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🏎️ Gas station explosion!
Turbo Times
February 13, 2024
Good morning. Welcome back to Turbo Times!
News from The Paddock
A fireball erupts as a woman drives straight into a gas pump (luckily, nobody was hurt!) 🧨
Unveilings
🚀 Audi Launches RS6 Avant GT: A Limited-Edition IMSA GTO Tribute at almost $200,000
Audi has unveiled the limited-edition RS6 Avant GT, a high-performance estate car that pays homage to the iconic Audi 90 Quattro IMSA GTO. This ultimate version of the RS6 features a twin-turbo V8 engine producing 621bhp and 627 lb-ft of torque, achieving a 0-62mph sprint in just 3.3 seconds and a top speed of 190mph. Distinguished by its aggressive engineering, the RS6 Avant GT includes adjustable coilover suspension, carbon ceramic brakes, and distinctive 22-inch Avus concept-inspired wheels. Limited to just 660 units globally, with 60 allocated for the UK at £176,975 each, this IMSA GTO-themed missile blends heritage with cutting-edge performance and design.
🏁 Alpine A424 Hypercar Set to Conquer Qatar with F1-Infused Tech at 670bhp
Alpine has officially unveiled the A424 Hypercar, poised to compete in the 2024 Hypercar series. This cutting-edge racer, revealed alongside the brand's F1 car, is set to challenge giants like Peugeot, Porsche, Ferrari, and Toyota with its 670bhp turbocharged V6 engine, adhering to LMDh regulations. Limited to a minimum weight of 1,030kg and featuring a 50kW hybrid system, the A424 is a product of Alpine's collaboration with Mecachrome, boasting an engine configuration unique to the grid. The A424, embodying Alpine's road car DNA in its carbon fiber bodywork, marks a significant step in the brand's motorsport legacy, highlighting a blend of innovation and heritage. Take a look at the track lap 👇️
Industry Insights
💸 Tesla Factory Workers Receive Pay Boost Across the U.S.
Tesla has recently increased the hourly wages of its factory workers across the United States, with rates now ranging from $22 to $39. The adjustment, which took effect on January 8, varies by region to reflect the cost of living, with the highest wages being paid in California locations like Fremont and Palo Alto. This move comes as Tesla, employing over 140,000 people, aims to offer competitive pay amidst increasing unionization efforts within the industry. The pay structure includes seven levels for factory workers and a performance-based bonus system named Cyber Wallet, offering rewards such as paid time off, cash bonuses, or stock options.
🔋 GM Boosts Electric Future with Battery Expert Kurt Kelty
General Motors (GM) has taken a significant step towards realizing its all-electric future by hiring Kurt Kelty, a renowned battery expert and former Tesla executive, as vice president of Batteries. In this role, Kelty will oversee GM's comprehensive battery cell strategy, focusing on raw materials, research, technology development, commercialization, and recycling. His appointment aims to enhance GM's battery development capabilities, leveraging his extensive experience in battery chemistry, supply chain management, and the establishment of Tesla's Gigafactory. Kelty's move to GM underscores the company's commitment to leading the electric vehicle (EV) market, supported by its Ultium battery platform designed to power a wide range of EVs.
📉 Nissan Faces Record Plunge in Market Value Amid China Sales Struggle
Nissan Motor Co. experienced its most significant stock plunge in over two decades, dropping 12% following quarterly earnings that fell short of expectations, leading to a revised downward forecast for car sales amid intense competition in China. The rapid growth of Chinese brands like BYD, offering affordable electric vehicles tailored for the local market, has notably diminished Nissan's foothold. This setback is particularly impactful for Nissan, which has seen China as its largest market until 2022 but has struggled to rebound from internal turmoil and the arrest of former Chairman Carlos Ghosn. The decline erased $1.8 billion of Nissan's market value after announcing a 20% lower-than-expected operating profit of 141.6 billion yen ($948 million) for the third quarter and reducing its global vehicle sales outlook by 150,000 cars to 3.55 million, largely due to its performance in China.
Sale of the Week
Marking a significant moment in the realm of luxury electric vehicles, a 2024 Rolls-Royce Spectre with the Launch Package was bid to $451,000 on February 6, 2024. This nearly new Spectre, showing just 99 miles on the odometer, represents Rolls-Royce's inaugural journey into fully electric vehicles, combining exquisite craftsmanship with advanced technology. The vehicle is powered by dual Synchronous Motors, offering a combined output of 584 horsepower and 660 lb-ft of torque, housed within an alluring Tempest Grey exterior complemented by Scivaro Grey and Charles Blue leather interior.
