Latest news with #Ferrari250LM
Miami Herald
08-04-2025
- Automotive
- Miami Herald
Car tariffs could spark an unexpected boom for niche market
Since last week, tariffs have wreaked havoc on the U.S. economy and beyond, prompting recession fears as many prominent stocks fall. President Donald Trump has presented these tariffs as a means of supporting American industry and compelling companies to set up more facilities in the U.S. But so far, his tariffs have mostly created financial mayhem as consumers panic over the risk of rising prices. Don't miss the move: Subscribe to TheStreet's free daily newsletter These tariffs have impacted almost every industry, including auto manufacturing. Even companies such as Tesla, whose exposure is limited, are struggling as economic uncertainty casts dark shadows over financial markets. This is a worrisome sign since it builds cars in the United States. However, one market could receive an unexpected benefit from the tariff headwind. Anyone who has studied financial markets knows that they tend to be zero-sum in nature. When someone starts to benefit, someone else is inevitably losing. In the case of current tariffs, it's easy to assume that no one will win, as analysts such as Daniel Ives of Wedbush Securities have predicted. However, one type of car is exempt from the tariffs, and that group is poised to benefit significantly. Related: Major U.S. automaker makes harsh decision in wake of tariff tussle The recent 25% tariff on all imported automobiles and certain parts does not apply to classic cars, specifically those over 25 years old. While the White House's initial announcement sparked some confusion, it has since been made clear that older vehicle imports are exempt from the tariffs. A section of the U.S. Customs and Border Protection's webpage states that used cars are indeed subject to the tariffs "except those manufactured in a year at least 25 years prior to the year of the date of entry." Meanwhile, the tariffs are likely to increase the prices of new cars made in the U.S. significantly. That could easily be a blow to U.S. automakers, as consumers tend to shy away from large-scale purchases in lean economic times. But for those in the classic car market, these tariffs could be an extremely positive catalyst, as more buyers may take the opportunity to import the older vehicle they've always wanted. Per the Robb Report: "This year's two most expensive auction cars, the 1954 Mercedes-Benz W 196 R Stromlinienwagen and the 1964 Ferrari 250 LM by Scaglietti, were sold in Stuttgart, Germany, and Paris, Francis, respectively. The former car went for $53 million and the latter for $36.3 million, so a 25-percent tariff would have tacked a substantial sum to the price of each car were they then imported to the U.S." More news Popular automaker takes drastic action to combat tariffsNew data suggest things are about to get worse for TeslaElon Musk's latest deal is raising major red flags The outlet also adds that many of the market's most desirable classic cars are sold outside the U.S., primarily in Europe. Given the many buyers in the U.S., the market could have been severely compromised if tariffs were applied to classic cars. This exemption from the auto tariffs means that the incentive to buy a classic car and import it to the U.S. will be high in the near future, as importing all other vehicles will be much more expensive. If enough buyers seize the opportunity, it could lead to a boom in the classic car market. That said, with the stock market in freefall as a result of the tariff turmoil, some have raised the question of whether or not buyers will want to purchase a classic car right now. The U.S. economy is in a precarious position, and unless Trump eases the tariffs, things could easily get worse. Related: Former big tech CEO issues grave warning on the impact of tariffs Even so, classic car buying isn't likely to suffer too much during a steep economic decline, as the market typically consists of extremely high net-worth individuals. However, these buyers may be impacted in other ways as well. "The new tariffs may even affect what are typically thought of as all-American vehicles," reportsHemmings Motor News. "Many collector car owners also own a light-duty truck. Ford makes some of its engines for its F-Series trucks in Canada while most Ram engines are made in Mexico. Tariffs are scheduled to be applied to the percentage of a vehicle that comes from outside the U.S." Overall, while many are worrying over tariffs, this development is clearly a rare positive catalyst for classic car collectors in the U.S. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
11-02-2025
- Automotive
- Yahoo
$36M Ferrari 250 LM Spotted in Maranello Before Historic Sale
Read the full story on Modern Car Collector A rare 1964 Ferrari 250 LM, recently sold for $36 million at RM Sotheby's Paris auction, was spotted driving near Ferrari's Maranello headquarters before its historic sale. The classic race car, renowned for its victory at the 1965 24 Hours of Le Mans, was captured on video exiting Ferrari's iconic factory gate, bearing the yellow prancing horse emblem. The footage, shared on social media, sent enthusiasts into a frenzy as one of Ferrari's most celebrated models made a rare public appearance. Prior to its auction, the 250 LM underwent a comprehensive inspection at Ferrari's facilities, ensuring the vehicle's authenticity and pristine condition. For 54 years, this particular chassis had been housed at the Indianapolis Motor Speedway Museum before being released to the market, attracting global attention from collectors. View this post on Instagram A post shared by IAM2LATE (@1am_2late) Ferrari produced only 32 examples of the 250 LM, making it one of the rarest and most coveted models in the automaker's history. The car's legacy was cemented in 1965 when it became the last Ferrari to secure an outright victory at Le Mans, driven by Masten Gregory and Jochen Rindt in a privateer-entered effort. The $36 million sale price underscores the enduring value of Ferrari's motorsport heritage. With collectors willing to pay record sums for race-winning icons, the 250 LM's public sighting in Maranello serves as a reminder of the timeless allure of Ferrari's golden era of endurance racing. Follow us on Facebook and Twitter
