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News from The Paddock

Volvo Supertruck 2 looks ready to extend a ramp for K.I.T.T.

Cruise opens robot taxi service in Houston.

Porsche launches $590,000 speedboat.

Unveilings

Kia's Electric Trio: EV3, EV4, and EV5

Kia has made a significant splash in the electric vehicle market with the unveiling of three new EVs—EV3, EV4, and EV5—at their EV Day in Korea. Each model targets a different segment, promising to make electric mobility more accessible and exciting.

EV3: The Budget-Friendly Electric SUV

The EV3 is Kia's answer to affordable electric SUVs. It features a windscreen-forward design and a long, sloping roofline for improved aerodynamics. Inside, the EV3 offers a versatile space with moving seats and tables, and it incorporates sustainable materials like Mycelium. This compact SUV is expected to hit production soon, offering a stylish yet economical electric option.

EV4: The Electric Sedan

The EV4 is Kia's first electric sedan, built on the Hyundai Motor Group’s e-GMP platform. It showcases Kia's new 'Power to Progress' and 'Opposites United' design philosophies, resulting in a dynamic-looking EV with a spacious, tech-rich interior. The EV4 is part of Kia's plan to introduce smaller EVs ranging from $35,000 to $50,000.

EV5: The Family-Focused Electric SUV

Revealed earlier at the Chengdu Motor Show, the EV5 is a mid-sized SUV aimed at Millennial families. It comes in three specs: standard range with a 64kWh battery and 329-mile range, long-range with an 88kWh battery and 447-mile range, and long-range AWD with a 404-mile range. The interior is designed to feel like an extension of the home, featuring adjustable lighting and various seat patterns.

Kia's new electric lineup is a clear indication of the brand's commitment to electrification, with plans to sell up to 1.6 million EVs annually by 2030. Check out more details from Kia's EV Day below 👇.

BMW i5 Estate: Charging Into the Electric Future

BMW unveils its all-electric i5 estate, a groundbreaking addition to the brand's 5-series lineup. With prices starting at £73,200 in the UK, the i5 is slated for its first deliveries in October 2023. Underneath its sleek exterior lies a choice between two powertrains: the eDrive40 with a 335bhp electric motor and a range of up to 361 miles, and the high-performance M60 xDrive, boasting 590bhp and a range of 282-320 miles. The i5 also features cutting-edge aerodynamic elements, including optional Air Performance wheels and active kidney-grille control. Inside, the cabin is adorned with BMW's Curved Display and a new vegan leather upholstery called 'Veganza.' BMW aims to set a new standard in the electric executive car segment with the i5. Check out more details on this electrifying estate below 👇.

Sale of the Week

Sale of the Week: 1963 Ferrari 250 GT Lusso - Sold for $1,402,000

This 1963 Ferrari 250 GT Lusso, one of only 350 ever built, recently changed hands for a staggering $1,402,000. Sold by FantasyJunction and located in Emeryville, California, this Italian masterpiece has a storied history and a meticulous restoration to its name.

Under the hood, the car sports a replacement 3.3-liter Colombo V12 engine, paired with triple Weber 40 DCZ6 carburetors and a four-speed manual transmission. The engine overhaul was carried out by Patrick Ottis in 2007, ensuring that the car runs as smoothly as it looks.

The exterior is finished in a sleek black paint, a change from its original blue, and features 15" Borrani wire wheels that have been refurbished to perfection. The car's braking system has also been updated, featuring vacuum-assisted four-wheel disc brakes.

Inside, the cabin is a luxurious affair with tan leather upholstery covering the fixed-back bucket seats, center console, and door panels. The Nardi wood-rimmed steering wheel has been refurbished, adding a touch of classic elegance to the interior.

The car underwent extensive refurbishment between the early 2000s and 2014, including overhauls of the engine, carburetors, transmission, brakes, and suspension. The work is well-documented, with invoices dating back to the late 1990s.

This 250 GT Lusso is not just a car; it's a piece of automotive history, blending Ferrari's racing pedigree with grand touring luxury. The sale includes refurbishment records and a clean California title, making it a collector's dream.

Here's a closer look at this iconic Ferrari 250 GT Lusso 👇.

Buying Guide

Understanding Car Depreciation Before You Buy

The Basics

Car depreciation is the loss in value your car experiences over time. It's crucial to understand this when buying, selling, or insuring a vehicle.

How to Calculate

The most accurate way to know your car's worth is through a free car valuation tool, which considers factors like age, mileage, and optional extras.

Why Cars Depreciate

Factors like wear and tear, mileage, and market demand contribute to depreciation. Manufacturer reputation and maintenance history also play a role.

