During the last week, much has been written about the “Driven By Disruption” auction Dec. 10 by RM Auction/Sotheby’s.
Most of that reporting was about Janis Joplin’s Porsche, which sold for a mildly outrageous sum of $1.6 million (plus fees), which beat the estimate about 2.5 times. Other top-dollar cars were mentioned as well, especially the first Aston Martin DB4GT Zagato sold in almost a decade, or the Ferrari 290 MM that was driven by the famous Juan Manuel Fangio in the Mille Miglia. Both cars brought even more eye-watering amounts of money – $13 million for the Aston, $25.5 million for the Ferrari. The Aston even set a historical record for the most expensive British car ever sold at auction.
The message is clear: The collector car market is not only alive and well, it’s thriving. Cars sell for ever-higher sums and they are a marvelous investment value. After all, they aren’t making any more classic Ferraris and Astons, are they? So the value can only go up, right? (Read More…)
Last night, it became official: Alberta, the largest producer of oil in Canada, ended the 40 year reign of the Progressive Conservatives in favor of the New Democratic Party (NDP), a democratic socialist party.
This could mean big changes in the energy sector, from oil patch to gas pump.
New car sales in the U.S. had crashed from more than 17 million a year to below 10 million. It did not faze you. You buy used anyway. Let someone else eat the depreciation. Now the slump is catching up with you, and you will pay through your nose. (Read More…)
Thinking of cashing in on Saab’s misfortunes? Contemplating your own bankruptcy deal, where you can buy a brand new (well, nicely aged on the dealer lot) Saab for pennies on the dollar? Think again. Edmunds.com Senior Consumer Advice Editor Philip Reed says you will be in for a nasty surprise: (Read More…)
Edmunds is tracking an $1,800 average increase in the price of used cars, as new-car sales have faltered with the shaky economy. But the increase in prices isn’t solely due to Americans tightening their belts and buying used instead of new. The biggest price increases by nameplate appear to be for large SUVs and vans like the Cadillac Escalade, Chevy Suburban, Dodge Grand Caravan, BMW X5 and Acura MDX. Edmunds senior analyst Joe Spina explains
So many economic factors affect automobile sales and prices. It’s believed that the program delayed purchases prior to the program and also pulled sales forward while in place. The program also eliminated inventory of older vehicles that were traded and then scrapped… Now, those who need trucks and large SUVs are buying them and in many cases are turning to used vehicles as a way to save money. Prices are high because this demand comes at a time when inventory is low as a result of the current shortage of lease returns and trade-ins for vehicles of this type.
Edmunds’ “Large SUV” segment shows prices up by nearly $7k per vehicle (over July 2009), compared to increases of less than $500 per vehicle for midsize and compact cars over the same period. Gas prices, meanwhile, are nearly unchanged from July of last year. Clearly something is affecting the price of used SUVs… if it’s not Cash-For-Clunkers, what is it?