A 1962 Ferrari 250 GTO became the most expensive car ever to have the gavel dropped on it at an RM Sotheby’s auction during Monterey Car Week. How much did the the cavallo rosso sell for? A jaw-dropping $48.4 million.
That’s the kind of money you’d expect someone to spend on a second-hand jet fighter, not an automobile. But it’s not as wild of a price for a vintage Ferrari as one might expect. The previous auction record was also set by 250 GTO. That vehicle, a 1963 model, was sold for $38.1 million four years earlier.
Around Ford’s hundredth anniversary, heritage was all the rage. The company had already reintroduced the throwback Thunderbird and the Mustang was returning for the 2005 model year looking as close to the late-1960s units as possible. However, the corner piece of the company’s birthday cake was assuredly the GT40-inspired supercar the Blue Oval had in development.
Getting a little help from Carroll Shelby himself, Ford created the much-hyped car and offered it for sale in 2004 — with the left headlight reading “100” to celebrate the company’s centennial anniversary. Originally priced at $150,000, the first-generation Ford GT can easily go for twice as much on the secondhand market, with superior examples exceeding $500,000 at auction. With prices like that, you probably thought you’d never have an opportunity to own this particular piece of automotive history.
You would also be wrong, because there is a 2005 Ford GT for sale right now that nobody’s bidding on, and it carries an incredibly low reserve.
People aren’t buying nearly as many new cars these days, but at least one aspect of the vehicular marketplace is still thriving — auto auctions. Nearly 18 million vehicles were eligible for the auction block in 2016.
While not all of those 18 million vehicles were sold, they still pushed the business beyond the $100 billion mark and made 2016 the best year on record, continuing five years of industry growth.
Thanks largely to swollen used car inventories, 2017 looks to continue that trend. Volume for 2016 was up 2 percent over the year before and has continued to creep upward at the start of 2017.
The elderly man who drove the SUV involved in a crash that resulted in three deaths at a Massachusetts auto auction last Wednesday hasn’t held valid driving credentials in several years. Apparently, the 76-year-old man — whose name remains withheld — had his license suspended in 2012 after numerous incidents a year earlier, including impeding traffic, missing inspection stickers, and a license plate violation. It was never reinstated. His driving record also shows seven other accidents dating back to 1987 and license suspensions on four separate occasions.
Lynnway Auto Auction released a statement after his driving history became public. “We were unaware of the change in status of the driver’s license until the police told us after the accident,” explained Lynnway president Jim Lamb. “When we hired him in 2010, he had a valid Massachusetts driver’s license. As he has had no issues while driving for Lynnway for the past seven years, we were surprised and upset to learn this development.”
Three people were killed and at least nine others injured on Wednesday when a 2006 Jeep Grand Cherokee suddenly accelerated into a crowd of customers at an auto auction in Billerica, Massachusetts, just north of Boston. Driven by a LynnWay Auto Auction employee, the SUV impacted attendees and proceeded to crash through a concrete exterior wall.
Massachusetts State Police issued a tweet Friday, stating, “At this point, there is no evidence or information to suggest the incident was caused by an intentional or terrorist act. All evidence and information at this time suggests an accidental cause.” It is, however, continuing its investigation into what exactly caused the accident.
There it stood, right next to the Michael Jordan Wheaties display.
A brand-new 1992 yellow Geo Metro convertible.
Price Chopper, a local New York supermarket chain (think Pathmark or Albertson’s on crack) was opening up a brand new location in Saratoga Springs.
The Metro would be the perfect vehicle for upstate New York’s salty roads and wickedly cold weather for one irrefutable reason. It was free… after tax, tag and title. The only thing I had to do was figure out how to win it.
So I got busy. 150 entries a day for 3 full months. 13,000 in all. The day came for the drawing, and I won!
The bases are loaded and the score is tied. Two outs in the bottom of ninth. 3 balls. 1 strike.
You know this pitcher better than you know your brother. The last pitch had almost cleared the left field pole, and the entire stadium. Your swing was as beautiful as Mickey Mantle in his prime. Just a few inches to the right and you would have been on your way to a private party with friends instead of another walk back to the batter’s box.
The catcher signals, and you catch one finger out of the very corner of your eye. Fastball. The pitch comes, right down the middle. It’s almost like a dream and yet, you can’t do anything about it.
