Naamsa’s New Vehicle Sales stats for October 2023 revealed that eight Ferraris were sold in South Africa for an estimated total of around R53.9 million.
It’s surprising to see this number, especially when considering the financial challenges that the majority of South Africans face, such as high interest rates, food inflation, and increased fuel expenses caused by rampant and long-standing load shedding in the country.
Naamsa’s latest report highlighted how these financial burdens have affected South Africans. The association noted that new passenger car sales had decreased by 2% year-on-year in October – marking the third month of consecutive decline in sales.
Even in a country where economic challenges persist, it’s not uncommon to spot a Ferrari cruising the streets. Some individuals in South Africa, who have amassed significant wealth, are able to fulfil their automotive dreams despite these economic challenges.
For these high-net-worth individuals, owning a Ferrari is a symbol of global elite status and a passion for luxury and speed that transcends borders. They don’t let economic fluctuations deter them from indulging in their passion.
In addition to the thrill of owning a Ferrari, it also opens doors to exclusive social circles. Ferrari buyers often have extensive networks and enjoy connecting with like-minded individuals who share their passion for luxury automobiles and high-end living.
According to TopAuto’s Ferrari experience, owners are invited to model-specific events that are themed according to their car’s personality, which can be anything from hardcore track days to tasteful cocktail parties.
You are also put on the list to be invited to Ferrari’s “loyalty events”, where it partners with establishments such as the Rovos Rail and Kruger Park to spoil its customers with the best attractions the country has to offer.
Ferraris that sold last month
Considering Naamsa reported eight Ferraris were sold last month, BusinessTech decided to look into the models sold and to get an idea of how much they cost.
Of the two models sold last month by Scuderia South Africa, the cheapest model sold is the Ferrari Roma, with a base price of R6.3 million.
The most expensive model was the Ferrari 296 GTB, which can be had for an estimated cost of R6.8 million. The combined cost of the eight Italian sports cars sold last month is estimated to be approximately R53.9 million.
It must be noted that the true cost of a Ferrari as prospective new car buyers are not allowed to buy a base model Ferrari.
While an owner of a Ferrari may have the same model, Ferrari insists that owners add unique customisations to their cars to make them one-of-a-kind. According to TopAuto’s visit, almost every aspect of a Ferrari is customisable, depending on how much additional cash someone is willing to spend.
This means that the true price paid for these vehicles is tough to estimate, so we looked at the base cost or selling price of one of these Ferraris.
To give you an idea of these owners’ wealth, one would have to earn R557,764 per month to finance the cheapest base model. This assumes the experts’ recommendations that you spend no more than 25% of your income on vehicle finance. It also assumes a finance period of 60 months, a 0% deposit, and an interest rate of 11.75%.
This means those that can afford the cheapest base price Ferrari is firmly in the top 1% of the country, earning an annual salary of R6.7 million a year – 22 times the average salary in South Africa.
The eight Ferraris, the number of units sold in July 2023, and their base prices are listed below.
Ferrari Roma – R6,300,000
- Units sold: 1
Ferrari 296 GTB – R6,804,200
- Units sold: 7