Exotic-car collectors continue to shun hybrid Ferraris (Read May's sportscar report) in favor of legacy V8 and V12 petrol-powered models, pushing used-car values sharply higher.
One possible driver is concern over long-term ownership costs: hybrid and fully electric supercars combine complex electronics, high-voltage battery packs, and sophisticated thermal-management systems, creating the risk of astronomical repair bills as these vehicles age.
Goldman Sachs analyst Christian Frenes, the bank's equity analyst covering European automakers including Ferrari, Mercedes-Benz, BMW, Volkswagen, Stellantis, Renault, Aston Martin, and Porsche Automobil Holding, wrote in a Thursday morning note that the Ferrari Residual Value Index climbed 5.8% in August and 13.8% from a year earlier, reaching 102.25.
That pushed the gauge above its January 2025 level for the first time since the bank began systematically tracking used-Ferrari prices.
Under the hood, Frenes said the US led the rally with a 10% monthly gain, driven by both a more valuable mix of cars and higher underlying asking prices. Great Britain advanced 4.6%, although he cautioned that the increase reflected a specials-heavy mix and that comparable prices declined. Italy rose 1.5%, Japan gained 1.3%, and Germany increased 0.9%.
The big story is that since January 2025, used hybrid Ferrari prices have fallen 13.1%, while non-hybrid models have surged 16.4%. The gap widened again in August, with hybrid prices slipping 0.6% as petrol-powered models jumped 10.4%.
Here's a snapshot from the report:
1. US exceptional gains continue as all markets improve: Latest August data show month-over-month residual list-price improvements across all regions, with the USA clearly outperforming (+10.0%), driven both by a strong mix and rising underlying list prices. GB also improved by 4.6% month over month, although the gain was driven by a specials-heavy mix; like-for-like prices declined. Italy (+1.5%), Japan (+1.3%), and Germany (+0.9%) all posted moderate gains.
2. US hunger for legacy V8/V12 persists: Since we began tracking in January 2025, hybrid models have moved -13.1% and non-hybrids +16.4%. The latest August month-over-month data further widened the powertrain gap, as hybrids were broadly flat (-0.6%), while non-hybrids posted material gains (+10.4%). The increase was largely driven by continued exceptional US demand for legacy, phased-out V8 and V12 models, which now list 36% and 30% above rest-of-world prices, respectively, in the US secondary market. We continue to believe this trend is best explained by heightened US collector demand following the reveal of the electric Ferrari Luce.
3. Ferrari extends its luxury-peer lead in August: Our newer cross-brand index (April 2026 = 100) shows Ferrari at 114, versus Lamborghini at 109, Rolls-Royce at 105, Bentley at 103, Aston Martin at 102, and McLaren at 96. Nine of the ten largest model-level gainers since April were pre-hybrid Ferrari V8 or V12 models. Hybrid weakness, meanwhile, remains a peer-wide phenomenon, with Bentley hybrids contributing to the largest model-level losers since April.
The report's most compelling charts show exotic-car collectors shunning hybrid Ferraris in favor of V8 and V12 petrol-powered models:
Collectors are aggressively bidding up the naturally aspirated 812 GTS, powered by a 6.5-liter V12 engine, while avoiding the hybrid SF90 Stradale.
Collectors became especially aggressive in petrol-powered models after Ferrari debuted the all-electric Luce, which has since bombed.
Across the used exotic-car market, Ferraris remain the models most favored by collectors, while McLarens are being shunned.
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