line down the track.
Beyond the Ferrari Approved program, Ferrari also offers Ferrari Premium for Ferraris aged between 10 and 20 years old, and finally Ferrari Classiche, which involves the certification of a vehicle’s provenance and access to events exclusively for Classiche customers.
The Classiche program is incredible, from a certification point of view.
At Ferrari’s headquarters in Maranello, there’s a room that houses documentation for every Ferrari produced since 1947. Details on 50,000 Ferraris exist in this one room. And because Enzo Ferrari was such a good record keeper, you’ll also find assembly sheets and original drawings for every Ferrari model created since 1947.
When a Ferrari goes through Classiche, virtually every single part of the car is checked for authenticity to ensure it’s genuine and, if there are any inconsistencies, they are rectified prior to certification.
One thing I did find a bit strange is that every buyer of a new Ferrari gets seven years of servicing included in their purchase price, but the car only has a three-year manufacturer’s warranty.
That warranty can be extended at a cost to the buyer up to eight years. The powertrain can then be further warranted for a total period of 16 years, adding another eight years on to the end of the vehicle warranty period.
At the end of the eighth and 16th years of warranty, there’s also an option to get a full hybrid battery replacement free of charge – designed to help put at ease buyers concerned about battery degradation.
All of this means Ferrari stands alone when it comes to purchasing a used car. Many premium carmakers offer approved used car programs as part of their aim to deliver a more exclusive buying experience and maintain residual values, but this is different.
I’ve done a lot of factory tours and car company ‘immersions’, but it’s clear that Ferrari has built a history of loyal followers and customers because of its focus on exclusivity and investment value. The factory now produces far more cars than it did 20 years ago, but it still doesn’t feel like a mass-production line designed to pump out cars at volume.
The care, precision and passion to produce the best cars humanly possible is unique and clearly on display. And purchasing a Ferrari Approved vehicle is a smart way to become part of a family of enthusiasts that looks after its customers, because buyers of certified used Ferraris are treated the same as those who buy new.