Cutbacks keep the Ferrari frat party going

Ernie Boch, Jr. rests his feet on a 2008 F430 Spider, just $62,000 more than a new one. (John Tlumacki/Globe Staff)

Ernie Boch, Jr., the tutu-wearing, rock band-leading Massachusetts car dealer who sells the most Hondas in the country, said he won't sell as many Ferraris this year at his "Boch Luxe" dealership in Norwood.

Instead of the 34 last year, Ferrari will only send about 20 to 25 this year, Boch said. It's part of Ferrari's plan to keep its current two-year waiting lists steady - heaven forbid they drop to a year-and-a-half - by cutting production some 20 percent, according to a report in the Sunday Globe.

"Where we've made it up is with the preowned," said Boch. "We'll sell more of them. Those prices have come down and spurred the market a little."

Buying a used Ferrari is just like a college freshman's fraternity initiation. Behind the paddling, embarrassment, and obvious extortion going on, he's in love with the whole affair - and knows that exclusive labels come at a cost. Go to any Ferrari dealership anywhere in the world and try to find a used prancing horse that hasn't miraculously appreciated. You won't.

I first saw this two summers ago when I visited the Penske Ferrari dealership in Las Vegas, which happens to be conveniently located past the craps tables in the Wynn Casino. Upon paying $10 for gawking privileges, there wasn't a single new car on display, but plenty of 2005 models with a few thousand miles commanding nearly $100,000 above new sticker prices. Clearly, this would be the worst place to stumble in drunk after winning a big hand.

Ferrari says they don't encourage dealers to mark up prices, but their entire strategy is built around it. Case in point with the 2008 F430 Spider Boch is rubbing his feet on above. The sticker says $279,000, but a 2009 model bases at $217,310. Brand newbies have no other choice but pay their dues with these used entries, and for limited-edition runs like the Enzo, there's simply no chance unless you've owned several.

Ferrari is an MBA's dream, and is all the more incredible considering the flood of flashy, fast exotics on the market today. But nothing, it seems, comes near the attention and sheer lust the Ferrari name generates. Guess that $400 a semester in Boston University frat dues would have really, truly gotten me somewhere.