3 days ago
Man Trades Rare Ferrari for Ineos Station Wagon and $2.4 Million Cash
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
A car dealer in Texas recently accepted an unprecedented trade-in: A customer walked through the doors of an Ineos dealer looking to trade in their Ferrari F40 for a new station wagon and some cash.
The customer got what they came for, walking out of the dealership with the keys to a new Ineos Grenadier Station Wagon and $2.4 million cash. The new Grenadier owner will be using the vehicle on his farm.
George Ratcliff, president of the Americas at Ineos Automotive, told Newsweek the story, saying that the dealer principal told the salesperson, "You've got to get it and get out of it. So, he wrote a check for $2.4 million."
The dealer turned the car around, selling it the next day for $2.5 million.
"The F40 is peak analog Ferrari, a world-class supercar that speaks to an entire generation of auto enthusiasts who are now actively acquiring the cars of their dreams. Even though it's the most abundant of Ferrari's halo car lineup, it's also arguably the most purposeful, making it one of the rare cars to exceed 1,000 units while also being worth more than $2 million," Brian Rabold, Hagerty's vice president of automotive intelligence, told Newsweek.
Front of an Ineos Grenadier Station Wagon.
Front of an Ineos Grenadier Station Wagon.
Ineos Automotive
The Grenadier Station Wagon is powered by a BMW-sourced turbocharged 3.0-liter, six-cylinder engine matched with an eight-speed automatic transmission, differential locks in the front, center and rear and a two-speed transfer case.
Two Ferrari F40s will cross the block this week at RM Sotheby's Monterey Auction as part of Monterey Car Week festivities.
Lot 132, a 1990 Ferrari F40, is estimated by the auction house to be worth $2.2-$2.6 million. That car has been owned by just one person since it was purchased, has approximately 224 miles on the odometer and has been in long-term storage.
Lot 260 is a 1993 Ferrari F40 LM GTC valued at $8.5-$9.5 million. Just 19 examples of the model were made and this Ferrari is the 14th. It features the most powerful F40 engine available at its time of creation.
lists two F40s for public sale in the U.S., one at a Ferrari dealer in Philadelphia ($3.79 million) and one at Specialty Car Collection in West Hollywood, California ($2.3 million).
"Before investing in a collectible car, it is important for a family to have sufficient cash flow or available income sources to sustain their everyday lifestyle for a minimum of three to five years without having to liquidate the car in haste —often at a discount — to cover living expenses," Aaron Thiel, a senior wealth strategist at Truist Wealth, told Newsweek.
"The longer the investor can keep the car before selling, the better the opportunity for an investor to fully realize the car's appreciation potential over the long run. But this longer time frame must be balanced with the added costs of climate-controlled storage, specialty insurance, restorative needs, and routine maintenance, all of which will certainly impact the investor's overall return on investment. In addition, given the market volatility of collectibles due to changing tastes, illiquidity, and shifting economic trends, it is common for families to cap their investment into collectibles at 5–8% of their overall net worth. These families are also keen on diversification and would rather spread their risk by owning several collectible cars across various eras and categories rather than putting all their eggs into just one car," he said.
