HAGI FERRARI INDEX

FERRARI RECEIVED a very welcome boost of 4.6% in January as other sectors either traded flat or made losses, the most pronounced of these being Mercedes-Benz (MBCI), which shed 3.75%.

There have been periods, more usually in growth phases but also in downward drives, where there has been broad conformity in inter-marque and overall market performance. In other words, although there’s been variation in performance between sectors, they’ve contributed to the same trend. This is not one of those phases.

In the case of the HAGI F Ferrari index, when we last visited in August it was supported at an index level of 325.66 and had recovered to 343.99. That recalled the situation three years previously, when the HAGI F was also propped up at 325. However, this time round the bear-market rally failed to gain traction and in December 2019 the HAGI

F dropped back to 309.36, its lowest level since May 2015.

With the 4.6% boost in January, the HAGI F is back at 323.6. Whether it continues to recover remains to be seen, but what is clear is that the HAGI F has been in a downward trend since peaking at 361.1 in August 2018.

In fact values of some more mainstream roadgoing models from the 1960s and 1970s are back to 2014 levels, although some rarer and more modern cars have proved more resilient. The exceptional remains exceptional, and is distinguished accordingly in value.

However, there’s no doubt that there are pockets within the Ferrari oeuvre that now offer value and opportunity for informed buyers. That’s the upside to the fact that the HAGI F has dropped back a significant 7.28% over the past three years.

See www.historicautogroup.com for more.