FTX Crypto crash causing used luxury vehicle inventory to spike

[Jeff Kershner]

Since the fall of FTX, Crypto "bros" appear to be offloading their luxury vehicles (lots of Mercedes-Benz G's.)

An uptick in like-new models of sought-after luxury cars have hit resale sites such as AutoTrader in recent weeks.

"Exotic car market is getting decimated right now,” CarDealershipGuy, the anonymous CEO of a luxury car dealership who pens an eponymous newsletter, tweeted on Nov. 22, noting that a 2021 Mercedes G-Wagon with just 3,378 miles sold for $187,000 at auction. “That’s nearly an $80,000 (or 30%) drop in under 12 months,” he wrote."

"It’s clear that in the last couple of months the decline in prices for exotic vehicles has accelerated and that correlates very, very well with the meltdown in the crypto markets where we know that some of the biggest customers of exotic vehicles were crypto millionaires,” CarDealershipGuy said."


View: https://twitter.com/BriannaWu/status/1592953236193153025?s=20&t=-cKG158_jkAdoRUlxb3tNQ



View: https://twitter.com/marshal/status/1592701932925489153?s=20&t=k4y9Uq5s9gQsnPt4VNR_ug


Manheim found for the first half of November, seasonally adjusted values of luxury SUVs were down 12.1% year-over-year.

Full article

 

[Alex Snyder]

I wish these crypto boys were offloading some cars I'd buy. I'm not that flashy.

 

[Ryan Thompson]

I wish these crypto boys were offloading some cars I'd buy. I'm not that flashy.

Rolex is tanking too as the Crypto crew liquidate

 

[Alex Snyder]

Rolex are taking too! LOL

Rolex and Tudor are on the decline and Omega is up

But this works for me! I'm in the market for a black Daytona and a Tudor Ceramic.

 

[EmilTurner]

Wow, that's quite an interesting correlation between the FTX crypto crash and the spike in used luxury vehicle inventory. It seems like some crypto "bros" are opting to offload their fancy cars, particularly the Mercedes-Benz G-Wagons. The drop in prices is quite significant, with that 30% decrease in just under a year. It's fascinating how the crypto market meltdown can have such an impact on other industries.

 

[Jon Singo]

This is such a fun and relevant observation on how outside economic factors can impact our industry. But I'm with @Alex Snyder here, I need the cars I'm interested in to cool off. Daddy wants an FL5 Type-R and it's easier to buy an Integra Type-S. Seems purposeful by Honda but what do I know?

 

[Kabbalero]

The influx of luxury vehicles hitting resale sites like AutoTrader is indeed an interesting development. The correlation between the crypto market and the exotic car market appears to be more pronounced than we might have thought.
The significant price drop for these luxury cars, like the Mercedes G-Wagon example you mentioned, is quite substantial. It's a reminder of how interconnected various markets can be. Crypto millionaires being big customers in the exotic car market makes sense, given their appetite for high-end purchases.
It'll be intriguing to see how these trends evolve in the coming months as the crypto market fluctuates.

 

[JuliusBruce]

With Crypto "bros" offloading their Mercedes-Benz G-Wagons, there seems to be a surge in like-new luxury cars hitting resale sites.
It's crazy to think about the impact this has had on the prices of these cars. Seeing a 30% drop in the price of a 2021 Mercedes G-Wagon in just under a year is staggering. It really shows how closely tied the exotic car market is to the crypto market.

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