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🏎️ Save on Your Next Car: When (and what) to Buy!
The current car market is tricky, but we've got your back.
Turbo Times
November 07, 2023
Welcome Back, Car Enthusiasts to Turbo Times - your gateway to the world of cars!
News from The Paddock
Unveilings
Ferrari 296 Challenge: Maranello's New Circuit Conqueror 🏁
The Ferrari 296 Challenge has been unveiled as the new dynamo for Ferrari's one-make series, replacing the 488 Evo. With a power boost to 690bhp and a weight reduction to 1330kg, it's engineered for both speed and agility. The 296 Challenge shaves a full two seconds off the 488's Mugello lap time, thanks to GT3-inspired aerodynamics and a significant 870kg of downforce at 250kmh. This track beast ditches the hybrid system for a lighter, more potent V6, ensuring a thrilling and more intuitive drive for racers. Get ready to see it dominate circuits in 2024. Watch the 296 Challenge roar to life in the video below 👇
2024 Mercedes E-Class Estate: Sophistication Meets Space 🌟
The 2024 Mercedes E-Class Estate, starting at £58,000, is the latest luxury addition to the UK market. With a sleek low-angle design and a spacious 615-litre boot, it's the epitome of elegance and practicality. The Estate offers a little more headroom and an air-sprung rear axle for a level ride, even when fully loaded. Available engines include the mild-hybrid E200 and E220d and the swift plug-in hybrid E300e with a 70-mile electric range. Inside, the tech-laden cabin features the Superscreen infotainment system, compatible with apps like TikTok and Zoom. An off-road All-Terrain version is hinted at for 2024, promising rugged capability in a refined package.
Sale of the Week
A pristine 1972 Ferrari Dino 246 GT has just been snapped up for a cool $514,246. This Italian beauty, hailing from Napa, California, is a shining example of vintage allure meeting meticulous restoration.
With a mere 52k miles on the odometer, this E-series Dino GT, one of the roughly 2,900 produced, boasts a 2.4-liter V6 engine with triple Weber carburetors, paired with a five-speed manual transaxle. It recently underwent a comprehensive refurbishment, including a striking Blu Dino Metallizzato repaint and a cabin re-trim in supple beige leather.
Rolling on classic 14" Cromodora five-lug alloy wheels wrapped in Michelin XWX tires, this 246 GT doesn't just stand out—it glides with grace. The power-assisted ventilated disc brakes ensure a stop as smooth as its ride.
Inside, the luxury continues with beige leather bucket seats, a Becker Europa II AM/FM radio, and a heater, all accented by a leather-trimmed MOMO steering wheel with a Dino horn button. The gated shifter and "mouse-fur" dash trim add to the car's classic charm.
The Dino's heart, a mid-mounted Tipo 135CS V6, was meticulously overhauled, including the alternator, valves, and various electrical components. The result is a symphony of engineering precision and power.
This automotive masterpiece comes with a legacy of accolades, including awards from the 2018 Concorso Italiano and the NorthWest region Ferrari Club of America Concourse d’Elegance. The sale also includes refurbishment records, photographic documentation, and a Montana title in the name of the seller’s LLC.
Buying Guide
🚗 Car Buying in Today’s Market: Navigating Prices & Discounts
What's Happening with Car Prices? Car prices have soared post-pandemic but are now on a gradual decline. As of July 2023, expect to pay 33.7% more for new cars and 45.7% more for used ones compared to five years ago. Prices have started to stabilize with discounts slowly increasing.
Why Are Prices Still High? Automotive production hasn't fully recovered, keeping inventories low. The Fed's interest rate hikes have also dampened buying enthusiasm. Currently, the new car supply aligns with the reduced demand, so don’t expect significant price drops soon.
Current Pricing Trends
Non-luxury Vehicles: The average selling price has seen a minor increase, now at $44,358, which is $139 more than the previous year's average of $44,219.
Luxury Vehicles: A notable jump in the luxury market, with the current average price at $68,624, reflecting a $2,237 increase from last year's average of $66,387.
Electric Vehicles (EVs): EVs are showing a promising trend for consumers, with an average price of $60,758, down $2,135 from the previous year's average of $62,893.
