{"id":708560,"date":"2023-08-03T17:00:00","date_gmt":"2023-08-03T15:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=708560"},"modified":"2023-08-03T14:48:31","modified_gmt":"2023-08-03T12:48:31","slug":"south-africans-bought-8-ferraris-last-month-this-is-what-they-got","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/708560\/south-africans-bought-8-ferraris-last-month-this-is-what-they-got\/","title":{"rendered":"South Africans bought 8 Ferraris last month – this is what they got"},"content":{"rendered":"\n

The National Association of Automobile Manufacturers of South Africa\u2019s (Naamsa) New Vehicle Sales stats for July 2023 revealed that eight Ferraris were sold in South Africa for an estimated total of around R43.8 million.<\/p>\n\n\n\n

This number is surprising, considering the financial pressures that face the majority of South Africans, such as high-interest rates, food inflation, and elevated fuel costs that have been partly caused by rampant and long-standing load shedding in the country – which has also forced households to spend on alternative sources of power.<\/p>\n\n\n\n

Naamsa’s latest report highlighted how these financial burdens have affected South Africans. The association noted that new passenger car sales had declined by a notable 9.7% year-on-year in July \u2013 a telling sign that South Africans have pulled back from buying new cars as they continue to find ways to recover from mounting financial pressures.<\/p>\n\n\n\n

In a country where economic challenges persist, the sight of a Ferrari cruising the streets can raise eyebrows. However, a select few individuals in South Africa defy economic odds to fulfil their automotive dreams.<\/p>\n\n\n\n

These individuals are typically those that are largely unaffected by economic challenges due to their mass accumulation of wealth.<\/p>\n\n\n\n

Some high-net-worth individuals in South Africa are part of the global elite, and the allure of owning a Ferrari transcends borders, and they don’t let economic fluctuations deter them from indulging in their passion for luxury and speed.<\/p>\n\n\n\n

Additionally, owning a Ferrari opens doors to exclusive social circles. Buyers often have extensive networks and enjoy connecting with like-minded individuals who share their passion for luxury automobiles and high-end living.<\/p>\n\n\n\n

According to TopAuto’s Ferrari experience<\/strong><\/a>, owners are invited to model-specific events that are themed according to their car\u2019s personality, which can be anything from hardcore track days to tasteful cocktail parties.<\/p>\n\n\n\n

You are also put on the list to be invited to Ferrari\u2019s \u201cloyalty events\u201d, 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.<\/p>\n\n\n\n

Ferraris that sold last month <\/strong><\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The cheapest model sold by Scuderia South Africa, the official Ferrari dealer in the country, is the Ferrari Roma, with a base price of R6.3 million rand.<\/p>\n\n\n\n

The most expensive model sold in July was the Ferrari SF90, which can be had for an estimated cost of R14.9 million.<\/p>\n\n\n\n

The combined cost of the eight Italian sports cars sold last month is estimated to be approximately R43.8 million. <\/p>\n\n\n\n

It must be noted that some of the prices listed below are sourced from Scuderia Ferrari’s listing of preowned 2021 and 2022 models \u2013 apart from the Roma and 296 GTB.<\/p>\n\n\n\n

This means that these prices are a good indication of what was paid for these cars; however, the actual costs of these sportscars could vary.<\/p>\n\n\n\n

Another reason it is hard to get an accurate price is that prospective new car buyers are not allowed to buy a base model Ferrari.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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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.<\/p>\n\n\n\n

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%.<\/p>\n\n\n\n

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 \u2013 22 times the average salary in South Africa.<\/p>\n\n\n\n

The eight Ferraris, the number of units sold in July 2023, and their base or estimated price are listed below.<\/p>\n\n\n\n

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Ferrari Roma – R6,300,000<\/strong><\/p>\n\n\n\n