In this article RACE-IT Follow your favorite stocks CREATE FREE ACCOUNT The Ferrari F50 at Salon Prive London, held at the Royal Chelsea Hospital. Martyn Lucy | Getty Images News | Getty Images Ferraris are becoming increasingly popular among younger buyers, with the CEO of the luxury automaker revealing that 40% of new buyers are now under the age of 40. That reflects a significant upswing from just over 18 months ago , when Ferrari's chief said the figure stood at 30%.
"40% of the new clients are below 40 years," Ferrari CEO Benedetto Vigna told CNBC on the sidelines of CONVERGE LIVE in Singapore. "I don't know for other brands, but for us, it is an achievement that is thanks to our team," he added. The Maranello, Italy-based manufacturer is well known for keeping a tight rein on the production of its cars, seeking to maintain the brand's promise of exclusivity.
Indeed, as of last year, nearly three-quarters of all Ferraris were sold to existing customers. Famously, founder Enzo Ferrari once said that the company would "always deliver one less car than the market demands." Vigna shared a couple of examples during a fireside chat at CONVERGE LIVE of prospective buyers urging the company to speed up production.
He insisted, however, that the more-than-two-year wait time was an integral part of what he described as a "very pleasant" experience. watch now VIDEO 2:18 02:18 Volatility in U.S.
market hasn't affected Ferrari, says CEO: 'We are watching' Converge "One client at 78-y.