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Goldman Sachs

June 23, 2026

Ferrari Residual Value Tracker

EquitiesConsumer Discretionary

The report highlights the sequential stabilisation of Ferrari's residual values in May 2026 despite continued US weakness and a widening gap between hybrid and non-hybrid model pricing.

Key Takeaways

  • 1.The GS Ferrari Residual Value Index is down -5.4% yoy as of May 2026, but is stable month-over-month (+0.12%).
  • 2.Regional divergence persists; Germany is improving, while the US shows sustained underlying weakness.
  • 3.A clear widening gap in residual value between hybrid and non-hybrid Ferrari models persists.

Table of Contents

  • Overall stabilisation despite US weakness, Germany leads regional gains, and widening powertrain gap
  • Luxury Competitor Benchmarking: Ferrari outperforms luxury peers on residual value pricing while hybrid weakness not unique to Ferrari
  • Thesis, Estimates, Valuation & Key risks
  • Appendix: Luxury RV Tracker methodology
  • Disclosure Appendix

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Authors

Christian FrenesRobert TriulziMonika Mengting Liu, CFAShivam Kotecha

Securities

RACEAston Martin

Themes

Residual Value DepreciationHybrid vs ICE Demand

Regions

GlobalUnited StatesGermanyItaly