New Ferrari owners can now rest easy that it will be a full 12 years before they have to worry about paying out of pocket to fix anything that goes awry with their lovely cars.
Starting May 1, the high-end automaker will implement a two-part warranty program.
Owners can add two years to the standard three-year manufacturer's warranty, or they can opt for a "new power warranty," renewable every year until 12 years after the car's registration.
All new Ferraris come with a free, seven-year Genuine Maintenance program.
While this is nice news for wealthy buyers, Ferrari admits something of an ulterior motive in its press release: That maintenance program is designed to keep cars running well, and to "maintain their value over time."
That's a point Ferrari has been harping on lately. After building 7,318 cars in 2012, it announced in 2013 it was cutting production. “My focus this year and in the years to come is not to grow volume but to increase the exclusivity of Ferrari,” chairman Luca di Montezemolo told Automotive News. “This protects our margins and residual values for our customers.”
Fewer cars means each one sold is more valuable. A good warranty program keeps those values high over time.
The plan has worked, so far. Revenues climbed 5% and trading profits were up 8.3% in 2013, "unprecedented figures" that Ferrari says put its net financial position "at an all-time high." The numbers were good enough to net every Ferrari employee a record-high €4,096 ($5,650) bonus.
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