Certain cars, especially classic models, can sell at auction for jaw-dropping amounts. For certain people with deep pockets, a vehicle is more than just a tool to get you from one place to another. It is beauty and elegance incarnate in machine-form. This is why they do not think twice before purchasing certain types of cars at auctions for astronomical prices.
Some models, such as the 1960s Ferraris, can sell for tens of millions of dollars at public car auctions. To most people, such prices are ridiculous; however, you need to remember that only a handful of such limited-edition classic cars exist. Therefore, in addition to buying a machine, the winning bidder is purchasing a piece of history. Some of the priciest cars ever sold at auction include:
Ferrari 250 GTO
This beauty sold for a staggering $48.4 million in 2018 at RM Sotheby’s auction. This amount is enough to sicken or shock most people. That said, Ferrari produced only 36 units of this model, making it a collector’s item and an investment. Consider that its previous owner, Greg Whitten, purchased it for one-tenth of its selling price back in 2000.
When new, these Ferraris were going for about $18,000. Given the most recent selling price, this is quite an incredible investment. In 2014, another Ferrari 250 GTO sold for just over $38 million at Bonham’s Quail Auction. Its previous owner also made a huge profit on his original investment.
This classic Ferrari model sold for $35.7 million in 2016 at Artcurial’s Paris auction. Produced between 1957 and 1958, this sports racing model has a V12 engine and can reach a top speed of about 186 mph (300 Kph). Serious collectors of Ferrari racing models value this car because of its impressive in-period racing provenance chassis.
The Mercedes-Benz W196 was a Formula One racing car that sold for an astonishing $29.6 million in 2013. Manufacturers built it between 1954 and 1955. It won nine races at the expert control of racing legends like Stirling Moss and Juan Manuel Fangio.
Ferrari 290 MM
Sold for $28 million at RM Sotheby’s auction in 2015, this classic Ferrari was driven by the great Juan Manuel Fangio in the 156 Mille Miglia race, where he finished fourth. This means that the new owner got a bargain if you can believe it. Ferrari built quite a few 290 MM cars for this specific race. The MM post-nominal refers to Mille Miglia.
Ferrari 275 GTB/4*S NART Spider
In 2013, this front-engine classic Ferrari model sold for $27.5 million at RM Auctions. Produced between 1964 and 1968 these sleek vehicles have a V-12 engine and come in 2-door spider or 2-door coupe body styles.
Other classic cars that sold for mouth-watering amounts include:
• Ferrari 275 GTB/C Speciale – $26.4 million in 2014.
• Aston Martin BDR1 – $22.5 million in 2017.
• Duesenberg SSJ – $22 million in 2018.
• Jaguar D-Type – $21.8 million in 2018.
If you can afford to purchase any of the masterpieces above, money is not a problem for you. However, if you are broke and need quick cash to pay your bills, you can apply for car title loans. The online application process is simple and easy, and it will help you save time.