On a high floor of the Toranomon Hills complex in Tokyo, overlooking the Imperial Palace in mid-June, Ferrari rolled out a new model during a special event befitting the luxury surroundings.

Meaning “12 cylinders” in Italian, the 12 Cilindri is named after the Italian sports carmaker’s signature engine design.

Its sticker price starts at 56.74 million yen ($370,000).

Although Japan’s economy is far from booming, supercars such as the new Ferrari model are seeing a resurgence in popularity about 50 years after they drove the country into a frenzy.

In fact, luxury sportscars have been selling even more than they did during the asset-inflated bubble years of the 1980s and early 1990s.

The latest popularity can be attributed to low-interest rates on loans, and the opportunity to capitalize on luxury gas-powered vehicles that are increasingly being replaced by electric alternatives, experts say.

FERRARI ON THE FAST ROAD BACK

A Ferrari executive said that Japan is one of the five important markets in the world for the automaker and that the two countries are deeply connected through common cultural traits such as innovation, design and craftsmanship.

According to the Japan Automobile Importers Association, the number of new Ferraris sold in Japan increased to 644 in 1995 from 45 in 1979.

Sales remained sluggish since then, but Ferrari saw a sharp surge in sales in the past decade.

While 561 Ferraris were sold in Japan in 2014, the figure grew by 2.5 times to 1,395 in 2023.

The company said first-time buyers accounted for about 40 percent of its customers in Japan.

SUPERCARS DEEMED AN INVESTMENT 

Other supercar makers are also seeing their vehicle sales soar in Japan.

The number of new cars sold in Japan by Lamborghini, another luxury carmaker from Italy, increased to 628 in 2023 from 187 in 2014.

McLaren, a British exotic car manufacturer, sold a record 353 vehicles in 2019. It sold 177 cars in 2023, doubling from 88 in 2014.

Hirofumi Takei, a racing driver and automotive critic, said that while supercars are mostly purchased by wealthy customers, they are mainly divided into two groups: those who genuinely love cars and have always yearned for supercars; and those who think of exotic cars as investment collectibles.

“There are many enthusiasts who think supercars are collectors’ items,” he said. “Some cars are sold at a premium, fetching higher prices than when they were purchased, making them a valuable asset across the world.”

Other reasons for their popularity are that the older supercars get, the rarer and more valuable they become, and that there is less risk of purchasing fake ones, he said.

Citing that current interest rates remain low even when the Bank of Japan is shifting toward tighter monetary policy, Takei added: "I think their popularity is backed by the fact that it is easy to borrow money and buy them."

It is expected that gasoline-powered vehicles will continue to decrease in number across the world as they are beginning to be replaced by electric cars.

A source close to a leading automaker said: “Because the decrease in the number of gas-powered cars also contributes to their rarity, I think customers are motivated to purchase them now.”

Japan’s entire auto market is a world apart from when supercars garnered enthusiastic support from fans, and it is even hard to say sports cars are popular today.

Honda Motor Co.’s N-Box mini passenger vehicle was the top-selling car in Japan in 2023, topping new car sales for two straight years.

In fact, four minivehicles made it to the top 10 list of new car sales.

It has also been pointed out that an increasing number of young people are shifting away from cars, in addition to customers becoming more budget-minded.

PROMOTING SUPERCAR CHARMS

Yasuhiro Suyama, 60, head director of the Japan SuperCar Association, has been promoting the charms of supercars for young people.

After establishing the association in 2017, he displays supercars at the Japan Mobility Show, Japan’s largest motor show, and hosts events around the country.

He purchased a 1973 Ferrari, his dream car since he was a young boy, when he was in his 20s.

He still drives the Ferrari, restoring and repairing it as needed.

“I hope children will become interested in cars through supercars, which are attractive crafts,” he said. “The auto industry that drives Japan’s economy could shrink if the number of car enthusiasts decreases.”