New Ferrari owners waiting to get behind some of the most powerful supercars in the world can now experience a hassle free ownership experience with the new warranty scheme that covers a Ferrari vehicle for a period of 12 years. Starting from 1st May, Ferrari will implement an all new warranty scheme divided into two programs. The first program, much like Ferrari vehicles is called ‘Power Warranty’ and extends the existing ‘factory-backed’ cover, which is renewable every year until 12 years after the car’s first registration.
The second program adds additional two years to Ferrari’s existing standard three-year manufacturer’s warranty, providing a total of five years of cover. Ferrari also stated that the new renewable warranty program can be applied to cars that have not been covered by previous warranty extensions, subsequent to certain technical specifications. For clients renewing the new power warranty, Ferrari has also launched two new special offers. Owners get a 15 percent renewal incentive year-on-year and an additional 15 percent incentive if no warranty work was carried out in the previous year.
Ferrari did not mention what exactly is covered in the new warranty program, nor have the prices been revealed for each of the warranty programs. The Italian supercar maker has been pushing its need to maintain the exclusivity of its exotics cars. The company even cut production in 2013, limiting the number of vehicles manufactured every year to just under 7000 units. Limited number of volumes results into every car sold being more valuable.
A good warranty program, spanning over a decade will help keep the value of the exotic supercars high over time. In spite of the reduction in production numbers, Ferrari’s net financial position has been recorded at an all time high. The company also declared a bonus for every Ferrari employee to a record value of $5650 (Rs. 3.40 lakhs), earlier this month.