Could This Become the World’s Most Expensive Car?

most expensive car

Could This Become the World’s Most Expensive Car?

World’s Most Expensive Car

Got your eyes on a sweet, new ride this year? The luxury car market is a hot market to be in so it’s a good place to put your money if you’re interested in a new set of wheels. You have plenty of choices, as well. From sports cars to classics and from restoration projects to exotics, there’s no end to your options. So what about the price? If money is no object then feel free to splurge on whatever catches your fancy, and if you really want to make a splash then check out this beauty. It combines that classic feel with a sporty look that screams exotic. Plus, it just might be the most expensive car in the world.

Would You Pay $55 Million for a Car?

This 1962 Ferrari 250 GTO could surpass the current world-record holder for a most expensive car, a matching red model, which sold for $38.1 million back in 2014. The reason this particular model could fetch even more is because of its alternate color. This beauty, still painted in its racing colors blue with a white stripe could earn its owners, Talacrest, as much as $55 million or perhaps more. That’s just the asking price. It’s possible it could fetch even more if there are enough interested bidders. This car has a history, too. It was the second of 39 total 250 GTO models ever produced and it was the first of its kind to actually race competitively. It wasn’t just for show, either. The car made 17 podiums in 27 races, despite the fact that it should have never been allowed to race.

Fooled by Ferrari

Due to the fact, Ferrari didn’t make at least 100 models, which was a racing guideline as the time, it should have not been allowed on the track. However, Ferrari was able to give the appearance of having created more models by using non-sequential chassis numbering, which succeeded in convincing racing officials that more cars of the same model existed.

Is Ferrari’s Future Foundation Solid?

Meantime, while this car could end up being the most expensive car to ever sell, 2016 was a tougher year for Ferrari. While the year-to-date growth rate for classic Ferraris was up for the year, the increase was a meager 3.3 percent, which is the slowest growth rate for the company since 2009. By comparison, the growth rate for the entire classic car segment was 8.06 percent. The good news is that over the last five years, Ferrari has experienced a 20.5 percent growth increase combined. As for the future, the company does expect more growth in 2017 with increased demand. However, the question that still remains to be answered is whether or not there will be an oversupply, which ultimately would hurt the company’s growth margin.

Ready to Cruise

In any case, if you have some extra money burning a hole in your pocket and some extra space in your garage, then you could always throw down $55 million for this rare, one-of-kind blue beauty.

 

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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