Depreciation Rates

New cars can lose 20-30% of their value in the first year and about 15% each year after. However, recent new car shortages have made used cars hold their value longer.

Exceptions to the Rule

Some rare or limited-edition models can actually appreciate in value due to market demand and exclusivity.

Electric Cars

Electric vehicles depreciate differently, mainly based on battery health and technology updates.

Impact on Insurance

Insurance companies pay the actual cash value (ACV) of the car in total loss cases, not the amount you paid for it. Consider gap insurance if you're financing your car.

Factors Affecting Depreciation

• Mileage: Higher mileage usually means lower value.

• Previous Owners: More owners can mean more risk and lower value.

• Brand Reliability: Reliable brands hold value longer.

• Size and Fuel Economy: Smaller, fuel-efficient cars depreciate less.

• CO2 Emissions: Lower emissions can make a car more desirable.

Tips to Slow Depreciation

• Maintain a full MOT and service history.

• Keep the car clean and well-maintained.

• Get repairs done promptly.

• Limit mileage when possible.

• Avoid modifications that could lower value.

Understanding depreciation can help you make a smarter buying decision and possibly save you money in the long run.

Nascar Roundup

Race Results:

1. Kyle Larson

2. Christopher Bell

3. Kyle Busch

Kyle Larson clinched the first spot in Championship 4 after a nail-biting win at Phoenix Raceway, narrowly beating Christopher Bell in the final laps. Bell now sits just three points below the Championship 4 cutline as the series heads to Homestead next week.

Just look at how close of a finish it was…

Upcoming Automotive Events

SEMA Show: Las Vegas, USA, Tuesday, 31st October - Friday, November 3rd.

Central Florida International Auto Show: Florida USA, Thursday, November 2nd - Sunday, November 5th.

This Week in Automotive History

The Jeep CJ-5: An Off-Road Legend Celebrates Its Anniversary

This week, we're taking a trip down memory lane to celebrate the anniversary of the Jeep CJ-5, a vehicle that has become synonymous with off-road adventure and American ingenuity. It was on this day in 1954 that the first CJ-5 rolled off the production line, setting the stage for a model that would span three decades and undergo numerous transformations.

The Jeep CJ-5 was born out of the necessities of the Korean War and a corporate transition to Kaiser. Designed to replace the CJ-3B, the CJ-5 would outlive its predecessor, setting a precedent for its own longevity. This vehicle's resilience became one of its defining features, making it one of the most enduring models in automotive history.

Between 1961 and 1965, the CJ-5 and its sibling, the CJ-6, offered a unique British-made Perkins Diesel I4 engine. This 192 cubic inch, 62 horsepower engine provided an alternative for those seeking more muscle in their off-road escapades.

The 1970s saw another significant change as American Motors Corporation (AMC) took over Kaiser Jeep. This transition led to the phasing out of the Buick engine and the introduction of AMC's own engines, repositioning the CJ-5 as a sporty, performance-oriented vehicle.

The CJ-5 underwent several more transformations before production ceased in 1983. From engine upgrades to frame improvements, this iconic vehicle adapted to the times while maintaining its rugged essence.

As we commemorate the Jeep CJ-5, we celebrate not just a vehicle but an enduring symbol of American adventure and innovation. It has left an indelible mark on automotive history, inspiring generations to explore the great unknown.

Industry Insights

🔒 UAW and Ford at Impasse: What's the Cost?

The United Auto Workers (UAW) union is in a standoff with Ford over wage and benefit negotiations. Kumar Galhotra, head of Ford's combustion vehicle unit, stated that the company is "at the limit" of what it can offer. The strike at Ford's Kentucky Truck factory, the company's most profitable, could have a ripple effect, idling about 4,600 Ford workers and affecting thousands more in the supply chain. Analysts estimate Ford could lose about $150 million per week due to the strike. Both sides are feeling the pressure as they navigate the high-stakes negotiations.

📈 U.S. EV Sales Break Records: Surpass 300,000 in Q3

In Q3 2023, U.S. electric vehicle (EV) sales set a new record, surpassing 300,000 units for the first time. Year-to-date sales reached over 873,000, putting the market on track to exceed 1 million. Tesla's market share dropped to 50%, its lowest ever, despite a 19.5% growth in sales. Other automakers like Volvo, Nissan, Mercedes, and Hyundai saw increases above 200%. EVs accounted for 7.9% of total industry sales, a new record. Lower prices and higher inventory levels contributed to the surge, with 14 new EV models entering the market.

Thanks for tuning into this week’s TurboTimes. We’ll be back again next week to bring you all the updates on the world of cars.

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