Yahoo
10-02-2025
- Automotive
- Yahoo
This stunning Ferrari sold for $36.3 million
The Ferrari 250 LM is a motoring legend that won the grueling 24 Hours of Le Mans in 1965, but no one expected it to win, not even Enzo Ferrari himself. Well, that very car hit the auction block and set the record for the most expensive Ferrari ever sold at auction that isn't a 250 to Hagerty, when the gavel struck at the RM Sotheby's Paris auction, this 1964 Ferrari 250 LM commanded a whopping $36.3 million. Not only does it highlight the car's historical significance, but the price puts it in the pantheon of the most valuable Ferraris ever sold at auction. The sixth 250 LM, chassis 5893, raced in Le Mans for the North American Racing Team (N.A.R.T.), but it was never meant to. At that time Ferrari was a very small operation with the ability to only build 32 roadgoing examples of the 250 homologate the Ferrari 250 LM for the 24 Hours of Le Mans, Enzo Ferrari had to meet the FIA's requirements for the Group 3 GT class, which meant producing a minimum production of 100 units over 12 consecutive months. However, Ferrari submitted the 250 LM late and didn't build enough units to meet the minimum production requirements, so Ferrari was forced to enter Le Mans in the prototype class. The heavy 250 LM lacked the power of other prototype rivals, like the Ford GT40 and Cobra Daytona, or even Ferrari's own 330 and 365 P2 models. What did help the 250 LM was its ability to handle corners and its tremendous reliability, something vital to surviving the punishing race. Driven by Masten Gregory and Jochen Rindt, the Ferrari 250 LM chassis number 5893 solidified its position in racing history when it took the overall win at Le Mans in 1965, which was made even more significant by the fact that it was the last time Ferrari would secure the overall victory at the most legendary automotive endurance its 1965 Le Mans win, the 250 LM raced at the 24 Hours of Daytona in 1966 and 1968. It headed back to the 24 Hours of Le Mans that same year and again in 1969. Its final race took place at the 1970 24 Hours of Daytona before N.A.R.T. team owner Luigi Chinetti ended up selling the 250 LM in 1970. View the 4 images of this gallery on the original article The car was then retired from racing and passed on to the Indianapolis Motor Speedway Museum. The victorious 250 LM was displayed in the museum and also traveled to Pebble Beach and Amelia Island, where it unsurprisingly won the illustrious Best in Show Concours de Sport in 2023. After over half a century, the Museum decided to sell the 250 LM to help improve its existing collection and restoration efforts. Chassis 5893 is the most significant Ferrari 250 LM ever sold and commanded $10 million over the expected price. In the final few minutes of the auction, prices soared past the target, and it took its place not only as the priciest 250 LM ever sold but also as the sixth most expensive car ever sold at auction. The buyer has not been awesome to see a race car with such a legendary racing pedigree attain a stratospheric price. The 250 LM was the underdog of the race, but it proved to be the most resilient entry in the 1965 Le Mans endurance race. The fact that it changed hands from Ferrari to N.A.R.T. to the Indianapolis Motor Speedway Museum to the auction winner makes it even more appealing as a collector's holy grail.
Yahoo
07-02-2025
- Automotive
- Yahoo
Le Mans-Winning 1964 Ferrari 250 LM Sells for $36.2 Million
Read the full story on Modern Car Collector A 1964 Ferrari 250 LM, which captured the overall win at the 1965 24 Hours of Le Mans, has fetched a remarkable $36.2 million at the RM Sotheby's Paris auction, marking a historic moment in the automotive world. The car, originally piloted by legendary racing drivers Masten Gregory and Jochen Rindt for the North American Racing Team (NART), remains the only privateer-entered Ferrari to win the prestigious race overall, securing Ferrari's sixth consecutive victory at Le Mans. One of only 32 250 LM models ever built, this particular example (chassis number 6) is highly regarded for its unique history and continued preservation. It is the only Ferrari from the Enzo Ferrari era to have competed in six 24-hour races, including three runs at Le Mans and three at the 24 Hours of Daytona. The 250 LM was first displayed at the 1967 New York Automobile Show by Luigi Chinetti Motors/NART and has since remained an icon in Ferrari's racing legacy. After its race career, the car was purchased by the Indianapolis Motor Speedway (IMS) Museum in 1970, where it has been meticulously preserved for 54 years. The 250 LM is offered in original condition, retaining its matching-numbers engine and gearbox. The sale includes comprehensive documentation, including Le Mans papers from 1965, 1968, and 1969, as well as service records and a detailed history report by renowned Ferrari historian Marcel Massini. Though other lots at the 2025 RM Sotheby's auction, such as the Bugatti Centodieci, received mixed reactions, the Ferrari 250 LM's sale was a highlight of the evening, cementing its place as one of the most important and valuable Ferrari models in existence. Follow us on Facebook and Twitter