When to Expect Price Drops Prices are declining but at a stalling point, with discounts averaging around $714 below the Manufacturer's Suggested Retail Price (MSRP) as of Summer 2023. Yet, MSRP has risen overall, reflecting consumer desires for larger vehicles with advanced features and safety tech.
Deals: Who's Offering What? Looking for discounts? Alfa Romeo, Volvo, Audi, Ram, and Mercedes-Benz are offering between $2,000 to $5,500 off. On the flip side, brands like Hyundai, Dodge, and Mazda are offering minimal discounts. Toyota, Honda, Kia, and Land Rover are even selling above MSRP.
Insider Tip: Days-to-turn can indicate potential discounts. The longer a car remains unsold, the likelier dealerships might be to offer a deal. However, luxury brands with lower days-to-turn are still offering discounts.
Bottom Line: With prices inching down but MSRPs on the rise, smart buyers should keep an eye on market trends and be ready to negotiate. Stay informed and look for those discounts—they’re out there!
F1/Nascar Roundup
Max Verstappen
Lando Norris
Fernando Alonso
In a commanding performance at the Sao Paulo Grand Prix, Max Verstappen notched his record 17th win of the season, surpassing Alain Prost with 52 career victories. Lando Norris secured a strong second, equalling the record for most podiums without a win, while Fernando Alonso's thrilling third-place finish tied him with Prost for career podiums. The race underscored the fierce competition in Formula 1, with three different teams on the podium and the battle for the championship runner-up position heating up as the season nears its end.
Upcoming Automotive Events
Muscle Car and Corvette Nationals: Rosemount, USA, Saturday, November 18th - Sunday, 19th November
This Week in Automotive History
November 3, 1900 – The Inauguration of the First Modern Auto Show
This week in automotive history, we turn the clocks back to the beginning of the 20th century to November 3, 1900. It was on this day that Madison Square Garden in New York City bore witness to a monumental event in the automotive world—the first modern auto show.
images from the show at Maddison Square Garden
The Birth of an Era
More than a mere display of the latest carriages and contraptions, the 1900 auto show marked the burgeoning of an industry and the public's growing fascination with the automobile. It wasn't the inaugural auto exhibition nor the first such event at Madison Square Garden, but it was unprecedented in scale and scope.
A Spectacle of Innovation
For an entry fee of 50 cents—around $13 today—visitors could peruse through the grandeur of over 66 exhibitors. The show flaunted not just vehicles but also parts, accessories, and all manner of automotive paraphernalia. However, the highlight for many of the 10,000 visitors was the array of 31 actual vehicles, each representing the cutting-edge technology of its time.
Ransom E. Olds and His Visionary Prototype
One notable unveiling was that of Ransom E. Olds' prototype for his Curved Dash Runabout, an automobile that would soon enter mass production and become emblematic of early American motoring.
The Curved Dash Runabout
The Fleeting Fame of Pioneer Automakers
In a twist of historical irony, none of the automotive manufacturers present at this groundbreaking event have survived to the present day. It's a poignant reminder of the relentless march of progress and the ephemeral nature of fame in the automotive industry.
As we mark the 123rd anniversary of this pivotal event, we're not just commemorating the assembly of machines; we're celebrating the visionary spirit and the technological advancements that have propelled the automotive industry forward from its earliest showcase to the modern marvels we witness on the roads today.
Industry Insights
Ford has acquired startup Auto Motive Power (AMP) to fortify its electric vehicle (EV) charging and power tech. AMP, which had raised $26.5 million and boasted 149 employees, will now integrate its resources into Ford’s EV development. This strategic move, for an undisclosed sum, aims to accelerate EV adoption and enhance charging infrastructure. The majority of AMP’s team, including founder Anil Paryani, will join Ford’s Model E unit, although COO Lionel Selwood Jr. will not be part of the transition.
In October, U.S. vehicle sales fell modestly by 1.1% to an annualized 15.5 million units, just under expectations. Despite a 1.6% year-on-year increase in unadjusted sales, the market saw mixed results: passenger vehicle sales dropped by 2.2%, while light trucks slightly rose by 2.6%. Light trucks also increased their market share. The month's sales were impacted by higher interest rates and the UAW strike, leading to an estimated 35,000 lost deliveries. Sales are resilient but face challenges from high loan rates, with further effects likely into November.
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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