A standard piece of advice when buying a car is that you never hand over any cash until you've taken a test drive. Yet, 250 people ordered a £2m Bugatti Chiron before anybody (including the press) had been allowed to drive one. Welcome to the parallel universe in which the super-rich live – they don't follow the same rules as the rest of us. But then car enthusiasts lucky enough to be high on the Chiron waiting list have a guaranteed investment on their hands.
The life of a super-wealthy car enthusiast is an enviable one. Where most of us can only dream of driving the top marques, these lucky people can truly celebrate their passion for cars. They can turn their dreams into reality and, in turn, become recognised collectors and enthusiasts in the global car community.
However, merely being rich doesn't open the door. Anyone with the money can buy a new Ferrari, but if you're a high net worth enthusiast you can do much more with the world's most desirable motoring brand. As Ferrari's Jason Harris comments: "Ferrari has preferred clients who have a long-standing relationship with the company, but it's not just about spending money. Our most valued clients engage with us by taking part in Ferrari events and competing in our Challenge racing series.
"Once they've shown their commitment to Ferrari, such clients are then able to buy our low-volume models such as the 599GTO and LaFerrari. But it must be done through official channels; buy from independent dealers, and the factory won't recognise you."
Once you have shown your commitment and enthusiasm to Ferrari, your local dealer might look on you favourably when low-volume models are allocated, but as Harris comments: "We made 499 LaFerraris, so those were offered only to the 499 most valuable clients globally. Buying a new Ferrari every few years would not make you eligible; we have plenty of customers who buy five or more new cars a year." Keep making those new-car purchases and engaging with the company, and more doors will open.
© Ferrari The One-Off Series allows the most eligible clients to commission a unique special-bodied Ferrari (such as the 458 MM Speciale) while with the Fuori Series, 10 examples of a car are made (think Japan J50 or F60 America). One-off projects take two years to complete and cost vast amounts of cash – and Ferrari reserves the right to buy the car back if you tire of it, so you can never sell it.
If you're eligible for Ferrari to accept your commission to build a one-off car, the chances are you'll also be highly regarded enough by the factory to be able to buy one of its Formula One cars; they're sold off when they reach two years old. However, even though the car will be yours, you'll still have to take part in Ferrari's F1 driving activities at its global circuit-based events or you won't be invited back; it's all about relationships and trust.
A question of trust
This is a sentiment that's echoed by Peter Haynes of RM Sotheby's, which auctions more ultra-valuable collector cars than anybody else. "There are no rules when it comes to seriously wealthy car buyers," he explains. "Some of the wealthier collectors spend massive amounts of money and it's incredibly important that they're looked after. Attention to detail is everything, which is why auction houses have a client services department, like a concierge. This takes care of everything for the client, such as travel and accommodation around a big sale, which is often part of a big motoring event. The auction company might even pay for this hospitality if it's a really important client."
Tom Hartley, Jr. is renowned for selling some of the most valuable modern and classic cars, so he and his team are used to dealing with demanding clients. "It takes years to build a reputation for being trustworthy – and minutes to lose it," explains Hartley. "We have to make everything as easy as possible because we're dealing with very intelligent people who are very busy. The trust element also can't be understated; the client must always come first. I recently advertised a historic car and verbally agreed to sell it to someone. Soon after, the phone rang and I was asked by a second buyer to accept another £300,000 so he could take possession. Obviously, I would have loved to say yes, but I wouldn't even consider it."
They know what they want
Sheikh Amari has been sourcing the most exclusive supercars for over 35 years now. "Buyers can be very unpredictable, but they usually know what they want. The problem for me is working out what that is. Get a car that is less than perfect and it can be very hard to sell – but a classic that's been heavily restored can be just as difficult to shift because, with older cars, originality can be more important. We recently tried to sell a Porsche Carrera GT with just 400 miles on the clock, but struggled because some buyers thought there must be a problem with it to have had so little use."
© Bugatti One car that Amari won't struggle to sell is the Bugatti Chiron, which is due in next year. But he won't be advertising it openly; this under-the-radar trading is rife at the top end of the market. He comments: "At this level, buyers don't want anybody to know where their cars have come from or how much they've paid for them. With millions of pounds at stake, trust is essential, which is why it can take years for really good relationships to develop at the top end of the car market."
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