Extravagantly update car, finally, and exchange Ford for Ferrari, perhaps (5,2)
I believe the answer is:
trade up
'extravagantly update car finally' is the definition.
I don't know anything about this answer so I can't tell whether it can be defined by this definition.
'exchange ford for ferrari perhaps' is the wordplay.
I cannot quite understand how this works, but
'exchange' could be 'trade' (trade is a kind of exchange) and 'trade' is found in the answer.
The remaining letters 'up' is a valid word which might be clued in a way I don't understand.
This may be the basis of clue (or it may be nonsense).
'and' is the link.
Can you help me to learn more?
(Other definitions for trade up that I've seen before include "Buy a bigger property" , "Buy larger house" , "Buy a better model" , "Move to a larger property" .)