Equipped with a 120-kWh battery pack for a WLTP-certified range of 329 miles, the Spectre showcases partially-polished 23" wheels, regenerative braking, and an array of luxury amenities, including ventilated, heated, and massaging front seats, a Shooting Star leather headliner, and a 16-speaker Bespoke Audio sound system. Sold by the dealer limited in Miami Shores, FL, this sale not only highlights the growing interest in high-end electric vehicles but also cements the Rolls-Royce Spectre's place as a pinnacle of modern automotive luxury and innovation.
Buying?
Understanding how depreciation affects the value of a car is crucial for making informed purchasing decisions. Here’s a deeper dive into minimizing the financial impact and identifying vehicles that best retain their value.
Depreciation: The Silent Cost
Depreciation is the loss in value of a vehicle over time, with the steepest drop occurring in the first few years of ownership. This reduction can vary significantly depending on several key factors:
Brand & Model Reputation: Vehicles from brands with a reputation for reliability and longevity, like Toyota and Honda, tend to depreciate less.
Supply & Demand: Limited supply and high demand can slow depreciation. Special editions or models in high demand often see slower value loss.
Vehicle Condition & Mileage: Well-maintained vehicles with lower mileage depreciate at a slower pace.
Market Trends: Electric vehicles and hybrids are currently experiencing slower depreciation rates due to growing environmental concerns and rising fuel prices.
Vehicles That Defy the Norm
Some vehicles defy standard depreciation rates due to their build quality, brand loyalty, or status as a cult classic:
Toyota Tacoma & Honda Civic: Renowned for their durability, these models maintain value exceptionally well.
Luxury Brands: High-end vehicles like Porsche 911 or Tesla Model S often see slower depreciation, attributed to brand prestige and cutting-edge technology.
Off-Road & Adventure Vehicles: Models designed for off-roading, such as the Jeep Wrangler, retain value due to their rugged durability and timeless appeal.
Smart Strategies to Combat Depreciation
Research is Key: Use depreciation calculators and historical data to choose models known for retaining their value.
Prioritize Condition: Invest in regular maintenance and keep detailed records to enhance your car’s resale value.
Consider Usage: High mileage can accelerate depreciation, so consider your driving habits before purchasing.
Timing Your Sale: Selling your car before it hits major depreciation milestones (like the end of a warranty period) can maximize its value.
Lease vs. Buy: Leasing might be a smarter choice for models that depreciate quickly, allowing you to avoid the steep initial drop in value.
Enhancing Your Investment
Choosing a car is more than just about the initial price; it's about considering the total cost of ownership, including how well it will hold its value. By selecting a vehicle that depreciates more slowly, maintaining it diligently, and being strategic about when you sell, you can significantly reduce the financial impact of depreciation.
Depreciation need not be a deal-breaker but a factor to be managed through smart buying decisions, helping you get the most out of your automotive investment.
Upcoming Automotive Events
Miami Boat Show: Miami, USA, Wednesday, February 14th - Sunday, February 18th (Learn more here)
Atlanta International Auto Show: Atlanta, USA, Thursday, February 29th - Sunday, March 3rd (learn more here)
This Week In Automotive History
On February 2, 2004, the Dodge Ram SRT-10 etched its name into the annals of automotive history by setting a Guinness World Record as the "World's Fastest Production Pickup Truck." Achieving a blistering two-lap average speed of 154.587 mph on the 4.71-mile oval at the DaimlerChrysler Proving Grounds in Michigan, the Ram SRT-10 surpassed the previous record held by the Ford SVT F-150 Lightning.
The Record-Breaking Achievement
The momentous record was certified by Guinness World Records and the Sports Car Club of America (SCCA), marking a new pinnacle of performance for production trucks. Behind the wheel was NASCAR driver Brendan Gaughn, who remarked on the unparalleled experience of setting a world record with the truck.
Engineering the Ultimate Performance Truck
Developed by the minds behind the Dodge Viper and Plymouth Prowler, the Ram SRT-10 was a marvel of engineering. With extensive wind tunnel testing and a commitment to creating the ultimate performance truck, the team delivered a vehicle that boasted 500 horsepower and a race-inspired design, combining sports car handling with the utility of a pickup.
A Legacy of Speed and Power
Recognized by Guinness World Records for its exceptional speed, the Dodge Ram SRT-10 challenged perceptions of what a production pickup could achieve. By the end of its production in 2006, only 10,143 units had been built, including both regular and quad cab versions, making it a rare find for enthusiasts.
Hunting for a Legend
Today, locating a Dodge Ram SRT-10 for sale is a rare opportunity, with pristine examples commanding premium prices. One such truck, with just 24,000 miles and equipped with a V10 engine and six-speed manual transmission, was listed for $66,888 CAD—around $50,000 USD
Thanks for tuning into this week’s TurboTimes. See you at the same time next week!