Some luxury car insiders believe the purge is linked to the FTX collapse, which caused as much as $2 billion in client money to evaporate.
“Exotic car market is getting decimated right now,” CarDealershipGuy, the anonymous CEO of a luxury car dealership who pens an eponymous newsletter,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 drop in under 12 months,” he wrote.
The Mercedes G-Wagon, which costs upwards of $140,000 for the 2023 model, has cemented itself as a status symbol among celebrities, CEOs and crypto investors, some of whom made a quick buck in the volatile market and wanted to show off to the world. In August, The Post profiled a former Amazon delivery driver“Exotic car market is getting decimated right now,” the anonymous CEO of a luxury car dealership who pens the newsletter CarDealershipGuy tweeted.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Miami club owners lose top-spenders after FTX, crypto downfall: ReportMiami nightclub owners are struggling with slumping sales after losing top-spending crypto clientele in wake of FTX implosion and crypto downfall, report says
Read more »
FTX fall was ‘incredibly damaging,’ crypto must foster real utility: Ripple policy leadThe collapse of FTX has illustrated the need to shift toward “building real utility” and away from 'hype cycles' according to Ripple’s APAC policy lead.
Read more »
Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed – Featured Bitcoin NewsAlameda Research reportedly withdrew the most funds from FTX US days before the crypto exchange filed for bankruptcy. cryptocurrency SBF
Read more »
Singaporean Crypto Exchange Next to Close Doors After FTX CollapseSingaporean-based crypto exchange announces its closure Cryptocurrency Bitcoin BITFRONT LINE
Read more »
Crypto Firm BlockFi Files for Bankruptcy as FTX Fallout SpreadsBlockFi was one of the first firms to be “rescued” by former billionaire Sam Bankman-Fried’s FTX earlier this year.
Read more »