Posts Tagged ‘Million’

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America in recession? I dont think so says Classic Car market…

August 6, 2008

Many are of the opinion that buying classic cars in the US would be the best thing for people outside its four walls at this point in time.

They couldn’t be more wrong.

At a time when many say that the USA is going into recession, the classic car market has not been recorded at a stronger point in the last 12 months, especially with the most recent auction results.

Sure, there may be certain distress sales, but when your talking about pure classics and muscle, you better bring a good bank account with you to the table, as the bidding is going through the roof. Alternatively, if you have been sitting and converting your hard earned cash into Euros – you bet well and can buy more.

SCM and its analysts have a great few things to say about what is and what isn’t hitting the mark in terms of estimates for certain Hemi packed cars or Cobra stinging AC’s  going up on the auction block. Have a look at what they have to say here in an article entitled “Recession Proof Muscle Cars”

http://www.sportscarmarket.com/articles/archives/1429

If you need more convincing, how about a $ 1 Million Ford while youy here? Think I’m joking? Think again. Have a look here:

http://money.cnn.com/video/#/video/fortune/2008/03/13/fortune.callaway.ford.fortune

But to top it all off, a ginger haired ex- Radio DJ from UK has gone and done what no man has done before. That is to buy a 1961 Ferrari California Spyder for over $ 11 Million (previously owned by a certain J Coburn). The Internet still burns with stories covering the event itself. No doubt, the man loves his cars, but paid perhaps a tad too much we think.

http://www.autoblog.com/2008/05/19/1961-ferrari-california-spyder-sells-for-record-10-894-900/

http://uk.reuters.com/article/motoringNews/idUKNOA03787520080520

http://www.luxurylaunches.com/auctions/ferrari_fetches_11_million_at_an_auction.php

There have been numerous records set and many broken this year, in fact so many, I didn’t want to list them just yet.

 We do still have 5 months left in 2008 and I will post the most exciting ones for last.

Till then,

Enjoy.

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