Six-figure autos roll off lots in Metro Detroit - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
Ford Forum Ford Forum

» Auto Insurance
» Featured Product
ยป Wheel & Tire Center

Go Back   Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Register Home Forum Active Topics Photo Gallery Auto Loans Garage Mark Forums Read Auto Escrow

FordForums.com is the premier Ford Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
Old 02-16-2003, 04:53   #1 (permalink)
Registered User
 
Stacy94PGT's Avatar
 
Join Date: Feb 2001
Location: The Hills of North Georgia,USA
Posts: 7,859
Six-figure autos roll off lots in Metro Detroit

Sunday, February 16, 2003
Sluggish economy, war talk don't slow sales of Ferraris, other high-priced, exotic cars

By Ed Garsten / The Detroit News
Ricardo Thomas / The Detroit News

WEST BLOOMFIELD -- Most automakers may be tossing cash at customers like chum in a fish pond -- hoping they'll bite -- but Ferrari sales manager Daniel Cable's eyes crinkle in bemusement when he tells the story of customers who offered to throw money at him.

"Last weekend, I had four people offer me cash personally to get them a car," said Cable, of Cauley Ferrari-Maserati in West Bloomfield. "One client bought a red Modena 360, came back in and said, I'll put $20,000 in your pocket if you can get me another car this year sometime.'"

Indeed, while it takes cash on the hood and no-interest financing to sell the latest Chevrolet, Mercury or Toyota these days, Cable has a list of customers waiting up to three-and-a-half years for Ferraris that start at $200,000 and reach $650,000.

Against a fragile U.S. economy, dogged by war prospects and sluggish employment growth, Cable and other dealers are amazed at the demand for exotic cars, including Bentleys, Aston Martins and Rolls Royces, with lofty price tags.

"You just can't believe there's this much wealth out there that people will go to those lengths to get a car," Cable said.

Cable added he doesn't accept payments to move people to the head of the line.

Cash rebates or zero-percent financing? Forget it. Customers are happy to pay thousands of dollars above sticker price for the privilege of owning one of the few vehicles that trickle from the factories of the world's boutique automakers each year. Despite the evaporation of billions from investment portfolios in the last few years, financing's not an issue: 99 percent of the sales are cash.

Last year, Ferrari's U.S. sales reached 1,122 units, up 2.9 percent, while the overall car and truck market dipped 2 percent.

"We are at a record level of income equality, a record number of billionaires and multi-hundred millionaires," said Sean McAlinden, an economist with the Center for Automotive Research in Ann Arbor. "These people are impervious to economic cycles."

In the typical U.S. household, annual incomes are growing at an average rate of 7 percent, mainly because of tax cuts and refunds. It's a growth rate Comerica chief economist David Littmann calls "phenomenal."

On Thursday, Bloomfield Hills dentist Gary Warr drove home his first Bentley from Suburban Rolls Royce-Bentley-Hummer in Troy. Riding in his meteor blue Arnage, Warr said the $225,000 car was something he had coveted for a long time.

"I arrived at a point in my life where I could get it," said Warr. "I was kicking tires and took one for a test drive, and I bought it."

The dealership already has 50 orders for the $150,000 Bentley Continental and several prospects in line for the Continental GT, said sales manager David Butler.

Over at Cauley Ferrari-Maserati, the dealership's annual allotment of 35 Ferraris has all been sold to customers who have waited more than two years.

Dennis Lane is one of them. The insurance agency owner recently drove home in a $200,000 Spider. Lane says it's a worthwhile indulgence despite hits to his investment portfolio.

"You've got to make yourself happy," said Lane, who is married with four grown children. "I work real hard and I want to have something to show for it."

David Levy's latest high-priced plaything is a customized Aston Martin DB7. The suburban Detroit industrial auctioneer and appraiser has children, but says the DB7 "is my baby."

"It was hand-built to my specifications, to what I was looking for in terms of performance and comfort."

Aston Martin, a unit of Ford Motor Co., had a record year in 2002 -- selling 456 cars in the United States and 1,800 worldwide, according to Simon Rodd, the British automaker's American operations manager. The automaker's lineup of racy sports coupes is priced from $145,500 to $235,000.

The wait for the top of the line Aston Martin Vanquish had been as long as two years, but because of increased production "we might be able to fill a spot by the end of the year," said Molly Padovini, general manager of Aston Martin-Jaguar-Saab of Troy, where Levy bought his car.

Cauley's Daniel Cable says he's only had two orders for Ferraris ever cancelled: one because of a divorce, the other for a death.

His customers, he says, know the cars hold their value, making them good investments.

"It's not unusual right now to see a year-old Ferrari with 2,000 or 3,000 miles on it to carry a $70,000 premium above the original retail price," Cable said.

Extravagant? Sure, but Warr jokes that his sumptuous Bentley Arnage also is practical for a man with a wife and two children.

"It's a good family car," he said. "They approved immediately."

(Photo)David Guralnick / The Detroit News
An Aston Martin DB AR1 draws some admirers, despite its $245,000 price tag, at Aston Martin-Jaguar-Saab of Troy.
Attached Images
File Type: jpeg a01car.jpeg (27.5 KB, 15 views)
__________________
Stacy94PGT
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
Stacy94PGT is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ads attack Detroit automakers over gas guzzlers Stacy94PGT Ford Worldwide News 2 05-08-2003 08:48
Detroit helps define new design trends Stacy94PGT Ford Worldwide News 0 05-07-2003 09:11
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-2003 07:17
Ford Motor Company Wins Accolade for Detroit Auto Show Exhibition Design Stacy94PGT Ford Worldwide News 0 01-16-2003 09:28
Autopower roll cage, Corbeau Forza Seat w/ bracket, Simpson 5-pt harness FOR SALE Dan [Sac] Ford Probe Forum | Mazda MX6 Forum 9 12-03-2001 19:05

Powered by vBadvanced CMPS v3.2.2

All times are GMT -7. The time now is 13:40.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.