The stomach pangs in stress and anguish as the rest of your body remains still. You watch it go past. The thud in the catcher’s mitt. The umpire bellowing, “Stttaaarrriiikkeee!!!” Your manager had told you not to swing and now, you have 50,000 fans booing as you curse under the breath and step away from the batters box.
Will you get a pitch that good again? The pitcher grins as he now knows, his mistake ended up giving him an advantage.
Auto enthusiasts often dream of taking an exotic car through some of the nicest stretches of winding roads the world can offer.
Hairpin turns… beautiful smooth roads…. nice scenery… and all the power and finesse one can summon in a car made for the perfection of that very moment.
Ferrari, Porsche, Lamborghini, the list of great cars serving this unique purpose of vehicular bliss is as long as the opportunity is unique. Even the most frugal of gearheads want to experience this thrill sometime between now and their eventual nirvana.
But then again, I may be completely wrong on all of this. Actions speak louder than words in the enthusiast community, and what I find inside a lot of gearhead garages looks a bit like…
Everyone has a certain point with their daily driver when they would rather see money back in their pocket, instead of seeing more money fall out of their pocket.
Time marches on. That old clunker loses it’s endearing qualities and then, what do you do?
Well, the answer depends a lot on what type of vehicle you’re trying to sell… which is why I’m introducing Carmax’s wholesale operations into this write-up.
When I peruse the websites of some of my local yards, it seems like some of these cars have very little damage but some insurance adjuster has written them off based on whatever metric the company uses.
I’m an experienced shadetree mechanic and it seems like getting a 3-4 year old car for 30% of its original MSRP would be a screaming deal, and since warranty coverage is no longer an issue, it comes down to diminished value on the salvage title. I tend to keep my cars for 8-10 years so who cares.
Here’s where my doubts creep in.
If it was such a great idea, I would have surely read more about it. In the case of this one nearby yard, they have a huge collision repair facility. So why aren’t they repairing and flipping these cars? Googling doesn’t provide a whole lot on the pros and cons, just on the procedural aspects.
Any experience or stories ?
Imagine you’re going on a 27 mile hike over the course of three days.
It’s a long journey ahead. Hills nearly as big as mountains. Wet and slippery ground everywhere.
And the sun? It can beat you down to the point where you feel as ragged as a wore out mop. There will be no hiding from the obstacles ahead. None.
Now imagine if your partner for this journey came up to you, and the first words he blurted out were, “Those are some nice boots you have! But I got a killer deal on mine.””
Would you think they were, well, a schmuck? To put it lightly?
Now consider this…
I admit it. Every once in a while I buy a vehicle that simply doesn’t work out.
Everything checks out at the auction. But then, I get a birthday surprise.
It could be a transmission that randomly goes out of overdrive after about 20 or 30 miles. Or an engine that has far too many aged wires for me to easily track down a stubborn check engine light.
Sometimes I buy a 4000-pound ATM machine that only allows you to put money into it; a rolling lemon, par excellence. Then I have to figure out how to make it into lemonade, lemon meringue pie, lemon tart, and even repair fodder for the other rides on the road that are still lemon-free.
Lemons are never fun… but every once in a while fate has a wonderful way of smiling on a pitiful set of circumstances.
It’s amazing what having a ton of cash can buy you these days. For example, if you have a tween daughter with big dreams to be on stage singing about her favorite Asian foods, up to $4,000 can buy her a music video featuring a clown in a panda costume, plus the music and lyrics.
That said, why allow your daughter to become the next big viral sensation (for all the wrong reasons), when for the right price, you can buy a wrecked 1995 Ferrari F50?
I woke up bright and early on Monday morning, 7:00 AM. A wake-up time reserved for maniacs and those who have circadian rhythms that are the exact opposite of yours truly.
Just a 10 mile drive to a neighboring auto auction. A nice stroll to a back lot loaded with 91 cars for the 9:30 AM sale. The beauty of the day seemed to shine before me as I looked at what was supposed to be an immaculate 1987 BMW 524td that had all of 69,000 miles.
149 vehicles were sold in 1 hour. From a 2008 Mercedes C300 Sport with 71k that went for $21,400 (plus fee) to a 1998 Lincoln Town Car Executive with 263k that went for $1,600. Seeing that one go down the line for that price made me feel pretty good. I had bought a mint one with 100,000 fewer miles for the same price the week before. But by the end of the day I felt pretty crappy overall. Why?