Luxury Car Resale Values Dropping Almost As Hard As Crypto Values
Image: Mercedes Benz
The bankruptcy filing of crypto firm FTX has sent shockwaves through the markets. The digital currency’s value is falling hard, personal net worths are also taking a dive. It’s even more apparent when it comes to luxury cars on the market. Crypto investors are selling their luxury cars like hotcakes and it could be affecting the resale value of the market, reports the New York Post.
Some of the most popular models that people buy up when they come into money like the McLaren 570S and 600 LT or the poster child for the rich, the Mercedes G-Wagen are all seeing more cars on the market at much lower values. The unknown head of a luxury dealer, user CarDealershipGuy on Twitter, noted that a 2021 G-Wagen with just over 3,300 miles recently sold for $187,000. While that may seem like a lot (it is six figures), he points out it’s a 30 percent drop from the nearly $300,000 figures G-Wagens were going for earlier this year.
CarDealershipGuy’s incoming messages are full of crypto investors looking to get rid of their luxury and exotic cars. And he’s not the only one, as multiple car-buying sites have seen an increase in exotic car listings as of late. Another Twitter user highlighted the number of McLarens that have appeared on AutoTempest.
Same with Autotrader. A rep for the site told the Post that listings for cars over $100,000 have gone up in the last three years. In 2019 six-figure listings were 0.16 percent. This fall they’re up to 0.69 percent. And as the crypto pyramid continues to fall, that percentage of listing will continue to rise. Crypto investors are panicking, and while they may not fully recover from that very public shame, the damage to the luxury and exotic car market still has a chance to return to form.
